Investing.com -- According to recent analysis by Astons, American interest in Spanish Golden Visas has seen a significant surge following the announcement that the country's program will soon end. However, Greece is emerging as the top alternative destination for Americans seeking residency.
The data indicates a 24.9% increase in US Google (NASDAQ:GOOGL) search interest for 'Residency by Investment' over the past month. This surge is likely due to Americans rushing to secure Spanish residency before the country's Golden Visa (NYSE:V) program ends, with the final application deadline set for April 3, 2024.
Search interest in 'Spain Golden Visa' has risen by 21.6% as the deadline approaches. To obtain a Spanish Golden Visa, a minimum investment of $528,415 is required, and the average application process takes between three and six months.
Despite the growing interest in Spanish Golden Visas, Americans are already considering their next potential destination, and Greece is emerging as the favorite. Search interest for 'Greece Golden Visa' has seen a substantial increase of 50.4% in just two months.
Greece's Golden Visa program is a more affordable alternative to Spain's, requiring a minimum investment of only $264,208. Applications are typically processed within three months, after which residency can be granted for the entire family for a period of five years. After the five-year period, residents have the option to renew their residency.
Similar to Spain, Greece does not require individuals to reside within the country or become tax-paying residents to secure residency. The Greek Golden Visa can be extended as long as the property investment is maintained.
Astons' citizenship, residence permit, and real estate investment expert, Alena Lesina, stated that with Spain announcing the end of its Golden Visa program, the clock is ticking for US citizens seeking a Plan B destination in Europe. This demand is expected to remain until the Spanish Golden Visa scheme closes on April 3.
However, it's evident that Americans are already shifting their focus to Greece, which is quickly becoming the most sought-after Golden Visa destination in Europe. Lesina added that Greece is one of the most welcoming Golden Visa nations, and its program is likely to benefit from increased interest after Spain closes its doors. This makes Greece an attractive place to invest early, as demand for Greek property is expected to rise, potentially increasing property values and benefiting existing investors.
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