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Greece to toughen Golden Visa requirements: Details inside

05:40 PM | 7 Feb, 2024
Greece to toughen Golden Visa requirements: Details inside

ATHENS - The government of Greece is gearing up to increase the investment threshold for the ‘Golden Visa’, a move that can deter wealthy individuals.

The development was confirmed by Greek Minister for National Economy and Finance, Kostis Hatzidakis and comes months after Greece raised the minimum property investment from EUR 250,000 to EUR 500,000 for some areas. 

The announcement comes despite the fact that on the periphery of Athens, the old EUR 250,000 minimum still applies, such as Aegalo, Peristeri, Ilion, and particularly in the ritzy port city of Piraeus.

The minister highlighted that steps would be taken to limit the visas and minimum investments will increase to drive more substantial investments. 

There are few exemptions in place. For instance, there will be an exemption for listed properties like buildings deemed of particular cultural or historic interest.

Though an official revision of the investment threshold is awaited, properties currently subject to the EUR 250,000 minimum will see the requirement raised significantly. 

It is also being reported that in some areas, the minimum investment would be raised to as much as EUR 1 million. 

In terms of what minimum investment levels to expect, it is also rumored that the minimum threshold will be increased to EUR 500,000 all over Greece.

Though the Golden Visa programs are popular all across the world, the housing crisis also invites criticism for the government. For Greece,  one of the country’s main opposition parties (left-wing PASOK) called for the program’s termination, citing the soaring property prices.

Recently, Portugal also ended its Golden Visa program after the housing crisis skyrocketed in some areas. 

The Commission of the European Union has stressed all countries that run such schemes to terminate them as soon as possible as it provides shelter to criminals and those involved in any illegal activity.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - PKR to US Dollar, Euro, Pound, Dirham, and Riyal - 21 April 2024

Pakistani currency remains unchanged against US Dollar and other currencies on April 21, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 21 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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