Bloomberg: One of the best "golden visas" in the world - Greece - Economic Courier - ot.gr

In the global ranking of the best Golden Visa programs, Greece ranks second alongside Austria and Switzerland, according to Bloomberg data. Portugal remains in first place, offering the most attractive conditions for obtaining golden visas in the world.

The Greek program is attracting the attention of foreign investors, including significant interest from the Chinese. Reports indicate that many contracts for visa acquisition were signed just before the last-minute changes in the rules. Greece, known for its sunny climate and high standard of living, offers straightforward options for residency, which include easily accessible pathways to citizenship in EU countries. This is supported by an index developed by the consulting firm Henley & Partners, which assessed the time required to obtain citizenship, tax systems, and associated costs.

Despite calls to abolish investment visa programs that allow foreigners to obtain permanent residency in Greece after making an initial payment, so-called golden visas continue to be popular. Many European countries rank high in this indicator, offering relatively easy methods for obtaining citizenship, which allows investors to travel freely within the European Union, start businesses, or live on the continent without significant expenses.

However, in the context of the current housing crisis, which is partially attributed to rising real estate prices due to foreign capital, the governments of several countries have taken measures to limit the availability of such programs. In particular, Portugal and Greece have already taken steps in this direction: the Portuguese government has eliminated tax benefits for wealthy immigrants to cope with rising housing prices.

Other countries, such as the UAE and Hungary, have only recently started to introduce their own investment visa programs. According to a forecast by Henley & Partners, a record 128,000 highly skilled professionals are expected to relocate to new countries in 2024. Data shows that US citizens have become the most active nationality applying for golden visas through consulting firms in the past and current years.

The Greek government plans to increase the minimum amount that foreigners must invest in real estate in regions with high rental rates. In popular locations such as Athens, Thessaloniki, Mykonos, and Santorini, the investment amount under the golden visa program has been doubled to500,000 eurosIn less sought-after areas, this amount remains at the same level.250,000 eurosHowever, in those areas and islands where there is a particular strain on the housing market, the limit may be increased to800,000 euros.

Since the launch of the golden visa program in Greece in 2013, more than25,100applications, of which17,184were approved. The largest share of interest comes from Chinese investors, who received almost60%of all approved visas, while Turks make up about7%From the total number. Investing capital in Greek real estate is becoming increasingly relevant, and the golden visa program continues to attract interest among foreign citizens seeking a new place of residence.