The Prime Minister of Greece, Kyriakos Mitsotakis, has introduced new changes to the country’s Golden Visa scheme, among them the increasing of the minimum amount of investment required for the issuance of such a visa to a total of €500,000.
While announcing that the Residency by Investment Scheme will be revamped, Mitsotakis said that the decision to increase the minimum amount of investment had been taken in order to increase the affordability of real estate for Greek.
Previously, internationals were eligible to acquire residency in Greece through the Golden Visa if they made an investment of at least €250,000; however, authorities in Greece now decided to increase the minimum.
“In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000 (£434,000, $500,000),” the Hellenic Republic’s Prime Minister pointed out in this regard, as reported by International Adviser.
“The Greek government also pledged various funding initiatives to support young Greek couples and families who have struggled to buy a property and for those wanting to renovate properties. It is unclear at this stage when the price rise for the Greek golden visa programme will take effect, but several local sources in Greece expect it could be early 2023,” Greece’s PM stressed.
A recent report provided by a property broker in Greece revealed that for a period from January until June this year, it increased by 127% compared to the same period last year’s figures.
In addition, the survey also revealed that the top-five European programs that attract internationals the most are the following: Portugal, Montenegro, Greece, Spain and Turkey.
At the same time, a specialist revealed that Europe’s top programs by demand increase were the Greece golden visa, Turkey’s golden passport, Malta as well as Montenegro and Italy’s residency-by-investment scheme.
The Golden Visa scheme makes a significant contribution to the country’s economic sector; however, authorities in EU countries have continuously urged all the countries that run such schemes to terminate them after they are often been involved in many unlawful affairs.
Source: Greece: Golden Visa Minimum Investment Increased to €500,000 – SchengenVisaInfo.com