x

Economy

Greece Raises Golden Visa Threshold to 500,000 Euros for Investors

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/.

RELATED

LONDON - Greek National Defence Minister Nikos Panagiotopoulos and UK Secretary of State for Defence, Ben Wallace, signed a Joint Vision Statement on a British Royal Navy 'Diamond D34' cruiser, at the naval base of Portsmouth on Tuesday.

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

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

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