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Society

After Big Investor Rush, Greece Will Raise Golden Visa Threshold Again

ATHENS – With rich foreigners still lining up to get Golden Visas and valuable European Union passports by buying property in Greece, the New Democracy government is reportedly set to raise the minimum for all buildings.

The threshold late in 2023 was doubled to 500,000 euros ($539,928) for the most popular areas, including Athens, Thessaloniki and islands but the interest is spreading and the 250,000 euro ($269,964) level for less popular areas could also now be doubled, said Kathimerini.

The minimum had been lifted because wealthy foreigners with no ties to Greece were scooping up multiple properties and listing them as short-term rentals, driving out long-term residents and turning neighborhoods into tourist areas.

The lower level is still available in Piraeus, as well as Rhodes, Halkidiki and Crete, all desirable tourist areas that are now seeing the outsiders buying up the properties, lessing supply and raising rents for other available units.

Finance Minister Kostis Hatzidakis told a conference that “measures to limit it will be applied, the limits will be increased to make more substantial investments, but there will be an exemption for listed properties, for which a lower minimum threshold will apply in order to direct funds to a property class that is particularly in need of them.”

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