In a bold move to address its housing crisis, Greece has announced a significant increase in the investment threshold for its ‘Golden Visa‘ program. The threshold, previously set at $269,491, will now soar to $862,000 in some regions. This decision, spearheaded by Greek Prime Minister Kyriakos Mitsotakis, reflects the government’s determination to tackle the influx of mainly Chinese nationals utilizing the program.
The ‘Golden Visa‘ scheme, which grants residency rights in exchange for real estate investment, has seen a surge in popularity among wealthy Chinese citizens seeking to emigrate. However, this surge has exacerbated Greece’s housing crisis, particularly in tourist hotspots like central Athens and popular islands such as Mykonos and Santorini.
The announcement comes amidst growing concerns from locals who have struggled to find affordable housing due to the influx of foreign investors. Bipartisan support for the measure underscores the severity of the situation and the urgency for action.
While the move is expected to shield the local market from speculative investment, it also highlights Greece’s appeal as a destination for international real estate investors. The increase in the ‘Golden Visa‘ threshold marks a significant shift in the country’s approach to residency rights and foreign investment, with implications for both the domestic housing market and the broader economy.
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https://www.voanews.com/a/greece-to-increase-golden-visa-amount-to-862-000/7483622.html
