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Newsletter November 2014

HIGHLIGHT

Greece’s Residence Permit Programme

On October 22, Enterprise Greece, the Ministry for Development and Competitiveness and the Ministry of the Interior updated the press, diplomats, and the business and investment community at an event in Athens on Greece’s Golden Visa Programme, by which non-EU citizens are able to obtain a residence permit in Greece through the purchase of real estate, the value of which exceeds 250,000 Euro.

At the event, attendees were presented with the current status of the programme as well as a comparative study on the residence permit programmes of Portugal, Malta, Spain, Cyprus and Greece.

The key points of the study:
• 436 permits were issued in Greece, and an additional 83 permits are in the process of being issued.

Since May 2014 (when issues regarding the transfer tax were clarified) until today:
• 210 residence permits for new owners were issued, and 182 residence permits were issued for their family members. This means that the ration of contracts to residence permits is 1: 1.86, a highly attractive ratio.
• 67 million Euro is the cumulative cost of the properties (average of 317,000 Euro per residence) purchased.

The General Secretary of Population and Social Cohesion of the Ministry of Interior, Angelos Syrigos, said, “We moved forward with important adjustments in order to contribute to the success of the programme. By the end of the year we will make further improvements to the relevant legislation, aiming to make it even more effective.”

Referring to the results of the study, Enterprise Greece CEO Stephanos Issaias said, "The data suggest that the Residence Permit Programme for real estate owners, in its first year of implementation—when the basic implementation issues were addressed—has already brought significant results, has proven to be, comparatively, as seen in study, the most successful, and is highly competitive in its implementation.  This makes us highly optimistic for the future.”

For more information, visit: http://www.investingreece.gov.gr/default.asp?pid=225&la=1