Greece goes on a record: in terms of the number of issued "golden visas" it is ahead of the United States

Over the past three years, the number of applications for a Greek investment residence permit has tripled. And by the end of 2018, Greece had become the most "generous" country in the world. What is the secret to the popularity of the local program? Let's figure it out with the experts.

Some statistics

According to data from the Greek official investment promotion agency Enterprise Greece, from January to November 2018, 9,756 applicants and their family members received a residence permit for investment in Greece. Even the United States, under the EB-5 program, issued only 9602 such documents for the whole of 2018, writes Investment Migration Insider.

Greece or the USA - what will investors choose?

Investment Migration Insider analysts attribute the success of the Greek program relative to the American one to several factors. First, unlike the United States, which has a limit of 10,000 EB-5 visas, there is no such limit in Greece.

Second, the entry threshold for obtaining an EB-5 investment visa in the United States is $500,000, while in Greece, it is only €250,000, which can spend on buying real estate. And prices for it are 40% below the peak of 2009. Finally, Greece is a member of the E.U. and the Schengen area. Therefore, getting a residence permit allows its holder to travel without visas throughout Europe.

The U.S. Leads in Investment

While the U.S. trailed Greece regarding the number of investment visas issued, it overtook the European country in overall foreign investment inflows into the program. If the Greek investment residence permits "gathered" €1.1 billion in the first nine months of 2018, then EB-5–€1.4 billion.

However, Greece may soon outstrip its overseas rival here as well. On average, each applicant under the investment program invests about €300,000, which is 20% more than the established entry threshold. And the number of golden visas granted has been growing every year since the scheme was launched in 2013. In just nine months of 2018, it was 45% higher than in 2017 and 65% higher than in 2016. And after all, the data for the last quarter has not yet been considered!

Greece or the USA - what will investors choose?

Investment Migration Insider analysts attribute the success of the Greek program relative to the American one to several factors. First, unlike the United States, which has a limit of 10,000 EB-5 visas, there is no such limit in Greece.