Greece for permanent residence – what attracts the country of migrating millionaires

1200 millionaires choose Greece for permanent residence. What influences their choice? And where do they come from?

Many Greeks are considering leaving their homeland and going to another country in search of a better life, and hundreds of thousands have already made a similar decision a reality. At the same time, a significant number of foreign millionaires dream of Greece as a permanent place of residence and put it into practice.

They buy a house they like on an island or in the mountains, others – in large cities, with the intention not to come on vacation, but to be in Greece 12 months a year. Having settled in Hellas, they manage their business remotely while enjoying the sea, sun and mountain air. The Henley Global Citizens Report, an international organization that monitors wealth trends around the world, estimates that at least 1,200 people of this economic level are expected to settle permanently in Greece by the end of this year.

Why does the financial elite choose Greece? The researchers note that the coronavirus pandemic, the raging war in Ukraine and social instability in China, Hong Kong and other regions of the world have led to a significant outflow of capital and the migration of wealthy people. Millionaires are increasingly looking for a combination of residence permits with simultaneous citizenship and investment.

First of all, “moneybags” choose Greece for the fact that it allows any foreigner from a third country who has bought a property worth more than 250,000 euros to almost automatically receive a residence permit from the state for seven years. it “Golden Visa”thanks to which the financial elite can do business in any other member country EUwhich he wishes. For a shipowner or industrialist from China or Russia, for example, such a move opens the economic gates of virtually the entire old continent.

An important advantage is the fact that one can be considered a permanent resident of Greece without having to live in a house worth 250,000 euros, which he will buy. And after seven years from the date of purchase of real estate, a foreigner can apply for Greek citizenship.

Another important factor is that Greece is considered a safe destination. Alarming indicators of serious crime are not recorded, citizens move freely and comfortably along the streets without danger, and there is no noticeable social unrest. In addition, the official currency is the euro, which is considered the second most powerful in the world after the dollar (in light of recent events with this you can bet), and in recent years it has created favorable conditions for all who wish to invest.

By the way, the Henley Global Citizens Report puts Greece in 8th place in the world among the states chosen by millionaires for immigration. The United Arab Emirates leads the corresponding list – during 2022, about 4,000 millionaires are expected to immigrate there. The state of seven emirates has created a business-friendly investment environment, introduced a favorable visa waiver program and competitive tax rates.

In second place is distant Australia, this year it will receive a total of about 3,500 millionaires. In third place is Singapore, with 2,800 wealthy immigrants. Further, the countries attractive to millionaires are located in this order: Israel with 2600 immigrants, Switzerland with 2200 millionaires, the USA with 1500, Portugal with 1300 and Greece in eighth place. Rounding out the top ten are Canada with 1,000 millionaires and New Zealand, which is expected to have a total of 800 millionaires in 2022.

A natural question arises – where do these “migratory millionaires” leave? Studies show that the largest outflow of millionaires now falls on the Russian Federation. After the Russian president’s decision to invade Ukraine, thousands of millionaires are looking for another place to live, apparently fearing the consequences of the economic measures imposed against Moscow by the West and the freezing of their considerable funds. According to the data, by the end of this year, approximately 15,000 millionaires will leave their country in search of permanent residence in another state.

China (10,000 millionaires) is in second place in terms of the outflow of millionaires, followed by India (8,000) and Hong Kong (3,000). Ukraine closes the top five regions from which the financial elite is leaving, as by 2022 a total of 2,800 millionaires will leave there. And there is not even a special need to justify the reasons for the flight of people with millions of turnovers. War alone is enough to make someone look for investment opportunities and security in another part of the planet.

Brazil (2.5 thousand millionaires), Great Britain (1.5 thousand), Indonesia (600) and Saudi Arabia (600) complete the top ten countries with an outflow of wealthy citizens. More millionaires will change their permanent residence in 2023. Jürg Steffen, Managing Director of Henley & Partners, says quoted by newsbeast.gr:

“We live in an extremely unstable environment. A total of 88,000 millionaires are expected to move to other countries by the end of the year, 22,000 fewer than in 2019, at the end of which the pandemic broke out. Then 110,000 millionaires moved. Next year, we expect the largest migration flow of millionaires ever, about 125,000 people. As wealthy investors and their families prepare for the post-COVID and post-war era (after the end of the conflict in Ukraine).”

Dominik Wolek, head of the Henley & Partners private client group, notes that the recent pandemic and war have forced many more investors to move their families to other countries for a number of reasons:

“From security and better education to healthcare, climate adaptation and even cryptocurrency friendliness. It is important to note that nine out of ten countries that will see an influx of millionaires have official investment exchange programs with residence permits or citizenship. Investors can now see the value of diversifying their housing portfolios as a safe haven against regional and global volatility.”

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