Significant changes to Greece's Residency by Investment Program, commonly known as the Golden Visa, came into effect on September 1. The program, which grants residency to international investors in exchange for financial investments, has seen an increase in the minimum investment thresholds.
Greek Prime Minister Kyriakos Mitsotakis announced that the minimum required investment for certain regions, including Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100, has risen from €500,000 to €800,000. In other areas, the investment threshold has increased from €250,000 to €400,000.
Despite these increases, two options remain available at the original €250,000 level: converting commercial properties into residential use or restoring listed buildings. However, clarification is still needed regarding the eligibility conditions for converted commercial properties, with some reports suggesting they must have been vacant for five years.
The Golden Visa program continues to play a vital role in Greece's economy, with 4,734 applications submitted in the first seven months of 2024, contributing over €1.2 billion. However, nearly 30,000 applications are still awaiting processing.