Greece is currently planning to launch a new Greek citizenship by investment program (GCBI) in first quarter of 2020. The program will offer foreign investors fast track citizenship in Greece who invest atleast €2m euros in real estate.
After success of Greek golden visa scheme which already brought billions of euros into the Greek real estate market, the new right wing Government under newly elected Prime Minister, Kyriakos Mitsotakis is preparing to rollout the citizenship scheme for investments by first quarter of 2020, according to Greek media reports.
The Greece Citizenship by Investment scheme (GCBI) proposed has a limited quota of 200 citizenships per year. Brexit and global uncertainties have fueled the global demand for citizenship and residence by investment schemes.
The New Citizenship investment scheme will be similar to that of Cyprus with the investment threshold of €2.5 million euros in real estate, business and with the possibility of investing in government bonds or treasury securities.
Eligibility Conditions
- Invest EUR 2 million in Greek real estate properties
- Buy a permanent home for EUR 500,000 and pay EUR 50,000 annually for maintaining the property
- GCBI scheme capped to maximum of 200 naturalizations per year
- Investment in properties can be done through legal entities or Greek companies
- Investors must be a resident in Greece before applying for Citizenship
- Investors must open a bank account in Greece to buy real estate and undergo vetting by banks for source of funds.
- Companies and entities are eligible to invest in this scheme.
Golden visas
Greece already offers immediate permanent residence to €250,000 property buyers under its most popular golden visa scheme.Greece has already issued gold visa permits to over 4000 property investors. In an effort to further boost the Greek growth, the new government proposed tax cuts and holidays to property investors.
EU Investor Citizenship schemes
Malta, Bulgaria and Cyprus are currently three member states that offer active citizenship by investment schemes in the EU. There are currently 11 citizenship by investment schemes running worldwide, five in the caribbean, four in Europe, including Vanuatu and Turkey. Cyprus has already raised a whopping €8bn euros from citizenship scheme
EU membership
Greece enjoys full EU member since Jan 1981. The country joined euro area since Jan 1, 2001 and joined schengen area in Jan 2000. Greece represents 21 members in European parliament. Greek citizens are also full EU citizens with full rights of establishment, live, work and study in other EU-28 member states.
Greek passport
The Greek passport is one the widely respected european travel document. As of 2019, Greek citizens enjoyed visa free access to 183 countries including US, Canada, practically all of South America and to Australia
