The increase in the investment amount for the Greece Golden Visa
Published at: 14/03/2024 09:02 am
The Greek government increased the necessary investment amount for the residency permit from 250,000 euros to 800,000 euros. Why did they do that, and what can you buy for this amount?
Almost 80 per cent of the investor residents arrived from China, followed by Turkish and Lebanese immigrants. According to our local colleagues, the inflow of Chinese clients has changed property sales and rental fees in the most popular locations. Most new residents do not live in Greece; they rent their properties for the short term, which has led to a general increase in living costs.
The same happened in Portugal, where the locals in Lisbon and Porto could not afford to live in the city centres, and they had to move to the suburbs. Don't forget that Greece and Portugal are democratic countries, and the voters can express their dislike at the elections. In Portugal, the government erased the property purchase option from the Golden Visa program. Greece chose another way; they increased the necessary investment amount from 250,000 to 800,000 euros.
What property can you buy for 800,000 euros in Greece?
First, you can buy more than one real estate in exchange for the EU residence permit. It is more than necessary because real estate is less expensive in Greece than in the Western part of the European Union.
Interestingly, the lower price has changed during the last two weeks since the government increased the minimum investment requirement. There are plenty of accessible real estate under the 800,000 euro limit. However, the market has recently changed. A couple of weeks ago, you could buy mansions for almost a million euros, but the market reacted fast, and now this is the price of, for example, a beautiful penthouse in Athens. But there are beautiful houses in the countryside for this amount.
If you dream about becoming a resident in Greece, our experts will help you find the best and most profitable real estate or property package. The EU has more affordable and manageable solutions if you want to obtain a European residence permit. We are here to help you find the correct country and option to fulfil your plans. Contact Discus Holdings Ltd for a consultation!