The Greek government is looking to make exciting changes to its ‘golden visa’ program, allowing investors to obtain full Greek citizenship after seven years.
A bill scheduled to go through parliament could allow non-EU buyers to aquire full citizenship in Greece. Currently, the investment for the residency program (or ‘golden visa’) in the country grants renewable five-year residency permits to non-EU investors who buy property worth more than €250,000 (AU$360,000). This means they can live in Greece for as long as they own the property.
Under the new scheme, participants will have the option of full citizenship after seven years – meaning the new passport-holders gain all the advantages of the EU. This should make Greece a more attractive prospect to Chinese and Russian investors in particular. The Greek government has also been promoting its visa scheme in the Middle East.
“If approved by parliament, I think it’s a positive move by the Greeks,” Vas Agridhiotis of Greek property specialist RDC told OPP Connect.