Recent figures released by Greek authorities show a sustained increase in the interest of British investors in investing in Greece, particularly in its Golden Visa program.
According to the Greek newspaper Capital, the British currently rank fourth among those interested in residency by investment, following China, Turkey, and Lebanon. Notably, just a year ago, they were in seventh place.
This leap is also reflected in the granting of initial permanent investor permits to property buyers from Britain. Since the program’s inception until June of last year, 281 permits had been issued; in the last 12 months, these permits have seen a 58% increase, reaching a total of 444.
Why is this growth happening?
Although these phenomena usually have various reasons, the main one in this case seems to be the UK’s exit from the European Union, or “Brexit.” Many Britons interested in buying a second home for vacation purposes are now taking advantage of combining that investment with applying for a residence permit.
This makes Greece and its Golden Visa program a very attractive option compared to other countries that do not include a real estate option for this. Additionally, Greek residency comes with the freedom to travel within the Schengen Area and to enter and exit the EU—a possibility that is becoming increasingly relevant for UK citizens.
Changes in the Greek Golden Visa
Another reason for the increase in applications for this program has to do with the legal changes announced at the beginning of 2024, which are already underway. These changes aim to raise the minimum investment amounts, which until now were set at 250,000 euros in real estate.
However, for those who complete their investment before September 30 of this year, the amounts and rules will remain the same until the end of 2024, with the possibility of being extended until 2025. A great reason to act quickly and take advantage of these amounts!
According to the Greek Ministry of Immigration and Asylum, there are currently over 9,000 residence permit applications yet to be reviewed, so the proportion of British investors could increase even further in the next period.
Greece in the Top 5 Worldwide for Golden Visas
While some estimate that British interest may decrease as the minimum investments rise from 250,000 euros to 800,000 euros in areas like Attica, Mykonos, or Santorini, the truth is that Greece remains an attractive destination for investors.
On one hand, not all areas of Greece will see the same increase: outside the aforementioned zones, the minimum amount is 400,000 euros. There are also two cases where this minimum amount can still be 250,000 euros. One is if the investment is made to restore a historic building or property, and the other is when acquiring an industrial or commercial property—offices, shops, hotels, warehouses—to convert exclusively into residential units.
Adding to this, in the annual global ranking of Golden Visa programs conducted by Henley & Partners, Greece ranks among the top 5, thanks in part to “its high levels of security, excellent educational opportunities, robust healthcare options, and a reliable rule of law.”
Another advantage is that interested parties are not required to reside in Greece to maintain their residence permit. The program also provides benefits for family reunification: residence permits are extended to the primary investor, their spouse, their children under 21 years old, and the parents of both spouses.
As you can see, and as hundreds of British investors have already noticed, the Greek Golden Visa is an excellent opportunity. In this field, AIM Global has extensive experience, which is at your disposal to help you achieve your projects.
Schedule a meeting with our team today. We have offices in Europe and will support you throughout every step of the process.
