The Golden Visa Program in Greece has seen a significant increase in the number of permits granted to citizens of the United Kingdom and Israel. According to the Migration Policy Ministry, there has been a 77.8% increase in permits for UK citizens and a 77.6% increase for Israeli citizens in the first 11 months of 2023 compared to the previous year.
It’s reported that wealthy individuals from the UK and Israel, along with buyers from China, have shown a significant interest in Greece’s Golden Visa scheme. The number of golden visas issued to Britons reached 370 from 208 in 2022, while 183 golden visas were issued to Israelis, compared to 103 in the previous year.
The increased interest of UK nationals in the Golden Visa scheme is attributed to Brexit, while Israelis are driven by the Israel-Hamas war. The program offers wealthy foreigners the opportunity to acquire residency by meeting specified financial investment requirements and fulfilling necessary conditions, bringing a total of €1.32 billion last year.
To tackle the housing crisis, Greece’s leaders announced an increase in the minimum investment amount required for the scheme in certain territories of the country. This decision, effective on August 1, 2023, requires wealthy foreign investors to invest €500,000 instead of €250,000 in some parts of the country.
The new changes will be applied to the northern part of Greece, the central and southern sectors of Athens in the Attica Region, as well as the islands of Mykonos, Santorini, and the Municipality of Thessaloniki. The Hellenic Republic’s Golden Visa Scheme received a total of 7,752 applications in the first 11 months of last year, making it the most sought-after globally. This represents a 78% increase compared to the previous year.
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