This Sunday, Greece tightened rules for so-called “golden” visas, which grant residence permits to foreign citizens through real estate investments, to combat the housing crisis.
According to the changes presented by the Ministry of Finance, the amount of investment required to benefit from this program, launched in 2014 during the Greek crisis when property prices fell and construction was in crisis, increases from 250 thousand to 800 thousand euros. March 22.
In popular areas such as Attica (near Athens), Thessaloniki, Mykonos, Santorini and islands with a population of more than 3,100 inhabitants, this cost increases to 800 thousand euros, while in other regions it will be at least 400 thousand euros.
“We are taking deliberate measures regarding the golden visa program, which takes into account the housing needs of families, while not forgetting the need to attract investment into the country,” Finance Minister Kostis Hatzidakis said, as quoted by AFP.
According to the official, “these measures are part of the government’s housing policy, which aims to ensure, in cooperation with the private sector, affordable and quality housing for all citizens, taking into account the need to continue investment on more favorable terms and in a balanced manner.” “
Rent costs have risen 20% since the country officially emerged from a decade-long economic crisis in 2018, reducing household purchasing power, according to the Bank of Greece.
Investors must now purchase a property with an area of at least 120 square meters, and for industrial buildings converted into housing, the minimum required investment amount is 250 thousand euros, the same as for an investment in a historical building.
The government has also taken measures to encourage the conversion of buildings into housing, protect historic buildings and ban short-term rentals of golden visa properties.
According to the Ministry of Migration, the program saw “record” demand in 2023, with 10,214 requests for acquisition or extension made, and 5,701 visas of this type were issued last year, for a total investment of €1,000 million.
Other crisis-hit southern European countries, such as Cyprus, Spain and Portugal, have used similar programs to attract foreign investment.
Author: Lusa
Source: CM Jornal

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