Golden Visa threshold to soar
Mitsotakis announces lower limit for residence permit investment will rise up to 800,000 euros
The government is about to increase the threshold for the Golden Visa program to 800,000 euros in some cases, while maintaining the lower limit of €250,000 euros in areas of less interest and activating financial tools for the utilization of vacant properties.
The acute housing problem that has arisen in recent years has led the government to look for suitable solutions to deal with it, and further measures are expected to be announced in the near future that will ease the pressure, mainly in rental properties.
A recent study by Piraeus Bank found that there are currently 212,000 homes missing from the market, as a large part of the existing ones are only available for short-term rental, with the result that purchase and rental prices have increased.
Prime Minister Kyriakos Mitsotakis announced the above measures on Friday in Parliament, finding interesting the proposal by the opposition that real estate purchases through Golden Visas should not be made available for short-term rentals, but only for long-term ones.
Mitsotakis emphasized that “pressure has been created for Western Athens by the increase in the price of the Golden Visa. What we are discussing with the Ministry of Finance is a further increase in the limit. I’m talking about urban centers and islands, there the Golden Visa limit can go as high as €800,000. On the other hand, we must discuss the lower limit of €250,000 – as Spain does – for areas where there is no pressure, such as Pella and Kozani.”
In his speech, PASOK leader Nikos Androulakis asked for the explicit prohibition of making any properties that have been purchased through the Golden Visa program available for short-term rental. “This situation leads to higher rents,” he said, with Mitsotakis finding the proposal interesting, noting, “I agree with your proposal and – why not? – let’s proceed immediately so that the properties acquired with the Golden Visa program go either for own residence or a long-term lease.”
The great demand in the Greek program in the housing market lies, among other things, in the fact that it is the cheapest in Europe.
