According to reports from the local Greek media outlet Philenews, the Greek government plans to pass a new investment citizenship program this year, allowing for direct acquisition of a Greek passport with an investment of 2.5 million euros. This program is remarkably similar to the passport program of neighboring Cyprus!
I. Specific Details of the Investment Citizenship Program
1. Minimum investment amount of 2 million euros;
2. The applicant must own property worth at least 500,000 euros;
3. Annual maintenance fee of at least 50,000 euros;
4. Global annual quota of only 200 applications;
5. Applicants may include their legal spouse, children, or parents, who will also be granted citizenship.
II. Why Implement the Investment Citizenship Program
The primary catalyst for this program is the new Greek center-right government led by Prime Minister Kyriakos Mitsotakis, and the implementation of this plan is mainly targeted at Cyprus's market share. The expected implementation time is set for after the first quarter of 2020. Investors who can meet the 2.5 million euro investment threshold will be eligible to apply for a Greek passport. Compared to the Cyprus passport program, which requires a 2 million euro investment limit plus VAT, the new Greek government plans to defer VAT payments for three years, which means that the initial three-year investment cost for the Greek investment citizenship program will not differ significantly from that of Cyprus.
III. Significance of Implementing the Citizenship Program
Currently, Greece's Golden Visa program (which grants permanent residency in Greece through the purchase of property worth over 250,000 euros) is performing exceptionally well in the immigration and overseas investment market, making it one of the hottest choices in the global immigration industry. Greece's GDP grew by 1.3% in the first quarter of 2019, primarily driven by growth in the tourism industry and foreign investment, especially investment in the real estate sector brought about by the Golden Visa program. Looking at the direct foreign investment gains that neighboring Cyprus has achieved through its passport program, the new Greek government is naturally eager not to be left behind and is clearly keen to secure a share of such a vast and lucrative market.
Investment involves risks, the above information is for reference only