The appeal of Greece’s golden visa initiative is drawing in investors from all around the world. The demand for these highly sought-after visas has not decreased despite recent rises in the investment criteria. The Migration & Asylum Ministry is reviewing an astounding 9,478 applications, with 6,228 submissions coming in just this year (2023).
There was a spike in new applications during the first two months of this year, with 1,299 more than in the previous year. At the same time, 664 visas were approved, confirming Greece’s standing as one of the top countries in the world for obtaining an investment visa.
The year 2023 witnessed the acceptance of 4,444 visas, resulting in real estate transactions worth at least €1.1 billion. This outstanding accomplishment highlights the program’s ongoing appeal and critical function in attracting foreign capital to the Greek real estate sector.
The Greek residency by investment program has brought in an incredible 7,387 foreign investments between 2021 and 2023, bringing in an astounding €4.3 billion in income overall. This money inflow has strengthened the country’s economy and enhanced its standing as a top choice for astute investors seeking a golden visa.
Many nationalities have expressed interest in the program; among the real estate buyers are people from China, Turkey, Lebanon, Iran, the United Kingdom, Egypt, the United States, Israel, Russia, and Ukraine.
Greece has decided to continue issuing golden visas until 2027 to accommodate the increasing demand and clear the backlog of applications for evaluation. This calculated action guarantees that investors looking to take advantage of the nation’s enticing real estate prospects may continue to access the program.
The Greek government has announced revisions to the golden visa program in response to the enormous interest and to ensure its survival. One of the most significant changes is raising the investment barrier to €800,000 for saturated regions, which include metropolitan centres and famous tourist sites.
Even while real estate agents like Tranio predict that this surge will cause a brief decline in demand, there is no denying Greece’s golden visa program’s ongoing attraction. Greece’s allure for investors seeking a luxurious lifestyle and an entry point into Europe is undeniable, given its stunning landscapes, rich cultural legacy, and growing real estate sector.