Greece Looking to Increase Golden Visa Limits Based on Zones

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