ATHENS – The Golden Visa programs around the world seem to be tightening the conditions as Greece is also making it more difficult to secure residency through investment.
The Finance Ministry presented changes to the Golden Visa program on Thursday, increasing the minimum amount to invest and secure the residence permit.
The move is aimed at tackling the country’s housing crisis and as per the fresh changes, in popular regions, such as Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of over 3,100 inhabitants, the threshold for investment would increase to 800,000 euros while in other areas the threshold is 400,000 euros and above.
It has also been announced that investors must purchase a property of at least 120 sq.m. The ministry has also announced that for buildings that have industrial use and are converted into houses, the required amount is 250,000 euros while the required amount for investment in a historic building stands at 250,000 euros.
Finance Minister Kostis Hatzidakis commented on the changes that the country is moving forward with balanced measures for the Golden Visa program, which primarily takes into account the housing needs of households.
As far as the timeline is concerned, the minister said an amendment (pertaining to the investment threshold) will be tabled to the parliament probably this week.
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 also 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.
