Since Brexit, he has seen a surge in interest from UK buyers looking to use the visa scheme to extend their stays – and lately a number of Israelis. He expects another rush now that the scheme is tightening and European nations are turning off the taps of the golden visas.
But the possibility of finding a home this summer before the deadline is dubious, says Tia Perakis of estate agent Crete Homes. “Closing a contract in Crete presents challenges, bordering on impossibility, due to the paperwork.”
According to data from the Ministry of Migration and Asylum, the number of Greek golden visas granted to UK buyers increased by 77.8pc to 370 between January and November 2023 – a far higher number than for the Spanish version.
Gavriilidis adds: “Most of our buyers seek rural homes priced higher than the threshold. Owners contribute to the local economy by shopping locally, supporting tavernas and restaurants, especially out of season.”
In Crete, the most popular Greek island for foreign buyers, there is a mixed picture. At the high-end new marina development, Elounda Hills where properties start from €749,000, 35pc of buyers have applied for a golden visa, mostly from Asian countries, according to Ricardo Severini, the sales director.
“The golden visa stimulates and injects much-needed capital into the local economy, which creates jobs, and spurs development.”
Yet rising prices have priced out Cretans, says Miette Lauwers of agency Your Home in Crete. “There has also been a lot of abuse. We have clients who want to buy a house but never live in it or even visit it, just to get a foot in Europe.”
The EU has long suggested that these schemes foster corruption, tax evasion and money laundering, and in its bid to align with EU requirements for membership, Montenegro closed its citizenship through investment scheme in 2022.
Cyprus is another nation that has curbed its liberal rules – its “golden passport” scheme was ended in 2020 after an expose by the Al Jazeera network. It has a scheme where you can gain residency through investment – requiring the purchase of a new-build home worth €300,000 plus VAT – with the ability to apply for citizenship later.
However, don’t call it a “golden visa”, says Sarah Hordle of Island Homes, an agent. You are not allowed to work on the fast-track residency scheme and it’s not automatic citizenship, but a route to permanent residency.
“Developers will build houses in the villages behind the coast, like Frenaros and Avgorou priced at €300,000 targeting locals and overseas buyers,” she says. “But the Cypriot government now gives locals grants of up to €50,000 towards buying a home [to counter the effect of foreign buyers] so that levels the playing field a little.”
Portugal closed its real estate investment arm of the golden visa this year, after it exacerbated the housing crisis in big cities, pushing up house prices.
But Charles Roberts of agent Fine & Country says: “The scheme created a big injection into the construction industry and helped revive Lisbon’s Chiado where locals were never keen to live, and it was only a ‘ripple’ in the whole property market. Now non-EU buyers – especially Americans – are investing €500,000 into a capital fund instead to get their visa.”
There are still alternative routes to residency in sun-drenched Southern Europe, including a raft of new digital nomad visas. This week Italy was the latest country to introduce one, to add to Spain, Portugal, Greece, Malta and Croatia.