Greece to tighten Golden Visa requirements starting September
Greece is set to implement significant changes to its Golden Visa program in September 2024, raising the minimum investment thresholds for foreign real estate investors. Currently, the Golden Visa allows non-EU citizens to obtain a residence permit by making property investments starting from €250,000 or €500,000, depending on the location. However, from September 1st, the new regulations will introduce a dual-zone system that increases the investment thresholds.
For properties located in the Attica Peninsula, which includes Athens and surrounding historical areas, the minimum investment requirement will rise from €400,000 to €800,000. In other regions, the threshold will be raised from €250,000 to €400,000.
Vesta Global Co-Founder Teuta Narazan highlighted the importance of acting quickly before these changes come into effect. "This is a critical time for investors to take advantage of the current thresholds before they double in some areas. The demand for properties abroad is steadily increasing, particularly due to the attractive returns on investment compared to the Turkish real estate market," said Narazan.
Golden Visa programs, which grant residency and, eventually, citizenship to investors, have become increasingly popular among Turkish citizens. In the first four months of 2024, 2,664 Golden Visa applications were submitted in Greece, with Türkiye ranking second after China in the number of approvals, with 900 visas granted.
In addition to individual investors, Turkish construction companies are also being encouraged to explore opportunities in Greece. DKG Development, a prominent Greek real estate developer, has announced a large-scale urban renewal project in Piraeus, covering 80,000 square meters. The company is seeking a strong Turkish partner to expedite the construction and sales processes.
Konstantinos Petridis, CEO of DKG Development, emphasized the potential for Turkish expertise in the Greek market. "There is significant potential for collaboration in the real estate sector, particularly in large urban renewal projects. The involvement of experienced Turkish companies could bring substantial benefits in terms of both speed and quality," Petridis stated.
Greece is also experiencing a surge in tourism investment opportunities, particularly in branded residential, hotel, and commercial developments. The country, which has seen a steady increase in visitors from Europe and Turkey, is in need of modernized tourist facilities to meet growing demand. Petridis noted that the Golden Visa program could serve as an entry point for Turkish investors interested in these sectors.
