Greek "golden visa" popular with wealthy Americans

An influx of wealthy American expats to Greece awaits CNBC after Portugal and Ireland suspended their own Golden visa programs.

For many years, Portugal has been the preferred destination for wealthy Americans looking to settle abroad. thanks to the mild climate, good quality of life and the opportunity to travel throughout the European Union. But after Portugal decided to close the Golden Visa program, just a few days after a similar move by Ireland, Greece could take the lead.

In Greece, golden visa applications nearly doubled in 2022, from 1,525 in 2021 to 2,767. And while Chinese have accounted for 63% of applications since the program launched in 2014, wealthy Americans are now becoming a “force to be reckoned with.”

According to immigration investment firm Astons, applications from high-net-worth individuals in the US increased by 740% in 2021 alone. Today Greece is the third most preferred place for Americans to obtain a residence permit through investment after Portugal and the UK. According to Alina Lesina, Astons USA immigration specialist, Greece will be the first choice for wealthy Americans. “This is not only the second most popular European Golden Visa program among American investors in recent years, but also a huge increase in interest from year to year,” notes Lesina.

Speaking to CNBC, Olympia Anastasopoulou, secretary general for tourism policy and development at the Ministry of Tourism, attributed this trend to the fact that Greece is also a popular tourist destination, which gives it a competitive edge over other countries.. Greece is in the first position of the leading programs for residence by investment in the world, according to the Henley & Partners index.

CNBC recalls that Greece has announced it is doubling the minimum required investment from May to $500,000 (region-specific), bringing it more in line with other similar programs in countries like Spain.

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