Launch of the Greek Golden Visa

In 2013, during the debt crisis, Greece introduced the Golden Visa program, offering residence permits to non-European Union citizens who invested in the country, most commonly by buying real estate. The program was created to attract foreign investment at a time when the Greek economy was in deep recession and property prices had fallen sharply. Under the original rules, investors who bought property worth at least 250,000 euros received a five-year renewable residence permit for themselves and their families. The permit allowed them to live in Greece and travel freely within the Schengen Area, though it did not grant citizenship or the right to work. The program became one of the most popular of its kind in Europe, attracting thousands of investors, especially from China, Turkey, Russia before sanctions, Lebanon and later the United States. It helped revive the property market. However, critics argued it contributed to rising property prices and housing shortages for local residents. In response, Greece raised the minimum investment thresholds in 2023 and 2024, especially in Athens, Thessaloniki and popular islands.