In sport, as well as in business and life, if the need arises, people have to act quickly if they wish to take advantage of an opportunity.  UK based Athletes, from outside of the UK, Europe, and North America, generally have more restrictions on where they can travel, without the need to apply for an additional visa. When applying for these additional visas, it’s often a cumbersome and timely exercise, with lengthy application forms and having to supply a seemingly endless trail of supporting paperwork.  Then to cap it all off, they are left without their only travel document, so cannot travel outside of the country where they hold residence. In the majority of cases, athletes themselves will apply for a visa at the beginning of their time at a particular team or club.  Sometimes this includes their immediate family and sometimes not.  However, when it comes to their extended family, i.e. their parents and grandparents.  This group is often overlooked until it’s too late, when the athlete has reached a major final or some other important milestone in Europe.  Family members without an existing visa, simply would not have time to make a successful application and would miss out. A solution to this is that the athlete applies to one of the European countries offering Residency by Investment.  In exchange for acquiring a qualifying asset, and paying a small administrative fee, the applicant can apply for residency in that country.  This will include themselves, their spouse, their parents and in some circumstances their grandparents. Securing a residence in a European country, means that the whole family can benefit from holding a European residency card.  Allowing the freedom to travel around Europe at any time, without the need for additional visas. Some European residency programs will also allow applicants to sponsor other family members, such as brothers and sisters, under their own application. Residency by InvestmentGenerally speaking, qualifying assets will come under the following headings: Ø  Purchase of a property,Ø  Purchase of units in a qualifying investment fund,Ø  Making a substantial bank deposit or buying Government bonds,Ø  Investment into a company and creating jobs, Applicants and their dependents will undergo a due diligence process and will need to travel to the country to provide biometrics. Once the applicant and their family receive their residency cards, they then can travel throughout Europe.  One of the few stipulations is that they must maintain their investment so long as they wish to keep residency, however, this can vary between programs. Other significant benefitsMost clients considering applying for a second residency, do so through an investment in property.  A major factor in the decision making, is that they wish to own a family villa in a secure area, away from the public, and in a country that provides fun and relaxation for their entire family in the off season. Athletes that choose the right property, in the right area, can also find that this investment is a wise long term financial decision, especially if they are making it whilst they are in their peak earning years. Some countries like Cyprus, offer a non-dom tax treatment for new residents, who stay in Cyprus for more than 2 months a year and nowhere else for more than 6 months.  The new residents would effectively be taxed on a remittance basis, so they are only taxed on Cypriot income and anything they bring into the country. This could also be interesting for athletes (UK and Non-EU) at the end of their active sporting career, who are planning to leave the UK.  As it would provide them with a permanent European base in which to allow them to develop wealth structures outside the UK.  (It is really important to note, tax advice must be taken both in the UK and the country that the applicant is thinking of moving to). United States of AmericaIn addition to the European and Caribbean programs, we are also able to help clients gain either temporary or permanent residency in the US, simply by making a qualifying investment, through the E2 and EB5 US immigration programs. Citizenship by InvestmentIn addition to the above scenario, where an athlete and their family wish to achieve a European residence, there is also the option for a second citizenship. Most countries that offer these citizenship programs allow the applicant and their direct family to apply, and in some situations, this could also be extended to unmarried siblings. As with residency by investment, applicants applying for a second citizenship would need to make a qualifying investment, undergo a due diligence process, and pay Government fees. Often the second citizenship country would already have visa free access to the UK, Europe and other high-end destinations around the world and holders of these passports are free to travel as tourists with no need to obtain additional visas. The main countries that offer Citizenship by Investment programs are as follow: The CaribbeanØ  GrenadaØ  St Kitts & NevisØ  DominicaØ  St LuciaØ  Antigua & Barbuda Europe:Ø Malta The application process usually takes on average 3-6 months and is fairly straightforward and usually doesn’t involve a visit to the country. Combination of programsOver the years, I have often been asked to design a specific program, whereby the client combines the practicality of having a full time European residence, but with the simplicity of a second citizenship for travel.  These clients truly value both the quality of their living and the ease of travel. In order to give you a taste of the possibilities, I will now run through the various Residency and Citizenship options Cyprus - ResidencyCyprus offers a fast route to residency for individuals who invest €300,000 plus VAT in new real estate. The programme grants full Cypriot residency within six months, providing athletes with a European base for them and their families. Although Cyprus currently is not part of the Schengen area, Cypriot residents may find obtaining a European Schengen visa easier.  In addition, Cyprus is actively applying for membership of the Schengen pact and thus ensuring freedom of movement throughout Europe. The country offers a favorable tax system for new residents, who can benefit from the non-dom tax regime, with as little as 2-months physical residence, meaning no worldwide income tax for non-domiciled residents, just what is brought into Cyprus or earned in the country.  This might be interesting for athletes that are looking to relocate after they finish their career in a high tax country such as the UK or Europe. Greece - ResidencyGreece's Golden Visa program is one of Europe's most cost-effective residency-by-investment schemes. The most popular investment is property, whereby there is a two-tier option of €250,000, for restricted properties, or €500,000 for unrestricted properties. Athletes and their families can gain a five-year residence permit, without physical residency, MaltaMalta is a very attractive country for establishing a European residency.  Individuals and families can easily establish residency with an initial investment of €130,000, with the option of renting or purchasing properties. Malta's EU membership allows athletes easy travel across the European Union, and its robust economy makes it an attractive choice for investments.  This is an ideal country for families currently from outside the UK and EU. SpainThe Spanish Golden Visa for Spain, officially known as the Spain Investor visa, is a residence permit issued to non-European citizens who make a significant investment in Spain, such as buying real estate, investing in a company, or creating employment opportunities. The investment levels start at €500,000, and grants the applicant a The Residence Permit you receive via the Golden Visa is valid for two years. You can then renew it indefinitely every two years as long as you have maintained the investment (in other words, as long as you still own the property you have purchased). PortugalThe Portuguese Golden Visa program provides residency with a minimum investment of €500,000 in non-real estate investment funds or €350,000 in research activities. Portugal boasts a high standard of living, excellent infrastructure, and a comprehensive double tax treaty network, making it an attractive destination for athletes. Turkey Turkey offers citizenship to individuals who invest $250,000 in real estate or deposit $500,000 in a Turkish bank. The country's strategic location, at the crossroads of Europe and Asia, offers unique business opportunities and easy travel access to both continents. Caribbean Nations: Grenada, Dominica, St Lucia, and Antigua The Caribbean nations of Grenada, Dominica, St Lucia, and Antigua offer some of the world's most cost-effective citizenship-by-investment programs, with minimum investments ranging from $100,000 to $200,000. These countries provide visa-free travel to over 130 countries, including the EU Schengen area, the UK, and China. Additionally, they have no tax on worldwide income, capital gains, gifts, wealth, and inheritance, which can significantly increase an athlete's take-home earnings. In conclusion, residency and citizenship by investment programs offer non-UK and non-European sports stars various benefits, including increased net earnings, visa-free travel, and potential business opportunities. Moreover, these schemes provide a safety net for life after sport, offering athletes the chance to make the most of their peak earning years and secure a prosperous future.If you would like further detailed information about Greece Golden Visa programs and investment opportunities, simply contact or visit NG Global Citizens.

Greece, cradled by the azure waters of the Aegean sea and steeped in millennia of history, has been capturing the hearts of wealthy foreigners. The scenic vistas of its islands, the rich tapestry of its culture, and the warmth of its people are just a few reasons why affluent expats are finding this Mediterranean paradise an irresistible place to call home. Affordable Cost of LivingCompared to other European countries, Greece offers a surprisingly affordable cost of living. Whether it's dining in local tavernas, shopping at bustling markets, or renting a villa overlooking the sea, your money stretches further here. This affordability, combined with the high standard of living, makes Greece an attractive destination for wealthy foreigners. Accessible HealthcareGreece boasts an accessible healthcare system, with well-equipped hospitals and highly trained medical professionals. Expats can have peace of mind knowing that they have access to excellent healthcare services, should they need them. Laid-back LifestyleThe Greek lifestyle is synonymous with a laid-back approach to life. The locals have mastered the art of work-life balance, and it's a rhythm that wealthy expats find appealing. From leisurely meals with family and friends to afternoon siestas, life here feels less rushed, making it an ideal setting for those seeking tranquility and relaxation. Golden Visa ProgramOne of the most compelling reasons for wealthy foreigners to relocate to Greece is the country's "Golden Visa" program. This scheme offers a five-year renewable residence permit to non-EU citizens who invest a minimum amount in real estate. It's an attractive proposition for those who wish to enjoy the benefits of living in Greece while also having freedom of movement within the Schengen area. Who is eligible?- Be a national of a third Country, non-EU, non-EEA and non-Swiss national- Be over 18 and not from a sanctioned country.- Make a minimum investment of EUR 250,000- Dependents The Benefits:- Right To Live in GreeceThe right to live in Greece comes with public healthcare and education benefits as well. - Visa-Free Travel with Greece Residence PermitThe Golden Visa gives you the freedom to travel across the Schengen zone without the need for an  additional visa. - Family ReunificationSpouse and unmarried children under the age of 21 in the program - The Double Taxation TreatyDepending on your country of residence and the amount of time you spend in Greece, it is likely that your international income may not be subject to taxation in Greece. - CitizenshipYou may apply for Citizenship by naturalization after living in Greece for seven years, additionally you must spend a minimum of 183 per year and be a registered tax resident during those past seven years as well as pass a Greek language test. The Non-Dom SchemeIn addition to the Golden Visa, Greece is also attracting wealthy foreigners with its 'non-Dom' scheme. This initiative offers substantial tax advantages to individuals who transfer their tax residence to Greece, making it an enticing option for affluent individuals. Cultural Riches and Natural BeautyBeyond the practical benefits, Greece's cultural heritage and natural beauty are irresistible. From the ancient ruins of Athens to the idyllic islands of Santorini and Mykonos, Greece offers a wealth of experiences for those with a taste for adventure and a love of history. The country’s Mediterranean climate, stunning landscapes, and pristine beaches add to its charm, making it a veritable paradise on earth. In conclusion, Greece is more than just a tourist destination; it's a place where wealthy foreigners can enjoy a high quality of life, immerse themselves in a rich culture, and benefit from attractive investment schemes. As the Greek saying goes, "Φιλοξενία" (Filoxenia) or "love of strangers," and it's this spirit of hospitality that makes Greece a welcoming home for those seeking a new life abroad. If you would like further detailed information about Greece Golden Visa programs and investment opportunities, simply contact or visit NG Global Citizens.

Are you contemplating moving to the United States with your family and seeking a pathway to a Green Card or Citizenship? If so, the EB-5 Immigrant Investor Program could be your golden ticket. Commonly referred to as the 'Golden Visa,' the EB-5 program offers an opportunity for foreign investors to obtain permanent residency in the U.S. through significant financial contributions to American businesses. What is an EB-5 Visa?Created by Congress in 1990, the EB-5 visa is an employment-based fifth preference visa that encourages foreign investment in the U.S. economy. It allows foreigners who want to invest in enterprises in the United States to become permanent. The goal is to stimulate job creation and economic growth through foreign capital investment. Who Can Apply for an EB-5 Visa?The EB-5 program is open to foreign investors worldwide, provided they meet the investment threshold and other requirements. There are no language, business, or education prerequisites. However, investors must demonstrate legal sources of funds. How Does the EB-5 Visa Work?To qualify for the EB-5 visa, an individual must invest in a new commercial enterprise associated with government-approved projects. The US EB-5 Immigrant Investor Program requires that a foreign individual invests into a new commercial enterprise that is associated with government-approved regional centers based on proposals for promoting economic growth.Investment options:USD 800,000 into a TEA (Targeted Employment Area) project in a rural area or an area with high unemploymentUSD 1,050,000 into a non-TEA (Targeted Employment Area) project Once the USCIS approves their application, EB-5 investors receive a conditional visa valid for two years. To attain a permanent visa, these investors must demonstrate that their investment has created or preserved a minimum of 10 full-time jobs for qualifying U.S. workers.Benefits of the EB-5 VisaThe EB-5 visa is not just about contributing to the U.S. economy; it's also about the benefits it brings to the investor. Firstly, it grants permanent residency status, allowing individuals and their families to live and work anywhere in the U.S. as well as opening a US bank account and access to education and healthcare. Secondly, it opens a pathway to U.S. citizenship. Applying for the EB-5 VisaThe journey to an EB-5 visa begins with filing Form I-526, the Immigrant Petition by Alien Entrepreneur. Once approved, the investor and their family can apply for a conditional green card. Over the next two years, the investor must prove that their investment has met the necessary requirements. If successful, they can apply to remove the conditions on their green card, moving them one step closer to permanent residency.The processing times for EB-5 visas can vary, but generally, it takes between 18 to 24 months for initial petition approval. It's important to remember that the process involves multiple steps and each has its own timeline.In conclusion, the EB-5 visa program offers a unique opportunity for foreign investors seeking to relocate their families to the United States. It's not just an investment in the American economy;  it's an investment in your family's future.NG Global Citizens is experienced and committed to guiding individuals and families through the intricate labyrinth of global citizenship and residency. Our team experts provide bespoke solutions tailored to each client's unique needs, whether that involves securing a second residency, establishing banking relationships, obtaining citizenship, or setting up a business domicile. Please contact NG Global Citizens’s team and experts to assist and help you and your family choose and secure the most suitable citizenship or residency by investment programs.

So, what's wrong with the World?We recently published a number of articles discussing how people are increasingly coming under unfair pressure from their own governments and financial institutions, simply because of changes in public opinion or circumstances of birth.Usually, risk is mitigated by simply taking out an insurance policy. However, when it comes to unfair treatment and public criticism, this is very qualitative in nature and as such much harder to plan for.The good news is that families and businesses can take a number of simple steps to help ensure that disruption to business and their lifestyle can be reduced. By establishing a second business entity, banking, or investment platform, in an alternative, friendly and preferably tax neutral jurisdiction, you have the potential to continue business operations and the family’s personal life, even in the event of disruption.As the saying goes, “Don’t put all your eggs in one basket”. This strategy helps provide security and the ability to continue operating seamlessly, should the worst happen. If you look at some of the leading countries across the world, there have been times where a country’s economic and societal structure breaks down. We see infrastructure failing, increases in unemployment and crime and a general downturn in the overall happiness security of the general population. In fact, when there is a shift in a country’s political or economic system, being wealthy doesn’t guarantee protection. What can we do to help?It’s at these times, that you can see why you should at least consider setting up an alternative life or business plan, in a friendly, secure and safe country.With this in mind, the solution is really multifaceted. Review the current plan with a mind set of “what if”. Then consider taking these “what if’s” and mitigate the potential damage by undertaking one of more additional steps, to help both the business and family. Choosing your Business financial planThe first part of the solution is to implement an alternative business economic plan. This can be to open up overseas subsidiaries, overseas banking facilities and trading accounts. In fact, even though this is planned as a contingency, it potentially opens companies up to new markets with better quality banking and investment institutions.Choosing your Family financial planThe second part of the strategy would be looking at the family economic plan. Again, you could start by establishing an overseas trust or foundation in a country that values privacy and security. The family can open personal banking facilities to run alongside existing arrangements in their home nation. Therefore, if a country decides to freeze your existing accounts for no real reason, which we have seen in some leading countries in 2023, the family will still have access to banking and protection, so can continue life with the minimum of fuss.How else can I protect my family and receive positive benefitsThe third element is to do with having a secure and guaranteed physical residence. This can even start as simply as having a short-term vacation home or a business apartment in a city with an international travel hub, like Istanbul or Athens. The best part about this is that it provides the possibility to turn into a longer-term, semi-permanent solution, should the need arise.Examples of why this is importantAs an example, I am a 11-year resident of Nevis (Caribbean) and have operated an international Trust company also in Nevis. In that time, I saw first-hand the phenomenon of “Snowbirds”. Were wealthy American or Canadian families choosing to spend the winter in Nevis in the sun and away from the cold and snow back home.A lot of these families of late, have taken this casual annual residency approach and made it their full-time residence, simply because they thought things back home were going in the wrong direction, and that their lives would be happier away from the confusion. This is the best example of a family simply realizing that living in a friendly, tax-neutral island such as Nevis was better, at least in the moment, than in their own country.In fact, it can be seen on the world stage, that more and more Americans, and Canadians, are choosing to obtain an official second residence in places such as Cyprus, Greece, Malta and Portugal, often as a forerunner to establishing a financial footprint in Europe.Families that choose to establish a second residency do so for a number of reasons. It could be purely a business decision, they may have older children in university, and the family wants to be closer, they may wish to have better access to medical or educational services, or simply wish to retire to Europe to explore, but need to have a permanent base close by.Both Malta and Cyprus operate special tax regimes for new non-dom residents. These countries provide beneficial programs with low or no tax consequences. They are usually based on funds only being taxed on what is earned in the country or what is received into the country, leaving income that is generated and kept outside, exempt.As these are very beneficial to those with truly worldwide income, a person who is trying to sell their business for example, would be wise to at least consider establishing a new tax base in a country like Cyprus or Malta.With all things tax, we strongly recommend that anyone who is considering a move takes specific tax advice both in the country of origin and their new country of residence. Families that originate from countries that do not have strong ties to the west often find it very beneficial to move to one of these residencies by investment countries, simply as a way of being in the middle of Europe and to live a better life. Other families feel it’s beneficial to combine a second citizenship with a strong European residency in order to have a solid base and enjoy the freedom to travel for business and leisure.So why is a Plan B so important and the simple steps you can take?To establish a Second banking/financial Center to hold money, assets, investments in friendly countries.To establish a Second Residency, which would enable families to enjoy free travel across Europe.To legally establish a Second residence in a country that could provide a more favorable tax environment. In some countries new residents receive positive tax treatments, in others no tax at all, subject not breaking local rules.Establish a legal presence in a Second country, to potentially open new markets for business, or simply as a convenient alternative to an existing market. Countries like Cyprus, Portugal or Malta are particularly good for this.Obtain a Second Citizenship, guaranteeing that future generations will benefit from more rights and travel privileges.We are currently able to provide support in the following countries, in terms of the application process, introducing interesting investments and other services through our trusted partner network:Residency by Investment:Greece, Cyprus, Malta, Portugal, Turkey, Indonesia, and USACitizenship by Investment: Grenada, Antigua, St Lucia, Malta, Dominica, Turkey and St Kitts & Nevis. In addition to our residency and citizenship services, we can help clients in the following areas, through our Trusted Partners:International wealth managementTax PlanningBankingLogistical and concierge servicesShort term property financing (UK)In conclusion, Residency and Citizenship by investment programs offer applicants a multitude of real economic and social benefits that they can immediately bring into their lives, and provide these same amazing benefits to their children and future generations.NG Global Citizens’s team is dedicated to helping individuals and families navigate these complexities and uncertainties, also provide tailored solutions to secure a second residency, citizenship, banking relationships or business domicile, ensuring you're always prepared, no matter what life throws at you. This article was contributed by [Graham Sutcliffe BA (Hons) FCCA], a Co-founder and Managing Director of - NG Global Citizens (a 20-year veteran of the international Trust world) and specializes in helping clients and their families navigate the often-turbulent waters of making these changes.  We specialize in working with clients and their advisors to select the right mix of what should be included in their safety wealth strategy.  We help find them the right Investment, Realtor, Lawyer and Tax Professional so as to ensure a successful and efficient execution of the plan through our network of international Trusted Partners.

It is often seen that when wealthy Non-Europeans or US Citizens apply for European or US visas, it is a difficult process.  It involves a lengthy application process and the physical surrendering of a person’s only travel document, their passport. This is especially difficult as the process can often take weeks if not months in some cases, leaving the applicant grounded and unable to travel. Citizenship by InvestmentNow imagine, you have a second travel document that could be used whilst you’re waiting for your passport to be returned by the embassy.  This is very achievable through the application to one of the many countries that are currently offering citizenship in exchange for an investment in their country.  By applying and receiving a second citizenship and then passport, business people and families are able to travel virtually unrestricted to Europe, the UK and other major countries around the world on a visa free or visa on arrival basis. Residency by InvestmentIf obtaining a second citizenship is not attractive, then there is an alternative in that people can choose to apply for a European residency.  By doing so, it would grant the holder and their family the right to travel to Europe on a residents permit and travel freely within the Schengen zone without the need for additional visas. In both cases, the respective country would expect the applicant to have a clean criminal record, make a qualifying investment and undergo and pass a due diligence process.  All of this is fairly straightforward and achievable. Both these programs can provide the holder with many benefits, but the most important benefit is freedom, freedom to travel and not to have to apply for travel visas, to live in another country and set up companies, banking, and investment accounts and to provide their family with higher standards of security and living than often is the case in their own country.  It also allows wealthy families to incorporate a second residency or citizenship into their future wealth planning and provide new opportunities for their children and future generations. At the time of writing, there are a number of countries in Europe and the Caribbean that are offering residency and citizenship to qualified investors. Most of these countries have a good selection of options when it comes to qualifying investments. The Main programs are:Residency by InvestmentGreeceCyprusMaltaPortugalTurkey Citizenship by InvestmentGrenadaAntiguaSt LuciaMaltaDominicaTurkeySt Kitts & Nevis However, it is important to highlight one program in particular, the Greek Permanent Residency program(Greek Golden Visa).  This program will be undergoing some changes in 2024.  It is expected that the minimum investment levels will rise, possibly even double in the middle of 2024.  So,anyone who is interested should act sooner rather than later.  It is worth noting that we work with a great developer in Athens, whose properties qualify for the Greek permanent residency program and who can act very quickly to help applicants secure visa’s wherever they are in the world. Greece - (Permanent Residency Program)Greece's Golden Visa program is one of Europe's most cost-effective residency-by-investment schemes. The most popular investment is property, whereby there is a two-tier option of €250,000, for restricted properties, or €500,000 for unrestricted properties.  Applicants and their families can gain a five-year permanent residence permit, without restrictive physical residency, allowing applicants to continue their global commitments while enjoying the benefits of Greek residency and freedom of movement around Europe. Cyprus (Permanent Residency Program)Cyprus offers a fast route to residency for individuals who invest €300,000 plus VAT in new real estate. The programme grants full Cypriot residency within six months, providing applicants with a European base for them and their families. Although Cyprus currently is not part of the Schengen area, Cypriot residents may find obtaining a European Schengen visa easier.  In addition, Cyprus is actively applying for membership of the Schengen pact and thus ensuring freedom of movement throughout Europe.  The country offers a favorable tax system for new residents, who can benefit from the non-dom tax regime, with as little as 2-months physical residence, meaning no worldwide income tax for non-domiciled residents, just what is brought into Cyprus or earned in the country.  This might be interesting for non-European applicants that are looking to relocate from a high tax country such as the UK or mainland Europe. Malta (Permanent Residency Program)Malta is a very attractive country for establishing a European residency.  Individuals and families can easily establish residency with an initial investment of €130,000, with the option of renting or purchasing properties. Malta's EU membership allows applicants easy travel across the European Union, and its robust economy makes it an attractive choice for investments.  This is an ideal country for non-European families. Portugal (Residency Program)The Portuguese Golden Visa program provides residency with a minimum investment of €500,000 in non-real estate investment funds or €350,000 in research activities. Portugal boasts a high standard of living, excellent infrastructure, and a comprehensive double tax treaty network, making it an attractive destination for applicants. Turkey (Residency Program)Turkey offers citizenship to individuals who invest $250,000 in real estate or deposit $500,000 in a Turkish bank. The country's strategic location, at the crossroads of Europe and Asia, offers unique business opportunities and easy travel access to both continents. Caribbean Nations: Grenada, Dominica, St Lucia, Antigua and St Kitts & Nevis The Caribbean nations of Grenada, Dominica, St Lucia, Antigua, and St Kitts & Nevis offer some of the world's most cost-effective citizenship-by-investment programs, with minimum investments ranging from $100,000 to $250,000. These countries provide visa-free travel to over 148 countries, including the EU Schengen area, the UK, and China. Additionally, most do not tax non-residents on their worldwide income, capital gains, gifts, wealth, and inheritance, which can significantly increase an applicant’s wealth planning. In conclusion, Residency and Citizenship by investment programs offer applicants a multitude of real economic and social benefits that they can immediately bring into their lives, and provide these same amazing benefits to their children and future generations. If you would like further detailed information about the programs and investment opportunities, or consultation please simply contact or visit NG Global Citizens.

The Greek government has recently announced plans to increase the minimum investment amount required for its Golden Visa program, a scheme that offers residency-by-investment in Greece. This move comes after a surge in applications and interest in the program.Kostis Hatzidakis, Greece's Finance Minister, addressed a conference stating that “measures to limit it will be applied, the limits will be increased to encourage more substantial investments. However, an exemption will be provided for listed properties, for which a lower minimum threshold will be maintained to direct funds to a property class that is particularly in need of them”.The Greek government's decision to raise the bar on the Golden Visa program is a strategic move to maximize the economic benefits while managing the societal impacts. Despite the higher price tag, the program continues to be an attractive pathway to European residency for high-net-worth individuals globally.Previously, the minimum investment threshold for the Greek Golden Visa program was €250,000. However, this has now been increased to €500,000 in certain areas. These changes were implemented as of July 31, 2023. This increase was implemented in response to wealthy foreign investors with no connection to Greece buying multiple properties and converting them into short-term rentals. This trend has resulted in the displacement of long-term residents and transformed residential neighborhoods into tourist hotspots. However, the lower threshold remains applicable in desirable tourist destinations like Piraeus, Rhodes, Halkidiki, and Crete. These areas are witnessing an influx of foreign buyers, which is reducing the supply of available properties and driving up rental prices.The program remains one of the most affordable residence-by-investment programs that provide access to Europe. However, the increased investment threshold could be seen as a deterrent for some potential investors. In 2023, the Golden Visa program raised €45 million per week for Greece, making it the world's most popular investment visa program. However, the proposed changes have sparked some controversy, with the socialist opposition calling for the program to be abolished.Despite this, the Greek government has persisted with its plan, believing that the increased investment threshold will continue to attract high-net-worth individuals who are willing to invest in the Greek economy. NG Global Citizens is an international immigration company dedicating to help individuals and families navigate these complexities and uncertainties, also provide tailored solutions to secure a second residency, citizenship, banking relationships or business domicile.