The most popular “golden visa” in 2023 has been revealed

What has happened

From the start of 2023 to the end of November, Greece had received an all-time record 7,752 applications for golden visas, already 78% more than in all of 2022. This makes the Greek program the most sought after in the world among other similar schemes in 2023. The total investment amount for these applications has exceeded €2.3 billion.

The results since the rules have changed

In the four months that have passed since the entry threshold was raised, a total of 2,866 investors have applied for Greece's golden visa, an average of 717 per month. This is 65% more than in the same four months in 2022. This means that other factors continue to drive demand for the program, despite the change in the policy.

Expectations

Despite the unusually high volume of applications, Greek authorities were finally able to reduce the number of pending applications last month. For the first time since August 2022, the number of pending applications fell slightly in November, from 27,512 to 27,045.

However, in terms of principal applicants filling their initial residence permit applications, approvals continue to be delayed. The fact that the backlog of initial applications from main applicants has fallen from 7,542 to 7,319 in November indicates that authorities have been catching up on files from 2021 and early 2022.

The origin of the investors

The fastest growing group of investors this year in absolute terms have been the Chinese (2,001 investors). They are followed by the Turks (457), Lebanese (192), Iranians (169), Americans (92) and Egyptians (73).

Among the nearly 15,000 main applicants for Greek golden visas currently in circulation (including extensions), Chinese account for 58%, Turks 7%, Russians and Lebanese 5% each, and Iranians and Egyptians 3%.

Source: Investment Migration Insider

Photo by Kyle Glenn on Unsplash

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