The Rise of American Expats Moves from Portugal to Greece

The upcoming closure of the Portugal Golden Visa is set to significantly impact Greece when it comes to their very own Golden Visa program. Since 2020 Americans have been flocking to Portugal in unprecedented numbers, seeking a European passport in par with (or as a replacement for) their American one. Now, as Portugal looks to pull the plug on the whole golden visa program, Americans are seeking a new EU hotspot to set roots.

Historically, Americans have always been fond of Greece. Athens and the Greek Islands are increasingly becoming a European vacation spot for Americans and there are strong ties between the two nations. This transition will likely prove to be an easy one for investors looking for a new hotspot in Europe to call home. One can't help but wonder if the long term success could even outdo the Portugal program altogether. So let's take a look at the numbers.

Americans Investing in Greece

According to International Advisor and their sources, Greece has already seen a 740% increase in American investor applications. That's not a typo. For many Americans Greece was already on the radar as the next it spot.

The Greece Golden Visa offers the most affordable Golden Visa program in Europe with a minimum investment into real estate of just €250,000. However, investment costs are set to rise to €500,000 in certain areas of the country from July 31st onwards.

The minimum investment amount is set to rise to €500,000 for the areas of North, South and Central Athens, Mykonos, Santorini and the municipality of Thessaloniki. For the rest of the country, the minimum property investment will remain €250,000. Notably Piraeus, an up-and-coming area in Athens along with the popular islands of Crete, Corfu and Paros.

Portugal versus Greece Golden Visa

While the programs were neck and neck European residency by investment options, Portugal's Golden Visa was more popular than Greece due to its flexible pathway to citizenship. Otherwise, these destinations are pretty similar for American investors. Greece also offers U.S. citizens a double tax treaty, EU residency, and a route to eventually acquire a Greek passport for those that choose to live in the country. And, of course the Mediterranean landscapes, climate and lifestyle are about the same between the two countries.

The Portuguese government has announced plans to close the Golden Visa Program in the next few months. High net worth investors looking for dual residency and citizenship pathways who are not yet ready to proceed will therefore have to look elsewhere. It is worth noting that Greece (along with Latvia) offers the cheapest golden visa program in all of Europe for real estate investors. Even with the soon price hike in parts of the country investors who prefer to keep their investment to a minimum will have plenty of areas to choose. In fact, 90% of the municipalities in Greece will remain golden visa eligible with an investment of €250,000. So, Greece will surely become Europe's number one spot for high net worth American expats.

Economically and politically, Greece has managed to stabilize itself in recent years. Although there is always some concern for what could happen in a shaky worldwide economic climate, Greece has progressed significantly in the last 10 years. Nonetheless, the cost of living remains low in Greece, especially for Americans. Tax treaties are quite favorable. In fact, Greece's foreign pension tax regime lasts for 15 years with a flat tax rate for pension income of just 7%. This is longer than Portugal's comparable non-habitual resident (NHR) regime which lasts only a decade and taxes pension income at 10%.

At the end of the day, International Advisor hit the nail on the head when it said Greece's golden visa program will likely pick up right where Portugal has left off.

At Lincoln Global Partners, we are excitedly preparing for this shift and have an attractive portfolio of investment opportunities ready for those who are eyeing the Greece Golden Visa Program.

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