Greece: Increase in Minimum Investment Amount for Golden Visas

Authorities in the Hellenic Republic have once again highlighted that the minimum amount of investment would be increased, making it more difficult for non-European Union people to obtain residency in Greece through the Golden Visa program.

The Greek Prime Minister, Kyriakos Mitsotakis, confirmed the news last month and emphasized that the minimum expenditure needed to obtain a Golden Visa would now be €500,000 rather than €250,000.

According to a Fortune report, the new regulations may bring an end to the golden visa era since they have sparked controversy among some affluent foreigners who were drawn to the scheme.

The decision was announced by the Prime Minister of Greece, who also stated that the Residency by Investment Schemes will be updated.

In this regard, Mitsotakis said, it was decided to raise the minimum investment requirement in order to boost the affordability of real estate for Greeks.

Prior to the new regulations, affluent foreign nationals may purchase residency in the Hellenic Republic by paying at least €250,000; however, the new regulations have caused potential investors to reconsider making such an investment in Greece.

According to a report by International Adviser, Greece's PM said in this respect that "In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000 (£434,000, $500,000)."

Although the new modifications have been in place for more than a month, no precise timetable for their implementation has been set; nonetheless, it has been suggested that the new laws might go into force as early as the next year.

"The government of Greece also pledged various funding initiatives to support young Greek couples as well as families who have struggled to buy a property and for those wanting to renovate properties. It is unclear at this stage when the price rise for the Greek golden visa program will take effect, but several local sources in Greece expect it could be early 2023," the Hellenic Republic's PM noted.

International citizens can get residency in this country under the Golden Visa Program, often known as the Residency by Investment scheme, providing they satisfy certain requirements and make investments that benefit Greece's economy.

The Hellenic Republic is one of the most popular Golden Visa destinations in Europe, drawing a sizable number of foreigners. According to recent reports, American interest in the Hellenic Republic's Residency by Investment program has greatly surged.

By fLEXI tEAM