Greece’s main opposition party, PASOK, has introduced a parliamentary amendment that would eliminate the real‑estate route of the country’s Golden Visa program and replace it with a “Angel Visa” focused on productive business investment.
Key elements of the amendment
- Abolish property‑based investor residence permits – all new Golden Visa permits would no longer be granted for the purchase of residential real estate.
- Redirect incentives to Greek businesses – the proposal would channel foreign capital toward entrepreneurship, research, innovation and startups.
- Apply the short‑term‑rental ban retroactively – existing Golden Visa holders would be subject to the ban on short‑term letting when their five‑year permits are up for renewal.
Government reaction
The ruling New Democracy party dismissed the amendment. Parliamentary spokesman Notis Mitarakis, who helped draft the original 2013 law, argued that PASOK had not read the recent reforms, which already limit Golden Visa buyers from competing for homes most Greeks need. With PASOK holding just over 30 seats in the 300‑member parliament, the amendment lacks the votes required for passage.
Background on the Golden Visa
- Launched in 2013 as an “emergency medicine” during the financial crisis.
- As of July 2026, 34,278 active investor permits were recorded.
- Greece has 6.6 million dwellings (2021 census); if each permit corresponded to one property, investors would own roughly 0.5 % of the national housing stock.
- Government data (Feb 2024) indicated about 7 % of property sales were linked to the program; an Athens University of Economics and Business study placed the share at 10.77 % for 2023‑2024.
- The majority of applications are concentrated in Attica, which accounted for 5,730 pending permits at the end of July 2026.
Recent reforms to the program
- Law 5100/2024 – raised the minimum investment to €800,000 in high‑demand areas (Attica, Thessaloniki, Mykonos, Santorini, islands >3,100 inhabitants) and €400,000 elsewhere; required a single property of at least 120 m². A €250,000 tier remains for conversions and listed buildings under restoration.
- Short‑term‑rental ban – imposes a €50,000 fine and possible revocation of the permit for illegal letting.
- Law 5275/2026 – changed the five‑year permit period to run from the issue date rather than the filing date.
- Demand shift – new applications fell 39 % in the first seven months of 2026, with most now coming through the conversion route; the backlog shrank to 29,273 files by July 2026.
- Tax proposal (effective July 1 2027) – a 15 % transfer tax on residential purchases by non‑EU nationals (up from 3 %). For an €800,000 property in Athens, the tax would rise from roughly €24,000 to €120,000. The draft law intends to apply the higher rate to Golden Visa buyers as well.
The “Angel Visa” concept
The Angel Visa was first mentioned at the Hellenic Federation of Enterprises (SEV) AGM in June 2024 and later highlighted at the Thessaloniki International Fair. It would reward investors who place €250,000 into startups registered on the state’s Elevate Greece platform, subject to job‑creation conditions. Greece already allows this route since January 2025, but PASOK’s amendment does not clarify how the Angel Visa would differ from the existing startup‑investment option.
Criticism and alternative viewpoints
- Legal analysis (Georgaki Law Firm) – argues the Golden Visa has not been a primary driver of Greece’s housing crisis; conversion projects can actually increase housing stock.
- Market segmentation – the €800,000 minimum in prime locations is “well above the budget of the average Greek household,” placing investors in a distinct market segment.
- Political context – opposition parties can propose policy changes without bearing implementation responsibility, which may influence the framing of the amendment.
- Public opinion – remains relatively positive toward the program, with criticism largely coming from left‑wing parties.
Comparative perspective: Spain
Spain abolished its Golden Visa program on April 3 2025. Despite the termination, housing affordability remains a major issue, and political instability followed, culminating in a snap election scheduled for November 29 2025. Spain issued roughly 14,600 Golden Visas linked to real estate between 2013 and 2023, a small fraction of its over five million home sales in the same period.
Outlook
The amendment’s fate hinges on New Democracy’s support, which appears unlikely given the current parliamentary balance. Meanwhile, the government continues to tighten the Golden Visa framework through higher investment thresholds, rental bans, and upcoming tax increases, while also exploring a revised category that would allow investors to spread the qualifying sum across multiple properties provided they are rented long‑term. The debate reflects broader tensions between attracting foreign capital and addressing Greece’s housing affordability challenges.
Source article: www.imidaily.com
