Top 5 countries investing in Greece: Golden Visa [tables] - Economic Postal Service

In recent years, Greece has become a popular investment destination, thanks to the "golden visa", which is the most preferred program for purchasing real estate. The increase in real estate sales brings significant amounts of money to the state budget, and also significantly activates the work of notaries in the country. Investors from third countries outside the EU have until the end of July to conclude real estate deals at a reduced price of 250,000 euros, ensuring they have the coveted residence permit and the choice of their desired property before the minimum price rises to 500,000 euros.

Golden Visa: 'Dark' money laundering avenues changes to the 'golden visa'

Those who wish to obtain a residence permit and purchase property in the center, southern and northern seaside areas, Thessaloniki, Mykonos and Santorini will need an investment of at least 500,000 euros after August 1 and if there is no extension. Those who signed preliminary agreements by July 31 have until the end of 2023 to sign final sales contracts and apply for residence permits for themselves and their family members.

According to data from the Ministry of Migration Policy, for January-April 2023, Chinese, Turks, Lebanese, Israelis and Britons are rushing to get the "golden visa" due to the doubling of the minimum investment amount to obtain it. In the same period, Chinese, Turks, Iranians, Russians and Iraqis renewed their "golden visa".

Chinese are the main ones.

Since the introduction of the "golden visa" program and until today, the main category of buyers are Chinese. Based on data for the 4 months January-April 2023, permit applications are distributed as follows: 1,744 permits for Chinese, 154 for Turks, 116 for Lebanese, 109 for Iranians, 65 for Egyptians, and 430 for nationals of other countries. A total of 2,618 applications for residence permits and 446 for renewals were submitted.

The market is witnessing a "fever" of real estate purchases shortly after Prime Minister Kyriakos Mitsotakis' announcement at last year's Tessaloniki exhibition about doubling the investment limit for obtaining a residence permit. Market experts believe that after August, interest in investment through the "golden visa" program will shift to other regions, where the threshold of 250,000 euros will continue to apply. One of the reasons why Greece has become the top destination for foreign investors interested in residency permits is the closure of other popular programs. About two months ago, Ireland and Portugal will no longer allow millionaires to invest in their countries for a visa. Spain, following the example of other European countries, is considering stricter conditions for issuing "golden visas" to foreign investors. It should be noted that "golden visas" became "fashionable" after the 2008 economic crisis, when countries such as Portugal, Ireland, Greece and Spain offered them as a way to attract investment. They have since brought in billions as millionaires sought ease of travel and comfortable pensions and sometimes even citizenship.