Starting January 1, 2025, Greece will cease offering "Golden Visas" through real estate purchases, marking a significant shift in its residency-by-investment program. This decision aims to address the surging housing prices and the shortage of affordable housing for Greek residents.
Greece follows in the footsteps of Portugal and Spain, both of which recently ended similar programs for comparable reasons. These changes reflect a broader European trend toward reassessing the impact of such programs on local housing markets.
Instead of focusing on real estate, the Greek government plans to pivot the Golden Visa program toward investments in start-ups and businesses. This move seeks to attract more productive forms of investment while addressing concerns about housing accessibility.
Despite the impending changes, interest in Greece's Golden Visa program remains robust. Investments through the program are projected to reach a record €3 billion in 2024, highlighting its enduring appeal to international investors.
As Greece transitions its Golden Visa framework, it aims to balance economic growth with the housing needs of its citizens.
