The allure of Greece’s Golden Visa program, since its inception in July 2013, has consistently drawn investors looking for a gateway into Europe. Offering a mix of attractive benefits including no minimum stay requirement and the inclusion of dependent children, it stands out as one of the most favorable residency-by-investment schemes in Europe. Traditionally, with a minimum real estate investment of €250,000, Greece’s program has been the go-to for many seeking European residency. However, significant changes are on the horizon that could reshape its appeal.
In anticipation of increased investment requirements, there’s been a notable surge in applications. Prime Minister Kyriakos Mitsotakis’s proposal to double the minimum investment to €500,000 aims to make housing more accessible to local buyers in a booming economy. This change, however, has sparked a mix of reactions from various stakeholders.
The decision to raise the investment threshold has been met with skepticism from analysts and property professionals alike. Concerns revolve around the potential to drive investors to other destinations and complicate the program, diluting its attractiveness. The proposed adjustment to apply the increased threshold only in certain areas, such as the Municipality of Athens and its suburbs, seeks to strike a balance and maintain Greece’s competitiveness on the global property investment map.
Yiannos Trisokkas, a seasoned expert in the investment migration industry, highlights the program’s unprecedented demand in 2022 and expresses concerns over a blanket increase to €500,000. Such a move, he suggests, could jeopardize the program’s success. Limiting the increase to specific regions may preserve Greece’s appeal as a prime investment destination.
With the final decision still pending and no set date for the new investment criteria to take effect, a rush in applications is expected. Investors are looking to capitalize on the current conditions before the anticipated changes kick in, potentially as early as the first months of 2023. A transitional period will ensure that ongoing applications remain unaffected.
To find out more about investment properties in Greece and eligibility for Greece’s Golden Visa program, please contact us at info@velment.com
