[Trending News] Millionaires choose Greece | eKathimerini.com

The Greek property market has recorded significant capital inflows from abroad, as the country becomes a destination of choice for so-called High Net Worth Individuals.

In recent years, many such individuals have decided to leave the UK and recently the US to relocate to European countries such as Greece, Portugal, Malta, Spain and Italy, while the United Arab Emirates have also benefitted.

Greece has already attracted significant capital, partly directed to the real estate market. Based on a survey by New World Wealth, in 2022-2024 some 1,200 millionaires settled in Greece from various countries, rendering it the eighth most popular destination.

According to Alena Lesina, a specialist in real estate investments, residence permits and citizenship at British investment migration company Astons, “Greece is a particularly attractive destination for very wealthy citizens who decide to leave Britain and the US, a trend that has soared in the last 12 months.” According to Astons’ analysis, Greece has a significant range of incentive programs for this category of people, from the Golden Visa program to the incentives provided to non-doms and pensioners.

The number of non-dom UK citizens decreased by 37% in the decade 2013-2023, while from 2024 onwards, when the British government announced the tightening of the terms of the non-dom program, this trend has accelerated significantly. Accordingly, the re-election of President Trump in the US seems to have played a key role in the increase in the number of American millionaires relocating to Europe or the Middle East.

Greece is among the beneficiaries, having the relevant “arsenal” of incentives and programs, on top of its natural beauty, mild climate, lifestyle and affordable luxury real estate. Based on Finance Ministry data, at least 213 investors have taken advantage of the incentives of the non-dom program to transfer their tax residence to Greece, including millionaires and billionaires who left Britain, while others have come from Australia, the US, Argentina, the UAE, Russia and even Monaco.