Application volume for Greek golden visas nearly doubled last year, despite price hikes. Now, the government plans to raise prices again.
New data from The Economist indicate shares in Greek companies have been the best-performing golden visa asset over the last year.
The golden visa has raised EUR 45 million per WEEK for Greece in 2023. Now, the socialist opposition wants to end the program.
While application volume is up 262%, processing is up only 142%. Net result: A sudden and unprecedented backlog worth EUR 1.75 billion.
Harvard-educated economist PM Mitsotakis’s securing a clear majority in parliament saw the value of Greek assets rise instantly.
Greece’s backlog now numbers nearly 16,000 (about 5,000 main applicants), which, when converted to golden visas, will net billions for Greece.
Buoyed by fewer competitors and an impending price hike, the program’s application volume has ballooned. So has its backlog of pending cases.
“This extension relieves the stress of investors,” commented Alexander Varnavas of Athens-based Varnavas Law on the news.
Greek Golden Visa authorities are struggling to keep up with mushrooming demand. Applications in the backlog now number at least 3,700.
Greece offers investors, retirees, and business owners the opportunity to pay a sharply reduced tax rate for up to 15 years.
When Greece last year announced golden visa investment requirements would increase, prospective investors worried. They needn’t have.
When Greek Prime Minister Mitsotakis announced the price increase for golden visa real estate in September, investors reacted immediately.
Only one in ten Greek municipalities are subject to the new EUR 500,000 golden visa property investment minimum, write Georgaki & Partners.
Ukraine, whiplashing post-pandemic demand, Portugal’s golden visa crisis, and a host of price changes made for a highly eventful year.
Municipalities in Greater Athens, Thessaloniki, as well as on two of the islands, will cost more next year. The transition starts in May.
The Greek golden visa is becoming more expensive and Portugal’s may be on its way out. That combination is driving a surge in Greek GV applications.
Investors will have until next year, at least, to file under the current EUR 250k threshold, and changes will only apply in parts of the country.
A Greek golden visa costs $50,000 less than a year ago. Combined with access to the EU and more upside potential, the program has never been more competitive relative to the Caribbean CIPs.
The measure, said Prime Minister Mitsotakis in his speech, would “increase the affordability of real estate for Greeks.”
Get the Greek golden visa in a matter of weeks without any transaction-related costs by investing in a term deposit, writes the Golden Visa Greece team.