x

Society

Greece Sales of Golden Visas to Rich Foreigners Skyrocket

December 6, 2019

ATHENS – The sale of so-called Golden Visas that give rich foreigners residency permits and European Union passports has been big business for Greece with 2,008 more sold in 2019 through Dec. 1, data from Enterprise Greece showed.

The visas are given to the wealthy who invest at least 250,000 euros ($277,714) in properties while those in the Diaspora with Greek heritage who don’t have that kind of money have to wait two years or more for residency permits or dual citizenship.

Greece has sold off 4,059 Golden Visas since the program began in 2013 with the numbers soaring recently, especially to rich Chinese and Russians who are scooping up properties on the cheap in a market depressed by a near decade-long economic crisis, turning many of them into short-term rentals on platforms such as Airbnb.

That has emptied whole Athens neighborhoods of permanent residents and driven up rents while changing the character of areas into more transient-like, said critics, while there’s also been criticism applicants aren’t closely vetted for possible money laundering.

Golden Visas were given to 4,129 Chinese investors as links between the country have gotten closer, drawing a warning from US Ambassador Geoffrey Pyatt that China is trying to buy undue influence in Greece and using the country as an entry to the European Union.

From early September to early December, Greece issued 742 new five-year residence permits to non-EU investors and their families, with 90 percent (665 permits) going to Chinese buyers.

Bank of Greece data showed a 94 percent annual rise in inflows of money for buying property in January-June 2019 to 736 million euros ($817.59 million) as the New Democracy government is also wooing more of the rich by offering a flat 100,000-euro ($111,085.50) if they make Greece their residence at least six months a year and place to declare their annual taxes.

RELATED

ATHENS - With rocketing prices putting olive oil out of reach for many Greek households for which it’s a staple part of the diet - it’s also making the so-called Green Gold commodity being targeted more by thieves, some of whom are taking branches.

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.

Video

Lebanon’s Christians Feel the Heat of Climate Change in Its Sacred Forest and Valley (Vid)

BCHARRE, Lebanon (AP) — Majestic cedar trees towered over dozens of Lebanese Christians gathered outside a small mid-19th century chapel hidden in a mountain forest to celebrate the Feast of the Transfiguration, the miracle where Jesus Christ, on a mountaintop, shined with light before his disciples.

NEW YORK (AP) — Before she's ready to talk about her memoir, Barbra Streisand needs to pull herself away from current events.

The holidays are approaching and nearly 90% of millennials and Gen Xers will soon head to the kitchen to participate in one of America’s most popular traditions: baking.

DUBAI, United Arab Emirates (AP) — The United Nations weather agency is reporting that glaciers shrank more than ever from 2011 and 2020 and the Antarctic ice sheet lost 75 percent more compared to the previous ten years, as it released its latest stark report about the fallout on the planet from climate change.

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.