Indian investors are taking a keen interest in buying properties in Greece under the country’s Golden Visa Programme. It allows investors to gain residency permits in the Mediterranean nation in return for major property investments in the country.
The property purchases in the Mediterranean nation jumped by 37 per cent between July and August this year. One reason for the sudden spurt in buying was the increase in minimum investment requirement from €250,000 (about Rs 2.3 crore) to €800,000 (approx Rs 7.5 crore) for property purchases in important cities, such as Athens, Mykonos and Santorini from September 1, 2024.
What Is Greece’s Golden Visa Programme?
Greece’s Golden Visa Programme, which was launched in 2013, provides residency permits in return for major property investments across the country. This scheme allows investors to earn a five-year residence and travel freely inside the Schengen Zone without a visa.
Investors can qualify by purchasing real estate, government bonds or by investing in a Greek firm. The programme’s initial investment barrier of €250,000 made it one of the more enticing alternatives for non-EU nationals, resulting in significant foreign investment. However, the influx of buyers led to an increase in property prices in popular areas, such as Athens, Thessaloniki, Mykonos, and Santorini, leading to affordability issues for local residents and contributing to a housing crisis.
Recent Changes To The Golden Visa Scheme
In response to the rising demand for properties by foreigners, Greece announced important changes to its Golden Visa Programme earlier this year. As of September 1, 2024, the minimum investment for properties in high-demand areas has increased to €800,000. For other regions, investors must now spend at least €400,000 (approx Rs 3.7 crore), according to a report in NDTV.
However, the Greek government has extended a grace period for investors that sign a pre-contract or purchase agreement by September 30 to December 31, 2024 so that they may still take advantage of the previous investment requirement.
Indian Investors Seek Opportunities in Greece
Greece has attracted a lot of Indian investors not only for potential returns, but also for its appealing lifestyle in beautiful locales, such as Paros, Crete, and Santorini. The Golden Visa Programme offers an affordable path to residency compared to other places in Portugal and Spain.
With the Greek government extending the grace period, many Indian investors are rushing in to buy properties in Greece. However, once the new rules come in place, investors may start looking for alternatives in Portugal or Spain.
