Greek Prime Minister Proposes Changes to Golden Visa Program
Greek Prime Minister Kyriakos Mitsotakis has put forth a proposal to grant residence permits in exchange of investments in restoration of architectural monuments
Three months ago, the Greek Golden Visa program's minimum investment threshold was increased from €250,000 EUR to €500,000 EUR, and now there are further changes in the pipeline, which may significantly reshape the fundamental philosophy of the entire program.
Greece intends to provide the opportunity for obtaining a Golden Visa to potential investors who will purchase an architectural monument with the commitment to its restoration. That will automatically direct investment funds into the real estate category, the Greek Prime Minister said.
The Golden Visa program was launched as a financial lever to offset the economic slump when a number of construction projects were suspended and the real estate market crashed. The scheme eventually helped to revive sales, which have been on the rising trend since 2016. Since 2014, the Golden Visa scheme has generated more than €5 billion in investment. 2022 was a record-breaking year with the inflow reaching over €2 billion. Based on the number of applications accepted in 2023, this year is going to be even more profitable.
Some EU countries, including Ireland and Portugal, are looking to scrap their immigrant investor programs as their economies have returned to sustained growth. Greece, in contrast, is going to modify its Golden Visa program to encourage direct investments in restoration and other specific sectors and property types.