Greece Golden Visa Price Increase Likely in the Near Future
February 6, 2024 · Greece · 9 min read
Greece’s Minister of National Economy and Finance, Kostis Hatzidakis, has acknowledged that the government plans to raise the minimum real estate investment under Greece’s residence by investment program, which would mean a further Greece Golden Visa price increase.
In a recent statement, Greece’s Minister of National Economy and Finance, Kostis Hatzidakis, acknowledged that the government plans to raise the minimum property investment under Greece’s residence by investment program, better known as the Greece Golden Visa.
Among European residency by investment options, the Greece Golden Visa is one of the most popular programs and offers investors a strong set of benefits. In 2023, the Greece Golden Visa program set new records, with exceptional growth and impressive figures, and Greece was named the world’s most popular residency by investment program of 2023.
What experts say
The statement came just months after Greece raised the minimum property investment from €250,000 (approximately US$280,000) to €500,000 (approximately US$560,000) in 36 municipalities across four main areas:
- The Northern, Central, and Southern Sectors of Athens
- The municipalities of Vari, Voula, and Vouliagmeni in Attica
- The municipality of Thessaloniki
- The islands of Santorini and Mykonos
In the remaining areas, which make up more than 90% of Greece’s territory, investors can still obtain a Golden Visa with a €250,000 property investment.
The minister also said the government plans to raise the threshold further soon, so that the program delivers greater benefits for the country. Greek news outlet Mononews reported that, according to its sources, the threshold in the 36 municipalities could rise to as much as €1 million (approximately US$1.12 million) in some areas. Areas currently at the €250,000 threshold are also likely to see an increase.
Momentum behind the world’s most popular residency by investment program
Whether or not the Golden Visa is behind Greece’s real estate boom, there is no denying that the program had an exceptional 2023, becoming the most sought-after investment migration program in the world. Applications in 2023 nearly doubled from the previous year, rising from 4,362 to 8,351.
Greece Golden Visa applications and approvals by year. Source: IMI Daily
Many investment migration professionals attributed the surge in applications to news that Greece would raise the minimum property investment in 36 municipalities, as investors rushed to apply before the higher threshold took effect. Surprisingly, however, applications remained well above previous years’ levels even after the change took effect in August. Since July 31, monthly applications have averaged 698, almost unchanged from the average of 721 a month recorded in the 5 months before the increase.
Greece’s stable economy and continued progress have also given investors greater confidence in their plans to secure European residence by buying property in Greece. The Greece Golden Visa was also recently named the world’s most popular residency by investment program in 2023.
The window for European residence from €250,000 may be closing
After a series of program closures and tighter rules, the options for residence through European residency by investment programs have steadily narrowed. Investors today have far fewer routes to European residence, which can be a stepping stone toward European citizenship. The Greece Golden Visa is currently among the lowest-cost programs, with a broad range of benefits. However, based on the Greek government’s statements above, investors may have only a short time left to qualify for Greek residence with the minimum €250,000 investment.
With a property investment from €250,000, investors and their families can obtain a Greek residence permit, with a range of advantages and benefits:
- The investment and application process typically takes 6–8 months, and much of it can be handled from your home country.
- Access to healthcare, education, and other benefits in Greece.
- Visa-free travel within the 29-country Schengen Area, with stays of up to 90 days in any 180-day period.
- After 7 years of residence, you may be eligible to apply for Greek citizenship, subject to Greece’s naturalization requirements. Once naturalized, each family member, as an EU citizen, could live in any EU member state. The Greek passport offers visa-free access to 185 countries.
At the time of writing, IMM Group was offering projects that meet the €250,000 threshold for Greek residence, including Aphrodite II, Avra Residence, and V2 City, along with other projects suited to different investor criteria. All are from established developers with long track records, selected to support both the residence application and the investment value.
Aphrodite II project
Avra Residence project
V2 City project
If you are interested in residency by investment in Greece, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the likelihood of success for your application. We are committed to protecting your personal data and will use the information you provide only to advise on your family’s application.
IMM Group
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