The “golden visa” of Greece has increased dramatically in price for all foreign travelers. The new threshold for entering the country as an investment to obtain a Greek green card is 500,000 euros, which is twice as high as the previous minimum limit. This was reported by the Greek mass media concerning the Prime Minister of Greece Kyriakos Mitsotakis.
Earlier, the official already stated that the scheme for obtaining a residence permit through investment will be revised. However, tourists did not expect that the price would immediately double. As Mitsotakis explained, the decision to increase the minimum investment amount was made to increase the availability of real estate for Greeks.
It will be recalled that previously foreign citizens had the right to obtain a residence permit in Greece through a “golden visa”, that is if they invested in the country in the amount of at least 250,000 euros. However, now the Greek authorities have decided to increase the minimum amount of expenses for foreign tourists.
“To increase the availability of real estate for Greeks, we are now increasing the minimum investment amount required to issue a golden visa from 250,000 euros to 500,000 euros,” the publication quoted the Prime Minister of the Greek Republic as saying. In other words, the changes were made to the scheme to help free up more affordable housing for Greek citizens who are in short supply due to the development of the Greek economy as well as the increase in property values.
“The Greek government has also promised various financial initiatives to support young Greek couples and families who have been struggling to buy the property and for those who want to renovate a property. At this stage, it is not clear when the increase in prices for the Greek Golden Visa program will take effect, but several local sources in Greece expect that it could happen in early 2023,” the politician emphasized.
A recent report by real estate brokers Tranio showed that between January and June this year, demand for a visa in exchange for a passport increased by 127% compared to the same period last year. In addition, the survey also showed that the top five European programs that attract the most foreign nationals include: Portugal, Montenegro, Greece, Spain, and Turkey.
At the same time, Tranio reported that the best European programs for increasing demand were the Greek “golden visa”, the “golden passport” of Turkey, and Malta, as well as the scheme for obtaining a residence permit in Montenegro and Italy from investments.
We remind you that Golden Visa holders can apply for citizenship after seven years. What is needed for this? Spend a long time in Greece and pass a language test. A residence permit allows you to do business, rent real estate, and you do not need to live in the country permanently.