Internationals From These Countries Are Now Turning Their Back on Greece’s Golden Visa Scheme

Greece’s Residence by Investment scheme permits internationals to acquire residency in the Hellenic Republic, provided they invest in properties that are worth 250,000 euros or more, AtoZSerwisPlus.com reports.

Based on the figures provided by the same source, in the first half of this year, there has been recorded a total of 5.66 per cent losses in the number of five-year residence permits issued to international investors.

The data of E-Real Estates Panhellenic Network of Real Estate Agents revealed that a total of 678 investors left in the first half of this year, compared to a total of 143 investors who hold a five-year residence permit through the Golden Visa program.

However, it has been confirmed that, despite the uncertainties caused by the spread of the Coronavirus and its new variants, no losses of active licenses were registered related to COVID-19; moreover, there was registered an increase in the number of new licenses issued to investors; however, they were significantly limited due to the preventive measures imposed due to the Coronavirus, such as entry bans and travel restrictions.

According to a report provided by Capital Greece, the decline in the number of total permits issued in the first half of this year is the most profound one registered since the Hellenic Republic introduced such a scheme to attract wealthy internationals.

In addition, the figures provided by the General Secretariat of Immigration Policy of the Ministry of Immigration, as well as Asylum, show that from the total of 6,391 active golden visas issued to citizens of China last year, the active number of permits now is 5,949, which shows that there has been recorded a notable decrease.

Citizens of China are the top beneficiaries of Greece’s Golden Visa scheme, while a total of 66.4 per cent of investors in the Residency by Investment program are investors from China, meaning that citizens of China are attracted the most by this program.

A decline has also been noted in the number of applications filed for such visas by Turkish investors, while the number of active golden visa permits decreased by 5.17 per cent. Wealthy Turkish nationals occupy the second place in terms of international golden visa investors, with a percentage of 6.4 per cent in the total.

At the same time, an increase in the number of applications for Greece Golden visas has been noted by nationals from Iran, the United States and Lebanon.