Greece's Golden Visa program, which offers affluent foreigners and their families 5-year residency permits along with valuable European Union passports, has predominantly attracted buyers from China, Turkey, Russia, and Lebanon.
Eligibility for the program generally requires a minimum investment of at least 500,000 euros ($545,743) in properties, a threshold that doubled in August. This adjustment was made to address concerns about investors acquiring multiple units and placing them on short-term rental platforms.
Consequently, certain neighborhoods in Athens have witnessed a significant reduction in long-term residents with leases, as these properties are increasingly used for short-term stays via platforms like Airbnb. This phenomenon has not only depleted available housing but has also resulted in heightened demand, leading to increased rents and a transformation in the demographics of areas traditionally inhabited by Greeks, notably around the Acropolis and even in the anarchist region of Exarchia.
According to Schengenvisainfo, China and Turkey lead in the number of applications for Greece's Golden Visa Program, with 6,405 and 618 nationals, respectively, granted residency permits in 2021.
In February 2023, a total of 10,105 residence permits were issued to investors, accompanied by 18,154 permits for their family members, with Russians and Lebanese ranking next in terms of recipients.
The figures from the Ministry of Migration and Foreign Affairs of Greece indicate that, in 2021, 6,405 nationals from China and 618 nationals from Turkey were granted residency permits through the Golden Visa Program, as reported by the site.
