Greece has benefited from the Golden Visa Program to the tune of €1.32 billion since the start of the year, according to the Immigration and Asylum Ministry. Following the decision earlier this year to increase the minimum investment requirement in specific locations from €250,000 to €500,000, the ministry expects the total to reach €1.5 billion by year’s end.

Compared to the same period last year, there has been a significant 117 percent increase in Golden Visa applications from January to November, totaling 9,459. There were 5,302 golden visas issued, an increase of 112 percent. There are now 8,461 pending requests for investor visas, of which 7,490 are related to Attica real estate acquisitions.

Greece received 8,351 applications for investor visas between May 2022 and May 2023, demonstrating a high level of demand. Chinese citizens made up 45 percent of the beneficiaries, with Russians at 14 percent, Turks at 10 percent, and Egyptians at 5 percent following.

Through the Golden Visa Program, foreign investors can become residents of Greece if they fulfill certain requirements and make investments in the nation. It is a well-liked scheme in Europe, but it has caused problems for the Greek real estate market.

Prime Minister Kyriakos Mitsotakis raised the minimum investment amount for foreigners in several regions from €250,000 to €500,000 in August of this year. The Panhellenic Socialist Movement’s (PASOK) Nikos Androulakis is among the critics who claim that the scheme is to blame for the lack of flats available to Greek citizens.

Androulakis pointed out the discrepancy in investment thresholds between Athens and Piraeus in his criticism of the government’s strategy. “Is there anything in downtown Athens that hasn’t been bought?” he asked, expressing concerns about the program’s effect on the area’s commercial district. Androulakis promised to launch a campaign to abolish the plan and demanded that it be discontinued.