General Secretary for Population and Social Cohesion at the Ministry of the Interior, Angelos Syrigos, announced that foreigners will be given Greek citizenship if they buy real estate worth at least 250,000 euros. This plan is aimed to give non-EU citizens an incentive to make property investments in Greece. The initiative is to be tabled in Parliament over the coming weeks.

Until now, investors who have spent over 250,000 euros on Greek assets have been entitled to a five-year residence permit but the new plan allows for Greek citizenship entitlements to those who own assets worth large amounts after seven years. There are also provisions for residency permits for the parents, spouse and children of the large property investor.

Third-country investors transfering their property to other third-country investors before their five years have expired will also transfer the permit along with the sale so that their Greek citizenship rights are sped up.

The current rules allow for residents to automatically receive a 5-year aliens residency permit for property worth over 250,000 euros. So far over 436 people took advantage of the rules from May 2014 through to September 2014 with 210 of these permits going directly to owners of the real estate and 182 for their family members. Their nationality: 185 Russians, 119 Chinese and 33 Egyptians whereas another 83 permits are underway.

Portugal, Spain and Malta have already applied this program in their countries with great success. In Portugal, the height of property is placed at 500,000 euros for citizenship to be given.