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Golden Visa: New stricter criteria

The changes concern the increase of the "Golden Visa" threshold to 800,000 euros

The Ministry of National Economy and Finance is expected to submit a legislative provision with stricter conditions for obtaining a “Golden Visa” in the next few days.

The changes concern both the increase of the “Golden Visa” threshold to 800,000 euros and the implementation of new criteria aiming at increasing the number of available properties for sale or long-term lease.

The new criteria 

In order for someone to make use of the “Golden Visa” program, i.e. to get a residence permit and free movement in the Schengen countries, he will now have to buy a property for 800,000 or 400,000 euros, depending on the region in which he is located. However, this will not be enough.

According to information, the property to be acquired cannot be smaller than 120 sq.m. In this way, small properties usually preferred by investors from third countries are now excluded from the program and can be made again available for short-term lease.

As for the price threshold, it increases to 800,000 euros in the areas of Attica, Thessaloniki, Mykonos, Santorini as well as the islands with a population of more than 3,000 inhabitants.

The 2nd best Golden Visa in the world

According to a survey by Henley & Partners consulting firm on the “Golden Visa” programs, published by the Bloomberg agency, Greece ranks second after Portugal as it provides an affordable and high quality life with easy access to other European countries.

Programs were evaluated based on time required to obtain citizenship, taxes, cost of living and quality of life. Portugal continues to offer the best ‘golden visas’ in the world with Greece and Austria competing in the second place. Most European countries offer relatively easy citizenship procedures as they allow investors to travel visa-free throughout the EU and set up businesses or live in Europe at low cost.

It is recalled that the specific program began to be implemented during the crisis in an attempt to rejuvenate the real estate market. Countries such as Portugal and Spain had moved in this direction earlier than Greece.