Report on the Greece Golden Visa Program and Its Alignment with Sustainable Development Goals (SDGs)

Introduction

The Greece Golden Visa program, launched in 2014, has emerged as a significant success in the global investment migration sector. It has attracted thousands of investors, injected substantial capital into the real estate market, and contributed to the revitalization of local economies. This report examines the program’s development within the European Union (EU) context, its outcomes, regulatory reforms, and comparative position among European investment initiatives, with a strong focus on its contributions to the United Nations Sustainable Development Goals (SDGs).

The Rise of Golden Visa Programs in the EU

Golden Visa schemes provide residence permits in exchange for investment and have been instrumental in post-financial crisis economic recovery across Europe. Countries such as Portugal, Hungary, and Greece have implemented these programs to attract foreign capital.

• Collectively, EU countries have raised billions of euros, supporting real estate market restoration, job creation, and entrepreneurial talent attraction.
• However, concerns regarding money laundering and asset ownership have led to increased regulatory scrutiny and program reforms to enhance transparency and security.

SDG Alignment: These programs contribute to SDG 8 (Decent Work and Economic Growth) by stimulating economic activity and employment, and SDG 9 (Industry, Innovation, and Infrastructure) through investment in infrastructure and business development.

Greece’s Position in the European Investment Migration Landscape

Greece’s Golden Visa offers residence permits to non-EU nationals investing a minimum of €250,000 in real estate, one of the lowest thresholds in Europe, attracting diverse investors primarily from China, Turkey, Lebanon, Egypt, the USA, and the UK.

• Over 18,000 main applicants and 30,000 dependants have benefited as of 2024.
• Recent reforms introduced regional pricing tiers, increasing minimum investments to €800,000 in high-demand areas and adjusting thresholds in other regions.

SDG Alignment: The program supports SDG 10 (Reduced Inequalities) by promoting regional development and SDG 11 (Sustainable Cities and Communities) through balanced urban and regional investment.

Objectives Behind the Greek Residence by Investment Program

1. Stimulate the real estate market: Revive property demand following the 2008 financial crisis.
2. Create employment: Generate jobs for architects, engineers, legal consultants, and construction workers.
3. Support regional development: Encourage investments outside Athens to promote balanced economic growth.
4. Boost state revenues: Increase government income through property taxes, VAT, and related services.

SDG Alignment: These objectives directly advance SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 11 (Sustainable Cities and Communities).

Greece Golden Visa Properties Overview

Investors may select from residential, commercial, or mixed-use properties without requirements for permanent residence or language proficiency, enhancing accessibility.

• Apartments and villas in Athens, Glyfada, and Thessaloniki.
• Holiday homes on islands such as Crete, Corfu, and Rhodes.
• Commercial properties with long-term lease potential.

Many investors prioritize properties offering rental income, supporting local economies and tourism.

SDG Alignment: This supports SDG 8 (Decent Work and Economic Growth) by fostering entrepreneurship and SDG 12 (Responsible Consumption and Production) through sustainable tourism development.

Concerns Over Strategic Sectors and Security Risks

1. Urban concentration causing property price surges and reduced availability for locals.
2. Over-tourism and gentrification impacting historical districts.
3. Acquisition of strategic land near military or critical infrastructure.
4. Transparency issues regarding capital sources and potential illicit financial flows.

In response, Greece has implemented stricter due diligence protocols, including thorough financial and background checks.

SDG Alignment: These measures promote SDG 16 (Peace, Justice, and Strong Institutions) by enhancing transparency, accountability, and security.

Reforms, Safeguards, and Transparency Measures

• Zoning and Pricing Reform: Increased minimum investments to discourage speculative buying and protect urban housing.
• Digitalisation: Online application processes improve efficiency and traceability.
• Anti-Money Laundering Involvement: Financial vetting before approval strengthens integrity.
• Property Restrictions: Requirements for residential and non-subdividable properties in certain regions.

These reforms align the program with EU recommendations emphasizing transparency, fairness, and social responsibility.

SDG Alignment: These initiatives advance SDG 16 (Peace, Justice, and Strong Institutions) and support SDG 11 (Sustainable Cities and Communities) by promoting responsible urban development.

Comparative Analysis: Greece vs Other EU Investment Routes

1. Portugal: Phased out real estate options in 2023, focusing on investment funds and job creation.
2. Italy: Offers residence through investments in startups, government bonds, or philanthropy, excluding real estate.
3. Hungary: (Details not specified)

• Greece maintains a straightforward property-based residence path.
• Minimal stay requirements with only one visit during application.
• Five-year renewable permits with potential citizenship after seven years.

SDG Alignment: Greece’s approach supports SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities) by offering accessible investment pathways.

Future Outlook

• Periodic reviews of regional pricing and property quotas to ensure balanced development.
• Collaboration with EU bodies for compliance and reporting.
• Expansion of investment options beyond real estate to include job-creating businesses and innovation funding.

Demand is expected to remain steady, with the visa increasingly used for family relocation and access to EU education.

SDG Alignment: These future plans align with SDG 4 (Quality Education), SDG 8 (Decent Work and Economic Growth), and SDG 9 (Industry, Innovation, and Infrastructure).

Conclusion

The Greece Golden Visa program has effectively attracted capital and talent, driving urban development and increasing state revenues. Despite challenges related to housing affordability and security, ongoing reforms and strategic management ensure the program’s continued value for investors and the Greek economy. Its alignment with multiple Sustainable Development Goals underscores its role in fostering inclusive, sustainable, and resilient economic growth.

1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 8: Decent Work and Economic Growth
   • The article discusses job creation through increased property transactions and demand for professionals such as architects, engineers, legal consultants, and construction workers.
   • Investment migration stimulates economic growth by injecting capital into the real estate sector and supporting local economies.
2. SDG 9: Industry, Innovation and Infrastructure
   • Investment in real estate and infrastructure development is highlighted, including commercial properties and regional development.
   • The article mentions innovation funding as a future investment route.
3. SDG 11: Sustainable Cities and Communities
   • Concerns about urban housing affordability, over-tourism, gentrification, and strategic land acquisition relate to sustainable urban development.
   • Reforms such as zoning and pricing aim to balance urban growth and protect local communities.
4. SDG 16: Peace, Justice and Strong Institutions
   • Transparency measures, anti-money laundering protocols, and stricter due diligence align with promoting strong institutions and reducing illicit financial flows.
5. SDG 17: Partnerships for the Goals
   • Collaboration with EU bodies on compliance and reporting reflects partnerships to achieve sustainable development.

2. Specific Targets Under Identified SDGs

1. SDG 8 Targets
   • Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
   • Target 8.5: Achieve full and productive employment and decent work for all.
2. SDG 9 Targets
   • Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure.
   • Target 9.3: Increase the access of small-scale industries and other enterprises to financial services and integration into value chains.
3. SDG 11 Targets
   • Target 11.1: Ensure access for all to adequate, safe, and affordable housing and basic services.
   • Target 11.3: Enhance inclusive and sustainable urbanization and capacity for participatory, integrated human settlement planning.
4. SDG 16 Targets
   • Target 16.4: Significantly reduce illicit financial flows and arms flows.
   • Target 16.6: Develop effective, accountable, and transparent institutions.
5. SDG 17 Targets
   • Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships.

3. Indicators Mentioned or Implied to Measure Progress

1. SDG 8 Indicators
   • Number of jobs created in construction and related sectors due to investment migration.
   • Volume of foreign direct investment (FDI) in real estate and related industries.
2. SDG 9 Indicators
   • Value and number of infrastructure projects funded by investment migration.
   • Access to financial services for businesses created or supported by investments.
3. SDG 11 Indicators
   • Availability and affordability of housing in urban areas, especially Athens and Thessaloniki.
   • Measures of urban gentrification and over-tourism impact.
4. SDG 16 Indicators
   • Number of applications reviewed with anti-money laundering and due diligence protocols.
   • Incidents of illicit financial flows detected or prevented.
5. SDG 17 Indicators
   • Number and quality of collaborations between Greece and EU bodies for compliance and reporting.

4. Table: SDGs, Targets and Indicators

Source: finance-monthly.com