Greece earned about €2 billion on Golden Visa program

The program for issuing residence permits when buying real estate, launched in 2014, brought Greece about €2 billion and contributed to the rapid growth of the real estate market. Capital inflows were provided by investors from non-EU countries with an investment of at least €250,000 in Greek real estate.

Program statistics

According to the latest official data of the Ministry of Citizens Protection, at the end of 2019, 6,304 residence permits were issued under the Golden Visa program.

Lawyers and real estate agents confirm that the vast majority of buyers spend an average of €300,000-350,000 per transaction, with the condition that you obtain a residence permit - an investment of at least € ¼ million.

Last year, the number of new permissions increased by 22% – 2239 documents, while in 2018 there were only 1833 of them.

In 2019, as in the previous ones, the leaders in obtaining the coveted residence permit in Greece were Chinese investors. Since the launch of the Golden Visa program, mid-2014, the share of transactions with representatives of the Celestial Empire has been 70%, i.e. 4371.

Real estate experts say that last year more residence permits would have been issued if not for bureaucratic delays. In the first half of 2019, several agencies in Attica experienced difficulties in processing applications. The problems gradually leveled by the fall, and the situation completely normalized only in the last 2 months of last year.

Expert forecasts

Now that the country is actively moving along the growth trajectory, it becomes obvious that 2020 will be no less successful and bring Greece more investment. Expansion of the Golden Visa program and an increase in excitement are expected, as real estate prices have already begun to skyrocket.

Market experts note that new investors will already be guided by cheaper real estate, unlike buyers in 2014-2016, who were ready to lay out a substantial amount for real estate. And the share of Chinese investors in 2020 is likely to grow to 75-80%.

Statistics 2014-2019

Residence permits to investors - Top 10 countries

China

4371

Turkey

487

Russia

382

Lebanon

148

Egypt

144

Iran

104

Iraq

92

Ukraine

78

Jordan

64

Syria

58

Other countries

376

TOTAL

6304

 

Residence permits to investors per year

ΥΕΑR

RESIDENCE PERMITS

2014

364

2015

785

2016

1273

2017

2232

2018

4065

Dec-19

6304

Source: Ministry οf Citizen Protection
General Secretariat for Immigration Policy, Reception and AsylumDate: 27.12.2019

 

Sign up to our newsletter