Greece plans to double the property investment and introduce mandatory physical presence, and minimum annual spending.
The programme was introduced in 2013, till now 4154 Golden Visas have been issued, mainly for Chinese, Russian and Turkish citizens. The Greek government aims to attract ultra-high-income foreigners and shut the door on those who took the opportunity to acquire Greek and therefore European passport with low-level investment.
What are the main benefits of the present Greek Golden Visa?
First of all, the right for permanent residence permit and citizenship. After seven years of legal residency, the investor and family members may apply for citizenship.
The investment amount of 250,000 euro is the lowest in Europe, and only Latvia offers the same investment level. All family members (spouse and children up to 21 years, parents and spouse's parents) get a residence permit. Even after 21 years of age, children can get an extension for three years.
No minimum stay is expected to maintain residence permits.
The holders of Greek residence permit can freely travel in Europe within the Schengen area.
What changes are to be expected?
To attract only high-net-worth investors, the minimum investment in real estate will double to 500,000 euros. This investment level is in line with comparable programmes in Portugal and Spain, and significantly above the rate required in Latvia.
The government will introduce a compulsory stay in Greece for a period or expense of specific amounts in Greece each year. Information indicates that a minimum expenditure threshold of 30,000 – 50,000 euros will be set.
According to the report of Sofokleousin, the government will introduce alternative asset classes in the range of 400,000 - 800,000 euros as qualifying investments for the Golden Visa programme, notably those of equities (public and private), bonds, and deposits.
What can you do now?
To attract only high-net-worth investors, the minimum investment in real estate wiIf you want to take advantage of the Greek Golden Visa with low investment, you should hurry up. You may read about the details of the Greek Golden Visa here and apply just now.
If you miss the opportunity, you have a second chance with Latvian property investment for residence permit.