Indian investors have dramatically increased their property purchases in Greece during July and August, driven by the impending changes to the country’s Golden Visa Program. Recent data reveals that property acquisitions by Indian nationals surged by 37% within this two-month period, as buyers sought to take advantage of the existing minimum investment requirements before they were revised on September 1.
This wave of investments was particularly notable as buyers aimed to secure permanent residency through real estate purchases, a path that has become increasingly attractive due to Greece’s favorable residency options. However, following the changes to the Golden Visa Program, the financial threshold for qualifying via real estate investment has substantially increased.
New Investment Requirements Under Golden Visa Programme
The recent modifications to the Golden Visa Programme have effectively doubled the minimum investment required for foreign nationals. In Tier I cities, such as Athens, Thessaloniki, Mykonos, and Santorini, the new threshold now stands at €800,000 (approximately ₹7 crore). In contrast, Tier II regions, which encompass the remaining areas of Greece, have seen the minimum investment rise to €400,000, up from €250,000.
These adjustments are part of Greece’s efforts to realign its residency-by-investment initiative with broader economic goals and to manage the influx of foreign investors more effectively.
Overview of Greece’s Golden Visa Programme
The Golden Visa Programme is designed to attract non-EU nationals by offering residency rights in exchange for financial investment in Greek real estate. The initiative provides several benefits, making it a popular choice among global investors.
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Eligibility Criteria for the Golden Visa Programme
To qualify for the Golden Visa, applicants must meet the following requirements:
- Non-EU/EEA citizenship
- Minimum age of 18
- A clean criminal record
- Valid medical insurance
- Good character
Key Benefits of the Programme
The Golden Visa offers numerous advantages to investors, including:
- Residency Rights: Investors have the right to reside in Greece without mandatory stay requirements.
- Schengen Area Access: Visa-free travel within the Schengen Zone is permitted.
- Family Inclusion: Family members are eligible for residency under the programme.
- Pathway to Citizenship: Investors may apply for Greek citizenship after seven years of residency, subject to specific conditions.
Application Process and Legal Requirements
Applicants must navigate a structured application process that includes several key documentation requirements:
- Valid Passport: Both current and any previous visas.
- Proof of Investment: Documentation such as property contracts and bank statements.
- Biometric Data: Required for the application process.
- Health Insurance: A policy valid in Greece must be provided.
- Criminal Record: An official, translated document confirming a clean criminal record from the applicant’s country of residence.
Legal Representation Necessities
A licensed lawyer in Greece is mandatory for applicants to facilitate the process. The lawyer’s responsibilities include preparing and submitting documents and ensuring compliance with immigration laws. Additionally, a power of attorney is often required for the lawyer to act on the applicant’s behalf.
Renewal and Permanent Residency Conditions
The initial Golden Visa permit is valid for five years and is renewable as long as the investment is maintained. After seven years of continuous residency in Greece, investors become eligible for permanent residency.
Dependents Under the Golden Visa Programme
The programme allows for the inclusion of dependents, which covers:
- Spouse and Partner: Including those in legally recognized cohabitation agreements.
- Children: Those under 21 years of age, or older if they are financially dependent and studying.
- Parents: Dependent parents of the primary applicant or their spouse.
As Indian investors seize the opportunity to secure property and residency in Greece before the new requirements take effect, the impact of these changes on the real estate market and the broader implications for immigration policy remain to be seen. The Golden Visa Programme continues to be a critical avenue for non-EU investors seeking to establish a foothold in Europe.
