The Greek government is expected to increase golden visa limits across three zones for investors wishing to gain residence rights through investment.
More specifically, the new regulation, set to be tabled in parliament in the coming period, foresees an increase in the golden visa minimum outlay for certain areas to 800,000 euros.
Initially, the program granted a residence visa and EU access to non-EU nationals who purchased property in Greece of at least 250,000 euros. That limit was increased recently to 500,000 euros for certain areas, such as central, south and north Athens, Thessaloniki, Santorini and Mykonos.
According to reports, the new scheme sets the limit to 800,000 euros, from the current 500,000 euros, for the southern and northern suburbs of the greater Athens area, for Crete, the Cyclades and Dodecanese islands; 400,000 to 500,000 euros for properties other parts of Attica prefecture (surrounding the greater Athens area), where there is an increased demand for long-term housing; and 250,000 euros in areas where demand for real estate is low.
Addressing parliament earlier this month, Greek Prime Minister Kyriakos Mitsotakis confirmed the news, noting that investments made under the golden visa scheme would concern costlier properties. He went on to add that although the program was boosting the economy, the government would revise the law to protect housing needs.
The country’s investor visa program grants five-year residency rights, which can be renewed, to third country nationals who invest in real estate in Greece.
According to the latest data, Greece’s golden visa scheme generated more than 4.3 billion euros in the 2021-2023 period.
Source: tovima.com
Latest News
Intrum’s 2024 Report Unveils Greek Businesses Embrace Digitalization for Growth
Looking ahead, over 40% of businesses prioritize development for 2024, with 65% recognizing the potential of digital business models as sustainable investments
IOBE: Mild Drop in April Business Confidence Index (BCI) in Greece
The positive balance of expectations for employment witnessed a marginal decline, while the index for production forecasts also recorded a mild drop
Greek PM Mitsotakis Calls on EU to Intervene Over Multinationals’ Pricing Policy
Speaking about price fairness, the Prime Minister emphasized, "Europe should also mean similar or uniform prices for the products sold by our multinational corporations.
Greenhouse Gas Emissions: 4% Decrease in EU, 0.3% Rise in Greece in Q4 2023
The EU's GDP remained stable with a marginal 0.2% increase in fourth quarter of 2023
HEREMA CEO: High Expectations from Natgas Exploration Off Crete
3D seismic surveys were conducted in the two offshore blocks west and southwest of Crete by a consortium comprised of ExxonMobil and HelleniQ Energy
EC Spring Forecast: Greek GDP at 2.2 in 2024, 2.3% in 2025
Besides Greek GDP inflation is expected to drop by a substantial 2.4% in 2024, settling at 2.8% from 4.2% in 2023 with 2025 recording a further decline to 2.1%
EBRD Raises Outlook for Greek GDP to 2.3% in 2024, 2.6% in 2025
Key downside risks remain, associated with possible delays in deploying Recovery and Resilience Facility (RRF) funds and weaknesses in key export markets and tourism source countries
Real Estate Insights: Athens’ Top Areas with the Highest Yields
In the first quarter of 2024, Korydallos in the Piraeus region and the burgeoning Attiki Square retain their top spots with impressive yields of 6.3%
ELSTAT: Inflation at 3.1% in April
Olive oil (63.7%), fruit (11.6%), fish (10.6%), and mineral water (12.5%) registered the highest increases annually
Greek Sunlight CEO Joins Industry Titans at Choose France Summit
At the heart of the "Choose France Summit" was the discussion surrounding the production of lead-acid and lithium-ion batteries, crucial for the green transition and storage of renewable energy.