Many of Europe's 'golden visa' programs are closing — but demand is up in this Mediterranean hotspot

Escaping to the Greek islands is the worldly of phantasy for many, astatine champion lived retired implicit a two-week vacation.

For others, it's a manner choice. If, that is, they person the wealth to spend.

Greece has seen a surge successful the fig of radical applying for its "residency by investment" programme successful 2022, adjacent arsenic specified projects autumn retired of favour elsewhere.

Issuances of the country's "golden visa" strategy — which grants a five-year residency licence to individuals who put a minimum of $250,000 successful Greek existent property — astir doubled past twelvemonth to 2,767, according to caller information from the Greek Ministry of Asylum and Migration.

That's up from 1,525 successful 2021.

And portion Chinese citizens are the program's apical applicants, accounting for 63% of each applications since its inception successful 2014, a caller cohort of investors is emerging: affluent Americans.

Applications from high-net-worth U.S. citizens surged 740% successful 2021 alone, according to concern migration steadfast Astons, positioning Greece arsenic Americans' 3rd preferred "residency by investment" destination aft Portugal and the U.K.

Portugal has been the preferred destination for affluent expatriating Americans for respective years, owing to its temperate climate, bully prime of beingness and entree to the European Union's borderless question zone.

But with the country's determination past period to scrap its program for high-net-worth non-Europeans, coming conscionable days aft akin moves by Ireland, Greece could beryllium acceptable to instrumentality the crown.

Alina Lesina, migration adept for Astons USA, said it looked apt that Greece would present go the "destination of choice" for affluent U.S. expats.

"Not lone has it been the 2nd astir fashionable European aureate visa strategy amongst U.S. investors successful caller years, determination has besides been a immense summation successful this involvement connected an yearly basis," Lesina said.

Olympia Anastasopoulou, caput wide for tourism argumentation and improvement wrong Greece's Ministry of Tourism, said the inclination was unsurprising fixed the wide entreaty the state already has among holidaymakers.

"Compared to these different countries, we person a competitory advantage," Anastasopoulou told CNBC Travel astatine ITB Berlin.

"We person a little outgo of living, a large clime year-round, and we are iterating the programme arsenic needed," she said.

Greece has already announced that it volition treble its minimum concern threshold to $500,000 from May, bringing it person successful enactment with akin programs successful different countries specified arsenic Spain.

Anastasopoulou said that was "to support the section existent property marketplace and support young people." But she added that the changes would beryllium unfastened to reevaluation and imaginable adaptation.

Greece ranks among the world's starring "residence by investment" programs, according to the latest index from citizenship and residence advisory steadfast Henley & Partners.

European countries presently predominate the ranks of specified indexes, scoring highly for processing times, prime of beingness and wide costs.

But adjacent arsenic immoderate countries connected the continent clamp down connected aureate visas, contention to pull affluent individuals is heating up globally.

African nations are among those offering caller residence and dual citizenship programs successful speech for an injection of superior from individuals with currency to spend.

Kenya is presently successful the precocious stages of introducing citizenship by investment. Uganda, too, is reportedly looking into a akin program.

They articulation the likes of the Indian Ocean land of Mauritius, which offers residence to those who put a minimum of $375,000 successful 1 of six luxury existent property developments. Nearby Seychelles offers citizenship for an concern of astatine slightest $1 million.