The Greek government is suspending the issuance or renewal of residence permits for investment purposes for citizens of the Russian Federation, the Greek Ministry of Migration and Asylum said on Monday.
Known as the “golden visa” program, the scheme grants five-year residency rights to investors who purchase property valued at a minimum of 250,000 euros. In 2021, a total of 576 permits were granted to Russian buyers, up by 79 percent year on year.
Following Russia’s invasion of Ukraine, the Greek Ministry of Migration and Asylum said in an announcement:
“By order of the Minister of Migration and Asylum, Mr. Notis Mitarachi, the issuance and renewal of residence permits of investment interest and purpose that are under consideration and come from citizens of the Russian Federation is suspended until further notice.”
In addition, the ministry will not be accepting new requests for the issuance of the aforementioned residence permits.
Moreover, until further notice, the Greek ministry will not be considering any applications for residence permits of the category “business executives” for citizens of the Russian Federation.
It is noted that Greece is currently awaiting relevant EU decisions.