Greece Golden Visa: 153% Increase, Top Country, Athens Slows Down
- 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...
- 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.
- Though, the surge in applications has prompted the Greek government to apply the brakes.
Greece Tightens Golden Visa Program Amid Investment Surge from Israelis and Britons
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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.
| Month/year | Golden Visa Applications Approved |
|---|---|
| September 2023 | 822 |
| September 2024 | 392 |
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.