Greece’s Golden Visa program has experienced a surge in popularity, with a total of 7,752 applications received by authorities in the country by the end of November this year. This makes the program the most sought-after globally, according to a recent report from Investment Migration Insider.
The figures show a significant increase of 78 per cent compared to applications received in all of 2022. Despite the high number of applications, the approval rate remains relatively low, with only about one in five applications being approved and just 14 being rejected.
The report also revealed a decrease in the number of pending requests in November, dropping from 27,512 to 27,045. The main beneficiaries of the program have been nationals from China, Turkey, Lebanon, Iran, the United States, and Egypt.
Chinese and Turkish nationals make up the largest number of applicants, with 6,405 nationals from China and 618 from Turkey acquiring residency in Greece through the Residency by Investment scheme in 2021.
The Golden Visa program allows international investors to obtain residency in Greece by meeting certain investment requirements. However, the program has also posed challenges to the Greek housing market, prompting the government to increase the minimum investment amount from €250,000 to €500,000 in some parts of the country.
The rise in property prices due to the program has led to concerns about affordability for Greek residents, prompting calls for the abolition of the Golden Visa program. Nikos Androulakis, the leader of the Panhellenic Socialist Movement (PASOK), has criticized the program for exacerbating the shortage of apartments for Greek residents and has called for its abolition. He has also raised concerns about the impact of the program on property availability in downtown Athens.
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