The Golden Visa Programme in Greece has generated EUR 1.32 billion since the beginning of the year, and the Immigration and Asylum Ministry expects the total to reach EUR 1.5 billion by year-end. The programme's popularity is evident in the 117 pc increase in Golden Visa applications from January to November compared to the same period last year, says Greece ministry.

A total of EUR 1.32 billion have been brought to Greece since the beginning of this year through the Golden Visa Programme, says figures from the Immigration and Asylum Ministry of Greece.

The Golden Visa Programme of Greece allows wealthy internationals to acquire residency if they meet some conditions and financially invest in this country.

According to a press statement by the ministry, it expects the programme to bring EUR 1.5 billion in total by the end of this year, following the decision to increase the minimum amount of money required from investment in some parts of the country from EUR 250,000 to EUR 500,000 applied earlier this year.

The ministry says that for a period from January until November, a total of 9,459 applications for the country’s Golden Visa have been submitted, accounting for a 117 pc increase over the same 11-month period a year ago.

In addition, the number of golden visas granted up to this point increased by 112 pc to 5,302. At the same time, at present there are currently 8,461 investor visa requests pending with 7,490 of these concerning property purchases in Attica.

For a period from May 2022 to May 2023, authorities in Greece received 8,351 applications for investor visas, which indicates a strong demand, the statement says.

According to the figures provided by the Ministry, the majority of those who benefited from the Golden Visa scheme came from China, accounting for 45 pc, followed by Russia at 14 pc, Turkey at 10 pc and Egypt at 5 pc.

However, the programme which is among the most favourite ones in Europe, has brought difficulties to the Greek housing market. The statement adds that in August this year, the Prime Minister of Greece, Kyriakos Mitsotakis, announced the country increased the minimum amount required from internationals for investment from EUR 250,000 to EUR 500,000 in some parts of the territory.

The statement adds that consequently, the leader of the Panhellenic Socialist Movement (PASOK), Nikos Androulakis, said that the Golden Visa scheme has led to a shortage of apartments for the country’s residents.

“The government thinks it is dealing with the problem by raising the golden visa threshold to EUR 500,000 in Athens, while leaving, for example, the limit at EUR 250,000 in Piraeus. Is there anything in downtown Athens that hasn’t been bought?” says Androulakis.

In addition, he urged the government to abolish this scheme, thus adding that he would initiate a campaign in order to put an end to the scheme.