Greece's golden visa is losing out to rivals despite being among the cheapest residency-by-investment programs available in Europe.

Just 1,000 visas had been granted through the program until the end of 2015, compared with 6,000 for a similar program in Portugal and 13,000 in Latvia.

The Greek program requires a €250,000 property investment, which is the same as Latvia and €100,000 less than the €350,000 required in Portugal.

Property investment requirements

  • Greece: €250,000
  • Latvia: €250,000
  • Portugal: €350,000
  • Cyprus: €300,000

Portugal is currently enjoying a surge in the popularity of its program, which has generated more than €2 billion in investment since it was introduced in October 2012.

The Greece problem appears to be centred around too much red tape.

For a country desperate for money following the disastrous fallout from the global economic crisis, some of the documents being asked for from potential investors are questionable.

One Chinese investor was told he needed a certificate from a Greek hospital to prove he did not have tuberculosis.

Another had his application rejected because he paid for property in cash, despite a notary saying the transaction had happened in front of him.

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The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer.