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.