The Greek government has tabled an amendment to the rules about golden visas, which is passing through Parliament these days.
New Rules? No Surprise
The Prime Minister had previously announced his intentions to raise the financial amount required to obtain a golden visa, particularly in Greece’s biggest cities and prime tourist destinations.
The amendments have been fueled by complaints that there is a shortage of affordable housing in big cities and also of foreign investors exploiting the golden visa opportunity for financial gain. One example of the latter has been the practice of third country nationals purchasing properties to obtain golden visas and then offering the asset up as an Airbnb.
Economy and Finance Minister Kostis Hatzidakis had also previously detailed to MEGA TV that the new threshold for properties purchased under the Golden Visa scheme would be set at 800,000 euros for certain “saturated” tourist areas and 400,000 euros elsewhere.
However, prices for heritage buildings and residences will remain low as an incentive to investors or owners to restore these.
Hatzidakis admitted that the previous minimum investor visa threshold, which was 250,000 euros, was low and as a result sent prices of more affordable housing in major cities upward.
The Proposal
According to reports today at AMNA, the provisions for the granting of a 5-year residence permit to third country nationals are as follows:
- Real estate purchases in Attica, Thessaloniki, Mykonos, Santorini and islands with populations over 3,1000 must be over 800,000 euros
- The value for the rest of Greece is 400,000 euros
- Purchases must be made on one property of at last 120 square meters, and not split between several properties
- Buildings with a different use must convert into residential use before the transaction and the minimum investment amount must be 250,000 euros
- Residence permits may be renewed, pending the investor retains ownership of the property
- Investors can rent out the properties they own, but not through short-term leases, nor can they use the property as company headquarters
- Violators will pay a fine of 50,000 euros and lose their visa
Latest News
SYRIZA Votes for New Leader: A Pivotal Moment Amid Challenges
Whether the left-wing’s central efforts to reorganize and connect with regional members have borne fruit, will ultimately be revealed by the election numbers.
Greek Government Targets Record Investment Program and Tax Relief for Middle Class
The digitalization of transactions and measures introduced by the Ministry of Finance, such as the imputed taxation of professionals, generated an additional 1.8 billion euros.
Kasselakis Reveals Name of New Party: ‘Movement for Democracy’
Arriving at the venue, Kasselakis greeted his supporters warmly, saying, “You became the movement, and today we become a party.”
PM Mitsotakis on TikTok on ‘Gigabit Voucher’ Program
The "Gigabit Voucher" program will provide an array of benefits for households and small businesses, as Mitsotakis pointed out in his video post.
Presidential Decree Downgrading Art School Degrees in Question
The Council of State has challenged a presidential decree downgrading art school degrees, citing constitutional violations
Stormy Winds and Thunderstorms, as Cold Snap Hits Greece
Special units from the electricity distribution network HEDNO are working to restore damage caused to electric poles after trees fell on them due to the strong gusts in Preveza.
Fitch Ratings Maintains Greece at BBB-; Retains Stable Outlook
Fitch Ratings: Greece's ratings are supported by income per capita levels above and governance indicators in line with the 'BBB' median
Global Citrus Production Declines – Greece’s Outlook
In Greece, specifically, orange prices increased by 30.18% this Sept.
NATO Secretary General Rutte to visit Greece
Former Dutch PM Mark Rutte, the Alliance's new chief will first visit Ankara a day earlier to meet with Turkish leadership
PM Mitsotakis from Naxos: Decarbonization Fund to Facilitate Islands’ Green Transition
“The resources will help connect the islands to the mainland's electricity grid," he noted.