According to recent data, between July and August, wealthy Indian investors have remarkably jacked up their property purchases in Greece, propelled by the forthcoming alterations to the country’s golden Visa Scheme. The latest statistics demonstrate that accessions by Indian nationals surged by 37% within these two months, as purchasers hurried to take advantage of the current minimum investment requirements before they were modified on September 1.
This increase in investment into Greek properties was notable, with Indian nationals eyeing permanent residency through real estate transactions. Indians are favoring Greece for its appealing residency options. Nevertheless, the financial criteria for qualifying through real estate investment have surged significantly following the changes made to the Golden Visa Program.
The recently modified Golden Visa Program has almost doubled foreign investors' minimum investment requirements. While the latest requirement now stands at €800,000 (around s₹7 crores) for Tier I cities like Thessaloniki, Santorini, Athens, and Mykonos, the minimum investment witnessed an increase to €400,000, up from the previous €250,000, for Tier II areas through Greece.
These modifications indicate Greece’s plan of action to orient its residency-by-investment program with wider economic objectives and to improve the regulation of the influx of foreign investors.
The Golden Visa Programme seeks to attract non-EU nationals by providing residency rights in exchange for investment in Greek real estate. This measure grants numerous benefits, contributing to its enticement among international investors.
To be eligible for the Golden Visa scheme, applicants must meet the given requirements.
The Golden Visa Scheme opens doors to numerous advantages for investors
These are the documents necessary for applying for the Golden Visa Scheme.
To help facilitate the process, a mandatory engagement with a licensed lawyer in Greece is required for the applicants. The lawyer takes responsibility for preparing and submitting the required documentation while also abiding by the immigration policies. Additionally, a power of attorney is generally required to let the lawyer act on behalf of the applicant.
The first Golden Visa permit is applicable for five years. It can be renewed for as long as the investment remains untouched. If an investor lives in Greece for seven years, they can apply for permanent residency in the country.
The program permits the inclusion of dependents, which include:
As wealthy Indian investors are eagerly seeking to purchase property and residency in Greece before modifications are made to the Golden Visa Program, it is yet to be determined whether the surge is having an impact on the real estate market and immigration policies. Non- EU investors who are eyeing to settle in Europe, for them the Golden Visa Scheme proves to be a boon.
