In September, Greece increased the minimum investment by more than three times as part of its golden visa programme. As reported by CNBCTV18, a Schengen news report stated that the Athens Parliament is currently discussing a new measure that would add further requirements for people to qualify for the golden visa programme. Greece has had a golden visa programme for 11 years.
Changes Proposed For Greece’s Golden Visa Programme
A total of three foreign changes have been proposed in the golden visa programme. Foreign investors must own at least one-third of the capital or voting rights when they buy a share in an already-existing company. For the golden visa, the company must create at least two new jobs in the first year of investment and guarantee that these jobs are kept for at least five years following the investment.
In an effort to draw in foreign investment to overcome their debt crisis, Greece launched the golden visa programme in 2013, providing up to 250,000 euros for real estate transactions. However, the government raised the barrier to 800,000 euros on September 1 because Greece’s housing crisis has been linked to these visas.
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Eligibility Criteria For Golden Visa
In addition to being 18 years old and residing outside of the European Union (EU), applicants must also have health insurance and a mandatory clean criminal record. For both the applicant and their family, the medical insurance is crucial.
The golden visa holder, along with their spouse and children under 21, are entitled to live in the country, travel freely within the Schengen area, and take advantage of double taxation avoidance. Depending on where a person lives and how long they’ve been there, Greece might not tax their foreign income. Incentives for retirees, digital nomads, and other expat groups are among the tax advantages Greece provides to foreign nationals who are tax residents.
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New investment criteria and requirements were added to the residency-by-investment Greece golden visa programme in 2024 to better suit Greece’s economic policies.
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