Reasons Why Greece is Attracting Indian Investors
For a long time, the possibility of the Greek “Golden Visa” immigration scheme has been the primary reason for non-EU citizens to invest in Greece. Even with the changes coming up, the basic amount for which residency would be granted was still set at €500,000—less than half of the old Euro 1 million threshold for other countries. The plus points are still: Mediterranean living at its best, free to travel in the Schengen zone, and strong healthcare and education systems.
The Procedure of Investment
The earlier investment model allowed applicants to invest in either residential or commercial property, the whole family (spouse, children, and parents) included. Usually, the permit was valid for five years and could be extended with no limit on the physical presence in Greece. The processing time could be a few months after documents were submitted and the property was registered.
Recent Changes in Regulations and Essential Notices
Greece raised the investment thresholds starting from September 1, 2024: €800,000 for properties in hot markets (Athens, Thessaloniki, Mykonos, Santorini) and €400,000 for less popular locations. The upgradings of historical sites and properties can result in lower thresholds depending on the conditions as well. Apart from that, the location of the property and timing are crucial for investors who consider Greece’s program. The previous €250,000 barrier is turning out to be almost completely gone for normal residential properties. Hence, the earlier-entry investors are at an advantage.
What Does It Mean for High Net-Worth Indian Investors
The main reason one could call it cost-effective is that the previous threshold allowed one to take up residency in the EU at a very low cost, which was one of the lowest among all the routes.
- Lifestyle & mobility: The main attraction after the investment gains lies in living in Europe, getting access to education, health, and the great mobility areas.
- Due diligence is essential: Investment plan, property selection, and timing are very important as the thresholds have gone up and the terms are stricter.
- Strategic decisions: If you’re seeking European residency, Greece has become more challenging but still has opportunities with its higher entry barriers for prime locations.
Final Thoughts & Making a Move
This whole scenario, Abhinav Immigration Services, and your advisory group need to continuously monitor the changes in the thresholds and the regional aspects. In case any of your clients are looking to get European residency by investing in property, then it is essential to guide them through the entire cost timeline, region-specific regulations, and alternative choices.
Our next move: Let’s plan a personalized session together for your clients from India who are interested in getting European residency. I could come up with a draft that compares Greece with other prime jurisdictions, lists the minimum investments, processing timelines, and regional restrictions. Would you like me to get started on that?
