Greece’s Golden Visa Program Now €500,000
- The Greek government has increased the required investment necessary to obtain a residence permit through their Golden Visa program. The minimum amount of money that must be used to purchase property in order to be eligible for a permit has been increased to 500,000 euros, a substantial increase from the previous requirement.
- An initial investment of €250,000 was made, the same amount required for the Portuguese or Spanish Golden Visa programs.
Why the increase to €500,000 for Golden Visa Program?
- Prime Minister Kyriakos Mitsotakis made a sudden declaration at the Thessaloniki International Fair that left the relevant officials astonished, since they had no prior knowledge of the proposed alteration.
- The proposed amendment will attain the objective of augmenting the amount of property accessible for acquisition by Greeks. The Greek government is aiming to reduce the pressure of wealthy foreigners buying up the real estate in their country.
- To do this, they have created a program to help young people purchase their first home. This program offers low-interest loans and subsidies to make the loans more accessible. This is to make sure that local people can still afford to live in the capital and other cities, and not be priced out by increasing housing costs.
- In comparison to other nations in the Mediterranean region, Greece’s digital nomad scheme has the potential to attract foreign residents and their economic investment.
- Nonetheless, the cost advantages of the Greek residency by investment program are no longer valid. People who participate in the Spanish or Portuguese golden visa programs can obtain citizenship in five years, while the Greek program does not offer this option.
Is it worth the increase to €500,000 for Golden Visa Program?
- Greece is a great destination for those who are seeking to move and start a new life.
- Entrepreneurs, executives and investors are all welcome to explore the country’s many opportunities. Residency is possible for anyone looking to relocate and begin anew.
- Gaining residency in Greece via the Greek Golden Visa Program is an appealing and simple process requiring minimal effort and expense.
- Appointing a Power of Attorney means that you can become a resident without ever having to go to Greece, as investments such as property, fractional ownership and ten year rentals are acceptable to qualify.
- The required investment or deposit amount is currently set at €400,000, making it easier for some to put their money in the bank instead of purchasing and sustaining a property to meet the required amount.
- Are you looking to gain residency in Greece through investing?
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