Greece is to make it more difficult for non-EU nationals to qualify for its residency-for-investment program by doubling the investment required.
In an announcement made by Prime Minister Kyriakos Mitsotakis over the weekend, investors will have to double the amount of money needed to qualify for the five-year residency visa.
"in order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000", he said.
According to local reports, Government officials said the decision was taken to help meet demand in a housing market where prices have raced ahead amidst tight supply levels.
Greece has also launched a subsidy program aimed at providing low interest rate loans to young people acquiring their first home as soaring housing costs rank among the top problems cited by Greek households.
Local media has also reported in the last few days some real estate companies dealing with Chinese buyers have decided to close up and pull out of the country as the policy decision means that interest in Greek homes from Asian buyers will evaporate.
No further details have emerged yet from the government beyond the brief statement from the prime minister.
