July 18, 2023
Reading Time: 2 min

Record-breaking Greece residence permit program: how many investors got golden visas in 2023?

The number of investors who want to get a "golden visa" to Greece has almost tripled at the beginning of 2023.

Changes in the residence permit program cause increased interest: starting August 1, 2023, the minimum real estate investment amount will double, growing from €250,000 to €500,000 in 36 regions of Greece.

Vladlena Baranova
Vladlena Baranova

Lawyer, AML Compliance officer, certified CAMS specialist

Greece residence permit program is breaking records

Record-breaking Greece residence permit program: how many investors got golden visas in 2023?

How many residence permits have Greece issued to investors in 2023 so far?

Greece has a residence permit by investment program. Foreigners receive residence permits via a simplified procedure in exchange for investments in the country’s economy: namely in real estate, government bonds, or shares.

The number of residence permit program participants has increased by 63%: from January to May 2023, investors submitted 3,900 “golden visa” applications. For comparison, during the same period, 1,444 applications were submitted last year.

The immigration service is not handling the workload: previously, applications were processed for up to two months, but now it takes at least three.

The residence permit program brought Greece about 975 million euros in the first five months of 2023. This is almost three times more than in the same period last year when the investment amounted to 361 million euros.

Why do investors buy property in Greece?

To get a residence permit in Greece, investors typically purchase real estate. This is the most popular option of the investment program, chosen by 9 out of 10 participants.

Investing in Greek real estate is also a chance to buy a liquid asset and earn rental income. Investors also buy real estate for personal use to stay in their own houses when vacationing in Greece.

Property prices in Greece are growing yearly: since 2018, the cost of 1 m² has increased by 26%.

Average property purchase price in Greece

The graph shows the growth of real estate prices in Greece over six years

Under the residence permit program terms, participants can buy residential or commercial real estate. The investor can become the owner. Also, real estate can be registered in the name of a European Union, where the investor owns 100% of the shares.

Immigrant Invest has its own database of verified properties in Greece. All properties are eligible for the residence permit by investment program.

Investors can sell the property and return the expenses five years after obtaining a residence permit in Greece.

With a residence permit in Greece, investors can travel around the Schengen Area without a visa, optimize taxes, and use the services of local banks, hospitals, and educational institutions. After five years of living in the country, residents can get a permanent residence permit and apply for Greek citizenship after two more years.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean. If you want to buy property in Greece and get a residence permit in the country, please consult our investment program experts.