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In a growing trend observed within the business community, Russian millionaires have discovered an opportunity to bypass investment costs associated with Greece’s popular “golden visa” program by entering into fictitious same-sex unions with one another. This scheme, as revealed by Russian source Baza, allows the two individuals to split the total investment cost in half, from 250 thousand euros to 125 thousand euros each.
Greece’s golden visa program, designed to attract foreign wealth, offers residency permits in exchange for a significant investment in the country’s real estate market. This permit grants its holders the right to reside within Greece, travel visa-free across Schengen zone countries, and maintain bank accounts in Greek institutions.
Reports highlight that the scheme in question revolves around two Russian millionaires who simultaneously engage in a strategic investment strategy. The duo invests in Greece’s real estate market as a couple, with one partner purchasing the property while the other enters into a registered same-sex partnership with the first individual. By doing so, they are able to claim a reduced investment threshold for the second partner.
This development raises concerns that certain elements within Greece’s immigration system are being exploited by those seeking to acquire residency permits without fully meeting the program’s original intent. Critics argue that such loopholes can lead to abuse of the system and may ultimately undermine efforts to attract genuine foreign investment to the country.
Greek authorities have yet to publicly comment on this emerging trend. However, the implications of this practice are substantial, both in terms of immigration policy and the potential impact on the real estate market.
The phenomenon is observed in the broader context of an increased interest in immigration schemes by wealthy individuals from countries such as Russia. Such schemes often attract foreign capitals to local economies but, when executed outside intended regulations, can bring unintended consequences.
As governments worldwide continue to evaluate the effectiveness of immigration policies like those offered by Greece’s golden visa program, this development may serve as an opportunity to review and enhance regulations surrounding such initiatives.