Insider Economy Greece’s naturalisation scheme very similar to that of Cyprus

Greece’s naturalisation scheme very similar to that of Cyprus

There are more and more Greek reports confirming Insider’s earlier article that the new government in Athens is ready to implement a citizenship for investment scheme very similar to that of Cyprus.

In fact, Greek Prime Minister Kyriacos Mitsotakis himself has confirmed this to Cypriot officials during his visit to the Mediterranean island last week, according to insiders.

In a bid to lure foreign investment to Greece the Mitsotakis government will introduce additional incentives, including the offer of citizenship to those that purchase real estate worth at least €2 million.

The plan comes at a time when many investors outside the European Union are looking for new destinations to purchase real estate due to Brexit, according to the reports.

More specifically, the plan envisages that prospective investors eligible for Greek citizenship must also become permanent residents in Greece, with a home worth at least €500,000 and paying at least €50,000 annually in maintenance costs.

In order to avoid instances of fraud, the plan stipulates a series of checks. For example, for citizenship to be granted the price of the real estate should be paid in full at the time of signing the purchase contract.

Plus, there will be a set limit on the number of naturalizations allowed each year – reportedly 200.

The Greek plan excludes certain provisions that Cyprus’ has, for example a mandatory donation of €75,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation ecosystem. Cyprus also demands a mandatory donation of €75,000 to the Cyprus Land Development Corporation.

In the meantime, the Greek plans are a cause for concern for land development professionals and service providers in Cyprus since it is certain that competition will be high between the two countries.


Read more:






Top Stories

128 new cases, three deaths announced on Wednesday

The Health Ministry announced the death of three persons due to COVID-19. This raises the death toll from the virus in Cyprus to 193,...

Where to get antigen rapid tests during period 28-31 January

The Health Ministry announced the following antigen rapid test sites during the period 28-31 January 2021: LIMASSOL Church of Agios Ioannis Eleimon, Limassol 08:30-18:30 Cultural Center Mesa...

Israel, Denmark to vaccinate all athletes for Tokyo Olympic Games

Several countries, including Israel and Denmark, said on Wednesday they would vaccinate their athletes and staff against COVID-19 ahead of the Tokyo Olympics, amid...

UK AstraZeneca vaccine plant partially evacuated over suspect package

A factory in Wales that produces AstraZeneca's COVID-19 vaccine was partially evacuated on Wednesday after it received a suspicious package and police said a...

43-year-old arrested for speeding

Members of the Police arrested this morning a 43-year-old man who was seen speeding at the Nicosia-Larnaca road near Koshi village. The man was stopped...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...