Athens, Greece – Greece's Golden Visa program continues to attract substantial foreign investment, with Chinese nationals emerging as the leading beneficiaries, according to recent data from the Ministry of Immigration Policy and Asylum. As of January 2025, a total of 6,398 Golden Visas have been issued to Chinese investors, highlighting the program's popularity among this demographic.
The program, which offers residency in exchange for financial investments, has also seen significant interest from other countries, including Türkiye (1,367 visas), Lebanon (775 visas), Iran (556 visas), and a notable surge from Egypt and Israel.
However, the program's popularity has also created a backlog of applications. In Attica, the region surrounding Athens, over 13,000 Golden Visa applications are currently pending. Additionally, hundreds of applications are awaiting processing in Macedonia and Thrace, as well as the Peloponnese and other regions.
Real estate agents and contract lawyers report a widespread increase in demand for Greek properties, extending beyond the traditionally popular Attica region. Thessaloniki and the Ionian Islands are experiencing a surge in interest, driven by both long-term rental and short-term leasing opportunities.
In response to growing concerns about the impact of the Golden Visa program on the local housing market, the Greek government has increased the minimum investment requirements in certain areas. Despite these changes, the program's appeal remains strong.
The recent decisions by Portugal and Spain to alter their respective Golden Visa programs have further fueled interest in Greece. Portugal's decision to eliminate real estate investments from its program and Spain's announcement of terminating its program entirely by April 3, 2025, have diverted potential investors to Greece.
The Greek government has also signaled a shift in its focus, aiming to attract investments in productive sectors rather than solely relying on real estate. This strategic move reflects an effort to diversify the program's benefits and ensure long-term economic growth.
The Golden Visa program has become a significant driver of foreign investment in Greece, contributing to the country's economic recovery. However, the government must balance the program's benefits with the need to address potential challenges, such as housing affordability and sustainable development.
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