From September 1, citizens from non-EU countries will have to pay significantly more to obtain a residence permit by purchasing property in Greece. Instead of the previous 250,000 euros, buyers in the major cities of Athens, Thessaloniki and on all major islands will have to invest 800,000 euros. In all other regions of the country, the price will rise to 400,000 euros, the government announced.
With so-called Golden Visas, those concerned can move freely throughout the EU. Most investors come from China and Turkey and, since the outbreak of the war in Gaza, increasingly from Israel. The residence permit also applies to the family members (first degree relatives) of the buyers and is valid for five years. If the property remains in the possession of the person who bought it, the visa is extended for a further five years.
Measures to combat housing shortage
The purchased properties may be rented out, but they may not be rented out as holiday homes, for example via platforms such as Airbnb, the Ministry of Finance announced. This measure is part of an attempt by the government to combat the housing shortage and rising prices on the property market on the one hand, and to allow more money to flow into the state coffers on the other.
The purchase of real estate by foreign investors in Greece in recent years has led to significantly higher purchase prices for apartments and houses and higher rents in the country’s metropolitan areas and on numerous islands, real estate agents told Greek media.
Listed buildings are cheaper
However, there is still a special variant of the visa for 250,000 euros: It is aimed at those investors who buy a listed building and repair it in accordance with the legal requirements.
Last year there were 8,516 purchase applications, of which 1,802 resulted in a purchase. This was reported by Greek radio, citing the relevant authorities. In some cases, for example in Athens, investors are purchasing entire high-rise buildings. According to the Ministry of Finance, a good 2.5 billion euros were generated in Greece in 2023 through the issuing of Golden Visas.
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