The expansion of the “golden visa” foreign investors incentive program is among the priorities of the Economy and Development Ministry of Greece.

At a press briefing on the Ministry’s plan over the next two months, Stergios Pitsiorlas, Greece’s alternate Minister of Economy and Development said that a new bill is drafted that will expand the ”golden visa” program of residence permits granted to property purchases in Greece.

It will be offered to investors spending €400,000 ($463,000) in bonds or shares of real estate investment companies, or in deposits at the country’s banks.

The visa will also be offered to foreign investors placing €800,000 ($926,000) in Greek government bonds.

Despite the wide-spread implementation of similar schemes by many European countries, there is strong opposition to the program, especially from the European north, due to concerns that these programs work as a gateway for criminals from outside the European Union.

Source: Nick Kampouris/greekreporter