Greece Golden Visa Program minimum investment limit raised from August 1

Interest in Greece's Golden Visa continues to grow. As an EU member state, Greece offers residents strong safety, education, healthcare, and rule of law — with the key draw being free movement across Greece and Europe's Schengen Area.

Investment threshold doubles

Wealthy foreign nationals seeking residency in certain regions of Greece under the Golden Visa Program must now invest considerably more. The minimum for eligible real estate has risen from €250,000 to €500,000, effective 1 August 2023. From that date, buyers purchasing Greek real estate worth at least €500,000 — individually or through a legal entity — qualify for a five-year residence permit, and are limited to purchasing a single property under the revised rules.

Areas affected by the new cap

The higher threshold applies to purchases in Thessaloniki, Mykonos, Santorini, and the central, northern and southern regions of Attica — including greater Athens suburbs such as Melissia, Penteli, Nea Penteli, Kifissia, Nea Erythrea, Ekali, Halandri, Agia Paraskevi, Nea Ionia, Cholargos-Papagou, Filothei, Psychiko, Neo Psychiko, Alimos, Glyfada, Palaio Faliro, and central Athens.

Greek Prime Minister Kyriakos Mitsotakis had originally planned for the change to take effect 1 May, before pushing it back three months to 1 August.

Demand surges ahead of the deadline

Between January and May, 3,900 residential property applications were filed, versus 1,444 over the same period the previous year, with €975 million worth of property sold — up 170%, or roughly three times the €361 million sold a year earlier. More than 5,444 investor visa applications are currently awaiting approval, straining Greek authorities. Over the May 2022-May 2023 period, 8,351 investor visa applications were submitted in total, of which 35% were approved.

Source: Financial Express