The Greek government plans to revise the Golden Visa program to alleviate strain on the property market. Under the new rules, investors pursuing residency rights must invest at least €800,000 ($873,280) in high-demand areas such as Athens, Thessaloniki, Mykonos, Santorini, and other islands with over 3,100 inhabitants, as outlined by the Finance Ministry.
Following a prior increase where the required investment amount in sought-after regions was doubled to €500,000 in August, this adjustment further raises the bar. In other regions, the minimum investment threshold will climb to €400,000 from €250,000. Investors are restricted to acquiring a single property with a minimum area of 120 square meters (1291.7 square feet), which cannot be utilized for short-term rental purposes.
As of March 31, the updated investment thresholds are intended to strengthen the availability of long-term rental accommodations and alleviate the influence of the Golden Visa program on housing expenses, according to the ministry's announcement.
Greece has experienced a significant increase in Golden Visa applications, with more than 25,100 received and 17,184 permits granted to individuals seeking residency. Chinese investors account for nearly 60% of all issued visas, with Turkish investors following at 7%.