The Greek government plans extra incentives to attract big scale foreign investors from non-EU countries: The trade is Greek citizenship in return for real estate investment worth at least 2 million euros.
According to information by daily kathimerini, Greek citizenship and Greek passports will be available to third-country nationals acquiring real estate in Greece of at least 2 million euros.
Greek citizenship may also be granted to a third-country national even if he has acquired the property of this value through a legal entity provided that the shares and the shares are wholly owned by him.
“The investor must become a permanent resident of Greece with a real estate property valued at 500,000 euros and pay at least 50,000 euros annually for maintenance costs,” the daily notes.
In an effort prohibit fraud, the guidelines will include investor’s obligation to pay the full price of the real estate when signing the contracts. The price will be paid through a bank cheque or bank transfer.
In addition and in the context of this scheme, it is planned to set a limit of 200 naturalizations permitted for each year.
It is not clear when the relevant legislation will come into effect.
PS I suppose the aim of this scheme is to get rid of the villas confiscated by the state and the banks from the rich Greek debtors – or the middle class devils who saw themselves unable to pay their debts.