Greece raises the bar for "golden visas" - World News

In Greece, the conditions of the "golden visa" program have changed. ATHENS. Greek authorities have decided to raise the minimum property purchase price for the "golden visa" program, which grants foreigners the right to residency in exchange for buying real estate, from €250,000 to €400,000 (about $433,000) — a significant increase of 60 percent. On March 21, the Ministry of Finance presented new changes to the "golden visa" program, aiming to address the pressure on the country's real estate market.

The Athens administration will implement significant changes to the "golden visa" initiative, raising prices in certain regions from 500,000 to 800,000 euros. According to the new conditions, the property that must be purchased in the Attica region, including Athens and the center of Thessaloniki, as well as on tourist islands with a population of over 3,000 people, such as Rhodes, Santorini, Mykonos, and Crete, must have a value of at least 800,000 euros and an area of more than 120 square meters.

According to the new rules, real estate cannot be rented out through online platforms like Airbnb. Although the "golden visa" program had no restrictions on the number of properties that could be purchased, the new regulation requires the purchase of only one property. This reform is a response to the ongoing rise in housing prices and rents in Greece, as well as a sharp decrease in the availability of rental housing. It is expected that the new measures will lead to a decrease in applications for "golden visas."

Over the past ten years, approximately 12,000 citizens from third countries have obtained this visa. The leaders on the list are:

• 7400citizens of China
• 750Turk
• 600Lebanese