Greece’s Golden Visa Program Faces New Restrictions  

Greece's Golden Visa Program Faces New Restrictions  

Greece tightens Golden Visa criteria amid EU changes. Explore the implications for investors and the future of residency in Greece.

In a significant policy shift, Greece has tightened the conditions surrounding its Golden Visa program, a move that reflects broader trends across Europe. As of April 3, Spain is poised to terminate its own Golden Visa initiative, following in the footsteps of other EU nations such as the Netherlands and Ireland, which have already dismantled similar frameworks. In contrast, Greece and Portugal have opted to recalibrate their participation criteria, ostensibly to enhance the program’s integrity and efficacy.

Under the new regulations, the financial threshold for obtaining a residence permit in Greece has escalated. Prospective investors from non-EU countries are now required to commit a minimum of €400,000 in real estate. However, this figure doubles to €800,000 for properties located in Athens, Thessaloniki, and select Greek islands boasting populations exceeding 3,000 residents. 

Moreover, the investment landscape has undergone a notable transformation; applicants can no longer diversify their investments across multiple properties. Instead, they must channel their funds into a single property with a minimum area of 120 square meters. While these properties may be rented out, they are explicitly prohibited from being utilized for short-term rental agreements, such as those commonly associated with holiday homes.

These regulatory adjustments are strategically designed by the Greek government to steer investor interest towards high-end real estate, which, due to its elevated price points and substantial dimensions, remains largely unattainable for the average domestic buyer. Ironically, despite the increased financial barriers, Greece appears to be reaping the benefits of the cessation of similar programs in other jurisdictions. Since its inception approximately 12 years ago, the Golden Visa program is estimated to have generated an impressive €9 billion in foreign investment, underscoring its significance in the national economic landscape. 

While the new measures may pose challenges for potential investors, they also reflect Greece’s commitment to fostering a more sustainable and exclusive real estate market.

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