Greek parliament votes in favor of new immigration law and extending golden visa transition

By Moustafa Daly

Greece’s anticipated doubling of its golden visa investment amount in popular and high-demand areas of the country to €500,000 applies in areas like Athens, Mykonos, Santorini, Thessaloniki, while in other areas the threshold would remain unchanged at €250,000.

The decision was anticipated to come into effect this May 1, but following a parliament vote, the deadline on the old threshold will now be pushed to July 31, 2023, giving current and new investors room to finalize their applications and payments.

Attracting talent is also high up on Greece’s agenda

The extension came amongst a wider vote on a new immigration law, which passed the parliament on March 29, 2023. In addition to giving golden visa investors room to complete their applications, it also relaxes entry requirements for non-EU citizens who are seeking employment, given they meet certain criteria and have experience in certain sectors.  

The change came as Greece, much like other economies in Europe, suffers an acute labor shortage across many vital economic sectors, which is said to be holding back the country’s economic development as it moves to recover from the pandemic slowdown.

In the most recent figures, it’s been estimated that the tourism industry, one of the country’s biggest, is suffering a 75,000 labor shortage, prompting a relaxation of hurdles faced by non-EU migrant workers.

The labor shortage issue is quickly taking center in Europe’s political and public spheres, with France witnessing nationwide protests objecting to extending the retirement age, a decision taken by the government to address the labor shortage.

Germany, the continent’s biggest economy, also recently adopted a relaxation of immigration rules that it anticipates will attract 60,000 workers annually – also to relieve its own labor gap which is estimated at 400,000 per year.

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