Greece to double minimum investment amount for Golden Visas

Web Desk 07:47 PM | 29 Mar, 2023
Greece to double minimum investment amount for Golden Visas
Source: Photo by Aleksandar Pasaric

ATHENS - Greece has confirmed that the minimum investment needed to get residency under the Golden Visa would be increased from May 1 this year.

The development comes after Prime Minister Kyriakos Mitsotakis confirmed that the new plan aims to raise the affordability of real estate for Hellenic Republic citizens.

From May this year, in some parts of the Hellenic Republic, including the municipalities of Thessaloniki and Athens, as well as on the islands of Santorini and Mykonos, foreign investors will need to invest €500,000, instead of €250,000 to get residency. 

The government had introduced the Golden Visa scheme in 2014 to grant a five-year renewable residence permit facing criticism from EU countries who have been pressing on allies to terminate the program.

Earlier this year, Portugal and Ireland announced to abolish their Golden Visa Programs but Greece' decision confirms that the Golden Visa is here to stay for some time.

The Golden Visa program of Greece seems to be successful as well as it drew record-breaking interest in the last quarter of 2022 wherein a total of 2,432 applications for Golden Visas were submitted.

Another aspect of the visa is that it is fast processed and qualifying foreigners can get a permit

in around 60 days. Interestingly, Golden visa holders aren’t required to stay in Greece to keep their visas.

Greece also attracted wealthy billionaires becasue of the fact that it provided opportunity to rent out the investment property and the residence was applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse). Moreover, it allowed the Golden Visa holders to be eligible for for citizenship after seven years of residence.

As far as stats are concerned, Chinese citizens top the chart of Golden Visa seekers accounting for 63% of all applications since its inception but Americans are also attracted towards the country now.

According to the latest index from citizenship and residence advisory firm Henley & Partners, Greece ranks among the world’s leading “residence by investment” programs; however, observers are keeping an eye on what will change after the minimum investment needed goes up.

The EU is against these type of residency and citizenship scheme and opines that these are a risk to security, transparency and the values that underpin the European Union project.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on May 28, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on May 28, 2023 (Sunday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 307.9 311.15
Euro EUR 330 333
UK Pound Sterling GBP 381 384.5
U.A.E Dirham AED 84.6 85.4
Saudi Riyal SAR 82.6 83.4
Australian Dollar AUD 201 203
Bahrain Dinar BHD 762.21 770.20
Canadian Dollar CAD 225.5 227.5
China Yuan CNY 40.6 41
Danish Krone DKK 41.39 41.78
Hong Kong Dollar HKD 36.6 36.95
Indian Rupee INR 3.47 3.58
Japanese Yen JPY 2.15 2.22
Kuwaiti Dinar KWD 932.2 941.2
Malaysian Ringgit MYR 62.42 63.02
New Zealand Dollar NZD 176.98 178.98
Norwegians Krone NOK 26.14 26.44
Omani Riyal OMR 744.58 752.58
Qatari Riyal ‎QAR 78.73 79.43
Singapore Dollar SGD 215 217
Swedish Korona SEK 26.73 27.03
Swiss Franc CHF 316.34 318.84
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – May 28, 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 235,800 on Sunday.The price of 10 grams of 24k gold was recorded at Rs202,160.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 235,800 PKR 2,490
Karachi PKR 235,800 PKR 2,490
Islamabad PKR 235,800 PKR 2,490
Peshawar PKR 235,800 PKR 2,490
Quetta PKR 235,800 PKR 2,490
Sialkot PKR 235,800 PKR 2,490
Attock PKR 235,800 PKR 2,490
Gujranwala PKR 235,800 PKR 2,490
Jehlum PKR 235,800 PKR 2,490
Multan PKR 235,800 PKR 2,490
Bahawalpur PKR 235,800 PKR 2,490
Gujrat PKR 235,800 PKR 2,490
Nawabshah PKR 235,800 PKR 2,490
Chakwal PKR 235,800 PKR 2,490
Hyderabad PKR 235,800 PKR 2,490
Nowshehra PKR 235,800 PKR 2,490
Sargodha PKR 235,800 PKR 2,490
Faisalabad PKR 235,800 PKR 2,490
Mirpur PKR 235,800 PKR 2,490


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter