In the dynamic landscape of global residency programs, Greece has claimed the spotlight, emerging as the frontrunner in the race for Golden Visa seekers in 2023. According to a recent report by Investment Migration Insider, Greek authorities have received an impressive 7,752 applications for the Golden Visa program by the end of November, marking a substantial 78% surge compared to the previous year.
Amidst this surge, Greece’s Golden Visa program has become the epitome of international allure, with approximately one in five applications securing approval. The report notes a nuanced decline in pending requests, offering a glimpse into the evolving dynamics of this sought-after residency initiative.
China takes the lead as the primary source of beneficiaries, closely followed by nationals from Turkey, Lebanon, Iran, the United States, and Egypt. The Ministry of Migration and Foreign Affairs of Greece unveils that Chinese and Turkish nationals dominated the application charts in 2021, with 6,405 and 618 individuals, respectively, obtaining Greek residency through the program.
While the Golden Visa program has undoubtedly attracted a wave of international interest, it has not been without its challenges. The influx of foreigners seeking Greek residency has prompted adjustments to mitigate potential impacts on the local housing market. Prime Minister Kyriakos Mitsotakis implemented strategic measures, including doubling the minimum investment amount to €500,000 in specific regions, effective from August 2023.
However, not everyone is cheering for the Golden Visa success story. Nikos Androulakis, leader of the Panhellenic Socialist Movement (PASOK), has sounded the alarm, calling for the abolition of the program. Androulakis argues that the program has contributed to a shortage of apartments for Greek residents, sparking a fervent campaign for its dismantling.
In this shifting landscape of global mobility and residency ambitions, Greece stands tall, beckoning Golden Visa seekers with its rich history, vibrant culture, and now, a leading residency program that has captured the world’s attention.
