Home Travel & Adventure Golden Visa Paradise: Israelis Flock to Thessaloniki

Golden Visa Paradise: Israelis Flock to Thessaloniki


The majority of the applications submitted for the residence permit through the purchase of real estate in Greece’s Thessaloniki came from Israeli nationals, based on the estimations from the Alcinoos Konis of the Nexus law firm.

The same revealed that in the first seven months of this year, a total of 953 requests for residence permits through the purchase of real estate in Thessaloniki were submitted; of them, 507 were approved, and the rest are under examination.

Besides, the figures from the law firm revealed that 70 per cent of golden visa requests in the first seven months of this year came from nationals from Israel.

The war between Israel and Hamas is also among the reasons that led to a surge in the number of Golden Visa applications in Greece from nationals from Israel.

The Residency by Investment Program of the Hellenic Republic, known as the Golden Visa scheme, allows all nationals from other countries to acquire residency by making a financial contribution to this territory and meeting the required conditions.

The scheme brought nearly €1 billion in the first five months of this year, based on the Migration and Asylum Ministry statistics.

The same revealed that from January until May this year, a total of 3,900 requests for purchase of real estate for residence were registered, compared to 1,444 recorded during the same period last year.

Authorities in Greece decided to increase the amount required for investment when planning to acquire residency in some territories in the Hellenic Republic.

In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for issuing a golden visa from €250,000 to €500,000 (£434,000, $500,000),” Greece’s PM.

The decision was announced by the Greek Prime Minister, Kyriakos Mitsotakis, and it became effective on August 1.

Portugal’s decision to end the real estate investment options through this scheme also led to an increase in interest in Greece’s Golden Visa Program.

At present, several European countries offer Golden Visa and Golden Passport schemes, offering third-country nationals the opportunity to acquire residency and citizenship through these schemes.

However, different rules are applied in different countries offering such programs.

In spite of the fact that they make significant contributions to the economies of territories that run such schemes, such programs are often criticised for being an open door to several irregular affairs.

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