Important Changes for Golden Visa in Greece!
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Although many people have increased their interest in “Golden Visa” programs in recent years, serious changes have been made to these programs in 2023 and 2024.
These programs offer foreign investors a residence permit and even citizenship opportunity in return for a certain investment, and are used by governments as an economic development tool.
However, the social and economic problems created by these programs in some countries have brought new regulations to the agenda. Greece, one of the countries that attracted the most attention in 2024, made significant changes to the golden visa rules!
Before examining the change, it is also useful to focus on the reasons for the change.
Popularity of Golden Visa Programs and Reasons for Change
Golden Visa has attracted great interest in recent years, especially in European countries. Countries such as Portugal, Spain and Greece have managed to increase foreign investment and contribute to economic development thanks to this program. However, some aspects of the programs have also been criticized.
Rising housing prices have led to housing problems, especially for locals, which has led to the need for governments to review these programs. At the same time, concerns have been expressed in some countries that these programs could facilitate money laundering.
Golden Visa Changes for Greece
The biggest advantage of the old Golden Visa program compared to the new program that will come into effect was that it granted a residence permit with an investment of 250,000 Euros and in this respect, it was the cheapest Golden Visa program among all European Union countries.
However, the negative aspects we have listed above also brought about change for Greece.
If you have paid a deposit for a Greek investor visa until August 31, you can still obtain a golden visa with an investment of 250,000.
However, the following figures and rules will be valid for obtaining a Greek golden visa for the following dates:
- €250,000: Investment of a minimum of €250,000 in real estate, regardless of location or size, for the conversion of commercial properties to residential use or the restoration of listed buildings
- €400,000: Investment of a minimum of €400,000 in a single property with a minimum size of 120 m2
- €800,000: Investment of a minimum of €800,000 for the purchase of properties in Athens, Thessaloniki and islands with a population of more than 3,100
When we look at these changes, we can see that they have changed according to Greece’s development program.
You can still get a golden visa with an investment of 250,000 euros, but you need to do this in places where Greece wants to develop and restore.
As a result of the increasing interest in Athens, Thessaloniki and the islands and the increase in real estate value, you now need to spend a minimum of 800,000 euros to buy property there. For other regions, 400,000 euros is enough.
Let’s see how these changes will affect the interest in Greece’s Golden Visa program?
We are waiting for your comments.
