Greece announced on Friday that it would once again raise the threshold amount for golden visa investments from €500 000 (R10m) to €800 000 (R16m) in popular areas.
“What we are discussing with the Ministry of Finance is a further increase in the limit,” said Prime Minister Kyriakos Mitsotakis check spelling. “I’m talking about urban centres and islands; there, the golden visa limit can go as high as €800 000.”
This is the latest update to the minimum investment amount, which was increased in August last year in popular areas from €250 000 (R5m) to €500 000. The Prime Minister said that for areas not experiencing residential pressure, such as Pella and Kozani, the amount would remain at €250 000.
The Greek government is attempting to solve a severe, nationwide housing problem. According to Neos Kosmos, a local media house, a large number of Greek homes are only available for short-term rental, leading to increased rental rates and purchase prices.
In addition to raising the minimum investment amount, the government is also looking into changing the requirements for those who want to apply for a golden visa, to engage in only long-term rental agreements.
