From May 1st this year, the increase in the minimum investment amount for the Golden Visa program in Greece will take effect.
This means that in some areas of Greece, including Thessaloniki, Athens and the islands of Santorini and Mykonos, foreign investors will no longer be able to obtain a residence permit through the program unless they invest at least €500,000. Previously, the minimum investment amount was €250,000, which means that the amount has doubled according to the new changes.

The decision to increase the minimum investment amount was taken by Prime Minister Kyriakos Mitsotakis in order to improve real estate affordability for citizens of Greece.

In 2014, the government of Greece launched the Golden Visa program, which allows wealthy foreigners to acquire a residence permit by investing in the country. The residence permit has a term of five years and can be extended.

However, the program, along with similar programs in other EU countries, has often drawn criticism from EU authorities, who have called for residency investment programs to be ended as soon as possible.

Additionally, Portugal and Ireland announced earlier this year that they would be phasing out their Golden Visa programs. Despite this, Greece’s golden visa program remains in effect, although the decision to increase the minimum investment amount could make some wealthy foreigners think twice about investing in the program.

However, there were also investors who were not skeptical about investing in the Golden Visa program in Greece.

It has recently been reported that the Golden Visa Scheme attracted record interest in this country in the last quarter of 2022. A total of 2,432 Golden Visa applications were submitted this quarter.

In addition, in the period from September to December of last year, a notable increase per month was recorded:

Sep: 337
October: 438
Nov: 878
December: 1,116
In total, about 16,411 applications were submitted for the Golden Visa program in Greece from 2018 to 2022. Of these, 4,485 applications were made in 2022 alone, which corresponds to around a third of all applications.

The total number of applications for 2022, including new applications and renewals, was 5,547, an increase of 125 percent compared to 2,463 applications in 2021.

Most applicants for the Golden Visa program were from China, Turkey, Lebanon, Russia and Egypt.

This also means that for those who are still in the decision-making phase as to whether they would like to complete a residency program within Europe, they should do so now to save EUR 250,000.

Everyone should now be aware that Greece is now the only way to get second citizenship cheaply through a legal program.

The alternative of a citizenship by investment program is only within Europe, Malta and Turkey.

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If you’re thinking about leaving the country but don’t know where to start, our GCI UNT Worldwide team is here to help.

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