Travel
Greece: Inside one of Europe’s last golden visa programmes and what’s set to change
Greece launched its programme in 2013 during what became the country’s 10-year financial crisis.
Greece is one of the last remaining countries in Europe to offer golden visas.
The controversial ‘residency by investment’ schemes allow wealthy foreigners to ‘buy’ the right to stay in a country long term.
Concerns over security and inflation have led many EU nations to abolish golden visas in recent years.
Greece launched its programme in 2013 during what became the country’s 10-year financial crisis. The visas were intended to bring money into the country during its housing market collapse.
The visa allows third-country nationals who purchase properties of a certain value to become temporary residents.
Initially, a real estate investment of €250,000 or more could gain you a five-year residence permit in Greece, which could be converted into citizenship after seven years.
But last year, concerns over inflated house prices led the government to increase the threshold to €500,000 in some parts of Athens, Mykonos, Santorini and Thessaloniki.
Now, that could rise yet further to €800,000, according to Prime Minister Kyriakos Mitsotakis.
Why is Greece increasing its golden visa investment threshold?
Although Greece’s golden visa can also be acquired through a €400,000 investment in government or private bonds and shares, purchasing a property is the most popular route to residency by investment.
The new upper investment threshold for properties would apply in areas facing housing shortages and pressure on rental prices, Mitsotakis said in Parliament last week.
Rents have increased by 40 per cent since 2018, he acknowledged, and around 7 per cent of real estate sales in Greece in recent years was related to the golden visa.
“The increases in sales prices have reached the point where permanent residents with their current economic conditions cannot purchase a home to meet their housing needs,” says Themistoklis Bakas, CEO of the nationwide E-Real Estates Network.
“Specifically, from 2017 to the second quarter of 2023, an increase of 71 per cent was recorded in the sale prices of newly built houses in Attica, simultaneously dragging down the sale prices of older properties.”
In parts of the country where housing is not under pressure, the threshold could remain at €250,000, Mitsotakis added.
The goal of the higher threshold is to bring more money into Greece while reducing the number of golden visas issued.
Short-term holiday rentals are squeezing local resources
As well as pushing up rent and real estate prices, the residency by investment scheme has been accused of straining local resources, such as medical care – especially in places where properties are rented out as holiday lets via platforms like Airbnb.
Golden visa property owners who plan to rent out their homes in Greece could therefore also be forced to lease long term in future.
Some campaigners want the government to go a step further, however, and remove real estate from golden visa investment options.
However, the programme brings significant revenue to the Greek state – €4.3 billion between 2021 and 2023.
Previous golden visa investment increase prompted rush for property purchases
While the government aims to control foreign ownership of property in Greece with the golden visa investment increase, the announcement may have the opposite effect.
“The moment when the government announced the possible increase in the investment limit [in 2023], the demand of real estate investors to buy real estate aiming for the golden visa tripled,” says Bakas
“In particular, direct foreign investments in the real estate sector reached €2 billion in 2022.”
As such, Bakas describes the golden visa investment increases as a ‘one-way street’, especially in areas of high demand.
Instead, he would like to see the programme used as a “development tool in the regions of Greece that need investment and new jobs.”
“For example, in Thessaly, which has suffered huge damage from the flood [of 2023], the investment limit should be set at €200,000 for the next year,” he says, “and in order to avoid a problem with the housing stock, it should only apply to newly built properties up to 5 years old.”
Similarly, the threshold could be reduced for those who invest in small villages with the aim of tourism development or the creation of student or affordable housing.
“The golden visa investment programme is not a bad programme, we just don’t operate it properly,” Bakas says.
Travel
‘Leave them where they belong’: Bruges implores tourists to stop stealing cobblestones
Tourists have been caught smuggling all kinds of stolen souvenirs home from holidays, from artefacts picked up in Pompeii to sand from Italy’s famous pink beach on the island of Sardinia.
The Belgian city of Bruges is the latest victim of keepsake crime, but the item visitors have taken a fancy to is unexpected.
The city council has reported the theft of dozens of cobblestones from the city centre, and suspects tourists are the culprits.
Tourists suspected of pilfering Bruges’ cobblestones
Bruges’ cobblestones are increasingly being pilfered from well-known spots in the UNESCO-designated historic centre, public property councillor Franky Demon reported this week.
“At iconic locations such as Minnewater, Vismarkt, Markt and Gruuthusemuseum, it is estimated that 50 to 70 pieces of cobblestone disappear every month. And that number could be even higher,” Demon told press.
“The phenomenon increases significantly, especially during busy tourist periods such as spring and summer,” he added.
For this reason, authorities suspect visitors are pocketing the stone as souvenirs.
‘Leave that cobblestone where it belongs’
As well as damaging a valuable part of the city’s heritage, the stolen stones have created safety issues.
The gaps from removed stones present trip hazards for pedestrians – and are costly to repair.
“It’s unfortunate that our employees constantly have to go out to fix potholes and loose stones. This causes a lot of additional work and costs: about 200 euros per square metre of reconstruction,” explained Demon.
The councillor urged visitors to respect the historical environment of Bruges.
“We simply ask for respect. Anyone walking through Bruges crosses centuries of history. Leave that cobblestone where it belongs,” he said.
Bruges’ cobblestones are apparently not the only sought-after street souvenir.
Along the famous Paris-Roubaix cycling route, tourists are known to pilfer parts of the pavement.
While Rome’s iconic ‘sampietrini’ – cobblestones made of solidified lava – have also disappeared into suitcases over the years.
Travel
‘Inequality and infinite growth’: Canary Islands anti-tourism protests reignite amid record arrivals
This weekend, residents of Spain’s Canary Islands are coming out in force to protest against mass tourism.
People on the archipelago have been growing increasingly vocal about its struggles with visitor numbers.
Last year, locals held multiple protests to highlight overtourism’s strain on local infrastructure and housing availability. They look set to continue again this summer as residents say little has been done to tackle the problem.
Protests planned across Spain against overtourism
On Sunday, 18 May, residents of the Canary Islands will take to the streets to join protests organised by campaign group Canarias tiene un límite (The Canary Islands have a limit).
Demonstrations will be held on all the islands of the archipelago as well as in several cities across Spain.
Protests will begin at 11 am on the seven main Canary Islands – El Hierro, La Palma, La gomera, Tenerife, Gran Canaria, Lanzarote and Fuerteventura – and at 12pm on mainland cities including Barcelona, Madrid and Valencia.
Residents in the German capital of Berlin are also planning to take to the streets in solidarity.
Why are residents of the Canary Islands protesting?
The organisers say they are protesting to oppose the current economic model “based on overtourism, speculation, inequality and the infinite growth on very limited land”.
Instead, they want a transition to a people-centred, environmentally responsible model that respects the archipelago’s ecological and social needs.
Specifically, they are calling for a halt to destructive hotel projects across the islands and the building of a motor circuit on Tenerife; a moratorium on new tourist developments; guaranteed access for residents to healthcare and housing; and a functional ecological tourist tax.
The group also wants the immediate introduction of measures to curb marine pollution and the creation of an environmental restoration law.
Canary Islands receive record number of tourists in March
Earlier this month, authorities announced that the Canary Islands received more than 1.55 million foreign visitors in March, up 0.9 per cent on the record set in the same month last year.
The figures were released by the Canary Islands National Statistics Institute (INE), which added that the total number of international tourists for the first quarter of 2025 was 4.36 million, an increase of 2.1 per cent year-on-year.
The tourist influx comes despite dozens of protests staged last year by Canary Island residents against mass tourism.
Similar demonstrations have already taken place this year. Over Easter, around 80,000 hospitality workers in Tenerife, La Palma, La Gomera and El Hierro walked out in a dispute with unions over pay.
Travel
Crete earthquake: Is it safe to travel to the Greek island following tsunami warning?
A 6.0 magnitude earthquake struck off the coast of the Greek island of Crete early this morning, Wednesday 14 May.
Authorities issued a tsunami alert in the area shortly after the tremor, which was felt as far away as Israel, Syria and Egypt.
Tourists are being warned to stay away from coastal areas in the popular holiday spot.
Here is the latest travel information from the local government.
Tourists in Crete urged to move away from coastlines
The earthquake was at a depth of 35 kilometres with its epicentre near the islands of Kasos and Karpathos in the Aegean Sea.
Greece’s Ministry for Climate Crisis and Civil Protection issued a precautionary tsunami warning for the area, including the east coast of Crete and the island of Rhodes.
Authorities urged residents and tourists on the island to keep away from the coastline and move to higher ground.
“A magnitude 5.9 earthquake occurred 48km SE of Kasos. Risk of possible Tsunami in your area,” the Ministry posted on its X account this morning. The magnitude was later updated to 6.0.
“Move away from the coast immediately. Follow the instructions of Local Authorities.”
Samaria Gorge, one of Crete’s most popular hiking routes, is temporarily closed as officials check for any damage done to the route.
“The Natural Environment and Climate Change Organisation announces that due to the earthquake that occurred today south of Kasos, the gorge will remain closed to visitors in order to check the route for possible rockfalls,” authorities said. “A further announcement will be made late this afternoon.”
Crete earthquake: Is it safe to travel and am I entitled to compensation?
Foreign governments have not issued travel advisories as yet, so it is currently still considered safe to visit Greece and its islands.
This also means that, should you choose not to go ahead with your trip, you are unlikely to receive compensation.
Depending on your travel insurance policy, you may be able to receive a refund for some or all of your trip if it includes compensation for cancellations due to natural disasters. Check with your provider and read your terms and conditions carefully.
There have been no reports so far of injuries or major damage from the earthquake, but authorities are monitoring the situation closely and have warned people should remain vigilant.
If you are on holiday in or about to travel to Crete, Kasos or Karpathos, make sure you stay up to date with the latest information.
Crete and its surrounding region are considered one of Europe’s most seismically active zones.
In October 2021, a 6.3 magnitude earthquake shook the island just weeks after another tremor killed one person and injured several others.
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