Greece’s Golden Visa Reviving Covid-hit Property Market
Greece’s investor visa scheme, which grants five-year residency rights to investors who purchase property valued at a minimum of 250,000 euros, is reviving the property market, which was impacted by the Covid-19 pandemic.
According to the migration and asylum ministry, 747 new permits have been granted from the beginning of 2021 to October.
So far in the program’s history (the golden visa scheme was introduced in 2017), Greece has issued a total of 9,322 visas to investors (27,944 including family members) with total investments in real estate reaching at least 2.33 billion euros, the ministry said.
In October, 193 new permits were issued and 554 in the nine-month January-September period.
In 2020, a total of 938 residence permits had been issued as part of the program.
According to ministry data, in 2020 the number of permits issued dropped by 73.4 percent over pre-pandemic 2019 – a record year with 3,535 permits and an inflow of 1 billion euros in foreign capital for the purchase of property.
In 2020 however, as a result of the pandemic, the influx of capital dropped to 875 million euros.
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