Greece’s Golden Visas Going to China, Turkey and Russia Investors

Photo source: European Parliament

Investors from China, Turkey and Russia have benefitted most from Greece’s golden visa program, said Migration and Asylum Minister Notis Mitarachi this week, with keen interest for property in Attica.

Greece’s program, which currently grants five-year residency rights and EU access for a 250,000-euro minimum investment in Greek real estate, is the leading residency-for-investment scheme in Europe based on demand growth in the first half of 2022, said a report released by property brokers Tranio.

Based on ministry data to August 2022, other investors tapping into Greece’s program are from Egypt and Lebanon.

The Greek government has for quite some time considered increasing the minimum investment requirement for the acquisition of an investor visa. Earlier this year, Greek Prime Minister Kyriakos Mitsotakis announced plans to increase the requirement from 250,000 euros to 500,000 euros and now plans include doing this for specific areas in Athens and the wider Attica region including Paleo Faliro, Alimos, Elliniko, Glyfada, Voula, Vari, Marousi, Kifissia, Melissia, Vrillisia, Dionysos and Ekali – all areas where massive infrastructure projects have been completed or are underway such as The Ellinikon.

According to reports, in the remaining Attica suburbs the requirement will remain at 250,000 euros.

Kifissia, Athens. Phtoto Source: Visit Greece / H. Kakarouhas

The issue is still open to discussion with the OMASE real estate federation arguing that by increasing the golden visa requirement,  “Greece loses its competitive advantage as an investment hub compared to other countries in the European Union”.

Indicative of the risk, OMASE cites data according to which golden visa applications dropped by 544 in the first half of 2022 from 9,619 in January to 9,075 in June 2022, the first drop since the launch on the program in 2014.

Overall in 2021, Greece issued 1,035 new investor visas marking a 10.3 percent increase over 2020 reaching a total of 9,619 in H1 2022.