Greek golden visa scheme will still draw in investors

Significance

The scheme has supported buoyant foreign demand for residential properties, which is an important source of foreign direct investment in Greece. However, potential security risks and the negative impact on real estate prices forced the government to tighten eligibility criteria.

Impacts

• Maintaining the golden visa programme could put the government at odds with the EU in the future.
• Athens may apply more thorough security checks to prospective golden visa holders.
• The new programme will appease some critics, but is unlikely to improve housing availability for ordinary Greeks.