All About Greece's Golden Visa Scheme, Popular Among Wealthy Indians

Indian investors snapped up Greek properties at a record pace in July and August to secure permanent residency before the country's Golden Visa Programme underwent significant changes on September 1. Property purchases by Indian investors in Greece saw a remarkable 37 per cent increase between July and August, data show. The surge was led by buyers seeking to capitalise on the existing minimum investment requirements. 

Now the changes in the Golden Visa Programme have doubled the minimum investment required to qualify for a visa through real estate purchases. In Tier I cities, including Athens, Thessaloniki, Mykonos, and Santorini, the threshold has increased €800,000 800,000 (approximately Rs 7 crore). 

In Tier II regions, covering all other parts of Greece, the minimum investment has risen to €400,000 from €250,000. 

Greece Golden Visa Programme

The Greece Golden Visa programme is a premier residency-by-investment initiative designed to attract non-EU nationals to invest in Greece.

In 2024, the programme was updated to better align with Greece's economic strategies, introducing new investment thresholds and conditions.

Eligibility criteria

• Non-EU/EEA citizenship
• Age 18+
• Clean criminal record
• Medical insurance
• Good character

Benefits

• Residency Rights: Right to reside in Greece without mandatory stay requirements.
• Schengen Area Access: Visa-free travel within the Schengen Zone.
• Family Inclusion: Eligibility for family members to obtain residency.
• Pathway to Citizenship: Potential to apply for Greek citizenship after seven years of residency, subject to conditions.

Application Process and legal requirements

Required Documentation

• Valid Passport: Current and any previous visas.
• Proof of Investment: Property contracts, bank statements, etc.
• Biometric Data: Required for the 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

• Mandatory Lawyer: Licensed to practise in Greece. 
• Role of Lawyer: Facilitates document preparation, and submission, and ensures compliance with Greek immigration laws.
• Power of Attorney: Often required for the lawyer to act on the applicant's behalf.

Renewal and Permanent Residency

• Initial Permit: Issued for five years, renewable as long as the investment is maintained.
• Permanent Residency: Eligible after seven years of continuous residency in Greece.

Dependents

• Spouse and Partner: Including legally recognised cohabitation agreements.
• Children: Under 21, or older if financially dependent and studying.
• Parents: Dependent parents of the primary applicant or spouse.