During a recent conference, Greece’s Minister of National Economy and Finance, Kostis Hatzidakis, unveiled plans to adjust the cost of Greece’s Golden Visa programme, again. The primary objectives of this move are to control demand and mitigate the escalating sale and rental prices of real estate.

This news comes as somewhat of a surprise as the Greek Government already doubled the cost of the programme last year for real estate purchases in certain regions, including central Athens and some of the islands such as Mykonos and Santorini. The cost rose from €250,000 to €500,000 across 36 municipalities in July 2023 but remained at €250,000 in areas such as Crete, Rhodes and Piraeus.

The government is reportedly exploring various scenarios, with a consensus emerging to raise the current minimum investment threshold of €250,000 to a higher level. Some media sources have suggested the minimum price requirement could rise to €500,000, or as high as €1,000,000 in some regions. Notably, since last year’s price increase, regions such as Piraeus have witnessed a surge in property sales, where the existing threshold for obtaining a residence permit through the Golden Visa programme has remained at €250,000.

Minister Hatzidakis emphasized, “The limits will be increased to make more substantial investments, but there will be an exemption for listed properties, for which a lower minimum threshold will apply to direct funds to a property class that is particularly in need of them.” These comments suggest that Greece intends to introduce similar measures to Portugal’s previous Golden Visa legislation which helped with urban regeneration and channel foreign investment into the renovation of older historic buildings.

As the Greek government deliberates on the final adjustments to the Golden Visa programme, La Vida is monitoring the situation closely and will publish further updates as new details emerge. In the meantime, if you have been considering investing in Greece’s Golden Visa programmes at the current minimum investment threshold of €250,000, we urge you to push forward with your purchase and application before any further changes become effective.

Tags: golden visa 2024, greece, real estate

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