By Chrysostomos Tsoufis

The regulation for the new increased limits of the Golden Visa is submitted during the week to the Parliament, and will be voted on after March 25. The exact time of the deposition is yet to be determined as the House’s schedule is busy and dominated by the discussion of the findings of the commission of inquiry into the Tempe accident at the level of leaders.

The changes promoted in the Golden Visa measure were deemed necessary in order to – especially in areas of highest demand such as e.g. the center of Athens – to make it more difficult for foreign investors to acquire properties and thus to “free up” a number of properties for permanent residents. Arrangements that will be included in the network of measures already implemented by the government to deal with the housing problem plaguing the country.

The arrangement according to all information will establish three Golden Visa acquisition speeds depending on the location of the investment with preferential treatment for investments in listed buildings.

Based on these, the limit increases from €500,000 to €800,000 for the “fillet” areas, with the greatest demand:

  • Northern Sector of Attica: Penteli, Kifisia, Metamorfosi, Chalandri, Agia Paraskevi, Vrilissia, Nea Ionia, Heraklion, Cholargo, Papagou, Pefki, Lykovrysi and Marousi.
  • Southern Region of Attica: Agios Dimitrios, Alimos, Glyfada, Elliniko, Argyroupoli, Kallithea, Moschato, Nea Smyrni, Paleo Faliro
  • Central Sector: Municipality of Athens, Philadelphia, Galatsi, Zografou, Kaisariani, Byrona, Ilioupoli, Dafni, Ymittos
  • Center of Thessaloniki
  • Mykonos and Santorini

From €250,000 it increases to €400,000 in the rest of Attica, including Piraeus and Thessaloniki.

At 250,000, the properties of the district and the preserved ones remain in an obvious attempt by the state to push foreign investors into this category, the properties whose owners in most cases are unable to simply maintain them, as a result of which their condition worsens with the passage of time.

The data available to show a dizzying increase in the demand for the golden visa in our country, which guarantees its holder, in addition to a residence permit, no restrictions on the minimum length of stay in the country, and free movement without a travel visa to all Schengen countries. Applications from 2021 have almost quadrupled:

2021: 1,997 applications
2022: 4,362 applications
2023: 8,516 applications

In fact, it is clear that even the application processing services themselves did not expect such a result, with the result that at this moment out of the 8,516 applications made last year, 6,669 are pending, i.e. 78.5%.

Champions of the demand for golden visas are the Chinese who are far from the second. The figures for 2023 are indicative since 5,178 applications, i.e. 6/10, were made by Chinese citizens. They are as follows:

  • Turkey 953 applications
  • Lebanon 359 applications
  • Iran 316 applications
  • Israel 222 applications
  • Egypt 208 applications
  • UK 194 applications
  • USA 153 applications

There have also been applications from countries such as Saint Kitts and Nevis, the islands of Vanuatu, Kyrgyzstan, Saint Lucia, Macau and Uganda.