Residency offer to foreign property buyers in Greece

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One of the most troubled of all countries in the recent eurozone financial crisis has been Greece, and now the government has announced new moves aimed at tempting overseas investors into buying property.

The new legislation will give five year residency to any non-EU buyers who purchase property worth more than €250,000.

Greece is not the first country to use such an initiative, as both Portugal and Cyprus have already taken similar measures in an attempt to stimulate their domestic property markets.

However, their minimum investment levels of €500,000 and €300,000 respectively mean that the new moves by Greece offer the opportunity for those with less money to invest.

This will mean that the new scheme offers the cheapest way for non-EU nationals to gain access to the Schengen area, giving them free movement between the 27 countries of the EU.

With the effects of the financial crisis having devastated property prices in the country, Greece now offers a double incentive for overseas buyers looking for European property.

The only country in the world to have a more affordable residency scheme is the Seychelles. Any property purchase there, without restriction and for whatever sum, will earn a five year residency.

Of course, the lure of the open borders of the EU may hold more sway for many. Buyers from North Africa, the Arab peninsula, former Soviet States and China are expected to be interested in the deal.

Ross Michaelides, a partner in the Buy and Sell Estate Agency, said: “We have seen quite a lot of interest from non-EU buyers in the past and obtaining a residency visa was always a main concern. It’s one of the biggest reasons Greece has not managed to get its share of these markets in the past.”

Often the best way to send money abroad is to check the rates offered by specialist currency firms before making a beeline for the banks, as you could make significant savings.

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Residency offer to foreign property buyers in Greece

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