Greece on Sunday tightened the principles on its well-liked “Golden Visa” program growing the required funding threshold to as a lot as 800,000 euros ($864,000) in a bid to assist ease a housing disaster.
The profitable program that has attracted 1000’s of Chinese launched in 2014 granting foreigners a renewable, five-year residence allow in return for a 250,000-euro property funding.
The finance ministry introduced that from Sunday, the edge would climb to 800,000 euros in engaging areas, similar to Attica, round Athens, Thessaloniki, Mykonos, Santorini and the islands with a inhabitants of over 3,100.
In different areas, it will begin at 400,000 euros.
“These measures are part of the government’s overall housing policy, which aims, in cooperation with the private sector, to ensure affordable and quality housing for all citizens,” Finance Minister Kostis Hatzidakis stated.
According to Bank of Greece information, rents have elevated by 20% because the nation formally exited a near-decadelong disaster in 2018.
Investors should now buy a property of at the least 120 sq. meters (1,291 sq. ft), whereas for historic property and industrial buildings transformed into dwelling lodging, the associated fee is 250,000 euros.
Migration Ministry information for final yr reveals file demand with 10,214 purposes for preliminary visa-related acquisitions or renewals.
A complete of 5,701 Golden Visa permits had been granted in 2023, and eight,800 purposes are pending.
Investment reached at the least 1 billion euros over the yr.
However, the Association of Public Limited Companies and Entrepreneurship (SAE/E) has warned that it’s “highly doubtful” that the federal government will obtain its objective of lowering home costs and growing the provision of houses for long-term rental.
The property market and development trade confronted a extreme downturn in the course of the financial disaster that kicked off in 2008.
The SAE/E says about 20,000 everlasting residence permits have been granted to actual property traders so far.
Some 6,405 Chinese nationals purchased residence permits in 2021, in keeping with the migration and overseas ministries.
Source: www.dailysabah.com