The Golden Visa Program of Greece has boosted the country’s economy by nearly €1 billion in the first five months of this year, based on the statistics from the Migration and Asylum Ministry.
The surge in the number of applications for the Hellenic Republic’s Residency by Investment Schemes comes following Portugal’s previous decision to terminate this scheme, SchengenVisaInfo reports.
Based on the figures from the Ministry of Migration and Asylum, a total of 3,900 requests for the purchase of real estate for residence were submitted for a period from January until May, compared to 1,444 registered during the same period last year.
At the same time, properties worth €975 were sold off, up by a total of 170 per cent or three times higher compared to last year’s figures of €361 million.
The increase in interest in Greece’s Golden Visa Program has caused pressure on the country’s authorities, with over 5,444 investor visa requests awaiting approval. For a period from May last year to May 2023, 8,351 investor visa requests were submitted to authorities in Greece, of which 35 per cent were approved.
In addition, in the first five months of this year, a total of 1,938 requests were approved compared to 777 recorded in the year-ago period, or up by 149 per cent. At the same time, in May this year, 412 permits were issued, more than 220 last year, according to a Greek Travel Pages report.
The decision of authorities in Greece to postpone the decision to increase the minimum amount of investment for golden visas from €250,000 to €500,000 for specific territories has also significantly contributed to the increment of interest of wealthy foreign nationals.
Greece’s Prime Minister, Kyriakos Mitsotaki, previously stressed that requirements for the Hellenic Republic’s Golden Visa scheme would change, announcing the decision to increase the minimum number of investments required for golden visa investments that were set to take place from May 1. However, authorities in Greece announced that the decision was postponed until July 31.
The end of the Golden Visa scheme of Portugal turned US citizens’ eyes towards the Hellenic Republic’s Golden Visa Scheme, making Greece the third most famous country for offering such opportunities to wealthy foreign nationals, based on a report provided by the London investment firm Astons.
Among the possibilities to acquire residency in the Hellenic Republic is the Golden Visa program which allows wealthy foreign investors to acquire residency if they make a financial contribution and meet specific conditions.