The end of Portugal’s Golden Visa program has turned the eyes of U.S. citizens toward Greece’s residency-by-investment program, making the latter the third country most famous for offering such opportunities to wealthy foreign investors, according to a recent study of the London-based immigration and investment company Astons.
Another reason why the Greek Golden Visa attracts a large number of foreigners interested in acquiring residence in this Balkan country by making a financial investment is the announcement of the postponement of the decision to increase the minimum amount required for investments through this program in certain regions of the country. from €250,000 instead of €500,000 until July 31, reports SchengenVisaInfo.com.
Previously, Greek Prime Minister Kyriakos Mitsotakis said that the requirements for Greece’s Golden Visa program while emphasizing that the minimum investment amount through this program would increase from May 1 this year. But now, foreigners have more time to acquire residency without being subject to the requirement of double the amount of money.
Findings from the London-based immigration investment firm show that interest in the Hellenic Republic’s Golden Visa program increased by 75.2 percent after the Portuguese program was abolished on February 16, as part of efforts aimed at solving the problem of housing shortage, within the framework of the Mais Habitacao program.
In March this year, another Astons survey revealed that the Hellenic Republic would see an increase in the number of Golden Visa applications from US nationals, following the abolition of the visa. Portugal’s Golden Visa programin addition to the closure of Irish Residency by Investment Program that ended earlier this year.
The same source indicated that last year, a total of 2,767 people benefited from this program, an increase of 81 percent compared to 2021. In total, last year, a total of 4,264 golden visa applications were filed.
“In 2020, we saw a mass exodus of wealthy Americans leaving the United States, and it was Portugal that they had their eyes on to obtain alternative residency via a golden visa. » Astons USA immigration expert Alina Lesina highlighted this.
She said it was likely that the Hellenic Republic would become their destination of choice following the Portuguese government’s announcement.
Several European countries offer the Golden Visa program to investors from other countries. Besides Greece, Portugal and The Spanish residency by investment program also attracts a large number of foreigners.