ATHENS – Rich foreigners who want to quickly acquire a residency permit and valuable passport from Greece – a member of the European Union – will have to pony up at least 500,000 euros ($532,702), double the previous requirement.
Prime Minister Kyriakos Mitotakis said that was done to prevent investors from scooping up multiple properties under the initial 250,000 euro ($266,351) standard the government found to be too low.
That had seen investors driving Greeks out of their own neighborhoods as it led to rents being raised and properties being put on short-term platforms bringing in a revolving door of tourists and changing an area’s character.
Media reports said that the new level will apply to most of the country, particularly the cities and mostly populated and popular areas, but remain at 250,000 euros for others to attract investors there.
The new changes will be applied to the North part of Greece, as well as the Central and South Sector of Athens in the Attica Region, the islands of Mykonos and Santorini, and also Thessaloniki.
Nationals from third countries who hold a permanent residence permit for investors are eligible to renew it for an equal time period if they still have ownership of the property, and the period of their absence from the country makes no problems, said the site SchengenVisaInfo.com.
Nationals from third countries who hold property in Greece are allowed to lease it and are eligible to complete contracts that are in progress in the territories where the new changes will be applied until Dec. 31, 2023.
Greece’s Golden Visa is among the most sought-after in the EU, particularly by Chinese and Russians although the schemes in the bloc have been criticized for being open to money laundering and criminal activity.
It favors rich foreigners over Greeks of the Diaspora who have to wait two years or more to get residency permits or passports despite ties to the homeland that foreigners don’t have.
More information is available online: https://visaguide.world/golden-visa/greece-golden-visa/.