Golden Visa


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Greek Golden Visa: How is the exclusion of Russian investors from the program is affecting the domestic real estate


The Golden Visa program has brought to Greece more than 3 billion euros from real estate investments, from buyers who obtained a residence permit. The impact of the Golden Visa program, as the most profitable program in the EU, has launched the investments from abroad. According to the data of the Bank of Greece, foreign investment in the real estate market in 2021 reached 1 billion euros, 875 million euros in 2020 and 1,45 billion euros in 2019. It is recalled that 2018 was a milestone year for foreign investment in the real estate market as the amount increased by 172% (to 1,12 billion, from 414,7 million in 2017). The Golden Visa program with the acquisition of a property with a minimum value of 250.000, added to the domestic real estate market 1,035 property sales in 2021, 938 in 2020, 3,535 in 2019, 1,833 in 2018, 959 in 2017, 488 in 2016, 421 in 2015, 338 in 2014 and 21 in 2013, which was the first year the program implemented.

If the members of the families of the investors who were granted a residence permit, is added to the number above, then Greece reaches a total of 28.773 residence permits. According to the data of the Ministry of Immigration and Asylum, 66,44% (6,391) of investors who have received a residence permit are Chinese citizens while only 6,43 % (619 investors) of Turkish citizenship (2nd place) and 6,22% (599 investors) of Russian citizenship (3rd place). It is easy to understand that the exclusion of Russian investors from the Greek Golden Visa, as a measure of sanctions against the Russian invasion of Ukraine, will not affect the number of the provided residence permits. The intertest of Russian investors in the domestic real estate market is mainly limited to high quality properties, mostly in the famous islands of Mykonos, Santorini, and Rhodes as well as in the southern suburbs of Athens.

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