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The interest of Chinese nationals in Greece’s Golden Visa Program remains high in spite of the new changes applied to this scheme.
Earlier this year, the Prime Minister of Greece, Kyriakos Mitsotakis, announced that the minimum amount required for investments made through the real estate option of the Golden Visa Program would increase, Schengen.News reports.
These amendments, according to some market executives, would lead to a change in the character of buyers, with the Hellenic Republic now attracting persons with greater financial resources or companies.
The president of the Greek-Chinese Business Development Committee of the Athens Chamber of Commerce, Stavros Monemvasiotis, said that new investments are coming from investors from China in the real estate market, adding that they are scanning the country for opportunities, quoted by Kathimerini.
However, according to Monemvasiotis, these are people of a different nature compared to other Chinese investors that Greece has been seeing up until this point, interested in acquiring residency in this country through the Golden Visa Program.
Holiday Homes Attract Most Chinese Interested in Golden Visa
In the annual conference of the Athens-Attica Realtors Association, he added that property categories that attract Chinese nationals the most are holiday homes and tourism in general, as well as student housing.
According to Monemvasiotis, Attica, together with cities such as Iraklio, Patra, Ioannina, and Thessaloniki, will also be potential destinations for Chinese funds.
In addition, some sources told Kathimerini that the first investment of this kind is underway in broader Ioannina worth €15 million.
Increase in Minimum Amount Investment Requirement
Greece’s Golden Visa Program offers residency to foreigners in exchange for financial investments made through several options.
Among the most sought-after options for this scheme is real estate investment, particularly for Chinese nationals.
However, in a bid to deal with the housing crisis, authorities in the Hellenic Republic applied several new amendments to this scheme.
Among them was increasing the minimum amount required for investments made through the real estate option, which in some of the most famous areas of this country now reach €800,000.
Source: https://schengen.news/chinese-nationals-strongly-drawn-to-greeces-golden-visa-program-despite-recent-changes/
