In recent years, Greece has become a major attraction for millionaires worldwide. Owners of huge fortunes are leaving countries like the United Kingdom, the USA, and even Australia or the United Arab Emirates to relocate to Greece. And Trump is contributing to this exodus.
Fiscal stimulus programs, affordable real estate market, high quality of life, as well as the climate are some of the reasons, writes the publication ekathimerini.
According to a report by New World Wealth, from 2022 to 2024, approximately 1,200 millionaires have settled in Greece, placing the country in eighth place in the top destinations preferred for relocation.
This trend is fueled by legislative changes in other countries, as well as Greece's attractiveness as a destination for real estate investments.
Alena Lesina, a specialist in real estate investments and investment migration at the British company Astons, states that "Greece is an extremely attractive destination for very wealthy citizens who decide to leave the United Kingdom and the USA, a trend that has significantly increased in the last 12 months."
Greece, a magnet for investors
Greece benefits from favorable legislative framework aimed at attracting foreign capital.
The Golden Visa program grants residency rights to investors who purchase real estate properties worth at least 250,000 euros, while the non-dom program (aimed at those living in Greece but with residency in their home country) allows wealthy individuals to pay a fixed annual tax of 100,000 euros, regardless of their global income.
According to the Ministry of Finance, at least 213 investors have taken advantage of this program to transfer their tax residency to Greece, including not only British citizens but also investors from Australia, the USA, Argentina, the United Arab Emirates, Russia, and Monaco.
Factors determining financial migration
An important factor in this trend is the decrease in the number of non-dom citizens from the United Kingdom by 37% between 2013 and 2023.
Furthermore, starting in 2024, the British government announced stricter conditions for this tax status, accelerating the process of relocating investors to more friendly jurisdictions.
Also, the political situation in the USA plays an essential role. The re-election of Donald Trump seems to have led an increasing number of American millionaires to seek alternatives in Europe or the Middle East.