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.
