- In a significant move, Athens boosts the price of the Golden Visa.
Foreigners not from the EU will need to shell out much more starting September 1 to secure a residence permit by buying a property in Greece, especially in major cities like Athens, Thessaloniki, and larger islands. Instead of the previous requirement of 250,000 euros, buyers will now need to invest a whopping 800,000 euros in major cities. The price in other parts of the country will rise to 400,000 euros, as stated by the government.
These so-called Golden Visas grant holders the freedom to roam within the EU. Major investors hail from China, Turkey, and now, due to the Gaza conflict, an increasing number from Israel. This permit also applies to the family members of the buyers and is valid for five years. As long as the property remains in the owner's possession, the visa can be extended for another five years.
This move is aimed at addressing the housing shortage and inflation in the real estate market, while also raking in extra cash for the state. However, purchased properties cannot be rented out as holiday homes on platforms like Airbnb, as per the Finance Ministry's declaration.
In the recent past, foreign investors have significantly inflated housing and rental prices in Greek cities and various islands, as reported by real estate agents in the Greek media.
For investors looking to spend only 250,000 euros, a special visa option is still available, but only for those who purchase and renovate a protected historical building according to the law.
Last year, there were 8,516 application submissions, of which 1,802 actually resulted in a purchase. According to Greek broadcasting, citing the relevant authorities, some high-rise buildings in Athens are even bought out by investors. A staggering 2.5 billion euros was reportedly generated through Golden Visas in Greece last year, as per the Finance Ministry.
Foreign investors from non-EU countries may find the new investment threshold of 800,000 euros in major Greek cities like Athens and Thessaloniki challenging, given the previous requirement was only 250,000 euros. Regardless, the allure of obtaining a residence permit and the freedom to travel within the EU continues to attract major investors from countries such as China, Turkey, and now Israel, due to geopolitical circumstances.
