Greece Residency Visa Booms In 2023 – A Boon for Indian Second Citizenship Seekers?

In 2023 alone, more than 80,000 Indians have given up their Indian citizenship and many more are walking down the same path. In a quest for another home, several investors have been eyeing the Greece Golden Visa.

Greece’s Golden Visa program is among the best globally for securing a second residency. Greece’s charm lies in its sunny climate, stunning landscapes, safety, good education, healthcare, and competitive Golden Visa Program. 2023 has seen the Greece Residency visa boom despite the change in rules.

While these changes aim to make property acquisition more affordable for local residents, they have created a sense of urgency among foreign investors. They have made the most of the transition period and invested heartily in property. This has resulted in a spurt in the Greece Golden Visa.

This investment visa continues to remain popular based on factors like location, travel, security, amenities, and costs. Greece excels in all these aspects, making it a top choice for investors. With a stable economic culture, it continues to provide Indian Investors with a great immigration route!

What Are The Changes In The Greece Golden Visa

  • The real estate investment requirement for Greece’s Golden Visa has increased to €500,000, up from €250,000 as of July 31st, 2023. This is applicable to specific regions only.
  • This change aims to enhance the affordability of Greece’s real estate market for its citizens.
  • This change is applicable to the Greater Area of Athens, the Municipality of Thessaloniki, Mykonos, and Santorini.
  • In all other areas of Greece, the minimum investment threshold remains unchanged at €250,000.

Residency Visa Surge Due To Impact Of Changing Rules

The recent update, effective from July 31, 2023, sets the stage for an incredible investment opportunity. It’s important to highlight that following the announcement of the Golden Visa price hike, there has been a significant surge in investor activity in the Greek real estate market. In the past year, an average of €1.57 billion flowed into the country through this program. In the initial quarter of 2023 alone, an average of 1,052 new permits were granted, marking an impressive 141% increase compared to the same period in the previous year. By committing to a minimum investment of €500,000 in select areas, you can secure your path to Greek Residency and reap the countless benefits that come with it.

Ways To Invest For Greece Golden Visa

  • Purchase a real estate property valued at a minimum of €500,000.
  • Enter into a 10-year lease agreement with a hotel or tourist establishment.
  • Make a capital investment of at least €400,000 in a registered Greek company.
  • Invest €400,000 in Greek government bonds.
  • Invest €400,000 in bonds or shares of real estate investment firms
  • Deposit €400,000 in a Greek bank.
  • Opt for an €800,000 investment in corporate or government bonds.

In most cases, physical presence in Greece is required to finalize your investment, but you can also do it remotely by granting Power of Attorney to a legal representative.

Advantages of the Greek Golden Visa

  • The required investment thresholds are notably lower compared to many other EU nations with Golden Visa programs.
  • You can extend the visa to include your family members, such as your spouse, unmarried children under 21, and dependent parents of either you or your spouse. If your child is aged 21-24 and a student, they may also be included.
  • Visa-free travel to the Schengen Zone for you and your family.
  • No obligatory residency in Greece is necessary to renew the residence permit.
  • You have the option to rent out your property post-purchase.
  • After seven years of residence, you can apply for Greek citizenship. Greece’s EU membership grants access to the EU free market and visa-free travel to over a hundred countries.
  • You can both live and invest in Greece, enjoying the Mediterranean lifestyle.
  • Access to Greek education and healthcare services is available.

At Nova Quinta, we are dedicated to assisting our clients in completing their investment projects in Greece. For our expert services, get in touch with us today.