Greece on Sunday tightened its
Golden Visa rules raising the required investment to as much as
800,000 euros in a bid to help ease a housing crisis. The
successful programme that has attracted thousands of Chinese
launched in 2014 granting foreigners a renewable, five-year
residence permit in return for a 250,000-euro property
investment. The finance ministry announced that from Sunday, the
threshold would climb to 800,000 euros in attractive regions,
such as Attica, around Athens, Thessaloniki, Mykonos, Santorini
and the islands with a population of over 3,100. In other areas,
it would start at 400,000 euros. "These measures are part of the
government's overall housing policy, which aims, in cooperation
with the private sector, to ensure affordable and quality
housing for all citizens," Finance Minister Kostis Hatzidakis
said. According to the Bank of Greece data, rents have increased
by 20 percent since the country officially exited a
near-decade-long crisis in 2018. Investors must now purchase a
property of at least 120 square metres, while for historic
property and industrial buildings converted into living
accommodation, the cost is 250,000 euros. Migration Ministry
data for last year shows record demand with 10,214 applications
for initial visa-related acquisitions or renewals. A total of
5,701 Golden Visa permits were granted in 2023, and 8,800
applications are pending. Investment reached at least one
billion euros over the year. However, the Association of Public
Limited Companies and Entrepreneurship (SAE/E) has warned that
it is "highly doubtful" that the government will achieve its
goal of reducing house prices and increasing the availability of
homes for long term rental. The property market and construction
industry faced a severe downturn during the economic crisis that
kicked off in 2008. The SAE/E says about 20,000 permanent
residence permits have been granted to real estate investors to
date. Some 6,405 Chinese nationals bought residence permits in
2021, according to the migration and foreign ministries. kan/bp
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