Extradition applications skyrocket in last quarter of 2022 resident card through golden visa program. The Prime Minister’s announcement by TIF to double the minimum amount of investment required in various areas of high demand from foreign investors, from EUR 250,000 to EUR 500,000, triggered market reflexes, accelerating relevant decisions. According to the statistics of the Ministry of Migration Policy, in December 2022 the number of applications for new permits reached 1116 compared to 337 in September of the same year, i.e. by 231%.

A total of 2,767 new investment immigration permits were issued in 2022, an 81% increase from 1,525 permits issued in 2021. However, this number is still less than in 2019, when a record of 3,504 new permits was set. In total, 4,264 applications for new licenses were submitted in 2022, which, together with applications for renewal, increased to 5,547.

The reason is the doubling of the minimum investment amount in different regions, from 250,000 to 500,000 euros in 2023.

Real estate executives active in the investment immigration field explained that a change in the law, adopted at the end of 2022, further increased the flow of foreign investors, and also contributed to the easing of China’s anti-pandemic policy. In particular, this latest development has greatly increased the flow of visitors from China, giving a significant boost to the golden visa program.

In addition, despite the investment “suffocation” of the last two years, the Chinese remain the most numerous category of investors, and even then with a significant difference from the rest. According to relevant data, as of December 2022, 62.8% of residence permits or 6,159 permits were issued to Chinese citizens. They are followed by investors from Turkey with a share of 6.4% and 631 permits, and the top five are closed by investors from Lebanon (4.5%), Russia (4.5%) and Egypt (2.9%). Nearly 200 permits were also issued to British investors, although it is estimated that most of them already owned property in Greece and simply applied for a residence permit after Brexit was introduced.

Recall that, in accordance with the current changes, until April 30, you can get a residence permit, based on a limit of 250,000 euros, subject to the conclusion of a preliminary contract for the sale of real estate. After April 30, a limit of 500,000 euros will be introduced in the central, southern and northern sectors of Attica, as well as in Mykonos, Santorini and the municipality of Thessaloniki. In practice, it will become more difficult to acquire real estate for obtaining a residence permit in areas such as Byron, Ilioupoli, Galatsi, Zografou, the municipality of Philadelphia-Chalcedon and, of course, in the center of Athens. Accordingly, the northern sector of Attica includes such areas as Vrilissia, Chalandri, Heraklion, Nea Ionia, Metamorfosi, Pefki, Marousi, Psychiko, Philothea, Agia Paraskevi and Melissia. In the southern suburbs, the same €500,000 limit will apply from Agios Dimitrios and Kallithea to Nea Smyrni, Alimos, Elliniko and of course Glyfada. However, from Glyfada onwards, if you continue driving along the coastline of Attica, i.e. in areas such as Vouliagmeni, Varkiza, Voula, Saronida, Anavyssos and Sounio, nothing will change, since the current limit of 250,000 euros with the possibility acquisition of more than one property.