Greece Golden Visa
Photo by Christos Papandreou on Unsplash

Greece considers restrictions on Golden Visa rental properties

Greece: Short-term rental properties acquired through the Golden Visa program could be restricted in a bid to tackle the shortage of properties for long-term rental in Athens and elsewhere.

The Golden Visa program guarantees its holder, in addition to a residence permit, no restrictions on the minimum length of stay in the country, and free movement without a travel visa to all Schengen countries. It has proved very popular with applications up from 1,997 in 2021 to 8,516 in 2023.

The proposal envisages the “eviction” from the centre of the Greek capital, and other areas of Attica, of those who invest in real estate through the Golden Visa with the aim of short-term leasing.

The plan may become a provision of a bill that will soon be tabled in the Greek parliament. It will also include overall changes in the limits of the Golden Visa program.

The changes promoted are aimed at dealing with housing supply issues in several areas of Greece.

The new bill will establish three Golden Visa acquisition limits depending on the location of the investment. Based on these, the limit increases from €500,000 to €800,000 for the areas, with the greatest demand which are:

• Northern Sector of Attica: Penteli, Kifisia, Metamorfosi, Chalandri, Agia Paraskevi, Vrilissia, Nea Ionia, Heraklion, Cholargo, Papagou, Pefki, Lykovrysi and Marousi.
• Southern Region of Attica: Agios Dimitrios, Alimos, Glyfada, Elliniko, Argyroupoli, Kallithea, Moschato, Nea Smyrni, Paleo Faliro
• Central Sector: Municipality of Athens, Philadelphia, Galatsi, Zografou, Kaisariani, Byrona, Ilioupoli, Dafni, Ymittos
• Centre of Thessaloniki
• Mykonos and Santorini

The limit increases from €250,000 to €400,000 in the rest of Attica, including Piraeus and Thessaloniki.

Foreign investors could acquire the golden visa for €250,000 if they invest in properties in the rest of Greece or on older properties that need major refurbishment.

Investors showing the greatest demand for a Golden Visa are the Chinese. Six out of ten applications come from China. In descending order, the other countries with the most demand are Turkey, Lebanon, Iran, Israel, Egypt, the UK and the US.

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