Surge of Foreign Millionaires investing in Greece real estate

In 2023, approximately 1,100 foreign millionaires chose Greece, with another 1,200 expected in 2024, many investing in Greece real estate for golden visas.

In 2023, Greece witnessed an influx of approximately 1,100 foreign millionaires, with projections indicating an additional 1,200 arrivals in 2024. A significant number of these affluent individuals are anticipated to invest in Greek real estate as a means to secure the coveted golden visa, a program that has gained considerable traction. Following the tumultuous financial crisis of 2009, Greece has made a remarkable resurgence, evidenced by a notable increase in real estate prices and a burgeoning population of millionaires. This resurgence has positioned Greece among the top ten countries globally in terms of projected net inflows of high-net-worth individuals.

The burgeoning trend of millionaire migration has catalyzed a robust expansion in the investment migration sector, serving as a testament to the health and competitiveness of the Greek economy. The economic growth forecast for 2024 stands at an impressive 2.2%, surpassing the European Union average of 1.0%. Furthermore, the interest from foreign nations such as Luxembourg, Germany, the Netherlands, and Switzerland in Greece's Foreign Direct Investment (FDI) stocks underscores the country's appeal as a viable investment destination. The influx of multinational corporations, including industry giants like Microsoft, Amazon, Google, JP Morgan, Goldman Sachs, Mondelez, and Chubb, further solidifies Greece's status as an attractive hub for investment.

The allure of Greece for millionaires can be attributed to several factors. As a member of the European Union, Greece offers a plethora of benefits to its new wealthy residents, including a secure environment for family life, access to quality healthcare, and reputable educational institutions. The rich cultural heritage, vibrant community atmosphere, and an abundance of historical sites to explore add to the country's charm. Additionally, the favorable tax regime and investment incentives, coupled with relatively lower property prices and living costs compared to their home countries, make Greece an enticing option for high-net-worth individuals.

The Greece residence by investment program, commonly referred to as the golden visa, provides residency to individuals who make substantial investments in the country. The program's benefits encompass the right to reside and study in Greece, as well as visa-free travel within the Schengen Area. Notably, new applications for five-year residence permits through the Golden Visa program surged in the first half of 2024, with approximately 1,300 applications submitted in the initial two months, a slight increase from the 1,248 applications recorded during the same period the previous year.

Among the millionaires relocating to Greece, approximately 20% are entrepreneurs and company founders poised to establish new businesses and generate local employment opportunities. Various investment schemes are available for those seeking to obtain the Golden Visa, including investments in real estate, hotels, government bonds, and capital investments in Greek enterprises.

To foster bilateral trade and provide business and investment services, the British Hellenic Chamber of Commerce (BHCC) was established. This independent, non-profit organization operates solely on membership fees and profits from events, representing the interests of its members in both Greece and the UK. The BHCC comprises a diverse array of professionals, including accountants, business advisors, car rental firms, bankers, hotel owners, and legal experts. The Chamber organizes a variety of activities, including conferences, seminars, webinars, business luncheons, and social events.

Greece is increasingly emerging as a favored destination for highly skilled and affluent individuals from around the globe seeking residence in Europe. The UK is projected to experience a net loss of 9,500 millionaires in 2024, more than double the 4,200 who departed the previous year, with many of these individuals likely to gravitate towards Greece. Additionally, Americans seeking lower living costs in a safe European environment are also making their way to Greece, particularly in urban centers like Athens.

The affluent are gravitating towards hotspots such as Athens, Mykonos, and Crete. In Athens, the northern suburbs, including Kifisia, Ekali, and Psychiko, are regarded as the most affluent areas. Data from the Finance Ministry indicates that Palaio Psychiko is home to some of Greece's wealthiest residents, characterized by opulent mansions, lush greenery, and breathtaking views.

Statistical data from Greece's national authorities position the country as the thirteenth most visited globally, attracting over thirty million international tourists annually, predominantly from European nations and the United States. Recently, there has been a notable surge in interest from Asian countries, particularly China. In response, upscale holiday companies are enhancing accommodation standards and technological offerings to bolster Greece's luxury travel sector. The influx of wealthy tourists often leads to increased interest in property acquisition and investment in Greece's tourism infrastructure, including hotels and holiday rentals.

Luxury villas, with their meticulously manicured gardens, expansive pools, and lavish furnishings, are particularly appealing to affluent buyers and tourists. Many of these villas boast extravagant amenities such as helipads, tennis courts, children's playgrounds, and in-house chefs, all set against the backdrop of panoramic sea views.

The rich and famous tend to gravitate towards either vibrant locales replete with restaurants and nightlife or secluded retreats that offer privacy and tranquility. Mykonos, Crete, Paros, and Corfu are among the preferred islands for these elite individuals.

In 2024, Greece welcomed a host of celebrities, including actors, musicians, and athletes. Notable sightings included billionaire Jeff Bezos on the idyllic island of Pserimos, Kylie Minogue attending a Coldplay concert in Athens, and Goldie Hawn, Kurt Russell, and Kate Hudson enjoying their summer in Skiathos. Kim Kardashian made waves arriving in Spetses via yacht, while Oxford United footballer Marcus McGuane shared his Mykonos holiday escapades on social media.

Mykonos stands out as a premier destination for millionaires, offering exclusive clubs, boutique shopping, and exquisite dining experiences with stunning sea views. Corfu, known as the Queen of the Ionian Sea, boasts an elegant Italian-style town, breathtaking beaches, delectable local cuisine, and captivating scenery, making it a favored choice for billionaires seeking a blend of relaxation and vibrant island life.

Paros, an emerging hotspot, is gaining traction among the wealthy, with its traditional Cycladic architecture and pristine beaches. Naoussa, the island's second town, is particularly renowned for its lively nightlife, drawing young millionaires eager to embrace the Greek lifestyle.

Crete's Elounda has transformed from a quaint fishing village into a luxurious playground for the elite, with an array of resorts, hotels, and nightlife options catering to the affluent. As Greece continues to attract high-net-worth individuals, it solidifies its status as a premier destination for both investment and leisure.