On Saturday 10th September, Prime Minister Kyriakos Mitsotakis of Greece attended the 86th International Exhibition of Thessaloniki, where he delivered his annual speech, discussing an array of national topics and the government’s plans and agenda for the coming year.

One major announcement was that the Government intends to double the minimum investment threshold for Greece’s Golden Visa programme. In his speech, the Prime Minister declared: ”In order to increase the available real estate for Greeks, we are now increasing the investment limit for granting a Golden Visa license from 250,000 to 500,000 euros”.

It is understood that this decision has been made to help free up more affordable housing for Greek nationals who are currently struggling to get onto the property ladder due to Greece’s rapid economic growth and the rise of real estate values. The Greek Government also pledged various funding initiatives to support young Greek couples and families who have struggled to buy property, and for those wanting to renovate properties.

It is unclear at this stage when the price rise for the Greek Golden Visa programme will take effect, but several local sources in Greece expect it could be early 2023.

The Greek Golden Visa programme takes an average of 3-6 months to process, so if you are looking to proceed at the current investment level of €250,000, it is advisable to act now. Alternatively, if next year’s price increase will take you over your investment budget, Portugal’s Golden Visa programme which starts at €280,000, could be a more feasible alternative for you.

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Tags: golden visa 2023, greece

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