Greece on Sunday tightened the principles on its widespread “Golden Visa” program rising the required funding threshold to as a lot as 800,000 euros ($864,000) in a bid to assist ease a housing disaster.
The profitable program that has attracted hundreds of Chinese launched in 2014 granting foreigners a renewable, five-year residence allow in return for a 250,000-euro property funding.
The finance ministry introduced that from Sunday, the brink would climb to 800,000 euros in engaging areas, similar to Attica, round Athens, Thessaloniki, Mykonos, Santorini and the islands with a inhabitants of over 3,100.
In different areas, it might begin at 400,000 euros.
“These measures are part of the government’s overall housing policy, which aims, in cooperation with the private sector, to ensure affordable and quality housing for all citizens,” Finance Minister Kostis Hatzidakis mentioned.
According to Bank of Greece knowledge, rents have elevated by 20% for the reason that nation formally exited a near-decadelong disaster in 2018.
Investors should now buy a property of at the very least 120 sq. meters (1,291 sq. ft), whereas for historic property and industrial buildings transformed into dwelling lodging, the price is 250,000 euros.
Migration Ministry knowledge for final 12 months exhibits document demand with 10,214 purposes for preliminary visa-related acquisitions or renewals.
A complete of 5,701 Golden Visa permits have been granted in 2023, and eight,800 purposes are pending.
Investment reached at the very least 1 billion euros over the 12 months.
However, the Association of Public Limited Companies and Entrepreneurship (SAE/E) has warned that it’s “highly doubtful” that the federal government will obtain its purpose of decreasing home costs and rising the provision of houses for long-term rental.
The property market and development business confronted a extreme downturn in the course of the financial disaster that kicked off in 2008.
The SAE/E says about 20,000 everlasting residence permits have been granted to actual property traders so far.
Some 6,405 Chinese nationals purchased residence permits in 2021, in accordance with the migration and overseas ministries.
Source: www.dailysabah.com
