Want EU residency? Greece is now the top Golden Visa hotspot. Passport power: Spain and Greece top the charts.
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If you’ve ever dreamt of breezing through airport queues without so much as a sideways glance, Greece might just have the passport to do it. A new ranking shows that Spain and Greece now lead the pack in terms of global travel freedom, but the Greeks have an ace up their sleeves. Read on to find out what it is.
Europe in the passport spotlight
For years, Japan and Singapore have vied with European heavyweights for the title of ‘most powerful passport.’ Now, though, Spain and Greece stand out like well-tanned holidaymakers in a January bus stop queue. These rankings aren’t just for bragging rights either: they reflect the global political and economic relationships that determine who gets waved through a border and who gets stuck filling out forms.
While Europe’s passports dominate, the U.S. has been slipping down the charts. In fact, according to USA Today, “U.S. citizens lead in seeking alternative residency and citizenship abroad,” pointing to a broader shift in global travel ambitions. Meanwhile, Russians and Chinese travellers face more difficulties; their passports currently allow access to fewer nations – 127 and 96 respectively – due in part to ongoing international tensions.
Although Spain still has the world’s most powerful passport, the end of the Golden Visa here has created a void for many would-be international investors looking to live the Med life. Enter Greece – home to postcard-perfect islands, smashing plates at restaurants, ancient monuments and, according to experts, a very desirable passport. Much like France, Germany and others in the Schengen area, Greek passports grant access to 176 countries without too much visa faff.
Greece has also soared in popularity for those keen on bagging a Golden Visa – particularly now that Spain’s scheme is closing. For a minimum investment of €250,000 in real estate in designated ‘less desired’ areas, you can obtain a five-year family residency. As reported by Forbes, “the investment threshold was raised to €800,000 (around $840,000) in areas where housing is in high demand, like Athens and Santorini, and €400,000 ($420,000) elsewhere.” Despite this recent increase, investors see it as a steal compared to alternatives. Residency can be granted in as little as 60 days, there’s no mandatory stay requirement, and citizenship can follow after seven years, unlocking that powerful Greek passport.
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