During a recent conference, Greece’s Minister of National Economy and Finance, Kostis Hatzidakis, announced plans to once again adjust the cost of Greece’s Golden Visa program. The primary objectives behind this move are to manage demand and address the rising sale and rental prices of real estate.
This announcement comes as a surprise, given that the Greek Government doubled the cost of the program last year for real estate purchases in specific regions, including central Athens and certain islands such as Mykonos and Santorini. The cost increased from €250,000 to €500,000 across 36 municipalities in July 2023 but remained at €250,000 in areas like Crete, Rhodes, and Piraeus.
The government is exploring various scenarios, with a consensus leaning towards raising the current minimum investment threshold of €250,000 to a higher level. Media sources suggest the minimum price requirement could potentially rise to €500,000 or even as high as €1,000,000 in some regions. Minister Hatzidakis emphasized the need for more substantial investments while indicating an exemption for listed properties, where a lower minimum threshold may apply, aligning with Portugal’s Golden Visa legislation to support urban regeneration and renovation of historic buildings.
As the Greek government deliberates on the final adjustments to the Golden Visa program, Residency Global is closely monitoring the situation and will provide further updates as new details emerge. In the meantime, for those considering investment in Greece’s Golden Visa program at the current minimum threshold of €250,000, urgent action is recommended to proceed with your purchase and application before any further changes take effect.