First, foreign investors buying a stake in an existing business must have at least a third of the capital or voting rights.
Second, the company must create at least two new jobs in the first year following the investment made for the golden visa.
Third, the new jobs must be sustained for at least five years after the investment.
Greece had brought in the golden visa programme in 2013, when the country was mired in a debt crisis, to entice investments from wealthy foreigners. People could get a golden visa for an investment up to 250,000 euros, which could be spent on buying property too.
However, in recent years, many blamed the country’s housing shortage on the golden visas. Many others disputed the argument. Still, the government decided to increase the threshold to 800,000 euros (over ₹7.2 crore) from September 1.
Marianna Naziri, 26, stands on a balcony at her home in Athens, Greece, September 15, 2024. “We are overrun by Airbnbs, even in the area where I live, we have way too many Airbnbs. Of course, they (the house owners) will try to make much quicker and much bigger profits. I believe there is terrible exploitation because there is a housing crisis right now, for years now, in our country, especially in the big cities,” Naziri said. REUTERS/Louiza Vradi
Reports say Greece was able to get investments to the tune of 2.5 billion euros in 2023, nearly twice as much as the 1.3 billion euros a year earlier. Estimates say the figure could cross 3 billion euros this year.
Meanwhile, Spain and Portugal have abolished their golden visa programmes this year. Hungary and Italy still have a similar programme despite the incumbent administration’s hard stance against immigration in both countries.
ALSO READ: After Venice, Florence takes measures to battle overtourism; releases 10-point plan
Who can apply for Greece’s golden visa?
Applicants must be at least 18 years old and living outside the European Union. Medical insurance is necessary for both the applicant and their family members. A clean criminal record is also compulsory.
Tourists walk past the Parthenon temple atop the Acropolis hill, in Athens, Greece, August 6, 2024. REUTERS/Louiza Vradi
The benefits of a golden visa include a right to live in the country for the applicant, their spouse and children under the age of 21. Those with a golden visa can travel within the Schengen area without restrictions. They also get the benefits of the double tax avoidance treaties, wherever applicable.
ALSO READ: Will you go on a 4-year cruise trip to give Donald Trump’s presidency a miss? Check details here
Nine winter wonderlands in India you must visit for a rejuvenating experience
(Edited by : Sriram Iyer)
First Published: Nov 18, 2024 12:51 PM IST
