Greece is planning to further raise the investment threshold for ‘golden visas’ for foreigners to 800,000 euros ($861,520) for real estate in cities and islands where demand is high, Prime Minister Kyriakos Mitsotakis announced on Friday. Greece initially launched its golden visa program in 2014, offering foreigners a renewable five-year residence permit in the EU member state in exchange for a property investment of 250,000 euros in the country.

Last year, the threshold was raised to 500,000 euros in certain neighborhoods of the capital Athens and its second-largest city Thessaloniki, as well as on the islands of Mykonos and Santorini, two of its major tourist destinations. Speaking in parliament on Friday, Mitsotakis stated that the government was considering raising it further in certain urban areas and on islands, though he did not specify which areas.

‘What we are discussing with the finance minister, and I believe we will be able to announce something very soon, is a further significant increase in the threshold for golden visa investments,’ Mitsotakis said. He mentioned that the threshold could reach 800,000 euros. Since 2018, Greece has issued just over 17,500 golden visas, according to the latest available migration ministry data. Chinese citizens accounted for 61% of these recipients. The visas also allow travel within Europe’s free movement Schengen zone.