The Greek government is planning to increase the required investment threshold for obtaining a Golden Visa, which is a five-year residency permit that costs €250,000. The purpose of this move is to manage the high number of applications and to control the rising sale and rental prices in the real estate market.
The change in the required investment threshold has encouraged property transactions in areas like Piraeus, Rhodes, Halkidiki, and Crete, where the Golden Visa program’s €250,000 benchmark has remained the same.
However, in certain areas of Athens, such as its central regions and northern and southern suburbs, as well as some Cyclades islands, the minimum investment has already increased to €500,000.
Government officials explained that the potential modifications to the Greek Golden Visa program could encourage more significant investments. However, a lower investment threshold would be maintained for specific properties to direct investments towards those in dire need. Despite not including prime locations in Attica, foreign investors continue to express interest in other valuable areas.
According to news reports, the Ministry of Immigration Policy explains that a significant increase in permits was issued to British and Israeli investors last year. British investment saw a 77.8 percent increase to 370 applications, while Israeli investment increased by 77.6 percent to make up 183 applications.
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