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The Greek Golden Visa Program, initiated in 2013 by the New Democracy party as an economic stimulus, has garnered significant attention due to recent developments. With over 20,000 visas issued and more than €5 billion in investments attracted, the program has been instrumental in bolstering Greece’s economy through real estate investment.

In response to mounting concerns and economic pressures, the Greek government announced plans in January 2023 to increase the minimum investment threshold in certain regions from €250,000 to €500,000. This adjustment affects 36 municipalities, including key areas such as Greater Athens, Greater Thessaloniki, Mykonos, and Santorini. To mitigate the impact of this change, an extension was granted for property deposits made at the original price, initially until the end of July, with further extensions thereafter.

Recent discussions in the Greek parliament have brought attention to the housing crisis, prompting Prime Minister Kyriakos Mitsotakis to address the matter during a session on February 9, 2024. Mitsotakis acknowledged the need for further adjustments to the Golden Visa program, particularly in regions facing rent pressures like Western Athens. Conversations with the Finance Minister are ongoing to potentially raise the investment threshold to €800,000 in these areas, while considering maintaining lower thresholds in unaffected regions. Additionally, Mitsotakis entertained the idea of implementing long-term lease requirements for properties acquired through the Golden Visa program as part of imminent government actions, signaling a commitment to address housing challenges without abolishing the program entirely.

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