 "A woman enjoys sunny weather at the Monastiraki area in central Athens, in Greece. The country started offering golden visas in 2013, giving permanent residence permits for real estate investments to non-EU nationals. Reuters")
As Donald Trump offers the “gold card”, there’s an increased interest in the “residency by investment” programmes. Firstpost and Moneycontrol bring you a series on “golden visas”. We start with Greece, which is ranked No 1 on the 2025 Global Citizenship Residence Program by Henley & Partners
Immigration is a hot-button topic today. While some countries tighten visa norms, others are relaxing them. For those looking to attract the wealthy, “golden visas” – residency by investment – are a big hit.
According to Henley & Partners, an investment migration consultancy, more than 100 countries offer “golden visas”, including the US, the UK, Canada, a host of European nations, Australia and New Zealand. Last week, US President Donald Trump offered “gold cards” – citizenship for $5 million – replacing the current EB-5 visa programme.
While the proposed “gold cards” are the most expensive in the world, several European nations offer residency at a far lower cost.
Among the most popular destinations for foreigners looking to relocate or pursue business interests in another country is Greece. The European nation has risen to the top of the 2025 Global Citizenship Residence Program, Henley & Partners’ annual rankings of the world’s most important investment migration programmes.
In our series on “golden visas”, we talk about Greece and why it is an attractive destination. But first, let’s start with the basics.
What is a golden visa?
A golden visa is a residency by investment plan. It grants temporary residency to foreign nationals in exchange for a donation, an investment in real estate, or the creation of a business. Most golden visas offer temporary permits to reside in the country but many allow this to be converted into a permanent status after a few years.
Golden visas target high net-worth individuals (HNWIs) as substantial investment is needed to avail of them. In return, the visas give them the option to relocate and access full residence rights, which include the right to live, work, study and receive healthcare. “Acquiring a golden visa is the best possible insurance policy against economic and political risk in a volatile world,” says Henley & Partners on its website.
Golden visas gained popularity during the debt crisis in Europe when countries started selling residency to attract foreign investment. And they have become increasingly popular over the years.
How do you get a golden visa to Greece?
Greece started offering golden visas in 2013, which gave permanent residence permits for real estate investments to non-European Union nationals and their families. This was a time when the country was embroiled in a debt crisis and it hoped money from wealthy foreigners would help provide some fillip to the economy. The permits have to be renewed every five years.
Today, Greece’s golden visa programme is one of the most popular in the world. It was updated last year to align with the country’s economic plan .
There are several investment options from real estate purchases to investing capital in Greek businesses and contributions to government bonds.
To qualify for the programme, individuals need to purchase a property worth €400,000 (Rs 3.65 crore) in the country or invest €250,000 (Rs 2.2 crore) in converting commercial properties into residential use or restoring listed buildings. In high-demand areas like Athens, Thessaloniki, and islands with more than 3,100 inhabitants, an investment of €800,000 (Rs 7.3 crore) is needed.
The minimum investment was €250,000 (Rs 2.28 crore) until last year. While this attracted a large number of foreign investors, it led to an increase in property prices particularly in popular cities and islands like Athens, Mykonos and Santorini. This surge made housing unaffordable for locals, prompting the Greek government to increase the investment threshold in September 2024. With higher investment in the sought-after regions, it hopes to direct foreigners to less crowded areas.
“When real estate goes up, houses become more expensive for local people, which results in higher rents. So, there were reactions due to which the government made these changes,” Marios Rafail, executive director (private clients) at Henley & Partners told Firstpost.
According to him, the new option of investing €250,000 to convert commercial properties into residential has become popular since the change in investment rules.
Individuals can also get the visa by contributing to other investment schemes – like a deposit of €500,000 (Rs 4.57 crore) with a Greek credit institution or a capital contribution to a public-limited real estate company. Alternatively, they can purchase Greek government bonds worth €500,000 with a remaining maturity of three months; purchase shares, corporate bonds, or Greek government bonds of at least €800,000; or buy shares or stocks of at least €350,000 in a mutual fund, according to Henley & Partners.
What are the benefits of obtaining the Greek golden visa?
Residency-by-investment gives individuals the right to study and live in Greece. It also allows for visa-free travel to Europe’s Schengen area, which comprises 29 nations. However, the golden visa does not give investors the right to work in Greece.
The visa can be extended to families – spouses, children below 21, and parents of the principal applicant and those of the spouse. The main applicant must pay €2,000 (Rs 1.8 lakh) and dependents must pay €150 (Rs 13,637) as stamp duty to the government.
After maintaining residency for seven years, investors can apply for Greek citizenship.
Why is Greece so popular among nations offering golden visas?
“Since 2019, the Greek economy has been booming in all sectors including real estate, which is one of the key elements of the golden visa. So people who invest in real estate make a lot of money,” Rafail told Firstpost.
“Greece has always maintained one of the lowest minimum investment thresholds in real estate, compared to other countries. Some, like Portugal, have even abolished this option now. This has given a big boost to the Greek golden visa,” he added.
Varun Singh, managing director at XIPHIAS Immigration, a top Indian immigration consultancy, echoed similar views. “Starting from €250,000 (now increased in some areas), Greece offers one of the most affordable golden visa programmes. Its booming real estate offers a strong return on investment and high rental yields,” he told Firstpost.
What also works in Greece’s favour is its fast golden visa process, which grants residency within six months. “Greece has a relatively faster processing time, i.e. about six months, whereas it takes two years to get a Portugal golden visa,” compared Rafail.
Quality healthcare and education, rental benefits and the possibility of establishing businesses in the European Union make Greece an attractive destination. The inflation is moderate and the European lifestyle is alluring.
How many people have received the Greece golden visa?
In 2021, Greece had 1,000 applicants for its golden visas, which rose to 8,488 in 2023. There were 4,734 applicants last year.
Thirty-three thousand five hundred people have secured the Greece golden visa since the beginning of the programme in 2013. Of these 9,100 are Chinese, 1,340 are Turkish, followed by the Russians, Lebanese, Iranians and Egyptians, according to data shared by Henley & Partners.
The country has secured €4.3 billion (Rs 3.9 lakh crore) in investments from the visa programme between 2021 and 2023.
Is there interest from Indians? What do they look for?
There is growing interest from wealthy Indians in the Greece residency-by-investment programme, especially those living in Mumbai, New Delhi and Bengaluru, said Rafail.
Indians looking for second homes are drawn to Greece because of the benefits from rental income – yields range from three to five per cent annually – and property values appreciate by 10 per cent year on year. There was a rush to buy property before the change in investment rules last September.
“Real estate appreciation and rental returns” are a big draw, said Singh. “Despite the increase in investment thresholds, Indian investor interest remains strong, especially for €250,000 properties in emerging cities and suburban areas.”
Indians also focus on “easy residency and family benefits” and “European market access” that allows “business expansion and travel convenience within Schengen countries”, added Singh. They look for “long-term citizenship planning, given the instability of other residency programs globally.”
“The Greece golden visa remains one of the most cost-effective and flexible ways for Indian investors to secure EU residency, even after investment threshold changes. As demand continues to rise, early investment is key before further policy shifts,” advises Singh.