A 58 per cent increase has been registered in the number of residence permits granted to nationals of the United Kingdom in the last 12 months through Greece’s Golden Visa Program.
Such figures have been revealed in the recent report provided by the Greek Ministry of Immigration and Asylum, showing that Britons have climbed to the fourth position in the list of top nationals benefiting the most from the Hellenic Republic’s Golden Visa Program, Schengen.News reports.
Particularly, after the end of May, 444 initial permanent investor licenses were issued to property buyers from the United Kingdom, in comparison to 281 licenses granted in the corresponding period last year.
The top beneficiaries from the Golden Visa Program of Greece are nationals of the following countries:
• China
• Türkiye
• Lebanon
• The United Kingdom
New Changes to Golden Visa Program Spark Increase in Interest Among Britons
Britons’ increasing interest in the Golden Visa Program of Greece also results from the changes applied to this scheme.
Among the changes was also the increase in the minimum amount required for investments made through the real estate investment option of the Residency by Investment scheme of Greece, which in some parts of the country went from €500,000 to €800,000.
Announcing the decision, the Greek Prime Minister Kyriakos Mitsotakis said that together with the finance minister was discussing increasing the threshold for golden visa investments in areas where rents are high.
However, in a bid to attract a larger number of wealthy non-EU nationals, authorities in Greece unfolded plans to expand the program in order to include startup investments. The decision was announced by the Prime Minister of Greece, Kyriakos Mitsotakis.
The option would allow foreigners to acquire a five-year residence permit in exchange for financial investment of at least €250,000 in Greek startups.
Delays in Golden Visa Processing
In spite of the increasing interest in Greece’s Golden Visa Program, local media reports show that applicants are subject to delays in Golden Visa approval.
According to a report from GTP, for the period from August 2023 to August 2024, a total of 8,898 applications for the Golden Visa Program were submitted by Greek authorities.
However, by mid-October 2024, only 1,446 applications had been approved. Industry experts believe that a potential acceleration in processing times could lead to a significant increase in visa issuances. It would also lead to an increase in demand for Greek real estate and potentially contribute to increasing housing prices in the country.
Source: https://schengen.news/residence-permits-granted-to-britons-through-greek-golden-visa-program-increase-by-58/
