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In recent years, the development of Greece is like a microcosm of the global economic development, encountering the European debt crisis in 2008, setting off an investment boom in 2019, experiencing a downturn in 2020 due to the epidemic, and rebounding in 2021.

 

Although the global economy is simultaneously facing the pandemic, but a bunch of international industry giants have recently set their sights on Greece. Greece is not in crisis, but in the midst of the crisis, the purchase of housing migration has become the highlight of the whole of Europe. So what is the investment philosophy of these companies? What will be the trend of Greek home buyers and immigrants in the new 2022?

International Industry Giants

1. Microsoft

Microsoft will invest 1 billion euros in a data center in Greece. It has already launched a pilot project in Olympia, in cooperation with the Ministry of Culture, aimed at digitally reviving ancient Olympia. More importantly, the software giant plans to build a state-of-the-art data center in Greece that will create many new jobs and generate significant revenue for the country.

 

  1. Pfizer

Pfizer, a pharmaceutical company producing a new coronavirus vaccine, plans to invest 600 million euros in Greece. Pfizer’s main investment in Greece is a “digital innovation center” in the field of research, which is expected to generate more than 600 million euros in profits and create more than 700 jobs within 10 years.

 

  1. Hilton

Hilton has recently signed a management agreement with its subsidiary SCD Group LTD: it has confirmed plans to open two hotels in Athens. Hilton has expanded its investment footprint in Greece’s main resort areas with the opening of four new hotels in the last 12 months.

 

According to the Greek statistics website, Greece received a net inflow of direct foreign investment of more than 5 billion euros in 2021, an increase of 74.3%. The record level of foreign direct investment confirms that the Greek economy is on an upward trend! Chinese companies have also been investing in Greece in recent years, with China National Grid, Industrial and Commercial Bank of China, China COSCO, Alibaba, Xiaomi, etc., continuously setting up their presence in Greece.

 

On March 10th 2022, China Fosun Tourism and Culture Group announced that it will expand its investment in Greece and open 4 hotels in Greece this year. In fact, last year, Fosun Travel has already put into operation four hotels in Crete, Rhodes and Kos, together with the four new hotels this year, Fosun Travel will operate eight hotels in Greece during this year’s peak tourism season. On March 18, DBRS, one of the world’s top four rating agencies, also announced that it has upgraded Greece to “investment grade”, which is an important step for Greece after years of debt crisis.

The trend of buying property in Greece

1. The economy and tourism are driving real estate development

According to the European Commission report, Greece’s economic recovery is being driven by strong domestic demand and a higher-than-expected tourism season. As early as last September, Greece issued 24 new national development policies that clearly outline the three main directions for Greece’s development in 2022: a significant reduction in tax rates, the development of a green economy and an increase in welfare protection for citizens.

 

The tax cuts cover the widest range of industries, including a significant reduction in personal property taxes, and the previously announced suspension of the VAT on new and unsold buildings after 2006 for three years, undoubtedly stimulating domestic demand in the Greek real estate market.

 

  1. 2022 Greek immigrants may see prices going up

From January 1, 2022, a property in Portugal that could be purchased for 350,000 euros will now cost 500,000 euros, so will the price in Greece increase?

 

Compared to Portugal, the overall development of Greece has not yet reached the same level, the economic foundation is relatively weak, following the example of Portugal to increase prices may reduce the attractiveness of investment, if remote areas of real estate investment can reduce prices, more in line with market expectations, but this is all our speculation. It is hard to say if the prices will increase in the future as more people are looking for such a high price-performance immigration method in Greece.

 

The Greek economy is recovering rapidly and housing prices are rising steadily, so now is a good time to invest. As far as home buying immigration is concerned, this is a good time to invest not only to enjoy the dividends of future property appreciation, but also to obtain Greek immigration status for the whole family, which is a great opportunity not to be missed.

 

  1. Greece Golden Visa Program Requirements:

– Purchase of a property worth more than 250,000 Euros

– Purchase of medical insurance

– No criminal record

 

  1. Accompanying family members include:

– Spouse

– Children under 21 years of age, unmarried and enrolled full-time, financially dependent on the main applicant

– Parents of the principal applicant and spouse

 

All the good news shows that it is a good time to invest in Greece in 2022. For individual investors, real estate investment is a good choice. The Greek real estate market is stable, with fast appreciation and low tax rates, especially in Athens, where prices are at the beginning of an upward cycle, making it the best time to invest in a new round.

 

On the other hand, The Greece Golden Visa Program is not only easy to apply, no education, language or business background requirements, but also has a strong Greek identity that allows you to travel to 26 Schengen countries and enjoy high quality international education, medical and other social benefits, that enables non-EU nationals and their family members to obtain permanent residence permits in Greece.

FOLLOW SIMARD & ASSOCIATES FOR MORE IMMIGRATION INFORMATION

Simard & Associates brings together a team of experienced immigration consultants and an authoritative senior immigration team with years of experience in the industry and strong multi-dimensional channels to help you succeed in your immigration journey. Stay tuned to the Simard & Associates for more information on immigrant life abroad. If you would like to inquire about immigration, please contact us.

 

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GREECE GOLDEN VISA IMMIGRATION PROGRAM

GREECE GOLDEN VISA IMMIGRATION PROGRAM