Many bought qualifying homes in 2019 and were awaiting approvals. Now, they’re out EUR 250,000 and unable to enter Greece.
The Ministry of Finance has tabled a law that would offer a flat tax of 7% for foreign retirees who transfer their tax residence to Greece.
New procedural measures will make remote-application feasible and boost application volumes, but they did not take effect in time to save Q2.
Alexander Risvas, perhaps thanks to his penchant for the works of self-help gurus like Tony Robbins and Napoleon Hill, is optimistic in spite of COVID.
Greece and Portugal’s golden visa programs have missed out on 800 applications and investment equivalent to a small country’s GDP due to the pandemic.
The government is heeding the advice of practitioners and speeding up golden visa processing. Their zeal, unfortunately, isn’t matched by local authorities.
In practice, the changes enable investors to pay for the property from abroad, rather than by first opening a Greek bank account, without excess risk.
“To accelerate the course of growth in the coming months, we will seek to lift the bureaucratic obstacles that currently exist in the property market.”
Q1 figures show Greece – where China has been the source of four-fifths of applicants over the last year – have been disproportionately slammed.
Alexander Varnavas has worked with golden visas since before it was cool and is surprised that industry leaders think startup visas are the next big thing.
Sneer not at the Italians, for there, but for the grace of about two weeks, go the rest of us.
The 35 Chinese applicants demand an immediate granting of their visas, compensation, and the bringing to justice of the responsible bureaucrats.
Greek residence by investment practitioners say program revenue could be more than double its current level if only the country’s Decentralized Authorities weren’t so inefficient.
The Association of Chinese Investors in Greece says their countrymen will spend €800 million to €1 billion on Greek golden visas in 2020. Is that realistic?
Having already beaten all European records in 2018, there was little left for Greece to outperform in 2019 but its own achievements, which it did by 34%.
Paying returns to old investors with funds from new ones: In finance, that’s called a Ponzi scheme. In Golden Visa real estate, it’s par for the course.
The Greek property market has taken a drastic turn for the better during 2019, spurred on by a VAT holiday and soaring demand for golden visas.
Greece’s residence by investment program is raising €23 million a week. Already Europe’s most popular program by far, its application volumes keep growing.
After two years on the drawing board, the Greek government yesterday approved a variety of new investment options for its golden visa program.
Greek Prime Minister Mitsotakis means business: Invest half a million; pay 100,000 in tax. Invest 1.5 million; pay 50,000. Invest 3 million; pay 25,000.