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Transcript

Greek Golden Visa Non-Real Estate Investment Thresholds Changing on March 31st · IMI Podcasts

• 0:00
  SPEAKER_00: This episode first appeared as an article titled Greek Golden Visa Non-Real Estate Investment Thresholds Changing on March 31st, and authored by Christian Henrik Nesheim on IMIDALY.com.
• 0:12
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• 0:29
  SPEAKER_00: Last year, Greece passed its new immigration code, which contained a number of changes to the minimum investment thresholds for most qualifying categories, except those related to real estate investment.
• 0:41
  SPEAKER_00: In December, legislators voted to delay the implementation of the new thresholds until March 31st this year.
• 0:48
  SPEAKER_00: Fewer than two weeks from now, the new thresholds will take effect.
• 0:54
  SPEAKER_00: While the Mitsutoki's administration has signaled that we'll soon see the minimum investment thresholds rise for Greek golden visa real estate as well.
• 1:03
  SPEAKER_00: The new rules set to take effect at the end of this month are limited to the program's non-real estate options.
• 1:09
  SPEAKER_00: Up from 400,000 euros, a 500,000 euro capital contribution to a company that has its registered office or establishment in Greece for the acquisition of shares for the increase of its share capital, or of bonds during the issuance of a bond loan, which are admitted for trading on regulated markets or multilateral trading facilities operating in Greece.
• 1:32
  SPEAKER_00: Up from 400,000 euros, a 500,000 euro capital contribution to a public limited real estate investment company intended to invest exclusively in Greece for the acquisition of shares for the increase of its share capital.
• 1:46
  SPEAKER_00: Up from€400,000, a€500,000 capital contribution to a closed-end investment company or to a closed-end mutual fund.
• 1:56
  SPEAKER_00: Up from 400,000 euros, a 500,000 euro purchase of Greek government bonds with a remaining maturity at the time of purchase of at least three years through a credit institution established in Greece.
• 2:10
  SPEAKER_00: Up from 400,000 euros, a 500,000 euro fixed term deposit with a Greek credit institution.
• 2:18
  SPEAKER_00: With no threshold change, a 800,000 euro purchase of shares, corporate bonds, or bonds of the Greek government, which are imported for trading or are traded on regulated markets or multilateral trading facilities operating in Greece.
• 2:33
  SPEAKER_00: Down from 400,000 euros, a 350,000 euro purchase of shares in a mutual fund, which is established in Greece or in another country, and is intended to invest exclusively in shares, corporate bonds, or Greek government bonds, which are admitted to trading or constitute an object of trade on regulated markets or multilateral trading facilities that operate in Greece.
• 2:56
  SPEAKER_00: Down from 400,000 euros, a 350,000 euro purchase of shares or stocks in an alternative investment fund established in Greece or in another member state of the European Union, and which has the objective of investing exclusively in Greece.
• 3:12
  SPEAKER_00: The only investment option for which the new rules will have any practical effect in the near term, says Greek Golden Visa Specialist lawyer Alexander Varnovas, is the 500,000 euro term deposit.
• 3:24
  SPEAKER_00: The other options are either not popular or not even operational because no approved investment options for those categories exist, he explains.
• 3:34
  SPEAKER_00: Of course, this may change now that the mutual fund and alternative investment fund option thresholds are reduced to just 350,000 euros, making them more competitive.
• 3:45
  SPEAKER_00: Doubly so if the minimum investment threshold for real estate rises to 500,000 euros and 800,000 euros, which looks increasingly likely.
• 3:56
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:00
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• 4:07
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