Greek Golden Visa Generates €2bn in Investments

Greece’s investor visa program has channelled more than 2 billion euros of foreign capital into the local property market since its launch in 2014, granting in the meantime, 6,304 residence permits to non-Greeks, according to citizen protection ministry data released this week.

At the same time, Greek authorities issued 2,239 investor visas in 2019 to third country nationals who purchased property in Greece valued at a minimum of 250,000 euros, up by 22 percent against 1,833 permits granted in 2018.

Over time: 959 permits were issued in 2017, 488 in 2016, 421 in 2015, and 364 in 2014.

The majority of foreign investors benefitting from the golden visa scheme appear to be purchasing property valued at 300,000-350,000 euros with particular interest in the southern suburbs of Attica and in the Cyclades.

In the lead in terms of visas are the Chinese, being granted 4,371 of the total 6,304 visas, with authorities expecting the number to rise, particularly in view of the fact that nearly 80 percent of all transactions through the golden via program are by Chinese buyers.

Next on the list are nationals from Lebanon (148 permits), Egypt (144), Iran (104), Iraq (96), Ukraine (78), Jordan (64), and Syria (58).

Late last year, the government was examining a total overhaul of the visa program to include the introduction of a fluctuating minimum investment requirement aiming to extend additional visas to an increasing number of investors.

Meanwhile, the government is in the process of finalizing the extension of the visa scheme to include non-Greek residents investing in shares and bonds.