Greece to End Real Estate Option in Golden Visa Program by January 2025

Greece Considers Ending Real Estate Option in Golden Visa Program to Address Housing Crisis

The Greek government is considering removing the real estate investment option from its Golden Visa Program, effective January 1, 2025, as part of efforts to tackle the country’s growing housing crisis.

Shift to Productive Investments

A new tax bill introduced by the Ministry of National Economy and Finance proposes replacing the real estate option with investments in startups and other productive ventures. The aim is to redirect foreign investments into areas that create sustainable economic benefits rather than exacerbating housing market issues.

Proposed New Requirements

If the bill is approved, the Residency by Investment Scheme of Greece will include the following changes:

1. Business Investments:

   • Foreign investors can acquire shares or stakes in a company, but ownership must not exceed 33% of the company’s capital or voting rights.

2. Job Creation:

   • The invested company must create at least two new jobs within the first year of investment.

3. Long-Term Workforce:

   • The company must maintain an increased workforce for five years or more following the investment.

Record-Breaking Investment Levels

Foreign investments through Greece’s Golden Visa Program are expected to surpass €3 billion in 2024, marking a record high. Comparatively:

• 2023: €2.54 billion
• 2022: €1.3 billion

In 2023, the program attracted 8,516 applications, of which 1,802 were approved, indicating continued high interest.

Impact of Real Estate Investments

The real estate investment option, currently the most popular choice, has contributed significantly to the housing crisis. To address this, Greece recently increased the minimum real estate investment requirement in certain regions to €800,000.

Following Regional Trends

Greece’s proposed changes align with similar moves in other countries:

• Portugal: Abolished the real estate option in its Golden Visa Program as part of the “More Housing” bill in 2023.
• Spain: Ended the real estate investment option in April 2024, prioritizing housing as a basic right rather than a speculative asset.

The Greek government’s efforts aim to balance attracting foreign investors with addressing domestic housing challenges, ensuring investments contribute to long-term economic growth.

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