The New Government of Greece is preparing for a new citizenship by investment program next year which is similar to Cyprus for €2.5m euros, according to media reports.
The Right wing Government under newly elected Prime Minister, Kyriakos Mitsotakis is expected to rollout the citizenship scheme for investments by first quarter of 2020.
After tremendous success with the Golden visa scheme, implementation of such a CBI program by Greece will create strong competition for Cyprus, according to sources, reported by Philnews.
Last week the New government announcement proposals for tax cuts including VAT for property investors. Greece economy rebounded towards positive growth, since the introduction of golden visa scheme reviving property market. Greece’s economy grew at an annualized 1.3% rate in the first quarter of 2019. According to the latest OECD report, Greece’s economy is expected to expand 2.1% this year and 2.0% in 2020.
Concerns have been raised among Cypriot land developers and service professionals that the new government in Greece is preparing a Greek Citizenship for Investment Program, reported the news agency.
Cyprus has already raised a whopping €8bn euros from citizenship scheme, whereas Greece has received €1.2bn investments mostly in the property sector.
Malta and Cyprus are currently two member states that offer active citizenship by investment schemes in the EU. Both the countries have benefited significantly through inflow of foreign investments.
There are currently 11 citizenship by investment schemes running worldwide, five in the caribbean, four in Europe, including Vanuatu and Turkey.
Greek passport is one the widely respected EU travel document. As of 2019, Greek citizens enjoyed visa free access to 183 countries including US, Canada, practically all of South America, Australia
