Billionaire businessman Len Blavatnik’s relatively new connection with Greece was back in focus this past week, as his newly delivered superyacht “O3” anchored off Spetses, the upscale island in the Saronic Gulf that has long drawn wealthy Greek and international visitors.
The visit carries significance beyond the seasonal arrival of another megayacht in Greek waters. Since September 2025, Blavatnik has also been a Greek citizen, following an honorary naturalization that was based not on investments already made in the country but, in part, on his stated intention to pursue future investment and philanthropic activity in Greece.
Blavatnik and his son, Ariel Michael Blavatnik, who was 21 at the time, were granted Greek citizenship under a presidential decree published on Sept. 16, 2025. The procedure relied on a provision of
Greece’s citizenship code that allows naturalization on grounds of “exceptional national interest.”
The billionaire had written to Prime Minister Kyriakos Mitsotakis in April 2025 seeking citizenship for himself and his son. As part of his request, Blavatnik outlined his international business and philanthropic activities and expressed an intention to invest in Greece in areas including healthcare, technology and innovation, scientific research and philanthropy.
Nearly a year after the naturalization, however, it remains unclear from publicly available information whether those plans have resulted in significant investments in Greece.
One concrete initiative has emerged in education. The “Blavatnik Scholarship for Greece” is available exclusively to Greek citizens seeking to study at the Blavatnik School of Government at the University of Oxford. It supports students admitted to the school’s one-year Master of Public Policy program and covers both tuition and living expenses during their studies in Oxford.
Against that backdrop, the arrival of Blavatnik’s latest yacht offers a conspicuous reminder of his growing ties to the country.
The 110-meter O3 anchored off Spetses last week during what is understood to be its maiden voyage following delivery to its owner in June. Greece was the yacht’s first destination after leaving the shipyard, giving its appearance in the Aegean added resonance given Blavatnik’s recently acquired citizenship.
O3 was built by Germany’s Lürssen, one of the world’s leading builders of large private yachts, following an unusually long construction process of roughly eight years. Work began in 2018, and the project subsequently underwent a substantial redesign that included the addition of a large helipad and helicopter hangar.
With a beam of about 17.5 meters, the yacht can accommodate as many as 20 guests in 10 cabins and is believed to operate with a crew of around 30. Its ice-class steel hull, range of more than 6,000 nautical miles and facilities for tenders and exploration equipment suggest a vessel designed for long-distance cruising rather than Mediterranean summers alone. Its maximum speed is close to 20 knots.
For Greece, however, the more consequential question extends beyond where Blavatnik’s yacht drops anchor. His honorary naturalization was accompanied by expectations of a broader economic and philanthropic relationship with the country. For now, the Oxford scholarship is the most visible manifestation of that relationship, while the larger investment ambitions outlined during the citizenship process have yet to become publicly apparent.
