Local land developers but also service sector professionals are becoming concerned by reports that Greece’s new government is planning to launch a citizenship by investment scheme similar to that of Cyprus.
The scheme provided by Nicosia in recent years has substantially contributed to the recovery of the Mediterranean island’s economy.
The new right-wing government under Kyriacos Mitsotakis is drafting its own citizenship by investment programme which resembles the Cypriot one and, thus, will be quite competitive, according to informed sources.
One source told Phileleftheros that the new programme is expected to be implemented after the first quarter of 2020 and may involve investments of €2.5 million. Cyprus’ investment limit is €2 million, plus VAT. In the case of Greece, the plan is for VAT payment to be deferred for a period of three years. This basically means that at the time of the investment the cost will essentially be the same as that in Cyprus.
Undoubtedly, the implementation of such a programme by Greece will create strong competition for Cyprus. Greece, as a brand name, is stronger and more versatile. So are some of its areas or islands as well. This means that far more investment opportunities will be on offer, especially in the sector of land development. The areas that will fall under the scheme’s criteria have not been disclosed yet.
At the same time, as a larger country that has been in recession for many years it offers more investment opportunities, plus connectivity is also an important factor for foreign investors. Another advantage of Greece taken seriously in consideration by foreign investors is that one does not need a visa to travel to the US.