Citizens from the United Kingdom and Israel are driving an increase in the demand for Greek Golden Visas, likely due to their interest in obtaining residency or citizenship in Greece through this investment program.

What is the Greek Visa program?

It is a residence-by-investment program launched in 2013 that enables non-European Union nationals and their family members to obtain permanent residence permits in Greece. The Greek Golden Visa Program is a pathway to European residency, and it has been a popular choice for many investors seeking flexibility and stability.

The key aspects of the Greek Golden Visa program

The following are key aspects of the Greek Golden Visa program;

• Investment Threshold: The program allows you to become a European resident with the lowest investment price in Europe. However, in certain popular areas of Athens, Thessaloniki, Mykonos, and Santorini, the threshold has increased.
• Residency Renewal: Once obtained, the residence permits may be renewed every five years.
• No In-Country Stay Requirement: Unlike some other programs, there are no in-country stay requirements to maintain your residency status. You are not obligated to spend any specific number of days in Greece
• Application Process: Greek Golden Visa applications are typically completed in 4-6 months.
• Property Options: You can invest in residential, agricultural, or commercial real estate. Additionally, you have the flexibility to buy new off-plan properties or existing ones.
• Family Eligibility: The program also offers generous family member eligibility rules, making it an attractive option for families.
• Ultimate Plan B: Whether you’re a retiree, a “snowbird,” or someone seeking a backup plan, the Greek Golden Visa provides a range of benefits. It’s an affordable way to gain EU residency and access to the Schengen area.

Statistics of Britons and Israelis for Greek Golden Visas

Over the past 9 years, over 28,000 residency permits have been issued under this Golden Visa program.

A significant increase has been recorded in residence permits for British and Israeli investors through the Golden Visa program.

Based on Migration Policy Ministry data, during the period from January to November 2023, the permits granted to investors from Britain increased by 77.8%, to 370 from 208, while those to Israelis increased by 77.6%, to 183 from 103.

While Britons have apparently increased their property investment in Greece after Brexit, opting for country houses, the Israelis are driven mainly by the war in the Middle East and mostly choose urban assets.

A report from Investment Migration Insider showed that for a period of first 11 months of 2023, a total of 7,752 applications for the Hellenic Republic’s Golden Visa Scheme were received, which, according to the report, makes the scheme the most sought-after globally.

FAQS

How have Britons and Israelis driven demand for Greek golden visas?

Post-Brexit UK and Israeli investors are seeking residence rights in EU member Greece through its property investment route given visa-free EU access.

Why choose Greece rather than other nations?

Greece offers one of Europe's lowest investment thresholds. Its Mediterranean appeal and strong education and healthcare also attract relocating Israeli/British families.

Which locations are proving popular investment areas?

Athens, Crete and Thessaloniki lead in property purchases through the program, but demand is rising countrywide amidst tourism, R&D and technology sectors' growth. 

Are investors focused on big cities or exploring farther areas?

While major hubs remain sought-after, demand is spreading to emerging spots offering lifestyle affordability from Souzana Hersonissos to Kavala thanks to Greece's expanding transport links.

Will Greece's rising cost of living deter investor immigration?

Experts suggest current momentum endures as focused policy nurtures industries reducing cost pressure, while post-pandemic flexibility trends support remote workers' stays despite inflationary pressures.