The government has announced an extension of the Golden Visa program until February 28, 2025, to address roughly 3,000 unresolved real estate cases and secure €750 million in revenues.

As outlined in the amendment presented in Parliament, this extension benefits investors who had signed preliminary contracts and paid deposits by December 31, 2024. Although these investments were at advanced stages, they faced delays due to bureaucratic and other issues, with the extension now allowing for completion of required transactions without fear of cancellation.

Officials assured that this measure will not disrupt the broader housing market since the involved properties are already reserved by deposited funds. Simultaneously, the program’s stability is preserved, enhancing Greece’s appeal to foreign investors.

This decision also brings notable economic advantages: besides the anticipated €750 million from property sales, the state expects to collect around €50 million in transfer taxes and fees and an additional €36 million in VAT. Furthermore, at least €150 million is forecasted from renovation, furnishing, and insurance-related spending, contributing further to economic growth.

Most of the program’s participants are Chinese and Turkish nationals seeking residence permits through the Golden Visa initiative. Over the last year, Greece issued 6,894 residence permits, including 4,933 new ones and 1,961 renewals.