By Tharuniyaa Lakshmi & Utkarsh Hathi | 4 October 2024
High net-worth individuals in India are spending more to get Golden visas in Greece and other European countries for holiday homes and visa-free travel.
The Greek Parliament raised the minimum investment limit in March 2024, leading to a surge in Indian applicants between July and August. Investors were allowed to pay 10% of the amount by August 31, and the rest by April 2025 to submit the visa application.
What is a Golden Visa?
The Golden Visa is a program that allows non-resident individuals and their families to relocate to the country and obtain permanent residency in exchange for investment. This investment can be done in real estate, government bonds or other investment instruments. Many countries including the United States, United Arab Emirates, and those in Europe such as Greece, Italy, Portugal, Cyprus, and Malta offer the visa. The premium visa provides many benefits such as residency, citizenship, tax benefits and access to
education and healthcare systems.
How much investment is needed for a Golden Visa in Greece?
Individuals needed to invest about Rs2.5 crore in property and obtain the visa before the change in rules. Now, the limit has been increased to about Rs. 8 crore for urban areas and Rs4 crore for rural areas. Individuals can complete the investment process and visa application remotely by appointing a proxy through a registered power of attorney.
Why are High net-worth Indians rushing for a Greece Visa?
Greece has one of the most affordable residency visa programs. It permits five years of residency, which can be renewed. individuals, along with their families, can apply for citizenship after seven years of residency.
Experts say that benefits such as a favorable tax regime for foreign income make it an attractive option for investors. “For many Indians, it is a status symbol to acquire a house in Europe and avail visa-free travel there,” said Poorvi Chothani, Managing Partner at LawQuest, an immigration firm in Mumbai.
Is this the first time Indians are rushing for a Golden Visa?
Indians accounted for 9.4% of the total Golden visa applicants in 2022, according to data from Citizenship Invest, an advisory firm that specializes in citizenship and residency.
UAE and UK are other attractive options for Indian millionaires.
About 4,300 millionaires are expected to leave India in 2024, with many of them choosing to relocate to Dubai, said a report from Henley & Partners, an international migration consultancy.