⁢ Athens is slowing down approvals for its Golden Visa program, which offers residency to foreign investors, following a important increase ⁣in applications, particularly from Israeli ⁢and British citizens. This comes as ⁤Greece​ raises the minimum investment required ​for the visa.

Investment​ Trends and the Golden Visa Program

‍ According to Odatv.com, Israeli investors ranked third in foreign investment in‍ Turkey with an 84% increase,⁤ and are showing strong interest⁤ in Greece’s Golden Visa program. Following Israelis, ⁢British, US, and lebanese investors‌ have also been actively participating. The Golden Visa program has been a key driver ⁣of activity in the⁣ Greek ​real estate ‌market.

​ Though, the surge in applications ⁣has prompted ⁢the ‌Greek government to apply the brakes.​ As of late 2024, approximately⁣ 13,000 applications​ are‌ currently on ‍hold, awaiting review.

increased Investment Threshold

The minimum ‍investment required to qualify for a Golden Visa has ‍been considerably increased. ⁤Previously, ⁤an investment of €250,000 was sufficient in Athens, Thessaloniki, and the Greek islands. The new threshold has been raised to €800,000.

Data indicates a decline in approved applications.Greece approved 822 applications in September 2023, but that number fell to 392 in September 2024, ​reflecting the impending changes and potential investor⁣ hesitation.

Rationale Behind the ‌Changes

​the Greek ⁤government’s decision‌ to tighten the Golden Visa program is largely⁤ attributed ⁤to concerns about rapidly rising property prices, particularly in ⁣popular​ tourist destinations. the program, ⁢while⁤ attracting‍ foreign capital, has been criticized for contributing to housing unaffordability for ​local residents. ⁣ The‌ increased investment threshold is intended ⁢to steer investment towards more substantial ⁤projects and limit⁣ speculative ‌purchases.
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