Golden visa

The performance and the reputation of the "Golden Visa" residence permit program in Greece are being tarnished by the presence of a number of companies that are of doubtful origin and solvency and have been active in the local market over the last couple of years despite lacking the necessary funds.

A joint ministerial decision broadening of the criteria for non-European Union citizens to be granted a five-year residence permit, or Golden Visa, was published in the government gazette on Thursday.

The residence permits issued last year to citizens of countries outside the European Union who bought properties for at least 250,000 euros each grew 46 percent from 2017, according to the latest data from the Migration Policy Ministry.

An Economy Ministry bill tabled on Friday in Parliament provides for the broadening of the criteria for non-European Union citizens to be granted a five-year residence permit, or Golden Visa, beyond the investment of 250,000 euros in local real estate assets.

The main reasons for the notable activity in the Greek property market are the Golden Visa program and the high returns offered by investing in property for short-term rentals, according to Swiss newspaper Neue Zuercher Zeitung (NZZ).

CS Global Partners' experts in the Second Citizenship Survey 2017 found that 89% of people around the world would like to have a second nationality. A little over 34% of them state that they are ready to invest funds to obtain such citizenship. Moreover, these people would sacrifice 5% of their annual income to get the right to live in another country.

DW - The European Commission is calling on EU countries to be more cautious when granting citizenships, according to an interview with Justice Commissioner Vera Jourova published in the German daily Die Welt on Tuesday.

Greece is the sixth most popular destination in the world for Chinese real estate investors, according to data from Chinese online news agency Sina Weibo.

Greece on July 19 said it will extend its "golden visa" program to include those investing a minimum of 400,000 euros in the country.

The Migration Policy Ministry is set to table an amendment in Parliament that expands the measure of offering a residence permit to non-European Union investors beyond the property sector, with the so-called Golden Visa program being widened to include people with deposits of at least 400,000 euros in a time deposit at a Greek bank.