Number of Britons & Israelis Buying Greek Real Estate Golden Visas Spikes Up

Number of Britons & Israelis Buying Greek Real Estate Golden Visas Spikes Up

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In the first 11 months of 2023, Greece's Golden Visa Program saw a substantial increase in permits granted to citizens of the UK and Israel, rising by 77.8 per cent and 77.6 per cent, respectively, compared to 2022.

Statistics from the Migration Policy Ministry indicate heightened interest from wealthy individuals, with the number of golden visas issued to Britons reaching 370 and to Israelis reaching 183 during this period.

Greece's Golden Visa program generated a total of €1.32 billion in 2023.

The number of permits granted through Greece’s Golden Visa Program for citizens of the United Kingdom and Israel increased by 77.8 per cent and 77.6 per cent, respectively, in the first 11 months of 2023 compared to the same period in the previous year.

The statistics provided by the Migration Policy Ministry reveal that wealthy individuals from Britain and Israel, alongside buyers from China, have shown significant interest last year in Greece’s Golden Visa scheme.

The same source notes that for a period from January until November last year, the number of golden visas issued to Britons reached 370 from 208 granted in 2022. In addition, 183 Golden Visas were issued to Israelis, compared to 103 granted in 2022.

According to Ekathimerini’s report, the increased interest of UK nationals in Greece’s Golden Visa scheme comes after Brexit, while Israelis are driven by the Israel-Hamas war.

Greece’s Golden Visa program gives wealthy foreigners the opportunity to acquire residency by meeting specified financial investment requirements and fulfilling the necessary conditions.

The figures provided by the Immigration and Asylum Ministry revealed that the scheme brought a total of €1.32 billion last year.

However, authorities in Greece have been struggling with the housing crisis, thus continuously seeking practical solutions.

Last year, to tackle the housing crisis, Greece’s leaders announced an increase in the minimum investment amount required for this scheme in certain territories of the country.

Greek Prime Minister Kyriakos Mitsotakis announced the decision that became effective on August 1, 2023, emphasising that from the same date onwards, wealthy foreign investors would have to invest €500,000 instead of €250,000 in some parts of the country.

In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000 (£434,000, $500,000).

Mitsotakis

Local media reports stressed that the new changes would be applied to the northern part of Greece, the Central and southern Sector of Athens in the Attica Region, as well as the islands of Mykonos, Santorini and the Municipality of Thessaloniki.

A report from Investment Migration Insider showed that for a period from January until November this year, a total of 7,752 applications for the Hellenic Republic’s Golden Visa Scheme were received, which, according to the report, makes the scheme the most sought-after globally.

Investment Migration Insider also revealed that the statistics for the first 11 months of last year are up by 78 per cent compared to those registered in all of 2022.

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