NewsMakers-Daily Latest Urdu Breaking News Updates We Make Better News
Web Desk — Those who are trying to get a ‘Greece Golden Visa’ should be informed that its cost has been doubled as the government is making some changes to the Greece Golden Visa policy.
The changes announced earlier have come into effect and the cost of a Golden Visa for Greece has doubled from €250,000 to €500,000 in the most popular areas of the country.
The government had to charge the increased cost from May this year but it could not be materialized. It was decided last year to increase the investment threshold for residency .
Billionaires from across the world and especially from US and China were attracted to invest in the country following the Greece government’s announcement of the cost of Golden Visa. This was the major factor that caused delays in the implementation of increased charges.
According to statistics by the Immigration and Asylum Ministry, the golden visa program inducted nearly €1 billion to the feeble Greek economy in the first five months of 2023.
The announcement of new measures triggered a backlog of more than 5,500 visa-by-investment applications as investors tried to acquire residency before the cost is doubled, local media has reported.
EU Stance on Golden Visa Program
On the other hand, European Union wants the discontinuation of the golden visa scheme. EU has been putting pressure on member countries to roll back all such schemes. EU discourages such visa programs because Golen Visa also means access to many of the benefits of being a resident of the zone — including free movement between the countries and free access to Schengen zone countries.
Similarly, Transparency International wants an end to golden visa programs, calling it a corrupt practice not a genuine investment.
The Golden Visa schemes are criticized for some other reason too. Experts say they are the root cause of serious housing crises – a reason cited by Portugal for scraping its Golden Visa program.
Golden Visa Greece Benefits
It was in 2014 when Greece introduced its golden visa program. It granted a five-year residence permit renewable to third-country nationals purchasing real estate worth at least €250,000.
Third-country nationals are allowed to purchase only one property for the set amount under Greece’s new increased investment-for-visa scheme.
Forbes has reported that the new minimum value at the time of purchase will apply to a single property in the northern section of the country, the central and south sectors of Athens in the Attica Region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki while the previous minimum value of €250,000 will be maintained for the rest of the country, Forbes reported.
