The Greek government is currently examining to overhaul the golden visa scheme to introduce a variable and flexible minimum investment requirement. This means the minimum investment will be raised in the regions where real estate demand is high and lowered in the areas where real estate in slowdown.
The development ministry is currently examining this, in a major effort to attract foreign investment to boost the economy, according to latest Greek media reports.
The Greek golden visa scheme is currently the most popular in Europe competing with Portugal and Spain. The scheme is also the cheapest requires only EUR 250,000 real estate investment in Greece to secure a five year permanent schengen residency. Chinese, Russians and Turks are the major investors in the Greek golden visas.
Over 5000 residence permits issued in 2019 alone till Sep. Over 80% of the golden visa investors are buying properties in Attica region (Athens, Piraeus).
Last month, the new Greek government legalized plastic card payments (POS) to pay for golden visas, making it easier to pay for property taxes and legal fees.
Some of the important changes are still in the pipeline are
- Expansion of Golden visa scheme to Bonds and shares for EUR 400,000
- Fast track citizenship to investors who purchase Greek real estate for EUR 2,000,000
Greek real estate are also popular with Europeans, although EU/EEA nationals do not qualify for golden visas.
These are the most popular property locations foreigners are interested in.
- Americans – Santorini, Glyfada and Mykonos.
- Germans – Thessaloniki, Kalamaria and Kavala.
- Britons – Rhodes, Glyfada and Kolonaki,
- Dutch – Pagrati, Mets-Kalimarmaro and New World.
- The French – Paros and Syros, Kolonaki and Lycabettus.
