Piraeus Golden Visa: The Greek Port City Emerging As A Hotspot For Foreign Investment

• Published date: 04 May 2023
• Subject Matter: Government, Public Sector, Real Estate and Construction, Immigration, Inward/ Foreign Investment, Real Estate, Work Visas
• Law Firm: Lincoln Global Partners
• Author: Kathryn Funk

The place over the passage, Piraeus, is the Southern gate of Europe. An ancient port city located 8 km outside of Athens. Strategically located on the Mediterranean Sea's southern shore, bordering the Balkan Peninsula to its north - Piraeus is one of Europe's closest ports to the Suez Canal-Gibraltar main shipping routes. Boasting railway connections throughout Central and Eastern Europe, this port flaunts the best spot of all Mediterranean harbors.

If you're pursuing the Greek golden visa program, it's important to familiarize yourself with Piraeus and all it has to offer - including a lower price tag making it an ideal investment destination in the capital.

In May 2023, popular golden visa areas in Greece will raise investment costs from 280,000 to 500,000. The price hike will affect areas of: North, South and Central Athens, Mykonos, Santorini, and the Municipalities of Thessaloniki and Vari. Among the areas left out of this equation is the Municipality of Piraeus in Greater Athens.

Piraeus: Golden Age to downfall to revitalization

This historic city dates back to the 5th Century BC when its port was first established. It controlled all the imports and trades of Athens. Then as a naval yard it was home to some 372 shipsheds. However it began to decline sometime around the 3rd century BC and wasn't fully revived until the 19th century. Even then, neither the city nor the port ever reached their full potential. Now, the tale of Piraeus is on the up and up along with the entire Greek economy. The city is in a time of rebirth from local and foreign investment. In 2021 the Port of Piraeus saw the highest profits in history, over $40 million after taxes.

In October 2022, a new metro line was opened in the center of Piraeus, giving it greater access to the rest of Athens. Travelers can get from Piraeus to the Athens Airport in just 35 minutes. Along with the metro implementation came green friendly approaches of the electric railway stations (ISAP) and the tram, significantly reducing road traffic and lowering carbon emissions by 120 tons daily, according to the Greek Reporter. As well as boosting the connectivity of the major Port city with the rest of Greece and the world.

Eyesore buildings are being refurbished and utilized in progressive ways. An old tobacco factory becomes a swanky office complex. New life is being breathed into architectural plans that never took off in the 90's.American company Hines renovates a massive shopping mall on Piraeus...