Greek nationals will be able to obtain third-country nationals who acquire real estate in Greece of at least 2m euros and become permanent residents, as the government, following the example of other European countries, is gearing up to introduce additional incentives to attract foreign investors in its sector. real estate, in addition to the "golden visa" program. The plan comes at a time when several investors from countries outside the European Union are seeking a new destination for real estate because of Brexit.

It is recalled that the "Golden Visa" program was introduced in 2013 and provides for the granting of a five-year residence permit to non-nationals who acquire real estate in Greece worth at least 250,000 euros. By law 4605/2019 last March, h

The "golden visa" has been extended to those who invest in stocks and bonds.

At the same time, the government is considering incentives for natural and legal persons to choose Greece as their tax home, where their world income will be taxed.

According to the plan put forward by the government, Greek citizenship will be granted to a third country citizen who acquires full ownership, ownership and possession of real estate in Greece worth at least 2m euros. Greek citizenship can be obtained by a third-country national even if he has acquired at least EUR 2 million worth of immovable property through a legal entity, provided that the shares or company shares are wholly owned by him. He should also become a permanent resident of Greece with a market value of at least 500,000 euros and pay at least 50,000 euros annually as maintenance costs.

In order to prevent fraud, the plan provides for specific safety nets. In particular, in order to be granted citizenship, the price of real estate should be paid in full at the time of signing the purchase contract. The price will be paid by double check or bank transfer to the account of the beneficiary. The account must be held with a Greek bank or a credit institution supervised by the Bank of Greece. In addition, it is planned to set a limit on the number of naturalizations allowed each year, which is reported to be 200 per year.

Applicants for direct citizenship of the original applicant may also apply for Greek citizenship. Spouses will be allowed to apply at the same time, while children and their parents will be allowed to apply after the naturalization process of a third-country national has been completed.

Greece follows the model of Cyprus citizenship

Cyprus, Malta, the United Kingdom, Bulgaria and the Netherlands are the four countries that apply naturalization programs to real estate investors coming from third countries.

In fact, the program planned by the Greek government has some similarities with that of Cyprus.

In particular, in Cyprus the minimum value of a passport for real estate is EUR 2 million, but there is no requirement for the applicant to become a permanent resident.

It is considered to be a relatively fast process, as within six months the applicant can obtain Cypriot citizenship.

Cyprus has recently issued a ceiling for issuance of 700 passports per year, in order to alleviate such reactions.

In the Netherlands, investment in real estate worth at least EUR 1.25 million is required in order for a third-country national to initially obtain a residence permit and after five years may be granted a Dutch passport.

In Malta, one is required to buy real estate worth at least 350,000 euros or to lease property with an annual rent of at least 16,000 euros for at least five years. It is also required to invest at least EUR 150,000 in intangible securities. Applicants will also have to pay insurance contributions.

In the United Kingdom, a minimum investment of £ 2m is required in order to apply for British citizenship after five years.

In Bulgaria, the minimum amount of investment to acquire a nationality, even without residence requirements, is 1m lev or about 511,000 euros.

Much more are countries that have residence permit programs, similar to the "golden visa". In addition to Greece, the following European Union countries are implementing similar programs: Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, France, Ireland, Italy, Latvia, Malta, the Netherlands, Poland, Portugal, Slovakia, Spain and the United States