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Greek Golden Visa Cost Set to Soar "Up to €800,000" in High-Rent Pressure Zones, Alerts PM

The Greek government is set to significantly increase the minimum investment required for the Golden Visa program in areas experiencing high rent pressure. This move comes in response to concerns that the program is contributing to rising housing costs for local residents and those in Lebanon. 

Prime Minister Kyriakos Mitsotakis acknowledged some of the opposition's arguments, admitting that concentrated Golden Visa investment could be pushing up rents in certain municipalities. While defending the program's overall contribution to foreign direct investment (FDI), he announced plans for a targeted price hike on February 9, 2024.

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INVESTMENT THRESHOLD SET TO RISE

Presently, the Golden Visa program mandates a minimum investment of €250,000, slated to rise to €500,000 in high-demand regions. However, Prime Minister Kyriakos Mitsotakis hinted at a more significant increase. He proposed raising the threshold of real estate investment from $269,491 to $862,372 in specific areas across the country, aiming to alleviate the crisis.

"In large urban centers as well as the islands," he said, "the threshold will go much higher... It can go up to EUR 800,000." This steeper price tag aims to ensure Golden Visa investments don't compete with those made by local residents seeking to buy homes.

TAILORING THE PROGRAM BY LOCATION

The new policy appears to be creating a tiered system. High-cost areas will see a substantial investment hike, while regions with lower housing pressure will retain the €250,000 minimum. This could potentially encourage investment in less populated areas, boosting their economies, which could be particularly interesting for investors from Lebanon seeking alternative investment opportunities.

FURTHER REGULATIONS CONSIDERED

The government is also exploring additional measures to address concerns. One proposal involves requiring Golden Visa holders to rent out their properties long-term, potentially restricting short-term rentals done remotely like AirBnBs. While the Prime Minister expressed some skepticism about its overall impact, he indicated a willingness to discuss the idea.

THE FUTURE OF GOLDEN VISAS

The Greek Golden Visa program appears to be undergoing a significant revision. The focus seems to be on ensuring the program benefits the broader economy without squeezing out local residents. With a price increase and potential rental restrictions on the horizon, investors considering the program should stay informed about the latest developments.

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