Many 'golden visa' programs in Europe are closing - but demand is growing in this hot Mediterranean spot.

Many dream of vacationing on the Greek islands, but not everyone can realize this dream. However, for some, it is not just a vacation, but a way of life. Of course, if they have the money to do so.

In Greece, there is a surge in the number of people applying for the "residency through investment" program in2022, even as similar projects lose popularity in other countries. According to recent data from the Greek Ministry of Asylum and Migration, the number of issued "golden visas", which provide a five-year residency permit to individuals investing at least $250,000 in Greek real estate, nearly doubled last year, reaching2767 visas compared to1525 in2021.

And while Chinese nationals are the top applicants for the program, making up 63% of all applications since its inception in 2014, a new group of investors is emerging: wealthy Americans. Applications from high-net-worth US citizens rose by 740% in 2021 alone, according to investment migration firm Astons. Thus, Greece has become the third preferred country for Americans to obtain residence permits under the investment-for-residence program, after Portugal and the UK.

Portugal and Ireland are opting out of the citizenship-for-investment program. Portugal has been a preferred destination for wealthy Americans for the past few years, thanks to its moderate climate, quality of life and access to the European Union's borderless travel zone. But following the country's decision last month to cancel a program for wealthy non-residents of Europe, which followed shortly after similar moves by Ireland, Greece may take the top spot. Alina Lesina, an immigration expert at Astons USA, said Greece is likely to become the "destination of choice" for wealthy U.S. expatriates. "It has already become the second most popular golden visa program in Europe among U.S. investors in recent years, and interest is growing year after year," Lesina said.

Other countries present "golden visas". Greece ranks among the top countries in the world for "residence permit through investment" programs, according to the latest index by citizenship and residence permit consulting firm Henley & Partners. European countries currently dominate rankings of such programs, receiving high marks for processing times, quality of life and overall costs. But even as some countries on the continent restrict golden visas, competition to attract wealthy individuals is gaining momentum globally.

New programs are also emerging among African countries to obtain residence permits and dual citizenship in exchange for investment from people with cash. Kenya is in the final stages of introducing a citizenship-by-investment program. Uganda is also reported to be exploring a similar program. They join countries such as Mauritius, an Indian Ocean island that offers residency for those who invest at least $375,000 in one of six luxury properties. Neighboring Seychelles offers citizenship for an investment of at least $1 million.