The ultra-wealthy are abandoning the American Dream for second residences in Greece, Portugal and Spain.
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As life in the States becomes more stressful and expensive, U.S. citizens have been investing in a 'Golden Visa', a programme through which purchasing a second home in a different country entitles buyers to a second passport or pathway to citizenship.
These programmes experience a wave of applicants during political and social turmoil, Murat Coskun, managing partner of passporting firm Get Golden Visa, told Fortune in May.
He said it's a back-up plan for Americans. “They want to have the optionality; they want to have some sort of global mobility."
Interest in investing property grew sixfold among U.S. clientele in 2019 to 2021, according to a new report titled, “The Great American Exodus” by passporting firm Get Golden Visa, which predicts 2022 to be “its busiest year yet”.
The report found that politics, travel restrictions, a higher cost of living, and the desire to work remotely abroad have sent the ultra-wealthy clamouring for second passports that range from €280,000 to €5,000,000.
Greece ranked as one of the top 3 best countries to get a Golden Visa and the below explains how.
Greece is one Mediterranean country that is beckoning to dissatisfied Americans. The recent policy to freeze VAT - a tax typical in the European Union - on recently built properties has made Greece the second most appealing European destination for Get Golden Visa applicants.
Coskun also attributes the interest to a change in the Greek income tax code, which has helped usher in wealthy expats. It institutes that no matter the total income an investor makes abroad, they will pay a fixed tax of €100,000 annually.
In exchange for a five year residence permit in Greece, one needs to buy at least €250,000 in real estate. They can also invest at least €400,000 in Greek government bonds, investment funds, or shares of Greek investment companies.