A Bank of Greece paper finds that Greece's Golden Visa reform shifted property activity to areas near the programme's restricted zones, rather than eliminating it. The central bank research examined how investors responded after the country tightened its residency-by-investment programme.

What does the paper suggest changed?

The study indicates that property purchases connected to the Golden Visa programme did not stop once the reform took hold. Instead, activity moved. Buyers redirected their interest to properties located near the areas the reform targeted, according to the Bank of Greece analysis.

The finding matters for policymakers. It suggests that price thresholds applied to specific locations push demand outward instead of shrinking it. neighbouring markets absorb the activity that restricted zones no longer capture.

Who is affected?

The paper speaks to three groups:

• Golden Visa applicants, who weigh location against qualifying investment thresholds when selecting properties.
• Property sellers and developers, who see demand migrate from restricted zones to adjacent markets.
• Greek policymakers, who must measure whether zoning-based thresholds achieve their stated goals.

Why does this matter for the programme?

Greece runs one of Europe's most-used residency-by-investment schemes. The programme grants residence permits to non-EU nationals who buy qualifying Greek property. Reforms to the scheme have repeatedly adjusted where and how applicants can qualify.

The Bank of Greece paper adds a data point to a recurring debate: whether geographic restrictions on qualifying investments displace demand or reduce it. The researchers conclude the displacement effect is real. Activity did not vanish; it relocated to nearby areas.

Applicants and advisers should track further official announcements from the Greek Ministry of Migration and Asylum, which administers the programme and publishes rule changes.

What comes next?

The paper is a research finding, not a rule change. It does not alter current Golden Visa eligibility. Readers should verify programme requirements against official Greek government sources before acting.

The Bank of Greece study shows the reform moved property activity next door — it did not remove it.