The “Golden Visa” program brought in around 4.366 billion euros to the state coffers in the period 2021-2023, with the buying spree of foreign investors hitting red hot last year, yielding more than 210 million euros per month or 2.544 billion euros for the whole year. Specifically, in 2021, 1,997 applications were submitted by foreign investors, with 1,826 eventually getting approval and bringing 506,132,040 euros in revenue to the Greek State. In 2022, the number of foreign nationals who wanted to make use of the “Golden Visa” program reached 4,362, with 3,759 finally getting the “green light” and bringing 1.316 billion euros to the coffers. In 2023, the programme moved at a dizzying pace, with the number of applications reaching 8,519, but only 1,802 being approved. However, high demand combined with the increase in the threshold to €500,000 for some regions has greatly increased the revenue from the Golden Visa.
As part of the government’s fight against the housing crisis in large urban centres and tourist resorts, where property prices have hit the red, the government is increasing the Golden Visa threshold to 800,000 euros.
The most sought after in the world is the Greek “Golden Visa”
It is worth noting that the Greek “Golden Visa” has become the most sought-after in the world, causing major twists and distortions in the map of the real estate market, which will be attempted to be “corrected” by an amendment to be submitted this week by the Minister of Economy and Finance, This will provide for restrictions on the conditions of granting and new increased amounts for the purchase of real estate by foreigners in exchange for a residence permit and free movement in the Schengen area countries.
In practice, the ‘Golden Visa’ programme will from now on run at four different speeds, depending on the geographical location of the property, plus the fact that special tax incentives are being considered for those investing in listed properties through the ‘Golden Visa’, such as exemption from both ENFIA and VAT for the costs of restoring these buildings, income tax deductions – and these are measures that have been in place for years in other countries such as Italy, etc.
In particular, with the new interventions in the areas that are on the list of the top areas and are a magnet for investors, such as the northern and southern sectors of Attica, especially the Athenian Riviera, the centre of Thessaloniki and Halkidiki, Mykonos, Santorini and Paros in the Cyclades, Rhodes and Patmos in the Dodecanese, Chania in Crete, and many others that are the focus of international interest, the Golden Visa limit will be increased to 800. 000 euros, up from 500,000 euros at present.
