Changes to the Golden Visa program in Greece: how much does a passport for investment cost now

The practice of issuing citizenship in exchange for investment has existed for over forty years. St. Kitts and Nevis were the first to adopt this approach. However, their programs were not particularly popular. A wave of interest in "Golden Passports" arose against the backdrop of the 2008 global financial crisis. Over the next 3-6 years, leading European countries joined the program – Portugal, Austria, Greece, the UK, as well as Turkey and the UAE. The next peak occurred in 2020, when COVID-19 restrictions were lifted.

Greece's "Golden Passports" are in steady demand. Many residents of Russia, China, and Turkey want to buy a cozy villa on the shores of a warm sea or acquire shares in Greek companies, with the possibility of unhindered entry into the country and the prospect of obtaining citizenship.

Over the ten years of its operation, the program has brought billions to the Greek treasury. Thus, in the first five months of 2023, foreign citizens invested approximately €1 billion in the country's economy. However, on August 1, 2023, new, more stringent requirements for obtaining a Golden Visa came into effect. How will this affect foreign investors? We explain.

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