Greece's Golden Visa Program Remains Hot Despite Higher Investment Hurdles

10:34 5/12/2024 - Πηγή: iEfimerida

Greece's Golden Visa program continues to attract significant interest from foreign investors, even after the government increased the minimum investment amount earlier this year.

The program, which grants residency permits to those who purchase property or make substantial investments in Greece, saw a 12% rise in applications in October 2024 compared to the same period last year.

This surge in applications comes despite a significant hike in the minimum investment required for property purchases in popular areas like Athens, Thessaloniki, and popular islands like Mykonos and Santorini.

The minimum investment in these areas now stands at €800,000, up from €250,000 previously. This change was implemented to address concerns about rising housing costs and ensure that the program benefits a wider range of Greek communities.

Despite the higher price tag, the allure of Greece's Golden Visa remains strong, particularly for Chinese investors, who account for over half of all applicants. Investors from Turkey, Lebanon, the UK, and Iran are also seeking Greek residency through the program.

Several factors contribute to the program's continued popularity.

It offers flexibility, allowing multiple investors to obtain visas for a single property and eliminating the requirement to reside in Greece. It also provides tax benefits, enabling investors to become tax residents with a one-time payment.

Furthermore, the Golden Visa grants freedom of travel within the Schengen zone, making it an attractive option for those seeking access to Europe.

With nearly 11,000 new applications pending and over €7.5 billion in property sales generated since its inception, the Golden Visa program continues to be a significant driver of foreign investment in Greece. While the government monitors the program's impact on the housing market, it remains a key tool for attracting capital and boosting the Greek economy.

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