Study: Greece’s Golden Visa Scheme Among Europe’s Top 3 in Q3

Photo source: iStock

Greece’s golden visa scheme, which grants five-year residency rights to investors who purchase property valued at a minimum of 250,000 euros, is the highest in demand in the third quarter (Q3) of 2022, found a report released by property brokers Tranio this week.

More specifically, based on customer requests from July to September 2022, the Greek investor visa program together with those of Portugal and Latvia are Europe’s most demanded residence-by-investment programs.

In Q3 2022, demand for the Greek golden visa program rose by 290 percent, in view of an upcoming increase in the minimum investment requirement from 250,000 euros to 500,000 euros announced earlier this year by Greek Prime Minister Kyriakos Mitsotakis.

Source: Tranio

At the same time, requests for visas in Spain and Portugal dropped compared to the previous quarter impacted in part by the current recession, Tranio said.

According to Tranio data, the golden schemes offered by Southern European countries are winning over foreigner investors with similar programs in Turkey, Spain and Montenegro completing the Top 5.

“Demand for European golden visas is affected by the political turmoil of 2022, yet we cannot say that the decreasing figures is a share of dropout Russian applicants. Investors from China, India and European countries are now looking more towards the UAE market promising high yields during the global recession,” said Commercial Director Tranio Elena Milishenkova.

Photo source: Tranio

Greece’s investor visa program was in the lead again in Europe in the first half (H1) of the year marking a 127 percent increase compared to the same quarter in 2021.

It should be noted, that earlier this year, EU lawmakers called for a ban on “golden visa” programs and an EU-wide regulation on visas which will ensure stronger background checks on applicants and thorough investigation into origin of wealth.