Greece may exclude real estate investments from the "Golden Visa" program from January 1, 2025, according to Schengen News.
The Ministry of National Economy and Finance has submitted a draft law on taxation, which contains provisions on changing the Golden Visa program. According to the new conditions, one of the ways to obtain a residence permit of the Hellenic Republic will be investments in startups. The option of investing in real estate is being abolished.
Portugal has already carried out a similar reform of a similar program. Spain is also expected to will stop accepting applications for an investment residence permit through the purchase of real estate from January. The reason in all cases is the same - the rise in apartment prices and the crisis of housing affordability for the local population.
Changes to the Greek program, if the bill is approved, will affect other forms of participation. Here are some points that have been amended:
- Foreign investors have the right to purchase shares or stakes in the business.However, their share should not exceed 33% of the company's capital or votes on the board of directors.
- The company is required to create at least two new jobs within the first year after the investments made under the program.
- The company is obliged to maintain a larger staff for five years or more after the investment.
Recall that Greece has been has reformed its "Golden Visa" program. Now the minimum cost of real estate for obtaining an investment residence permit in some of the most sought-after regions of the country reaches 800,000 euros.
The early announcement of an increase in the threshold caused a stir among those wishing to use the program. It is expected that foreign investments made under the Golden Visa will set a new record this year, exceeding 3 billion euros.In 2023, this figure amounted to 2.54 billion euros, which is almost twice as much as in 2022 (1.3 billion euros).Source: Schengen News
