High-net-worth foreign nationals are now subject to an increased investment amount when considering acquiring residency in several regions of Greece via the Golden Visa program.
The new changes mean that from the start of this month, foreign investors will have to invest a total of €500,000 instead of €250,000. SchengenVisaInfo.com reports.
The decision to implement such changes was announced earlier this year by Greek Prime Minister Kyriakos Mitsotakis, while emphasizing that it would come into force on May 1. But the decision was then postponed for three months, to August 1.
“In order to make real estate more affordable for Greeks, we are now increasing the minimum investment amount required for the issuance of a golden visa from €250,000 to €500,000 (£434,000, $500,000),” The Greek Prime Minister underlined this in this regard, based on the report of the International Advisor.
Local media highlighted that new amendments would be applied to the northern part of the Hellenic Republic, the central and southern sectors of Athens in the Attica region, as well as the islands of Mykonos, Santorini and the municipality of Thessaloniki.
Authorities in the Hellenic Republic have seen an increase in the number of applications for the Golden Visa program this year following the announcement by the country’s authorities to increase the minimum investment amount required for this program and Portugal’s decision to end this program.
Internationals can acquire residency in Greece through the residency by investment program, provided you contribute financially to this country and meet specific conditions.
According to figures provided by the Greek Ministry of Migration and Asylum, the program boosted the country’s economy by almost one billion euros in the first five months of this year.
Figures from the same ministry reveal that a total of 3,900 applications for the purchase of real estate for residence were submitted between January and May this year, compared to a total of 1,444 recorded during the same period of the year last.
The increase in demand for the Golden Visa program has put pressure on the country’s authorities, with more than 5,444 investor visa applications awaiting approval. Furthermore, between May last year and May this year, a total of 8,351 investor visa applications were submitted to Greek authorities, of which 35 percent were approved.
Furthermore, the same source revealed that during the first months of this year, 1,938 applications were approved, compared to 777 registered during the same period last year, an increase of 149 percent. Additionally, 412 permits were issued in May this year, compared to 220 last year.