Greece's Finance Minister, Kostis Hatzidakis, revealed plans to elevate the minimum investments for the Golden Visa program, responding to a surge in interest. The move follows Greece's recent increase in the minimum property investment from EUR 250,000 to EUR 500,000 in specific municipalities.
The announcement indicates a broader trend of escalating property prices, especially in areas like Aegalo, Peristeri, Ilion, and Piraeus, where the previous EUR 250,000 minimum still applies. Hatzidakis emphasized that adjustments aim to limit the program's impact and encourage more substantial investments. However, an exemption for listed properties, with lower minimum thresholds, is intended to channel funds to culturally or historically significant buildings in need of renovation.
Reports suggest a significant hike in minimum requirements for properties currently subject to the EUR 250,000 threshold. While some sources propose a potential increase to EUR 1 million in certain areas, experts advise caution, with Greek golden visa specialist suggesting a probable rise to EUR 500,000 across Greece, except for listed buildings.
Pressure on the government to address rising property prices, potentially fueled by the Golden Visa program, has mounted, reminiscent of developments in Portugal. Despite the doubled real estate investment minimums last year, Greece's Golden Visa program experienced a remarkable surge in 2023, becoming the world's most sought-after residence by investment scheme.
Persistent high application volumes, even after the price hike, suggest factors beyond price influence demand. Multi-year backlogs have emerged, particularly in the capital region of Attica, where Chinese nationals lead in both participation and growth.
With a significant backlog approaching 28,000 pending applications, Greece faces the challenge of balancing demand with processing capacity. Chinese nationals dominate the program, representing the largest participant group, while Greeks, Britons, Turks, Lebanese, Iranians, and Egyptians also contribute to the diverse applicant pool.
In the midst of discussions about potential adjustments to the Golden Visa program, Greece grapples with managing demand, processing delays, and addressing concerns about property market dynamics.
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