Greece's €500,000 golden visa finally comes into effect

The cost of a Greek golden visa has doubled from €250,000 (some of the lowest in Europe) to €500,000 in the most popular areas of the country since the beginning of this month. Following the official announcement of the cost increase last year, as well as the postponement of the application date scheduled for May but postponed this month, the Greek government has launched a modified visa through investment program granting five-year residency rights to foreigners who have invested at least €500,000 in capital investment, business or real estate.

Announcement from last year

the planned increase in the cost of a Greek visa, as well as Portugal's decision to impose restrictions on its popular golden visa program, caused a surge of interest. Thousands of people have applied for the golden visa, especially Americans and Chinese investors, buying real estate in Greece before the increase in value. The Greek government has postponed the introduction of the new measures until now. The golden visa program was introduced in Greece in 2014 and provides a five-year visa for third-country nationals who buy property worth at least €250,000. Between January and May this year, the golden visa program generated about €1 billion for the Greek economy. During this period, 3,900 applications were submitted to purchase real estate for residency. Growing interest in buying ahead of the introduction of the new measures has caused a delay of more than 5,500 visa applications awaiting approval. Between May 2022 and May 2023, the Greek authorities have received 8,351 applications, 35% of which have already been approved. The total value of properties sold during this period amounted to €975 million, three times more than in the previous year.

European Union disapproves of Greece's decision

as it pressures EU members to cancel all golden visa programs. The European Commission considers it "undemocratic" to allow wealthy foreigners to "buy" residency rights, sometimes without even a residency requirement, and considers it "a security risk allowing money laundering, tax evasion, financing of terrorism, corruption and infiltration of organized crime, which is unacceptable for EU norms." EU efforts to crack down on this multi-billion dollar industry have received support, especially given the security risk posed by the war in Ukraine.

These programs are also causing major housing crises in countries that still offer them. The rising cost of housing and its impact on locals was one of the main reasons Portugal changed its golden visa program. In the case of Portugal, the golden visa has been withdrawn for real estate investments, but remains in force for foreign investors who want to develop projects. Applications will be considered on the basis of the economic, social, scientific, technological and cultural significance of the investment and its ability to create new jobs in the country. Under the new program of increased value of the Greek visa, foreign citizens over 18 years of age and without a criminal record can purchase real estate for a specified amount. Details on the conditions and benefits of the Greek Golden Visa can be found at SchengenVisaInfo.com. The new minimum purchase price will apply in the northern part of the country, central and southern Athens in the Attica region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki. The previous minimum value of €250,000 will remain for the rest of the country.