As always, the super rich are using it one more step. They are increasingly turning to Golden Visa Programs whereby an investment or purchase of real estate can provide an individual with a residence permit and the path to citizenship.
Some people aren’t too excited about digital nomads or wealthy individuals choosing to live part-time or full-time in another country: Residents of those countries. In early septemberPrime Minister Kyriakos Mitsotakis of Greece doubled the price of the minimum investments to get Golden Passport domestic, increasing the price from €250,000 to €500,000, each International Advisor.
Many people desire to obtain a Golden Visa due to the rising cost of daily living and housing in the US, as the company Get Golden Visa found in survey of the 320 applicants, 29% were driven by the rising cost of living. But there is a ripple effect, and this new influx of rich people looking for cheaper real estate is likely to drive Greek citizens out of their own housing market.
“To increase the affordability of real estate for Greeks, we are currently increasing the minimum investment required for the issuance of a golden visa from €250,000 to €500,000 (£434,000, $500,000). “, Mitsotakis said in early September. , based on International Advisor.
Mitsotakis does not stand alone.
From June, Turkey’s minimum investment for citizenship under the investment program has been increased from $250,000 to $400,000. And in Steps areThe European Commission has pushed EU governments to end their citizenship with investment programmes, pointing out in particular that rich Russians supporting the invasion of Ukraine or being associated with it could take advantage of the aforementioned programs.
Portugal’s current visa program or program has also been hotly contested. The Left Bloc in Portugal and the Portuguese Communist Party’s plan to overthrow their local Golden Visa were rejected in maybe.
The left block commented on Twitter, “The golden visas only cater to financiers who want to launder their wealth. They don’t serve people in any part of the country, only hurt them.” The Portuguese Communist Party added that these new residents did not help stimulate the local economy, arguing that there was “almost no productive investment or job creation” just a “clear contribution to any real estate”. real estate” disrupted the affordable housing market, Portugal.com reported.
Part of the reason for the Greek price increase comes from anticipation of increased interest in Golden Visa applicants. “We expect a strong resurgence from abroad for real estate purchases and rentals in Greece, especially for luxury holiday homes in popular tourist destinations and on the islands. in the Cyclades, on Crete and Corfu,” Kyriakos Xydis, managing partner Berkshire Hathaway HomeServices Athens Properties, said according to SchegenVisa.
The price increase from €250,000 is not shocking, because Spain, another hot ticket for Golden Visas already with minimal investment at the price. But Greece’s choice to oversee rather than simply monetize this growing interest in residency by investment differs from Portugal’s. recent visa policies. At the beginning of October, Portugal announced in Time out that it is announcing a digital nomad program for workers who want to reside in the country for up to a year. Portugal is not alone, countries like Thailand and Bali implemented visas for remote workers.
While the policy does not require investment, it is a sign that some countries are looking to take advantage of remote workers eager to travel at any cost, while others are not. Others are looking to push the new trend.
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