Golden Visa Scheme: Why Rich Indians Are Eyeing Property in Greece?

New Delhi: Buying property abroad, especially in Europe can often be a daunting task. However, Greece stands out as a more accessible option, particularly thanks to its Golden Visa scheme, which simplifies the process for Indian investors. Greece no doubt is a breathtaking destination with its stunning landscapes, rich Greek history, and vibrant culture where people die to invest in properties.

The European Union (EU) saw a surge of over 30 per cent in demand from Indian investors for properties in places like Athens, Thessaloniki, Mykonos, and Santorini, causing a surge in demand and prices. Due to this, the country tweaked the rules that came into force on September 1.

What is Greece’s Golden Visa Programme?

Launched in 2013, the Greece Golden Visa Programme is an initiative that helped to attract foreign investment to Greece.

The Golden Visa introduced by Greece offers residency permits to people making significant property investments in the country. According to this programme, the applicants can obtain a five-year residency in Greece and will have access to travel across the Schengen Zone 'without a visa.'

Under this scheme, Foreigners too can avail of the visa by making a real estate investment, buying government bonds, or through a direct capital transfer into a Greek enterprise.

As per the rules, people needed to make a minimum real estate investment of €250,000 (Rs 2.3 crore) to get residency, making Greece an appealing choice for foreign investors.

However, due to a boost in demand and prices in key regions, the Greek government decided to raise the minimum investment requirement.

Earlier this year, the government announced significant changes to the Golden Visa programme by increasing the minimum investment.

For areas like Athens, Mykonos, Santorini and the islands the bar has been raised to €800,000 (Rs 7.5 crore). Meanwhile, for other regions of Greece under the new rules, the investors will have to spend at least €400,000 (Rs 3.7 crore). These changes were enforced in September.