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The Greece Golden Visa program is a leading residency-by-investment initiative.
Indian investors bought up Greek properties at record speed in July and August to secure permanent residency before the country’s Golden Visa program underwent major changes on September 1. Property purchases by Indian investors in Greece saw a remarkable increase of 37 percent between July and August. show data. The increase was driven by buyers trying 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 the purchase of real estate. In Tier I cities, including Athens, Thessaloniki, Mykonos and Santorini, the threshold has been increased by €800,000 to 800,000 (about Rs 7 crore).
In Tier II regions, which cover all other parts of Greece, the minimum investment has increased from €250,000 to €400,000.
Greece Golden Visa Program
The Greece Golden Visa program is a leading residency-by-investment initiative designed to attract non-EU nationals to invest in Greece.
In 2024, the program 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
Advantages
- Right of Residence: right to reside in Greece without mandatory residency requirements.
- Access to the Schengen area: visa-free travel within the Schengen zone.
- Family integration: the right of family members to obtain a residence permit.
- Path to citizenship: Potential to apply for Greek citizenship after seven years of residence, subject to conditions.
Application process and legal requirements
Required documentation
- Valid passport: current and any previous visas.
- Proof of investment: real estate contracts, bank statements, etc.
- Biometrics: Required for the application.
- Health Insurance: Policy valid in Greece.
- Criminal record: Clean criminal record from the country where the applicant lives, officially translated into Greek.
Legal representation
- Mandatory lawyer: permit to practice in Greece.
- Role of Attorney: Facilitates the preparation and submission of documents and ensures compliance with Greek immigration laws.
- Power of Attorney: Often requires the attorney to act on behalf of the applicant.
Renewal and permanent residence permit
- Initial permit: issued for five years, renewable as long as the investment is maintained.
- Permanent Residence: Eligible after seven years of continuous residence in Greece.
Dependents
- Husband and Partner: Including legally recognized cohabitation agreements.
- Children: under 21 years of age, or older if financially dependent and studying.
- Parents: Dependent parents of the main applicant or spouse.