In Greece, they call for the abolition of "golden visas"

An impassioned discussion is raging in Greece about the future of the Golden visa program, designed to attract foreign investors. Nikos Androulakis, the leader of the PASOK party, has taken on the role of the main opponent of the scheme, arguing that it has a negative impact on the Greek economy.

During an interview with SKAI TV, Androulakis accused the government of using its powers as a real estate agency and not to solve citizens' housing problems. He expressed the urgent need to cancel the "golden visas", citing the example of Ireland, which has already taken such a step.

Androulakis stressed the severity of the housing problem in Athens, where young people face a shortage of affordable housing. He stressed that raising the threshold for "golden visas" in various regions of the country does not solve the main problem.

In his speech, the PASOK leader said that the golden visa program has become outdated and many European countries, such as Ireland, Portugal and Spain, have already stopped using it due to the overestimation of the impact on the economy.

Recall that the Greek government this year raised the threshold for obtaining a "golden visa" from €250,000 to €500,000 in some regions, including Athens. But even with such changes, the flow of investments in Greek real estate in the first half of 2023 exceeded €1 billion, attracting the attention of mainly Chinese investors.

Official statistics show that 2,659 "golden visas" were issued from January to October of this year. Since the beginning of the program in 2013, the total number is 37,413 visas, with the largest share of Chinese investors — 6,159 permits. They are followed by Turkish (698), Lebanese (574), Iranian (355), British (339), Russian (324), Egyptian (313), American (253), Israeli (157) and Ukrainian (98) citizens.

It is important to note that the issuance of "golden visas" to Greece for Russian investors is currently suspended. This situation calls into question the future of the program in the context of changing views on such schemes in the world.

This initiative by Nikos Androulakis and the discussions surrounding it raise important questions about the fate of the Golden Visa program in Greece and its impact on the economy and housing market. Uncertainty and discussions lie ahead, which may shape the new face of Greek policy on foreign investment and migration.