Greece has once again emerged as one of the top 10 countries attracting millionaires globally, according to the Henley Private Wealth Migration Report 2023. The report highlights that Greece is among the favorites for high-net-worth individuals (HNWIs), who possess at least 1 million dollars in cash or easily convertible assets. This recognition comes as part of a global trend, with Australia leading the pack in attracting the highest net inflows of millionaires, followed by the UAE and Singapore.
The report indicates a positive growth in HNWIs moving to Greece, with an increase from 1000 to 1200 individuals expected this year. This rise in interest has contributed to Greece’s ascent to the 7th position on the list, up from its 8th ranking last year, surpassing countries like Israel and Portugal. Notably, while Greece has experienced a surge in wealth migration, both Israel and Portugal seem to be encountering a decline in this regard.
The top 10 countries that have witnessed significant net inflows of HNWIs in 2023, as outlined in the Henley Private Wealth Migration Report, are Australia, the UAE, Singapore, the USA, Switzerland, Canada, Greece, France, Portugal, and New Zealand.
Investment Migration Insights
Mediterranean citizenship programs continue to be the most sought-after in Europe, with significant interest surrounding the Portugal Golden Residence Permit Program, Spain Residence by Investment Program, and Greece Golden Visa Program. However, there are some notable developments and potential changes in these programs.
Portugal’s golden visa program is approaching its end, prompting a surge in inquiries. Meanwhile, Greece has recently announced an upcoming adjustment to its program. Starting from August 1, 2023, the minimum real estate investment required in certain areas, including Athens, Thessaloniki, Mykonos, and Santorini, will double to USD 500,000. This change is expected to impact investment decisions and may lead to an increased sense of urgency among potential applicants.
Among many things, Greece’s appeal to millionaires can be attributed to its favorable investment climate, potential for financial growth, and attractive lifestyle offerings. The country’s strategic location, rich cultural heritage, and picturesque landscapes make it an appealing choice for individuals looking to invest and establish a high-quality lifestyle for themselves and their families.
