Greek officials have revised the minimum investment level for the Golden Visa Program upward in an attempt to alleviate the housing crisis. Prime Minister Kyriakos Mitsotakis revealed the change, which will result in different requirements depending on geographic zones:

Zone A: €800,000

€400,000 to €500,000 in Zone B

Zone C: €250,000

Zone A is expected to include the capital Athens, central Thessaloniki, the islands of Mykonos and Santorini, and the central, southern, and northern regions of Attica. The Dodecanese islands, the Cyclades, and Crete can also be included. Zone B will be allocated to regions that are experiencing price pressure even with the €250,000 minimum threshold; these include places like Piraeus and the western suburbs of Athens, among others. Municipalities with little foreign interest in purchasing real estate are assigned to Zone C.

Kostis Hadjidakis, Greece’s Minister of Economy and Finance, suggested the change earlier this month. In places where there is no residential demand, the €250,000 threshold will remain in place, as Prime Minister Mitsotakis has stressed. This action comes after the PM’s previous declaration that suggested foreign nationals may increase their real estate investments to €800,000.

International investors who meet specific requirements and make financial investments in Greece are granted residency under the Golden Visa Program. Under the Residency by Investment Program, purchasing real estate is a common way to get residency. But Greece is presently experiencing a housing crisis, which is why the government decided to enact these measures in an effort to slow down the country’s soaring real estate costs. As part of these actions, the minimum investment needed to participate in the Golden Visa Program has been raised from €250,000 to €500,000 in select areas of the nation.