The interest among wealthy individuals to get Greece Golden Visa seems to be increasing. As a member state of the EU, Greece offers its residents and citizens a number of reassuring benefits including high levels of safety and security, excellent education opportunities, robust healthcare options, and a dependable rule of law. The key benefit is the right of free movement to Greece and Europe’s Schengen Area.

According to recent reports, wealthy foreign nationals who wish to obtain residency in various regions of Greece under the Golden Visa Program must now invest a greater amount of money. Greece announced that the 250,000 euro cap on homes eligible for a “golden visa” had been increased to 500,000 euros. Foreign investors must now invest a total of €500,000 rather than €250,000 under the new rules, which has gone into effect from August 1, 2023.

Beginning on August 1, citizens of other countries who buy real estate in Greece valued at a minimum of 500,000 euros either individually or through a legal entity will be eligible for a five-year resident permit under the country’s investor visa program. Post the revised limit, one will be allowed to buy only one home.

Purchases of real estate are now subject to the new cap in Thessaloniki, Mykonos, Santorini, and the central, northern, and southern regions of Attica. Indicative areas where investor visa limits have increased include the wider Athens area and suburbs such as Melissia, Penteli, Nea Penteli, Kifissia, Nea Erythrea, Ekali, Halandri, Agia Paraskevi, Nea Ionia, Cholargos-Papagou, Filothei, Psychiko, Neo Psychiko, Alimos, Glyfada, Palaio Faliro, and central Athens, among others.

The Greek Prime Minister, Kyriakos Mitsotakis, announced the plan to implement such measures earlier this year, emphasizing that they will take effect on May 1. The choice was then put off until August 1 for a further three months.

The Greek Prime Minister, Kyriakos Mitsotakis, announced the plan to implement such measures earlier this year, emphasizing that they will take effect on May 1. The choice was then put off until August 1 for a further three months.

More specifically, during the period of January through May, 3,900 applications for the purchase of residential property were made as opposed to 1,444 during the same period last year, and 975 million euros worth of properties were sold, which is an increase of 170 percent or three times the amount sold last year of 361 million euros.

Meanwhile, with over 5,444 investor visa applications awaiting acceptance, the increased interest in Greece’s residency by investment scheme is putting strain on authorization authorities. Indicative of the demand, in the May 2022-May 2023 period, a total of 8,351 investor visa applications were submitted to Greek authorities, 35 percent of which were approved.