SOON ……. Greek passport with investment property of over 2 million euros

Greek passport with investment property of over 2 million euros!

Greek nationals will be able to obtain third-country nationals who acquire real estate in Greece of at least 2m euros and become permanent residents, as the government, following the example of other European countries, is gearing up to introduce additional incentives to attract foreign investors to its sector. real estate, in addition to the “golden visa” program. The plan comes at a time when several investors from countries outside the European Union are seeking a new destination for real estate because of Brexit.

It is recalled that the “Golden Visa” program was introduced in 2013 and provides for the granting of a five-year residence permit to non-nationals who acquire real estate in Greece worth at least 250,000 euros.

At the same time, the government is considering incentives for natural and legal persons to choose Greece as their tax home, where their world income will be taxed.

According to the plan put forward by the government, Greek citizenship will be granted to a third country citizen who acquires full ownership, ownership and possession of real estate in Greece worth at least 2m euros. Greek citizenship can be obtained by a third-country national even if he has acquired real estate worth at least EUR 2 million through a legal entity, provided that the shares or company shares are wholly owned by him. He should also become a permanent resident of Greece with a market value of at least 500,000 euros and pay at least 50,000 euros annually as maintenance costs.

In order to prevent fraud, the plan provides for specific safety nets. In particular, in order to be granted citizenship, the price of real estate should be paid in full at the time of signing the purchase contract. The price will be paid by bank transfer to the account of the beneficiary. The account must be held with a Greek bank or a credit institution supervised by the Bank of Greece. In addition, it is planned to set a limit on the number of naturalizations allowed each year, which is reported to be 200 per year.

Spouses will be allowed to apply at the same time, while children and their parents will be allowed to apply after the naturalization process of a third-country national has been completed.

In fact, the program planned by the Greek government has some similarities with program of Cyprus.

Only few European countries: Cyprus, Malta, Bulgaria and now Greece offering naturalization programs to real estate investors coming from third countries.

Much more are countries that have residence permit programs, similar to the “golden visa”. In addition to Greece, the following European Union countries are implementing similar programs: Bulgaria, Cyprus, Latvia, Malta, Netherlands, Poland, Portugal, Spain and the United States.