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Greece is implementing significant changes to its Golden Visa program, aiming to address housing market concerns and align with broader European Union standards.
Key Changes to the Greek Golden Visa Program
1. Increased Investment Thresholds:
o In high-demand areas such as Athens, Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100, the minimum real estate investment has risen from €500,000 to €800,000.
o In the rest of the country, the threshold has increased from €250,000 to €400,000.
o Exceptions remain for listed buildings undergoing restoration or conversions from commercial to residential use, where the threshold stays at €250,000.
2. Restrictions on Short-Term Rentals:
o Golden Visa holders are now prohibited from renting out their properties on platforms like Airbnb.
o Violations can lead to fines and revocation of residency rights.
3. Application Deadlines:
o To qualify under the previous investment thresholds, applicants must pay a deposit by the end of September and complete their application by the end of 2024.
Reasons Behind the Changes
These adjustments are part of Greece's efforts to mitigate the impact of foreign investment on local housing markets, which have seen price surges partly attributed to the Golden Visa program. The European Union has also raised concerns about such programs, citing issues related to tax evasion, national security, and social inequality.
Alternatives to the Golden Visa
For those seeking residency in Greece without making substantial real estate investments, alternative visa options include:
• National Visa (Type D): Allows stays longer than three months for purposes like work, study, or family reunification.
• Digital Nomad Visa: Designed for remote workers, requiring proof of sufficient income and private health insurance.
• Financially Independent Person (FIP) Visa: For individuals with stable income sources, such as pensions or investments, without the need to work in Greece.
These changes reflect Greece's commitment to balancing foreign investment with the needs of its local population and housing market stability.
