Greece’s Golden Visa program has recently undergone significant updates, presenting a prime opportunity for foreign investors to secure residency through real estate investments. This sought-after program allows non-EU citizens to gain residency in Greece and enjoy the perks of living within the European Union.
To qualify for the Golden Visa under the new guidelines, investors must meet higher investment thresholds. In major cities and popular islands, the minimum investment amount has been increased to €800,000. For less densely populated areas, the new threshold is €400,000. This change represents a substantial rise from the previous €250,000 requirement, intended to address inflation and boost revenue for Greece’s economy.
The Golden Visa not only grants residency to the investor but also extends this benefit to their immediate family members. These relatives can also receive a five-year residency permit, allowing them unrestricted travel across EU countries.
However, Greece’s Ministry of Finance has introduced new restrictions regarding the use of properties acquired through the Golden Visa. Investors are prohibited from listing these properties as short-term rentals on platforms such as Airbnb. Instead, the properties must be designated as permanent residences.
These changes come in response to the housing market’s current pressures and aim to alleviate shortages while generating essential revenue. In 2023 alone, the program contributed €2.5 billion to the Greek economy from over 8,000 property purchase applications.
By adhering to the updated guidelines, foreign investors can still benefit from Greece’s Golden Visa program, supporting the local economy and securing residency for themselves and their families.