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Greece’s Golden Visa Program Receives Record Applications in 2023

Greece's Golden Visa Program Receives Record Applications in 2023

By the conclusion of November this year, Greek authorities have received a total of 7,752 applications for Greece’s Golden Visa program, marking it as the most globally sought-after initiative, as indicated in a recent report by Investment Migration Insider.

This figure reflects a significant surge of 78 percent compared to the total applications recorded in 2022.

Of the applications received during the initial 11 months of this year, approximately one in five has gained approval from Greek authorities, with only 14 applications facing rejection.

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Notably, the report underscores a slight reduction in the overall number of pending requests, decreasing from 27,512 to 27,045 in November. This marks the first decline since August of the preceding 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.

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The Golden Visa program enables international individuals to acquire residency in Greece by making investments in the country and meeting the necessary requirements. However, the program, which has drawn significant interest from foreigners, has presented challenges to the Greek housing market.

In response to the escalating 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 argues that the program has resulted in a shortage of apartments for Greek residents and has announced plans to initiate a campaign advocating for its abolition.