Travel and tourism
driver in the recovery of the Greek economy. Tourism has always been important to Greece, with its cultural heritage, extensive beaches and Mediterranean climate making Greece one of the most visited countries not just in Europe, but globally. Greece has no fewer than 18 UNESCO World Heritage Sites and its island Santorini – a favourite destination for cruise passengers as well as direct holiday-makers – was voted the world’s best island in 2011 by ‘Travel + Leisure’ and was the most visited island in Greece last year with close to two million visitors. The total number of international tourists to Greece reached 30.12 million during 2018, 10.8% higher than 2017’s total of 27.19 million and more than double the number of arrivals in 2009.
2018 was also a very good year for the tourism industry, which has been a key
The Bank of Greece reported that the revenues generated by the tourists
The economy, which now ranks 50th in terms of nominal GDP, is largely based on services, tourism and shipping. The agricultural sector contributes about 4% to GDP, industry 16% and services 80%. Exports rose by 15.7% in 2018 to achieve a record high of €33.4 billion (including oil products), while the value of imports rose by 9.5% to €55.1 billion. This gave a trade deficit for 2018 of around €21.7 billion, which is a significant improvement on the €44.3 billion negative balance of trade in 2008. The Panhellenic Exporters’ Association are expecting 2019 to be another record year for exports which, with sustained investment, they hope will help to boost local jobs.
amounted to €16.11 billion ($18.30 billion). 71% of the tourists were nationals from other EU member states, with 4.4 million coming from Germany, followed by 2.9m from the UK and 1.5m from France. The number of international air arrivals grew by 12.9% to a record 20.7 million, with Athens International Airport – the largest of 15 international airports in Greece – seeing a 19.4% year-on-year increase in international arrivals to 5.7 million. Figures from the World Travel & Tourism Council (WTTC) show that the total Travel and Tourism sector in Greece grew by 6.9% in 2018 – well over three times the national economy growth rate – and contributed the equivalent of $44.6 billion to GDP. This represents a record 20.6% of Greek GDP, compared with a global average of 10.4%.
RESIDENCY AND CITIZENSHIP BY INVESTMENT Requirements
Advantages of the Greece Golden Visa Program include:
A minimum of just €250,000 must be invested in real estate, making this one of the most accessible investment immigration policies in Europe. Note that this excludes legal fees and taxes; new property purchases are subject to 24% VAT. Any number of properties may be combined to make up the minimum required investment and joint buyers may also combine their investments into one higher-priced property. Applicants must have a clean criminal record and have medical insurance covering their stay in Greece. Residency can be obtained within 60 days and is valid for five years, which can be renewed every five years thereafter provided the applicant still owns the property.
• No requirement to actually reside in Greece
Citizenship and a Greek passport may subsequently be applied for, but only after seven years of actually living in Greece, whereas to qualify for a residency card does not require the holder to live in Greece.
• Residence permits can be acquired within 30–60 days • Visa-free travel within Europe’s Schengen Area • Unlimited expiry date of residence permit, subject to continued property ownership • Opportunity to rent out the investment property • Residence applies to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse) • Permit holders may hold shares and receive income from the dividends of a company registered in Greece; however, they are not allowed to be employed in Greece.
Chart 1. Golden Visa Approvals in Greece by Year Number of approved applications
Chart 2. Greece’s Approved Residency Permits by Country of Origin
5000
2%
China (2,757)
8%
Russia (428)
2% 2% 2%
Turkey (413)
3%
3750
Egypt (132)
3%
Lebanon (125)
3020
9%
2500
61%
Iran (92) Ukraine (85)
1549
1250
1397
968 1399
751 423 423
0 2013
2014
505
583
2015
2016
Main applicants
60 Citizenship By Investment
961
2017
61%
Iraq (85) Jordan (69) Others (349)
645
2018
Family members
2019 H1
Data from July 2013 to 4th June 2019 Source: Enterprise Greece /Ministry for Migration Policy