Europe

58% Increase in Residence Permits Issued to Britons Through Greece’s Golden Visa Program

The number of Britons who acquired residence permits in Greece through the Golden Visa Program increased by 58 per cent in the last 12 months, according to figures from the Ministry of Immigration and Asylum.

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The Ministry reveals that the top four countries list, in terms of residence permits issued through the Residency by Investment Program now consists of the UK as well, which occupies a 3.45 per cent share of the total:

  • China
  • Turkey
  • Lebanon
  • The United Kingdom

Last year, the UK was placed in the seventh position in the list of countries with the highest rates of residence permits issued through this program.

According to the Ministry after the end of May, a total of 444 initial permanent investor permits were issued to British property buyers, in comparison to 281 permits issued in the same period in 2023.

From May 2023 until May 2024, at least €41 million were invested for the purchase of houses through the Golden Visa Program in the Hellenic Republic.

When it comes to the acquisition of real estate, in 2023, a total of €101 million was brought to Greece from Britons, accounting for an increase of 42 per cent, based on the figures from the Bank of Greece.

The increase of 42 per cent also resulted from the changes applied to the Golden Visa Program. In a bid to deal with the housing crisis, authorities in Greece increased the minimum amount required for investments made through the Golden Visa Program, which led to an acceleration of investments from wealthy foreigners who wanted to take advantage of the minimum investment limit of €250,000.

Over 9,000 Golden Visa Applications Still Being Processed

In May this year, the Ministry of Migration and Asylum in Greece said that a total of 9,478 visa applications are yet to be reviewed by the Ministry, with 6,228 submissions recorded in last year alone.

Such figures show that the share of British investors in Greece is expected to increase further.

The exit of the United Kingdom from the European Union also led to a surge in the number of applications from Britons to Greece’s Golden Visa Program.

Greece’s Golden Visa scheme allows internationals to acquire residence permits in this country, in exchange for financial investments and meeting the needed conditions.

Greece’s Golden Visa scheme was considered a good option by Britons to acquire residency,  after it also allows them to travel freely to all EU countries as well.

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