Greece’s Economy Boosted by €1 Billion Through Golden Visa Program in Just Five Months

Greece has seen a remarkable boost in its economy, raking in nearly €1 billion through the Golden Visa Program in the initial five months of 2023. This update comes from data provided by the Ministry of Migration and Asylum.

The Golden Visa Program offers non-European Union nationals a residency visa, contingent on them making a significant investment in the country, primarily through real estate purchases. Recently, the initiative has seen a notable increase in applications.

From January to May this year, the Ministry registered a whopping 3,900 requests for real estate purchases for residency, showing a stark increase from the 1,444 applications lodged during the same timeframe in the previous year. Furthermore, properties amassing a value of €975 million have been sold, marking a 170% increment from last year’s sales, which totalled €361 million.

Yet, this burgeoning interest in Greece’s program hasn’t been without challenges. The authorities are currently grappling with a backlog of 5,444 investor visa requests pending approval. To provide perspective, from May 2022 to May 2023, Greece received 8,351 investor visa applications, out of which a mere 35% have been granted approval.

Highlighting the program’s efficacy, in the first five months of 2023 alone, as many as 1,938 requests received approval, a significant rise of 149% compared to the approvals during the corresponding period in 2022. In May this year, the authorities issued 412 permits, a sizeable increase from the 220 issued the previous year.

A pivotal decision that further piqued the interest of affluent foreign nationals was the Greek authorities’ postponement to hike the minimum investment amount for the Golden Visas. Initially set at €250,000, there were plans to raise the limit to €500,000 for specific regions, but the delay in this increment has evidently played a role in attracting more investors.

In light of the program’s evident success and the complexities associated with the application process, potential investors and immigrants are strongly encouraged to seek professional assistance for a smoother experience. Our expertise ensures applicants navigate the process with ease and efficiency, paving the way for second residency in a European country.

*Information Source: Schengen Visa Info