Will Greece Golden Visa by Real Estate Investment End?

Brittany Collins

Greece is planning significant changes to its Golden Visa program, aiming to shift foreign investor interest from real estate to other options. The necessity of these changes arises from the pressure foreign investments place on the Greek housing market.

The real estate investment option under the Greece Golden Visa program has contributed to a housing crisis, according to experts. This has resulted in a significant surge in property prices across the country, particularly in popular regions.

Earlier this year, Greece made requirements for Golden Visa real estate investments stricter, limiting the number of properties eligible for the Golden Visa program. The investment threshold was increased to €800,000 for properties located in Attica and Thessaloniki, on Mykonos, Santorini, and islands with over 3,100 residents. In other regions, the price of qualifying property was increased to €400,000.

However, the introduced changes didn’t have expected results, said Mr. Dimitris Biniaris, President of the Federation of Real Estate Brokers of Greece. Instead, there was a dramatic surge in the number of Golden Visa applications submitted before the changes took effect, which led to distortions and unintended consequences.

Experts anticipate that Greece may suspend the real estate investment route, following the example of Portugal and Spain. These countries have already cancelled similar options in their efforts to combat property price increases.

The recently announced startup investment option might become an alternative for investors seeking Greece residency.

To obtain a residence permit, applicants will have to invest a minimum of €250,000 in a startup registered with Elevate Greece, the national register for startups. The chosen company must create at least two new jobs within the first year after the investment and maintain this larger workforce for at least five years.

Currently, Greece Golden Visa applicants have 9 investment options to choose from, including:

real estate purchase, requiring investments of at least €250,000, €400,000, or €800,000, depending on the property type and location;
10-year lease of tourist accommodation — €400,000+;
timeshare for tourist accommodation — €400,000+;
receiving real estate as inheritance or a gift — €400,000+;
purchase of shares in mutual or alternative investment funds — €350,000+;
opening a fixed-term deposit — €500,000+;
purchase of government bonds — €500,000+;
capital investments in Greek companies — €500,000+;
purchase of corporate and government bonds listed for trading — €800,000+.

Greece residency by investment can be extended to the investor’s family, including a spouse, children under 24, and parents. The status is valid for 5 years and can be renewed an unlimited number of times, provided that the applicant retains their investment.