At the end of the third quarter of 2021 the Greek economy grew by 13.4% compared to the same period in 2020. On average, GDP grew by 4.1% in the European Union. These are the conclusions drawn by the statistical service Eurostat.
Head of Legal & AML Compliance Department, CAMS, IMCM
Greece's GDP Grows Fastest In The EU In 2021
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Let us tell you how quickly the region’s economies are recovering from the effects of the crisis and what the situation is like in the countries' investment programmes in 2021.
In December 2021, Eurostat published a report with quarterly GDP dynamics for the EU and the eurozone, a region of 19 countries that use the euro as their official currency.
The EU and eurozone GDP statistics for 2021 showed that the region’s economies continue to be affected by the global epidemic situation.
Rising incidence of the disease and the emergence of new strains of coronavirus led to temporary lockdowns and restrictions on air travel. Companies were closed for quarantine and public places restricted the number of visitors. International business and manufacturing faced supply disruptions.
But mass vaccination against the coronavirus, government support for business and strict sanitary measures allowed states in the region to partially or completely open their borders to foreigners. The resumption of tourism has led to a surge in EU and eurozone GDP in the second quarter of 2021.
Source: Eurostat, 2021
The EU economies are recovering unevenly, depending on how states support businesses and people in the crisis. But there is a patte o the region’s GDP performance.
The GDP of most EU countries fell in the first quarter of 2021 compared to the first quarter of 2020. In the second quarter there was a sharp rise. At the end of the third quarter, GDP growth has slowed down but continues.
The Greek economy shows the strongest annual GDP growth compared to 2020 amongst countries with an investment programme. Only Croatia’s GDP grew more strongly year-on-year: +15.5% at the end of the third quarter of 2021.
A resurgence in tourism is the main reason for Greece’s economic growth: 8.6 million tourists visited the country between January and August 2021. Holidaymakers added €6.6 billion to Greece’s budget.
Malta, Cyprus, Austria and Portugal also have high GDP growth rates.
For comparison, the annual GDP growth rates of the region’s leaders, Germany and France, are shown in the table below.
Country
Q1 2021
Q2 2021
Q3 2021
Greece
‑1,9%
+16,6%
+13,4%
Malta
‑1%
+14,9%
+9,8%
Cyprus
‑2,1%
+13,3%
+5,6%
Austria
‑4,1%
+12,8%
+5,6%
Portugal
‑5,7%
+16,1%
+4,2%
France
+1,5%
+18,8%
+3,3%
Switzerland
‑0,5%
+8%
+3,3%
Spain
‑4,2%
+17,5%
+2,7%
Germany
‑3%
+10%
+2,6%
If we compare GDP growth rates over the course of 2021, Austria comes out on top. The top five also include Portugal and Greece.
Country
Q1 2021
Q2 2021
Q3 2021
Austria
‑0,4%
+4,2%
+3,8%
France
+0,1%
+1,3%
+3%
Portugal
‑3,3%
+4,4%
+2,9%
Greece
+4,2%
+2,1%
+2,7%
Spain
‑0,6%
+1,1%
+2%
Germany
‑1,9%
+2%
+1,7%
Switzerland
‑0,1%
+1,8%
+1,7%
Cyprus
+1,4%
+1,5%
+1,5%
Malta
+3,3%
+0,6%
+1,5%
Greece, Portugal and Malta are the most attractive countries by investment in 2022. By the end of 2021, the GDP of these countries will have grown more than the regional average. The positive economic growth momentum will continue in 2022 and 2023. This is the forecast from the European Commission.
The rapid recovery and stability of the economy increases the liquidity of investments in the country, for example when buying real estate or shares in local companies. With the right choice of property, an investor can also obtain a residence permit or citizenship of a member state of the European Union.
Residence permit in Greece is granted by purchasing a property worth €250,000 or more. It is allowed to purchase properties or to rent tourist properties. It is also possible to purchase a plot of land for construction.
If you buy securities or open a deposit in a Greek bank, the investment amount to get a residence permit must be from €400,000.
Residence permits in Portugal are granted by investments in real estate, business, investment funds, scientific or cultural projects. There is also the option of transferring capital to the country, for example by opening a deposit in a local bank. The minimum investment amount to obtain a residence permit is €250,000.
Malta offers investors a temporary or permanent residence permit by investment.
A residence permit in Malta is suitable for those who intend to move to live in the country: under the terms of the programme, an investor is required to change their tax residence to Maltese. The minimum investment to obtain a residence permit is €30,000.
Maltese Permanent Residence Permit can be obtained for an investment of €112,000 or more. Under the terms of the programme, the investor rents or buys a house on the island, makes administrative and governmental contributions, transfers money to charity. Also, the applicant for permanent residence permit proves that he has assets amounting to at least €500,000.
Maltese citizenship is obtained by naturalisation only.The path for investors is by Naturalisation for Exceptional Services by Direct Investment. The applicant first obtains a residence permit, then undergoes a rigorous due diligence check. If approved, a year or three years after the residence permit, the investor can invest from €690,000 in the Maltese economy and apply for citizenship.
A permanent residence permit in Cyprus is granted by investment of €300,000 or more. It is allowed to buy real estate, shares in Cypriot companies or shares in investment funds. To obtain a residence permit in Spain, you must buy a property in the country worth at least €500,000.
Austria and Switzerland allow wealthy people to obtain a residence permit as financially independent persons.
Holders of a residence permit or a permanent residence permit of an EU Member State can travel visa-free through the Schengen area, even during a pandemic. They also have the right to live, work, conduct business and study in the country of residence without restrictions.
Maltese citizenship entitles them to visa-free entry into over 180 countries and the freedom to live in any EU country.
Immigrant Invest is a licensed agent who helps you obtain a residence permit or citizenship on a direct investment basis. If you wish to become a resident or citizen of an EU member state, seek advice from experts in investment programmes.
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