Indian investors bought Greek properties at a record pace in July and August in a bid to obtain permanent residency, ahead of significant changes to the country’s Golden Visa programme on September 1. Data shows that property purchases by Indian investors in Greece saw a remarkable 37 per cent rise between July and August. The surge was due to buyers keen to take advantage of existing minimum investment requirements.
Now changes to the Golden Visa program have doubled the minimum investment required to qualify for a visa through a real estate purchase. In Tier I cities, including Athens, Thessaloniki, Mykonos and Santorini, the limit has increased to €800,000 (about Rs 7 crore).
In Tier II areas, covering all other parts of Greece, the minimum investment increases from €250,000 to €400,000.
Greece Golden Visa Program
The Greece Golden Visa programme is a flagship residence-by-investment initiative, designed to attract non-EU citizens to invest in Greece.
In 2024, the programme was updated to better align with Greece’s economic strategies and new investment limits and conditions were introduced.
eligibility criteria
- Non-EU/EEA Citizenship
- Age 18+
- clean criminal record
- medical insurance
- good character
benefits
- Residence rights: the right to reside in Greece without mandatory migration requirements.
- Entry to the Schengen Area: Visa-free travel within the Schengen Area.
- Family Inclusion: Eligibility for family members to obtain residence.
- Path to citizenship: Possibility to apply for Greek citizenship after seven years of residence, subject to certain conditions.
Application Process and Legal Requirements
Required Documents
- Valid Passport: Current and any previous visas.
- Proof of investment: Property contract, bank statement, etc.
- Biometric data: Required for application.
- Health Insurance: Policy valid in Greece.
- Criminal record: Clean criminal record from the applicant’s country of residence, officially translated into Greek.
legal representation
- Compulsory Lawyer: Licensed to practice in Greece.
- Lawyer’s role: Assist in the preparation and submission of documents, and ensure compliance with Greek immigration laws.
- Power of Attorney: Often an attorney is required to act on the applicant’s behalf.
Renewal and Permanent Residence
- Initial permit: Issued for five years, renewable as long as the investment is sustained.
- Permanent Residence: Eligible after seven years of continuous residence in Greece.
Dependents
- Spouses and partners: including legally recognised cohabitation agreements.
- Children: Below 21 years of age, or above, if financially dependent and pursuing education.
- Parents: Dependent parents of the primary applicant or spouse.
