Greece has announced the introduction of higher investment
thresholds and revamped regulations to balance foreign investment with local
interests, a significant change in the country's golden visa program.
This move could alter the investment immigration scene in the Mediterranean nation, but the exact rules and implications remain unclear amidst the announcements and speculation.
The golden visa program's investment level will be raised,
as revealed by Greece's prime minister Kyriakos Mitsotakis, in response to
worries over soaring real estate costs and stretched budgets. The program's
initial investment criterion, which was set at €250,000, has increased to
€500,000 in some regions. The availability and affordability of property are
under increasing strain, especially in major cities like Athens and idyllic
island getaways like Mykonos and Santorini, where the proposed revisions are
being considered.
While places with inexpensive housing may continue to have
lower entrance barriers, the new restrictions in Greece will raise investment
criteria in areas facing a lack of housing and growing rental prices.
Diversification of investment possibilities outside real estate is being
considered, which might make shares and government bonds eligible for the
golden visa. Although the program generates substantial income, worries about
short-term rentals taxing resources and some calling for the outlawing of real
estate still exist. Stakeholders and investors are in a wait-and-see position
as the implementation and regulatory modifications are still uncertain.
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