Greece is set to revamp its Golden Visa program, introducing more stringent eligibility criteria and increasing the minimum investment requirement. The changes aim to ensure that foreign investments contribute meaningfully to the Greek economy while addressing concerns over the program's impact on the housing market.
The proposed amendments seek to strengthen the Golden Visa program by introducing reforms that will attract more substantial investments and promote sustainable economic growth. The minimum investment threshold has been raised to €800,000, up from €500,000. Foreign investors acquiring a stake in an existing business must now hold at least one-third of the company's capital or voting rights.
Investments must result in the creation of at least two new jobs within the first year, and these jobs must be maintained for a minimum of five years after the investment. This requirement aims to promote job creation and sustainable economic contributions.
Greece's Golden Visa program was introduced in 2013 to attract foreign investment and stimulate economic growth. Initially, the minimum investment requirement was €250,000, but it was increased to €500,000 in August 2023. However, concerns arose about the program's impact on the housing market, prompting the government to raise the investment threshold to €800,000 in September 2023.
Despite the stricter regulations, Greece continues to attract significant foreign investment. In 2023, the country received approximately €2.5 billion in Golden Visa investments, nearly double the previous year's figure. Experts predict that this year's investment could surpass €3 billion.
While Greece is tightening its Golden Visa rules, other European nations are reassessing their residency-by-investment schemes. Spain and Portugal have abolished their Golden Visa programs, citing concerns over property prices and local housing availability. In contrast, Hungary and Italy continue to operate similar programs, despite debates over immigration policy.
To qualify for Greece's Golden Visa, applicants must meet specific requirements, including being at least 18 years old, residing outside the European Union, and having mandatory health insurance for themselves and their family members. A clear criminal history is also essential for eligibility.
Holding a Greek Golden Visa offers several advantages, including residency rights for the main applicant, their spouse, and children under 21. Visa holders can also travel freely within the 27 countries of the Schengen Area without additional visas. Additionally, investors can benefit from Greece's double tax avoidance treaties, reducing tax liabilities in eligible countries.
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