According to the official information of the Greek newspaper "Daily", the Greek government is likely to raise the 250,000 euros "golden residence" investment threshold price in some areas again, on the one hand, to curb the demand for home purchases, and on the other hand, to "depress" the sales and rental prices of real estate.
Since the launch of the "Golden Residency" program in Greece in 2013, it has played a positive role in boosting the country's economic recovery. However, in the past two years, the project has come under increasing pressure, partly due to the urgent need for the Greek authorities to alleviate the problem of excessively high housing prices and rents, and partly due to the negative attitude of the European Union towards the "golden residence". As more skepticism and opposition emerged, the government was forced to recalibrate its policies regarding the "Golden Residency" program.
Greece's Golden Residence is under pressure to be shut down
As early as August 2023, Nikos Andreulakis, the leader of Greece's second-largest political party, the Panhellenic Movement (Panhellenic Social Movement), had already called for the abolition of the golden residence policy.
In an interview with SKAI TV, Andrew Lakis pointed out that young people in Athens and other major cities face housing problems because they cannot afford high housing prices. He believes that the Golden Residency program is the main culprit that has caused prices in Athens to soar.
Less than half a year after the last call for the abolition of Golden Residency in Greece, the issue is back in the spotlight. The Minister of National Economy and Finance of Greece, Hazidakis, announced that the minimum threshold price for the "Golden Residence" 250,000 euro investment area will be raised to a higher level.
Hazidakis said this at a meeting on the Golden Residency Scheme, "Measures will be taken to limit the Golden Residency Scheme, raising the limits for larger investments, but listing properties will be exempt and a lower minimum threshold will be applied in order to direct funds to special need real estate categories." ”
Now, Greece is once again interested in changing its political agenda, and there will only be fewer and fewer options to easily take on a European identity in the future.
In 2025, the EU may completely close the "Golden Residence" program
In addition to Greece, many European countries have tightened their "golden residence" policies in recent years.
On March 31, 2017, Hungary's €250,000 national debt immigration program was closed;
On March 26, 2021, Malta's €250,000 government bond immigration program was shut down;
On February 17, 2022, the UK's £2 million investment immigration program has been shut down;
On February 15, 2023, Ireland's investment and donation immigration program has been closed;
On October 7, 2023, Portugal's €280,000/€350,000/€500,000 home purchase immigration program was shut down.
According to reports, the EU is likely to completely shut down the "Golden Residence" program in 2025.
Although Greece's Golden Residency program has not been closed, on August 1 last year, the Greek government had raised the minimum investment threshold in core areas from €250,000 to €500,000.
In 2023, the popularity of Greek immigration applications will rise instead of falling
Despite the tightening of Greek policies, this has not dampened people's enthusiasm for applications. According to data from the Ministry of Immigration Policy, the Golden Residency Program in Greece has not reduced applications due to rising prices, on the contrary, the application has become more popular.
In 2023, Greece's "Golden Residence" program has grown significantly, becoming a popular immigration option that has attracted much attention. According to data from December 2023, the number of applications received for Golden Residency in Greece has reached 10,214, an increase of 81% compared to the whole of 2022. Chinese investors are the largest beneficiaries of the project, followed by investors from Turkey, Lebanon, Iran, the United States and Egypt.
If you want to invest in Greece and enjoy the appreciation of real estate while gaining the most cost-effective status in Europe, then now is the perfect time to seize this opportunity! There is still an option to invest 250,000 euros in Greece for a "golden residence".