golden residency in Greece programme has been dubbed as "the most sought-after in the world" after the country received 7,752 applications by the end of November this year.
According to SchengenVisaInfo.com, these visa numbers are already 78% more than the total for 2022. In terms of the number of applications received in the first 11 months of this year, Greece has approved only one in five and rejected 14.
Furthermore, for the first time since August of last year, the overall number of pending applications declined marginally in November, from 27,512 to 27,045.
golden residency in Greece
Citizens of China were the primary beneficiaries of this system, followed by those of Turkey, Lebanon, Iran, the United States, and Egypt.
According to the Greek Ministry of Immigration and Foreign Affairs, nationals of these two countries will make up the majority of applicants for the Greece Golden Visa Programme in 2021.
Golden residence visa system by investment in Greece
According to Ministry figures, 6,405 Chinese citizens and 618 Turkish citizens earned residency in the Greek Republic through the residency by investment mechanism.
The Golden Visa system in Greece allows foreigners to get residency if they invest in the nation and meet the requisite standards.
However, the policy, which draws a huge number of foreigners, has posed significant hurdles to the Greek property market.
Increase the minimum level required for foreigners to invest in Greece to obtain a residence visa
Greek Prime Minister Kyriakos Mitsotakis has announced plans to raise the minimum amount required for foreigners to invest in specific sections of the country from €250,000 to €500,000 as part of measures to boost real estate affordability for Greeks.
Nikos Androulakis, the leader of the Greek Socialist Movement (PASOK), has stated that Greece's golden visa programme has resulted in a housing scarcity for the country's people.
The government believes it has addressed the issue by boosting the Golden Visa maximum in Athens to 500,000 euros ($551,216), but retaining the cap in Piraeus at 250,000 euros ($275,608). "Is there anything in downtown Athens that hasn't been bought?" He explained.
Androulakis demanded that the government discontinue the programme, stating that he will launch a campaign to do so.
