Is Greece Preparing a Citizenship by Investment Program Similar to Cyprus?

Christopher Zenios28/08/20192min
Land developers and service sector professionals in Cyprus have confirmed they continue to hear reports that Greece’s new government is planning to develop and launch a citizenship by investment program that is very similar to Cyprus’s program.

Cyprus’s program has been successful in substantially contributing to the recovery of the Cypriot economy in recent years.

The new right-wing government in Greece under Kyriacos Mitsotakis is currently negotiating its own Citizenship by investment program which strikes identical similarity to the Cypriot program and will thus lead to high competition between the two.

According to sources, Greece’s new program is predicted to be rolled out in the first quarter of 2020. Details include that it may involve the investment of €2.5 million with VAT payment to be deferred for a time of three years, thus making the program almost the same price as Cyprus.

Greece is a larger country that is more versatile with a well-known name. Investors will have a large amount of choice of what and where to develop. Although details have not been disclosed it is clear that due to the amount and variation of investment opportunities many Cypriot developers are concerned about the impact it will have on the Cypriot Program.

Another advantage that Greece has to offer for foreign investors is that those with a Greek passport do not need a visa to travel to the US. However, Cyprus provides its own set of benefits include a considerable stronger economy than that of what Greece offers.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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