Greece Golden Visa: Property investment now raised to Rs 8 crore in key cities

Greece Golden Visa: If you were considering securing a Greece Golden Visa at a relatively low price, that window has closed. Starting September 1, the Greek government increased the minimum property investment requirement for foreign investors from €500,000 to €800,000 in popular areas such as Athens, Mykonos, and Santorini. 

For Indian investors, this translates to nearly Rs 8 crore. Prime Minister Kyriakos Mitsotakis, while acknowledging the pressing housing issues in Athens, emphasized the government’s ongoing interest in attracting foreign capital. Official data indicates that Greece pulled in €4.3 billion in foreign investment from the visa program between 2021 and 2023.

Indian buyers raced to invest before the deadline

Before the hike, Indian investors hurried to lock in properties under the previous rules. Data from Cyprus-based Leptos Estates showed that property purchases by Indian buyers surged by 37% in just two months (July and August), according to media reports. 

Many rushed to take advantage of the lower rates before the new investment threshold took effect. Singh noted that while exact figures for Indian applications are unclear, estimates suggest that up to 200,000 applications for Golden Visas have come from Dubai and India, with Greece being a prime destination for many Indian nationals.

What’s Behind the Golden Visa?

Introduced in 2012, the Golden Visa programme was designed to attract foreign investment into struggling European economies during the debt crisis. Countries like Greece, Spain, and Portugal saw this as an opportunity to stimulate their real estate markets by offering residency or citizenship in exchange for investments in property, government bonds, or approved sectors.

For Indian investors, these visas have become an appealing route to securing second homes in Europe. Beyond real estate returns, the visa also grants access to European healthcare, education, and business opportunities within the EU.

According to a 2024 report by the Institute of Labor Economics, such visa schemes have boosted the economies of participating countries. However, the report also raised concerns about the potential for money laundering and the impact on local communities, particularly the risk of gentrification.

Top Advantages of Greece’s Golden Visa

Greece’s Golden Visa provides several benefits for investors. It allows visa holders to travel across the Schengen Area without additional visas and does not require them to reside in Greece. Residency permits are typically issued within 3 to 4 months and do not expire. Investors can also rent out their purchased property if they choose. The program covers the main applicant, their spouse, children under 21, and both sets of parents. After seven years of residency, individuals may apply for citizenship. While investors are restricted from employment in Greece, they can hold shares and receive dividends from Greek companies.

Why is Greece a Hotspot for Indian Investors?

The combination of affordable coastal properties and the ease of movement across Europe with limited residency requirements made it a popular choice. With the recent increase, investors may now look at alternatives like Cyprus, which offers a similar visa at a lower entry point of €350,000.

How the Greece Golden Visa Works

The Greece Golden Visa offers residency to investors in exchange for a real estate investment, with minimal requirements for living in the country, requiring just seven days annually. It allows visa holders free movement across the European Union. 

To qualify, investors can choose from several options: a minimum investment of €250,000 in converting commercial properties to residential use or restoring heritage buildings, €400,000 for properties over 120 square meters, or €800,000 for properties in prime locations like Athens and Thessaloniki. 

Other options include long-term leases in tourist accommodations, €500,000 fixed-term deposits in Greek banks, or investments of at least €500,000 in Greek government bonds, shares, or real estate companies.