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With Greece’s Golden Visa program attracting thousands of investors, is it expected to change as a result?

I am interested in getting a visa and see that the Greek program might surpass more than 10,000 issued visas this year, making it as popular as the U.S. EB-5 program. Given this surge, do you predict the Greek government changing the system, positively or negatively, for investors? Might it have a cap on the number of visas that can be issued?

  • Papalois & Associates Legal
    September 11, 2018

    We do not feel like this is really possible. To be honest, the Greek government just changed the immigration fees (from 500 to 2,000 euros) and is thinking of introducing a new investment program involving a money deposit. So, we have reason to believe that it will be active at least for one more year without significant changes.

  • Energopiisi SA Investment Consulting Services
    September 14, 2018

    You are really right about the upcoming global interest for Greek residence program. For your information, the total issued residence permits to investors/property owners and their family members is up to 7,565, according to statistics of Enterprise Greece organization. After nearly a decade of economic crisis, Greece is entering a new era, marking the end of an economic recession. A new economy is in the making and so is a dynamic return to growth. Emerging from the recession, the economy is now flourishing. It's supported by an export boom and record tourism. Economic sentiment is up and employment rates are once again increasing. My personal opinion is that the Golden Visa program will not be negatively changed since the Greek economy welcomes the foreign investment. It is worth mentioning that nowadays there is an open public discussion for the applicable law for the Golden Visa program to be widened and the blend of acceptable investments to include alternative types of assets (i.e., government bonds, shares of existing Greek companies, etc.).