Gov’t mulls raising Golden Visa threshold to tackle housing crisis
Greece is considering plans to substantially increase the threshold for real estate investment to qualify for a five-year residence permit, a widely known program called the Golden Visa, its prime minister said on Friday. The move would be part of measures to mitigate demand and alleviate the rising prices of property sales and rentals in the local market.
Addressing a question from PASOK leader Nikos Androulakis regarding the escalating housing crisis during a session in Parliament, Prime Minister Kyriakos Mitsotakis indicated that the threshold for the Golden Visa program in urban centers and islands could potentially be raised to €800,000. He said that the 250,000-euro threshold will remain for areas with no residential pressure.
Additionally, Mitsotakis mentioned that the government will explore the possibility of requiring individuals purchasing properties under the Golden Visa scheme to engage in long-term leasing agreements.
The conservative premier however did play down the influence of the program on real estate prices.
“It’s convenient to attribute blame to a single villain for every complex issue,” he remarked, noting that only 7 percent of real estate transactions in recent years were linked to the Golden Visa.
