Although the minimum investment amount for the Golden Visa Program Greece has been increased from €250,000 to €500,000 in some parts of Greece, the country continues to see a high number of applications from wealthy foreigners.

According to GCI UNIT Worldwide, applications for the Golden Visa program in Greece increased by 252 percent in the first two months of the year compared to the same period last year. The Department of Immigration and Asylum reported that a total of 1,446 applications were made, compared to 411 applications last year. Despite increasing the minimum investment amount to €500,000, Greece still seems to be seeing high demand from wealthy foreigners.

A total of 574 golden visas were issued in January and February this year, up 101 percent from last year when 286 visas were issued during the same period.

According to reports, a total of 17,916 investor residence permit applications were made. Of these, 69 percent benefited from Greece’s Golden Visa program, while 30 percent are still in progress. Only one percent of the total number of applications was rejected.

According to data from the Ministry of Immigration and Asylum, 69 percent of the total of 17,916 investor residence permit applications submitted were part of Greece’s Golden Visa program, while 30 percent are still pending and 1 percent were rejected.

In terms of nationality of homebuyers who renewed their residence permits, 32 percent were Chinese nationals, followed by Russians and Turks at 10 percent each. Citizens of China were also the most represented among the pending applications, followed by Turks (6.2 percent) and Lebanese citizens (3.8 percent).

Earlier, Greek Prime Minister Kyriakos Mitsotakis confirmed that the minimum investment amount for the Golden Visa program will be increased in some parts of the country, including Athens, Thessaloniki, and the islands of Mykonos and Santorini.

Some foreign investors may be hesitant due to the increase in the minimum investment amount in some parts of Greece for the Golden Visa program from €250,000 to €500,000, while others may want to seize the opportunity before the change comes into effect.

Nonetheless, the program continues to make an important contribution to the Greek economy, especially after other EU countries such as Portugal and Ireland abolished the residency-by-investment program following reports of illegal activities.

Data from the Department of Immigration and Asylum shows that the number of applications for the golden visa program increased by 252 percent year-on-year, with a total of 574 visas issued in January and February 2022, up from a 101 percent increase corresponds to the previous year. 32 percent of the home buyers who applied for an extension of their residence permit were Chinese nationals, followed by Russians and Turks with 10 percent each.

Chinese nationals were also those with the most pending requests, followed by Turks and Lebanese. Prime Minister Kyriakos Mitsotakis confirmed that the increase in the minimum investment amount for the golden visa program will be limited to certain areas, including Athens, Thessaloniki, Mykonos and Santorini.

EU authorities have again urged all EU countries to end their golden visa programs as soon as possible. Although Greece has not followed these recommendations, it was recently reported that the program attracted record-breaking interest in the last quarter of 2022. A total of 2,432 Golden Visa applications were made during this period.

see more at: Citizenship-greece.com

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