Introduction
Greece’s Golden Visa program, launched in 2013, has long been a popular route for non-EU nationals seeking residency through real estate investment. However, the Greek government is now tightening regulations to ensure better oversight and prevent speculative property market inflation. The changes include stricter investment monitoring and increased minimum investment thresholds in key regions.
Stricter Monitoring for Golden Visa Investments
- The Greek Ministries of Development and Immigration and Asylum have introduced new regulations for monitoring Golden Visa investments.
- The Foreign Direct Investment Directorate of the Ministry of Development will oversee compliance, with the power to revoke residence permits if investors fail to meet the program’s conditions.
- These measures are intended to prevent misuse of the Golden Visa program and ensure that foreign investments genuinely contribute to the economy.
Higher Investment Thresholds in Key Regions
- Since February 2023, the minimum real estate investment requirement has doubled from €250,000 to €500,000 in areas like:
- The Municipality of Athens
- North and South Athens Suburbs
- Thessaloniki
- Santorini & Mykonos
- This change was introduced to curb skyrocketing property prices, which have made housing unaffordable for many local residents.
Implications of the New Rules
📌 For Investors:
- More stringent oversight means investors must ensure full compliance with program conditions.
- The higher financial thresholds make the visa less accessible to smaller investors, favoring high-net-worth individuals.
📌 For Local Communities:
- The goal is to reduce property speculation that has driven up home prices.
- More housing availability for Greek citizens, rather than properties being bought up solely for investment purposes.
Conclusion
Greece’s stricter Golden Visa policies reflect a shift towards a more regulated and socially responsible investment framework. The country is trying to balance foreign capital influx with local economic stability, ensuring that both investors and Greek residents benefit from the program.
#Greece
Sources
Schengen News – Stricter Monitoring for Golden Visas in Greece
Fragomen – Greece Increases Real Estate Investment Requirements
