Greece’s Golden Visa Applications Surge by 12% Despite Policy Changes

Greece’s Golden Visa program, officially known as the Residency by Investment Program, has experienced a notable surge in interest, with initial applications increasing by 12% in October 2024 compared to the same period in 2023.

Key Statistics:

• Total Applications: 12,577 initial applications were submitted in October 2024, up from 11,229 in October 2023.

• Top Nationalities:

• China: 6,521 applications (51.8% of total)

• Türkiye: 1,115 applications (8.9%)

• Lebanon: 717 applications (5.7%)

• United Kingdom: 511 applications (4.1%)

• Iran: 509 applications (4%)

In addition to the rise in initial applications, there was a significant 61% increase in renewals and issuances of Golden Visas, totaling 4,283 in October 2024 compared to 2,659 in October 2023.

Factors Contributing to the Surge:

1. Program Attractiveness: Greece’s Golden Visa program offers residency permits to non-EU nationals who invest in Greek real estate or financial instruments, providing access to the Schengen Area and favorable living conditions.

2. Geopolitical Stability: Greece’s political stability and strategic location make it an appealing destination for investors from countries experiencing economic or political uncertainties.

3. Economic Opportunities: The Greek real estate market presents lucrative investment opportunities, attracting foreign capital seeking profitable ventures.

4. Cultural and Lifestyle Appeal: Greece’s rich cultural heritage, Mediterranean climate, and high quality of life continue to draw international interest.

Recent Policy Changes:

In 2023, the Greek government implemented changes to the Golden Visa program, increasing the minimum investment threshold in certain areas from €250,000 to €500,000, effective August 1, 2023.

Further adjustments in September 2024 raised the minimum threshold to €800,000 for all areas except islands with populations below 3,100 people, where the minimum remains at €400,000. Additionally, investors are now limited to purchasing a single property of at least 120 square meters and are prohibited from short-term rentals through platforms like Airbnb. Non-compliance can result in a €50,000 fine and cancellation of the residence visa.

Implications of the Increase:

• Economic Growth: The rise in applications and investments contributes to Greece’s economic recovery and development, particularly in the real estate sector.

• Market Dynamics: Increased demand may lead to higher property prices, influencing both local and foreign investors.

• Administrative Capacity: The surge necessitates efficient processing to manage the growing number of applications and maintain program integrity.

Expert Insight:

Yusuf Boz, an investment advisor, notes, “The sustained interest in Greece’s Golden Visa program, despite recent policy changes, underscores its appeal among international investors. The program’s benefits, including access to the Schengen Area and investment opportunities in a recovering economy, continue to attract applicants worldwide.”

Conclusion:

The 12% increase in initial Golden Visa applications in October 2024 reflects the enduring attractiveness of Greece’s Residency by Investment Program. Despite recent policy adjustments, the program remains a significant conduit for foreign investment, contributing to Greece’s economic growth and offering valuable opportunities for international investors.