Greece’s Golden Visa Takes Lead as 2023’s Top Favourite, Report Finds

KEY TAKEAWAYS

• Greece's Golden Visa program received a record 7,752 applications this year by the end of November.
• The number of applications registered in the first 11 months of this year marks a 78 per cent increase compared to all of 2022.
• Despite the surge in applications, only one in five has been approved, with China and Turkey leading as the main beneficiary nations.

A total of 7,752 applications for Greece’s Golden Visa program have been received by authorities in this country by the end of November this year, thus making this program world’s most sought-after globally, according to the recent report of Investment Migration Insider.

The same notes that these figures are already up by 78 per cent compared to those registered in all of 2022.

Of the total number of applications received in the first 11 months of this year, authorities in Greece have so far approved just about one in five while it has rejected only 14.

In addition, the report revealed that for the first time since August last year, the total number of pending requests decreased slightly in November, from 27,512 to 27,045.

The main beneficiaries from this scheme were nationals from China, followed by those from Turkey, Lebanon, Iran, the United States and Egypt.

Nationals from China and Turkey are the main beneficiaries from this scheme. The Ministry of Migration and Foreign Affairs of Greece, revealed that in 2021, nationals from these two countries account for the largest number of applications filed for the Golden Visa Program of Greece.

The statistics from the Ministry revealed that 6,405 nationals from China and 618 from Turkey acquired residency in the Hellenic Republic via Residency by Investment scheme.

The Golden Visa scheme of Greece gives internationals the opportunity to acquire residency if they invest in this country and meet the needed conditions.

However, the scheme, which attracts a large number of foreigners, has brought significant challenges to the Greek housing market.

As part of efforts to increase the affordability of real estate for Greeks, previously the Greek Prime Minister, Kyriakos Mitsotakis, unfolded plans to increase the minimum amount required from foreigners for investment from €250,000 to €500,000 in some parts of the country. The decision became effective in August this year.

Recently, the leader of the Panhellenic Socialist Movement (PASOK), Nikos Androulakis, said that the Golden Visa Program of Greece has led to a shortage of apartments for the country’s residents.

The government thinks it is dealing with the problem by raising the golden visa threshold to 500,000 euros ($551,216) in Athens, while leaving, for example, the limit at 250,000 ($275,608) in Piraeus. Is there anything in downtown Athens that hasn’t been bought?

Androulakis

He called on the government to abolish this program, emphasizing that he would start a campaign to abolish it.