THE Golden Visa Program in Greece hails itself as one of the most affordable residence-by-investment programs in Europe.
The program has gained popularity among non-EU nationals seeking to obtain residence in Greece through real estate investment.
Launched in 2013, the scheme grants residency rights to foreigners in exchange for buying real estate with a minimum amount of 250,000 euros.
But earlier this week, the country’s Finance Ministry increased the minimum threshold from 250,000 euros to 400,000 euros, while investors need to invest a minimum of 800,000 euros in certain areas.
The ministry said the increase aims to address the country’s housing crisis particularly in big cities and in popular island destinations.
Critics warned the initiative might discourage investors from investing in the program.
The changes are set to take effect on March 31, 2024.
