Escaping to the Greek islands is the stuff of fantasy for a lot of, at finest lived out over a two-week trip.

For others, it is a way of life alternative. If, that’s, they’ve the cash to spend.

Greece has seen a surge within the variety of individuals making use of for its “residency by funding” program in 2022, whilst such tasks fall out of favor elsewhere.

Issuances of the nation’s “golden visa” scheme — which grants a five-year residency allow to people who make investments a minimal of $250,000 in Greek actual property — virtually doubled final yr to 2,767, based on latest knowledge from the Greek Ministry of Asylum and Migration.

That is up from 1,525 in 2021.

And whereas Chinese language residents are this system’s prime candidates, accounting for 63% of all purposes since its inception in 2014, a brand new cohort of buyers is rising: rich Individuals.

Functions from high-net-worth U.S. residents surged 740% in 2021 alone, based on funding immigration agency Astons, positioning Greece as Individuals’ third most popular “residency by funding” vacation spot after Portugal and the U.Okay.

Portugal has been the popular vacation spot for rich expatriating Individuals for a number of years, owing to its temperate local weather, good high quality of life and entry to the European Union’s borderless journey zone.

However with the nation’s resolution final month to scrap its program for high-net-worth non-Europeans, coming simply days after related strikes by Eire, Greece could possibly be set to take the crown.

Alina Lesina, immigration skilled for Astons USA, mentioned it regarded seemingly that Greece would now turn out to be the “vacation spot of alternative” for rich U.S. expats.

“Not solely has it been the second hottest European golden visa scheme amongst U.S. buyers in recent times, there has additionally been an enormous improve on this curiosity on an annual foundation,” Lesina mentioned.

Olympia Anastasopoulou, secretary basic for tourism coverage and improvement inside Greece’s Ministry of Tourism, mentioned the pattern was unsurprising given the broad attraction the nation already has amongst holidaymakers.

“In comparison with these different international locations, we now have a aggressive benefit,” Anastasopoulou informed CNBC Journey at ITB Berlin.

“Now we have a decrease value of dwelling, an amazing local weather year-round, and we’re iterating this system as wanted,” she mentioned.

Greece has already introduced that it’s going to double its minimal funding threshold to $500,000 from Might, bringing it nearer according to related packages in different international locations comparable to Spain.

Anastasopoulou mentioned that was “to guard the native actual property market and defend younger individuals.” However she added that the adjustments could be open to reevaluation and potential adaptation.

Greece ranks among the many world’s main “residence by funding” packages, based on the newest index from citizenship and residence advisory agency Henley & Companions.

European international locations at the moment dominate the ranks of such indexes, scoring extremely for processing occasions, high quality of life and total prices.

However whilst some international locations on the continent clamp down on golden visas, competitors to draw rich people is heating up globally.

African nations are amongst these providing new residence and twin citizenship packages in alternate for an injection of capital from people with money to spend.

Kenya is at the moment within the superior levels of introducing citizenship by funding. Uganda, too, is reportedly wanting into the same program.

They be a part of the likes of the Indian Ocean island of Mauritius, which gives residence to those that make investments a minimal of $375,000 in one in every of six luxurious actual property developments. Close by Seychelles gives citizenship for an funding of at the least $1 million.