Published at: 23/09/2022 12:29 pm
Surprisingly, the Greek Prime Minister announced that the minimum real estate investment in exchange for a residence permit would be half a million euros.
The original investment amount was €250,000, comparable to Portuguese or Spanish Golden Visa programs.
Moreover, the announcement was a surprise; it looks like even the relevant authorities did not know about the planned amendment. Prime Minister Kyriakos Mitsotakis addressed the visitors of the Thessaloniki International Fair regarding the change to the Golden Visa program. The objective of the new legislation is to "increase the available stock of real estate for purchase by interested Greeks."
Understandably, the Greek government tries to balance the national real estate market. It's good to remember that, for example, the Portuguese Golden Visa (ARI) program forced the Portuguese youth out of their capital and Porto. Because only wealthy foreigners buy or rent residential homes in the central neighbourhoods. Meanwhile, Greece tries to protect the local people. They have also launched a subsidy program to provide low-interest rate loans to young people acquiring their first home. Moreover, the increasing housing costs rank among the top problems cited by Greek households.
On the other hand, Greece's digital nomad scheme also attracts foreign residents, spending enough money to replace the investors. In any case, the price advantage of the Greek residency by investment program vanished compared to the other Mediterranean residency schemes. And there is an important detail: residents under the Spanish or Portuguese golden visa programs may qualify for citizenship after five years. But Greece does not provide this attractive issue.
On the other hand, Greece offers several options to investors who wish to become residents of the country. Entrepreneurs and top managers are also welcome.
The Greek Golden Visa Program has several not widely known advantages. Perhaps, the most important is that you can become a resident in Greece through a Power of Attorney, "without the obligation to visit Greece previously." Not only does real estate purchase qualify, but the applicants can invest in timeshare or ten years long rentals. The necessary amount of bank deposit or investment in securities or shares is €400,000 now. Perhaps, leaving your money in a bank for a couple of years may be more affordable than buying and maintaining a property for the qualifying amount.
Do you want to become a resident of Greece through investment? Ask for a detailed consultation here, and let's compare the best options!