
Despite the changes introduced by the Greek government making the Golden Visa in Greece harder to obtain, the scheme has barely lost its allure and remains a significant choice among foreign investors.
The new changes came into effect on September 1st, raising the property investment threshold in Attica, Thessaloniki, and the larger islands (those with a population of over 3,100) to 800,000 euros (up from 250,000 euros). The Golden Visa allows non-EU citizens to secure a five-year residence permit. In other regions of Greece, the minimum threshold has been raised to 400,000 euros. The property must also be at least 120 square meters.
In spite of these changes, according to the latest figures from the Ministry of Migration and Asylum, initial applications for the Golden Visa program in October were up by 12 percent at 12,577 compared to last year, when 11,229 applications were filed. The Chinese continue to top the list with more than half of all applications (6,521), followed by Turkish citizens (1,115) and Lebanese (717).
Similarly, in the first ten months of 2024, the new, pending applications were 5,890, compared to 4,772 at the same time last year.
Golden Visa renewals have also increased by 61 percent with 4,283 applications compared to 2,659 last year. The Chinese once again top the list with a share of 54 percent.
Greece has retained the minimum 250,000 euro threshold for acquiring and fully restoring historically or culturally significant properties, or for converting commercial or industrial properties to residential use. That, according to market experts, is one of the reasons why the Greek Golden Visa program through real estate investment remains attractive. According to Immigrant Invest, Greece’s minimum property investment threshold is still among the cheapest worldwide, competing with those of countries in the Caribbean ($200,000 or 190,263 euros), Italy, and Malta (250,000 euros).
According to Arton Capital, a Canadian firm specializing in citizenship and residency issues through investment, the most alluring Golden Visas worldwide are those of Greece, Hungary, Italy, Antigua, and the United Arab Emirates.
Greece’s Golden Visa program popular yet problematic
Greece’s Golden Visa program, which was introduced in 2014 during the height of the country’s financial crisis, has brought billions into the governments’ coffers through real estate investment. To combat its housing crisis, the government voted through the new, stricter rules in March, while the Ministry of Economy and Finance introduced a new tax bill, proposing changes to the Golden Visa program and shifting the focus from real estate to investment in the startup sector.
Meanwhile, the benefits of the program remain unchanged for investors who can co-invest in real estate, meaning more than one person can buy the property while all can apply for the visa. Investors are not required to turn the acquired property into their main residence. They can make any use of it, aside from renting it in short-term rental platforms. Moreover, investors can freely travel withing the 29-member Schengen zone across Europe and they can renew their visa for as long as they possess the property.