Greek prime minister Kyriakos Mitsotakis announced on 10 September 2022 that the rules of the country’s golden visa scheme will be revamped.
The programme was launched in July 2013. Applicants are granted a five-year residency visa in return for an investment in real estate. There is no minimum stay requirement and children up to the age of 21 are included in the family application.
The visa is granted for five years and renewed every five years if the property investment is retained. It is not necessary to live in the country in order to retain and renew the investor visa. However, citizenship can only be granted after seven years of residency.
Mitsotakis said in a speech on 10 September: “In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000 (£434,000, $500,000).”
Golden visa specialists La Vida Golden Visas said on the investment change: “It is understood that this decision has been made to help free up more affordable housing for Greek nationals who are currently struggling to get onto the property ladder due to Greece’s rapid economic growth and the rise of real estate values.
“The Greek government also pledged various funding initiatives to support young Greek couples and families who have struggled to buy property, and for those wanting to renovate properties. It is unclear at this stage when the price rise for the Greek golden visa programme will take effect, but several local sources in Greece expect it could be early 2023.”
