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What happened? Officials in the investment immigration sector express their concern at the sudden statement by Prime Minister Kyriakos Mitsotakis from the International Fair in Thessaloniki about the change in the cost of the Golden Visa program.
Context. According to the statement of Mitsotakis, the minimum required investment amount for the purchase of real estate under the scheme will increase from the current €250,000 to €500,000. Thus, the authorities want to increase the available stock of real estate for purchase by interested Greeks.
Concerns. According to experts, this will affect the competitiveness of Greece as a destination for investment, since it currently offers the most affordable program among the competitors.
Quote. "Countries such as Spain and Portugal also have a minimum investment threshold of €500,000, but the latter offers the possibility of obtaining citizenship as soon as the investor has five years from the date of obtaining a residence permit," notes Alexandros Risvas, head of Risvas & Associates, a law firm specializing in investment immigration programs.
According to him, it will be especially important how the corresponding change will be implemented in the program, given that at this time there are so many valid visas, the receipt of which is delayed due to bureaucracy.
What will change? The Ministry of Development is already working on separate scenarios for the implementation of the new limit, so as not to disrupt the work of the program. In this context, the Ministry's intention is that there should be no surprises and that the new structure should not work retroactively.
This means that all applications for a residence permit submitted before the entry into force of the new system will be submitted with the previous limit of €250,000. Such differentiation will lead to an increase in the number of applications, since the number of interested investors who will want to use the last chance and purchase cheaper real estate will increase dramatically.
The authorities are also considering the possibility of banning the purchase of two or more real estate objects under the Golden Visa program. Thus, €500,000 will have to be spent on one property only. Otherwise, those who wish could purchase five apartments for €100,000 each.
Also read:
Portugal Has Doubled the Golden Visa Program Income
The Golden Visa of Sri Lanka is Real
Bahrain Has Issued Almost 2,000 Golden Visas to Foreigners
Source: Ekathimerini
Photo by James Ting on Unsplash
