Greece has formally decided to strengthen rules under its Golden Visa Program, raising the minimum investment required of foreign nationals in order to grant them a residency card in the nation.

Greece’s Minister of Finance, Kostis Hatzidakis, emphasized the changes to the Golden Visa Program and the country’s goal to address the housing problem by introducing a number of new rules.

According to Ekathimerini, the Minister formally said that the minimum investment requirement will increase to €800,000 in popular regions and islands with populations more than 3,100.

Third-country nationals must invest €800,000 in certain Greek areas, including as Attica, Mykonos, Santorini, and Thessaloniki, in order to obtain a Greek resident permit.

On the other hand, the Minister confirmed that the required minimum investment in other regions is €400,000.

The strategy involves modifying investment thresholds to suit the particular requirements of every locality, with sums varying between €400,000 and €800,000 contingent on population density and housing need.

Foreign buyers are required to purchase residences that are at least 120 square meters in size in addition to meeting the investment requirement.

Even though the investment criterion is now formally required, there are instances in which smaller investments are acceptable.

For example, Ekathimerini notes that the €250,000 threshold will apply to buildings that were originally meant for industrial use but were later converted to residential use.

Restrictions on Golden Visa Properties’ Short-Term Rentals

Together with these actions, Greece has decided to forbid the use of Golden Visa Program-acquired properties for short-term rentals.

The intention of this rule is to discourage investors from using the scheme only for short-term leasing.

In response to this move, Minister Hatzidakis emphasized the government’s commitment to giving household housing needs top priority while also recognizing the importance of luring investors to Greece.

Both real estate experts and foreign investors are concerned about these modifications that Greece has implemented.

The latter contend that because other nations are providing more “appealing” terms, Greece runs the danger of turning off international investors with these new laws.

Greece’s Golden Visa Program has historically drawn a sizable influx of foreign investment. According to data, the program brought in more than €4.3 million for the nation between 2021 and 2023.