ARiadni Real Estate Blog

Greece claims a part of the "Golden Visa" market

19 August, 2020

Golden Visa, non-domicile tax evasion and citizenship programs are in high demand internationally, as criminals, especially after the outbreak of the pandemic, seek refuge that is not only economical but also safe.

According to market participants, Greece can compete with similar investment products of other countries. The "Golden Visa" program, which is considered one of the most competitive in Europe, although due to Covid-19 has almost collapsed as it was "supplied" with Chinese funds, allows the implementation of investments of 250 thousand euros in exchange for a residence permit. And the non-dom scheme, under which croissants are taxed on their global incomes up to a maximum of € 100k, has already attracted more than 20 Ultra high-net-worth individuals (UHNWI) with assets from 2 million to about 50 million.

Citizenship is not a fan of these investment products, something that is part of the government's plan, but requires very careful handling and very strict conditions, according to the information.

The coronavirus, real estate ...

These initiatives could give a strong impetus to the domestic market of luxury real estate, the value of which exceeds 1 million euros. But as long as, according to market participants, Greece is able to win, and this time, the bet of a safe destination, something that will be seen in the coming days. This, moreover, is the reason why in the midst of a pandemic crisis and lockdown, the interest for the Greek real estate increased and mainly for luxurious and ultra-luxurious residences, a trend recorded by different real estate networks. And it is evidenced by the fact that more than 21 people of high net worth have applied to join the non-dom regime, with a significant number of these applications to the Tax Office for foreign residents taking place in the middle of a lockdown.

It is no coincidence that, according to the law firm Henley & Partners, which specializes in investment "immigration" programs, from January to June, applications for international citizenship increased by 49% on an annual basis. Respectively, the applications (for acquisition of citizenship) submitted to Henley & Partners increased by 42% in the first quarter of this year, compared to the corresponding period of 2019.

... and the Indians

However, although Greece does not yet have a citizenship program, through non-dom it is able to attract multimillionaires, while it now has a significant number of homes with the appropriate specifications that could attract crude buyers. With this in mind, Greece participates in the global online exhibition of residence and citizenship Grace 2020, which takes place today and tomorrow in New Delhi. It is estimated that in 2019 India recorded the largest outflow of highly net worth individuals, as 5 million millionaires or 2% of the total number of UHNWI left the country.

By Dimitris Delevegos

capital.gr