European Country Becomes the Best Destination for Golden Visa Seekers in 2023

As of the end of November this year, Greek authorities have received a total of 7,752 applications for Greece’s Golden Visa program, making it the most sought-after program globally, according to a recent report from Investment Migration Insider. This figure represents a substantial increase of 78 percent compared to the total applications registered in 2022.

Of the applications received during the first 11 months of this year, approximately one in five has been approved by Greek authorities, with only 14 applications being rejected. Interestingly, the report highlights a slight decrease in the total number of pending requests from 27,512 to 27,045 in November, marking the first decline since August of the previous year.

The report identifies China as the primary source of beneficiaries from the Golden Visa scheme, followed by nationals from Turkey, Lebanon, Iran, the United States, and Egypt. Specifically, data from the Ministry of Migration and Foreign Affairs of Greece reveals that in 2021, nationals from China and Turkey accounted for the highest number of applications, with 6,405 and 618 individuals, respectively, obtaining residency in Greece through the Residency by Investment scheme.

The Golden Visa program allows international individuals to acquire residency in Greece by making investments in the country and fulfilling the necessary requirements. However, the program, which has attracted a significant number of foreigners, has presented challenges to the Greek housing market.

In response to the increasing demand and potential impact on the local housing market, Greek Prime Minister Kyriakos Mitsotakis implemented measures to address the issue. Notably, the minimum investment amount required from foreigners was raised from €250,000 to €500,000 in certain parts of the country, effective as of August this year.

Expressing concerns about the consequences of the Golden Visa Program, Nikos Androulakis, the leader of the Panhellenic Socialist Movement (PASOK), has called for the abolition of the program. He contends that the program has led to a shortage of apartments for Greek residents and has announced plans to initiate a campaign advocating for its abolition.