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.
