In a televised speech on Saturday, Greek Prime Minister Kyriakos Mitsotakis announced that the minimum investment amount required under the property investment option of the golden visa program is set to double.
“In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a Golden Visa from EUR 250,000 to EUR 500,000,” stated Mitsotakis.
The measure was announced at the Thessaloniki International Fair as part of a wider set of economic policies to be implemented, and the Prime Minister did not expound in detail on the plans.
“So far, nothing has been prepared in terms of policy implementation, and we don’t know anything about the timeline,” says Greek golden visa specialist Alexander Varnavas, principal of Varnavas Law Firm. “For sure, there will be a transitional period for those who have already started the process. We also don’t know how this will impact the term deposit option. We are in communication with the authorities to determine the details of the reform, as well as to propose additional benefits to be included in the upgraded scheme.”
IMI will be back with more information as soon as it becomes available.