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Greece: Inside one of Europe’s last golden visa programmes and what’s set to change

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Greece launched its programme in 2013 during what became the country’s 10-year financial crisis.

Greece is one of the last remaining countries in Europe to offer golden visas.

The controversial ‘residency by investment’ schemes allow wealthy foreigners to ‘buy’ the right to stay in a country long term.

Concerns over security and inflation have led many EU nations to abolish golden visas in recent years.

Greece launched its programme in 2013 during what became the country’s 10-year financial crisis. The visas were intended to bring money into the country during its housing market collapse.

The visa allows third-country nationals who purchase properties of a certain value to become temporary residents.

Initially, a real estate investment of €250,000 or more could gain you a five-year residence permit in Greece, which could be converted into citizenship after seven years.

But last year, concerns over inflated house prices led the government to increase the threshold to €500,000 in some parts of Athens, Mykonos, Santorini and Thessaloniki.

Now, that could rise yet further to €800,000, according to Prime Minister Kyriakos Mitsotakis.

Why is Greece increasing its golden visa investment threshold?

Although Greece’s golden visa can also be acquired through a €400,000 investment in government or private bonds and shares, purchasing a property is the most popular route to residency by investment.

The new upper investment threshold for properties would apply in areas facing housing shortages and pressure on rental prices, Mitsotakis said in Parliament last week.

Rents have increased by 40 per cent since 2018, he acknowledged, and around 7 per cent of real estate sales in Greece in recent years was related to the golden visa.

“The increases in sales prices have reached the point where permanent residents with their current economic conditions cannot purchase a home to meet their housing needs,” says Themistoklis Bakas, CEO of the nationwide E-Real Estates Network.

“Specifically, from 2017 to the second quarter of 2023, an increase of 71 per cent was recorded in the sale prices of newly built houses in Attica, simultaneously dragging down the sale prices of older properties.”

In parts of the country where housing is not under pressure, the threshold could remain at €250,000, Mitsotakis added.

The goal of the higher threshold is to bring more money into Greece while reducing the number of golden visas issued.

Short-term holiday rentals are squeezing local resources

As well as pushing up rent and real estate prices, the residency by investment scheme has been accused of straining local resources, such as medical care – especially in places where properties are rented out as holiday lets via platforms like Airbnb.

Golden visa property owners who plan to rent out their homes in Greece could therefore also be forced to lease long term in future.

Some campaigners want the government to go a step further, however, and remove real estate from golden visa investment options.

However, the programme brings significant revenue to the Greek state – €4.3 billion between 2021 and 2023.

Previous golden visa investment increase prompted rush for property purchases

While the government aims to control foreign ownership of property in Greece with the golden visa investment increase, the announcement may have the opposite effect.

“The moment when the government announced the possible increase in the investment limit [in 2023], the demand of real estate investors to buy real estate aiming for the golden visa tripled,” says Bakas

“In particular, direct foreign investments in the real estate sector reached €2 billion in 2022.”

As such, Bakas describes the golden visa investment increases as a ‘one-way street’, especially in areas of high demand.

Instead, he would like to see the programme used as a “development tool in the regions of Greece that need investment and new jobs.”

“For example, in Thessaly, which has suffered huge damage from the flood [of 2023], the investment limit should be set at €200,000 for the next year,” he says, “and in order to avoid a problem with the housing stock, it should only apply to newly built properties up to 5 years old.”

Similarly, the threshold could be reduced for those who invest in small villages with the aim of tourism development or the creation of student or affordable housing.

“The golden visa investment programme is not a bad programme, we just don’t operate it properly,” Bakas says.

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  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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Europe’s travel strikes: Flight and train disruption you can expect in August and September

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Our travel guide is updated as soon as a new European strike is announced.

Strikes are a regular occurrence in Europe, as employees withhold their labour to fight for better pay and conditions.

Walkouts are sometimes planned months ahead but others are announced last minute, showing that it always pays to check before you travel.

Luckily, we have gathered all of the strike information together below.

Read on to find out where and when are walkouts taking place.

If your flight or train is cancelled or delayed, you will be entitled to a new ticket or compensation. Read our guide for the full details.

Germany: Staff at airline Discover vote in favour of unlimited strikes

Pilots and cabin crew of the airline Discover have voted in favour of strike action in two separate ballots.

They will stage walkouts if the flight company, a subsidiary of Lufthansa, does not meet their demands over pay and working conditions.

This means unlimited strikes could now take place on Discover flights.

The airline has a fleet of 27 planes operating routes from Frankfurt, where it is based, and Munich to holiday destinations around Europe and overseas.

Italy: No strikes allowed during peak summer season

Italy’s transport sector is forbidden from going on strike between 27 July and 5 September, when most Italians take their holidays, meaning disruption at the height of the summer is unlikely.

Alicante airport: Security staff strike

Security staff strikes at Alicante-Elche airport in Spain have been extended.

Originally a five-day strike from 1-4 August, further dates have now been added: 15, 16, 17, 18, 30 and 31 August.

The airport serving the Costa Blanca will be affected between 8.30am-9.30am and 6pm-7pm local time.

British holiday company Jet2, which uses the airport for its package holidays, posted on its website: “The strike is supported by security services at the airport and will affect congestion at security control.” They advised passengers to arrive at the airport in plenty of time.

However airport operator Aena said there have yet to be significant delays to Alicante’s operations.

Scotland trains could be hit by strikes

Trains in Scotland could be delayed or cancelled if proposed strikes go ahead.

ScotRail’s 1,300 drivers are going to vote on whether to go on strike or take other action. They are in a pay dispute with union Aslef.

ScotRail runs trains between big tourist destinations like Edinburgh, Glasgow, Aberdeen and Inverness.

Dates for the potential strikes have not been announced but they could affect the Edinburgh Fringe Festival which happens in August.

France: Motorway strikes hit summer holidays

Workers on France’s Autoroutes du Sud (ASF) and Vinci motorways have begun a summer of strikes in protest over falling staff numbers.

Weekend walkouts earlier this month hit holidaymakers heading out on their first trips of the summer break.

It is not yet clear whether further strike action will take place in the coming weeks.

Paris airport workers call off strike in July

Paris airports were threatened by strike action ahead of the Olympic Games, with unions calling a walkout on 17 July – just 10 days before the sporting event begins.

However, the strike was called off at the last minute on Tuesday after workers reached a deal on pay. They were calling for bonuses offered to some personnel to be applied across the board.

Flights at both Roissy-Charles de Gaulle and Orly airports will now be running as normal.

Could strikes hit the Paris Olympics?

CGT-RATP union members announced a seven-month strike notice from 5 February to 9 September that could hit the Ile-de-France bus and metro network – including during this summer’s Olympic Games.

However, the French Senate adopted a bill on 9 April to allow the state to ban transport strikes for set periods each year to avoid disruption during major events like Paris 2024. It also calls for more advance warning of strikes and increased minimum service obligations.

The bill faces opposition and must be adopted by the French National Assembly before it becomes law.

Workers at the state-owned public transport company say they are walking out over pay.

Netherlands: Public transport strikes planned in September

A public transport strike has been announced in the Netherlands’ biggest cities on 12 September, with more walk outs possible.

It comes ahead of the Cabinet’s budget proposal, which workers hope will include plans to allow those in physically demanding jobs to retire earlier.

Services in Amsterdam, The Hague and Rotterdam will be impacted.

If you know of a big strike happening in your country that we have missed, we’d love to hear from you via Twitter.

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  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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Love collecting passport stamps? You only have until November to get one from an EU country

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Manual stamping of passports “is time consuming…and does not allow a systematic detection of overstayers,” says the EU.

Passport stamps are badges of honour for many travellers, creating a nostalgic paper trail of their adventures.

But will soon be a thing of the past when entering the Schengen Area.

The new automated Entry/Exit System (EES), due to launch on 10 November 2024, will register non-EU visitors digitally, removing the need for physical stamps.

“EES will replace the current system of manual stamping of passports, which is time consuming, does not provide reliable data on border crossings and does not allow a systematic detection of overstayers,” reads a statement from the European Commission’s department for Migration and Home Affairs.

What is the EU Entry/Exit System (EES)?

The EES will be an automated IT system for registering travellers from third countries who are visa exempt or hold short-stay visas.

Each time a person crosses an EU external border, the system will register their name, type of travel document, biometric data (fingerprints and facial images) and the date and place of entry and exit. It will also record refusals of entry.

It is hoped the automated border control checks and self-service systems will improve security in the EU and be quicker for travellers. However, the airline industry and various countries have said a lack of preparation could cause teething problems when the system is introduced.

It was originally due to launch in 2022. Authorities have now announced it will launch on 10 November this year.

Under the new system, travellers with visa-free access to the Schengen Area will be required to obtain travel authorisation online through the European Travel Information and Authorisation System (ETIAS). This will launch in phases once the EES is operational.

Passport stamps are still required before the EES launches

Post-Brexit, Brits have been warned they must obtain passport stamps when they exit and enter the Schengen Area.

This acts as proof that they have not overstayed their visa-free limit of 90 days in a 180-day period.

It typically happens automatically at security and, for some travel lovers, has even been a tiny silver lining of leaving the EU.

Author

  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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New Brussels to Venice night train: The 9 cities en route, what it will cost and how to book

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The new European Sleeper route will run about twice a week during the winter and take around 15 hours.

The night train boom is continuing with a new sleeper across Europe launching in 2025.

European Sleeper has announced a new seasonal service that will cross Europe from the North Sea to the Adriatic, passing through nine different cities.

The railway group says the route has been chosen to accommodate both winter sports holidays, city breaks and Venice Carnival, which will take place from 22 February to 4 March next year.

Here’s everything we know about when it will start running and where it will take passengers.

New sleeper to connect nine European cities

The new night train comes “in response to the high demand for winter sports travel, city trip options and the lack of suitable train connections,” according to European Sleeper.

The seasonal route will begin in Brussels and end in Venice, a new destination for the Belgian-Dutch company. The overnight journey will take passengers through Belgium, the Netherlands, Germany and Austria before ending in Italy.

It will stop in Antwerp, Rotterdam, Utrecht, Cologne, Munich, Innsbruck and Verona en route.

“Passengers will be able to board our train from Belgium and the Netherlands, and relax in the comfort of the restaurant car, while the train transports them through Germany and Austria, and across the Alps, ending in the historic cities of Verona and Venice the following day,” says Chris Engelsman, co-founder of European Sleeper.

The stop at Innsbruck, the gateway to the Austrian Alps, aims to facilitate winter sports holidays.

The inaugural journey will depart from Brussels on 5 February 2025, with the service operating approximately twice weekly during February and March and taking around 15 hours.

“This schedule accommodates school holidays, and the peak winter sports season, and provides a sustainable, enjoyable travel option to Venice’s famous carnival,” Engelsman says.

“This marks a new important milestone for European Sleeper and the convenience of night travel across Europe more sustainably.”

When does booking open for European Sleeper’s new night train?

European Sleeper says it is still finalising the departure and arrival times with authorities and a timetable will be released soon.

Information about ticket prices is also expected to be released soon.

Booking will officially open on 1 September. The service will also be available for booking through partner Green City Trip, an environmentally conscious tour operator based in the Netherlands.

Author

  • Daniela Daecher

    Daniela Daecher is a twenty-something bookworm and coffee addict with a passion for geeking out over sci fi, tv, movies, and books. In 2013 she completed her BA in English with a specialization in Linguistics. In 2014 she completed her MA in Linguistics, focusing on the relationship between language and communication in written form. She currently lives in Munich, Germany.

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