Greece Mulls Restriction on Airbnb Lettings Through Golden Visa Program

Greece is considering restricting Airbnb-type rental for properties that will be acquired through the Golden Visa program to tackle the severe shortage of properties for long-term rental in Athens and elsewhere.

Although the final decisions have not yet been taken, the proposal envisages the “eviction” from the center of the Greek capital, but also from other areas of Attica, of those who invest in real estate through the Golden Visa, with the aim of short-term leasing.

The plan may become a provision of the bill that will soon be tabled in the Greek parliament which will also include overall changes in the limits of the Golden Visa program.

The changes promoted are aimed at dealing with the housing problem plaguing the parts of the country.

Greece will establish three Golden Visa acquisition limits

The new bill will establish three Golden Visa acquisition limits depending on the location of the investment.

Based on these, the limit increases from €500,000 to €800,000 for the areas, with the greatest demand which are:

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

The limit increases from €250,000 to €400,000 in the rest of Attica, including Piraeus and Thessaloniki.

Foreign investors could acquire the golden visa for €250,000 if they invest in properties in the rest of Greece or on older properties that need major refurbishment.

Huge increase in demand

According to Skai there is a huge increase in the demand for the the program in Greece. The program 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 quadrupled:

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

The application processing services are struggling to meet demand, Skai reports. Out of 8,516 applications made last year, 6,669 are still pending.

Investors showing the greatest demand for a Golden Visa are the Chinese. Six out of ten applications come from China. Nationalities that follow are:

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.

Source: Greek reporter.gr//Tasos Kokkinidis