x

Society

Golden Visas for Rich Foreigners Pushing Greeks Out of Housing

ATHENS – Greece’s move to double the amount of investments for rich foreigners to qualify for Golden Visas that come with residency permits and European Union passports came after the lower threshold saw homes and apartments scooped up, driving out Greeks.

Forbes magazine noted that Prime Minister Kyriakos Mitsotakis made the change after it was found that investors were taking over neighborhoods with purchases at levels many Greeks can’t afford.

That also has seen rents soar, further moving Greeks out of where they lived to other areas they could afford and which yet haven’t been targeted by wealthy foreigners who could rent out apartments and homes on short-term platforms such as Airbnb.

Many look to get a Golden Visa due to the inflated cost of everyday expenses and housing in the United States, the magazine noted, although Americans aren’t in the forefront of seeking the visas.

The firm Get Golden Visa found in its survey of 320 applicants that 29 percent were motivated by the rising cost of living and looking for a more affordable way of life, with Greece a particular lure.

But the report noted the ripple effect of rich people looking for cheaper housing they could rent out or live in, but either way making it unavailable for Greeks in more Athens neighborhoods and other cities.

“In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from 250,000 to 500,000 euros,” Mitsotakis reportedly said in early September, according to International Advisor.

RELATED

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Biden Hosts Macron amid Friction over US Climate Law (Video)

WASHINGTON (AP) — Presidents Joe Biden and Emmanuel Macron are celebrating the longstanding U.

AUSTIN, Texas (AP) — Victims of the Uvalde school shooting that left 21 people dead have filed a lawsuit against local and state police, the city and other school and law enforcement officials seeking $27 billion due to delays in confronting the attacker, court documents show.

RENO, Nev. (AP) — A tiny Nevada toad at the center of a legal battle over a geothermal power project has officially been declared an endangered species, after U.

HOUSTON (AP) — A 33-year-old man was arrested on a murder charge in the shooting of rapper Takeoff, who police on Friday said was an “innocent bystander” when he was struck by gunfire outside a Houston bowling alley.

LUSAIL, Qatar (AP) — Cameroon coach Rigobert Song came full circle on a memorable and bittersweet night for African soccer.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.