Greece is ready to modify its eleven-year-old Golden Visa program significantly. The changes, which include a significant elevation in the investment threshold in September and a new bill to tighten qualification measures for potential investors, are driven by the government’s aim to ensure that the program contributes significantly to the Greek economy.
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Significant Modification To Greece’s Golden Visa
The suggested amendments will boost the Golden Visa program and ensure international investments benefit the Greek economy. Major modifications comprise of:
- Minimum stake in business investment: International investors who decide to invest in an existing enterprise are now required to hold a minimum of one-third of the firm’s capital or voting liberties.
- Employment development condition: The investment must create at least two new jobs within the first year of operation.
- Long-term employment sustainability: The newly developed employment is required to be retained for a minimum of five years after the investment to ensure sustainable financial additions.
A Concise History Of Greece’s Golden Visa Program
Presented 2013 during financial turmoil, the Golden Visa scheme was formed to entice international investment and facilitate economic development. Before, the minimum investment condition was $260,476.36; however, it was raised to $521,175.00 in August 2023, with several investments directed toward buying properties.
Hence, concerns about the scheme’s effect on the nation’s accommodation market have increased. Responding to this, the authority raised the investment threshold to $834,032.00 in September 2023.
Increasing Investments Regardless Of Changes
Despite the more stringent laws, Greece’s Golden Visa program continues to be a resilient and attractive option for international investors. In 2023, the nation enticed about $2,606,487,500.00 in Golden visa investments, nearly double the previous year’s. Specialists predict this year’s investment could exceed that, demonstrating the program’s enduring appeal.
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Modifications In Other Golden Visa Programs
While Greece is tightening its golden visa laws, other European countries are ending such programs. Spain and Portugal decided to ban their golden visa programs in 2024 due to worries over property costs and local accommodation availability.
On the other hand, Hungary and Italy are proceeding to run similar schemes, even as they debate relocation guidelines.
Qualification Measure For Greece’s Golden Visa
To be eligible for Greece’s Golden visa, candidates are required to satisfy the following conditions:
- Minimum age: Candidates are required to be at least 18 years old.
- Residency: They are required to live outside the European Union.
- Medical insurance: Compulsory health insurance is needed for the candidate and their relatives.
- Clean criminal history: An evident criminal record is essential for qualification.
Advantages Of Greece’s Golden Visa
The Golden Visa program in Greece offers a host of benefits, providing reassurance to potential investors:
- Residency for the family: The primary candidates, their partners, and kids below 21 are awarded residency freedoms.
- Schengen travel: Visa holders can travel freely within the 27 nations of the Schengen region without additional visas.
- Tax advantages: Investors can gain from Greece’s double tax prevention treaties, decreasing tax liabilities in qualified nations.
Effect Of The Golden Visa On Greece’s Economy
The changes to Greece’s Golden Visa program, which aims to boost the economy through employment development and sustainable investments, are expected to positively impact the Greek economy, particularly in the real estate and tourism sectors.
In conclusion, Greece’s revised Golden Visa program balances international investment requirements with accommodation and economic worries. While more stringent laws may prevent some, the scheme stays attractive for global investors, making Greece a top location as Europe evaluates residency-by-investment programs’ long-term effect.
