Greece has implemented stricter measures on the golden visa program, which allows non-European foreigners to obtain residence permits through real estate investments, with the aim of mitigating the crisis in the sector.
The minimum amount of investment required to access these visas has increased from 250,000 to 800,000 euros in areas with high demand such as Attica, Thessaloniki, Mykonos, Santorini, and other islands with populations greater than 3,100 inhabitants, in accordance with the modifications introduced by the Ministry of Finance last March 22. In other areas, the minimum investment has been set at 400,000 euros.
Kostis Hatzidakis, the Minister of Finance, explained that the new regulations seek a balance that allows maintaining the attractiveness of the country for foreign investors while attending to local residential needs. “We are committed to ensuring quality and accessible housing for our citizens, in collaboration with the private sector,” he said.
Since Greece’s official economic recovery in 2018 after a decade of financial difficulties, rental prices have risen by 20%, putting pressure on the financial capacity of many Greek families, according to the Bank of Greece.
Under the new rules, investors must buy properties of at least 120 m2. For industrial buildings transformed into residential and historical buildings, the requirement of a minimum investment of 250,000 euros remains.
In addition, the government has introduced initiatives to promote the conversion of buildings into residences and has banned short-term rentals in properties purchased through the golden visa program. In 2023, the Ministry of Migration reported a record 10,214 applications between purchases and renewals, granting 5,701 visas and mobilizing investments for a total of 1,000 million euros.
Spain has recently begun the process of removing these residence permits for non-European investors, a move similar to that announced by Portugal before the last general election.
