The Positive Impact of Greece's Citizenship by Investment Program on the Country's Economy 1

What is Greece’s Citizenship by Investment (CBI) Program?

The Greek CBI program is one of the most popular investment programs worldwide. It allows foreign investors and their families who invest in real estate, business, or other sectors, to obtain Greek citizenship within 7 years. This program has been incredibly beneficial for the Greek economy, which has suffered tremendously among the debt crisis, recession, and high unemployment rates in the past few years. Since the CBI program’s creation, it has had an immense impact on the country’s economy, surpassing the program’s creators’ expectations.

Positive Effects on the Real Estate Market

The real estate market in Greece has been one of the main beneficiaries of the CBI program. The demand from foreign investors has increased drastically, resulting in higher real estate prices and as a result, bringing billions of Euros to the country. The vast influx of foreign capital has enabled the development of new residential and commercial projects throughout Greece. Real estate developers have gained increased confidence to invest in such projects, which generate job opportunities and contribute to regional development.

Boost in Tourism

Greece is home to some of the world’s most beautiful and historical landmarks like the Parthenon and stunning islands like Santorini, Mykonos, and Crete. One of the significant advantages of the CBI program is its growing impact on Greece’s tourism industry. More wealthy foreign investors purchasing property in Greece result in increased tourism, particularly high-end tourism. Since 2014, tourism has grown steadily, contributing significantly to the country’s Gross Domestic Product (GDP). Greece has received nearly 33 million tourists in 2019 and generated over $19 billion in revenue, making it one of the most profitable sectors of the economy.

Raising Employment Rates

The CBI program has generated employment in several sectors ranging from real estate to tourism. The increasing demand for real estate projects and tourism initiatives requires a vast workforce, from construction workers to hotel staff. This has been an opportunity for Greek nationals with low employment rates to secure jobs in these industries.

Attracting More Foreign Investment

Greece’s CBI program has boosted the foreign investment climate, making the country more attractive when it comes to foreign investments. The program has proven that investing in Greece is rewarding, not just for individuals but also for companies seeking to invest in the country. The Greek Government has created a more friendly business environment for foreign investors, and several regulations have been implemented to promote foreign investment, which includes tax exemptions and loan programs. This has paved the way for more business opportunities to explore potential investments in Greece.

The Positive Impact of Greece's Citizenship by Investment Program on the Country's Economy 2

Conclusion

Greece’s Citizenship by Investment Program has brought several benefits to Greek society by creating immense investment opportunities and contributing to several economic sectors such as real estate, tourism, and increasing employment rates. Overall, the CBI program has had a positive effect on Greece’s economy, boosting its attractiveness to foreign investors worldwide. Gain further knowledge on https://mirabelloconsultancy.com/greece-golden-visa/ through this external source.

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