Greece, renowned for its Golden Visa Program, has recently implemented significant changes aimed at addressing the country's ongoing housing crisis. These reforms, which took effect on September 1, 2024, include a notable increase in the minimum investment required to qualify for the visa, a move intended to ease real estate pressures in key areas.

Greek Prime Minister Kyriakos Mitsotakis announced that the minimum investment threshold for obtaining a Golden Visa has been raised in high-demand regions such as Mykonos, Santorini, and Thessaloniki. In these popular locations, the required investment has surged to €800,000. This adjustment is part of the government’s broader effort to balance foreign investment with local housing needs, which have been exacerbated by an influx of foreign capital driving up property prices.

In addition to the hike in investment requirements, the Greek government has introduced a new pathway for entrepreneurs. Under the revised Golden Visa Program, internationals can now obtain a five-year residence permit through a €250,000 investment in Greek startups. This initiative is designed to attract innovation and boost Greece’s growing entrepreneurial ecosystem, creating opportunities for both local and international investors to contribute to the country’s economic development.

The Golden Visa Program, which grants residency to non-EU citizens in exchange for investments in the country, has been a popular choice for investors seeking residency in the European Union. However, the recent reforms reflect Greece’s efforts to balance the benefits of foreign investments with the need to ensure affordable housing for its citizens.

These changes are part of a broader strategy by the Greek government to stabilize the real estate market, promote economic growth, and attract quality investments in sectors beyond real estate. The introduction of the entrepreneurial pathway signals Greece’s commitment to fostering innovation and supporting sustainable business ventures.

By encouraging investment in startups and increasing the threshold for real estate investment, Greece aims to position itself as an attractive destination not only for tourists but also for global investors seeking opportunities in Europe’s evolving economic landscape.