Why Indian Investors Need an Independent Greek Lawyer
The Greek market has many agencies and consultants presenting themselves as Golden Visa specialists. The legal reality is that no property agent or consultant can formally guarantee that a property qualifies for the Golden Visa. That assessment can only be made by a lawyer registered with the Athens Bar Association, acting independently.
Additionally, Indian investors face specific legal considerations that most Greek agents are not equipped to address: LRS structuring for amounts above the USD 250,000 annual limit, NRI vs resident investor distinctions under FEMA, and documentation requirements at the Indian banking stage. These must be planned before any funds move.
LRS and Fund Transfer — Plan This First
RBI Liberalised Remittance Scheme — Key Points for Greek Property Investment
USD 250K Annual Limit
Indian residents may remit up to USD 250,000 per financial year per person. Investments at the €400K–€800K Athens threshold typically exceed this. Co-investment across family members and financial years is the standard structuring route.
NRIs Are Exempt
Non-Resident Indians are not subject to LRS restrictions under FEMA. NRIs may remit from NRE or FCNR accounts without the USD 250K annual cap. Confirming your residency status is the critical first step.
Permitted Under LRS
Purchase of immovable property outside India is an LRS-permitted purpose. Funds must be routed through an authorised dealer bank in India with appropriate documentation completed at that stage.
Greek Law Alignment
Greek law requires purchase price payment by direct bank-to-bank transfer — this aligns with LRS routing requirements. Cash payments are prohibited under both Greek and Indian regulations and invalidate the Golden Visa application.
Step-by-Step Legal Process
01
LRS Structuring
Confirm resident vs NRI status. Plan fund transfer structure across individuals and financial years if required. Engage your authorised dealer bank in India.
02
Power of Attorney
Execute a notarised POA at the Greek consulate in India or through an Indian notary, authenticated with Apostille. Enables full remote management of the purchase.
03
Greek Tax Number (AFM)
Applied for by your authorised lawyer on your behalf. Required for any property transaction in Greece.
04
Greek Bank Account
Opened by your lawyer on your behalf. All funds must be received here via direct bank transfer from your Indian bank — essential for both LRS compliance and Golden Visa validity.
05
Legal Due Diligence
Title search, mortgage and encumbrance check, planning document review, Golden Visa eligibility analysis — completed before any funds are transferred.
06
Notarial Sale Contract
Signed before a Greek notary. Your lawyer reviews the contract and coordinates the full procedure.
07
Golden Visa Application
Electronic pre-application, biometric appointment, inclusion of family members (spouse, children to 21, parents). One visit to Greece required for biometrics.
08
Residence Card Delivery
Statutory period is 90 days. Card valid for 5 years, renewable as long as the investment is maintained.
Short-Term Rental Prohibition: Properties purchased under the Golden Visa programme may not be rented via Airbnb or similar platforms (rentals under 60 days). Long-term rentals are unrestricted. Violation results in permit cancellation and administrative fines. If rental income is part of your investment rationale, discuss this with your lawyer before purchase.
Power of Attorney — Manage Everything from India
Physical presence in Greece is not required to complete the purchase, except for a single biometric data appointment. A notarised power of attorney with Apostille authentication — executed at the Greek Consulate General in Mumbai, New Delhi or Chennai, or through an Indian notary — authorises your Greek lawyer to handle all steps: tax number, bank account, notarial signing, title registration and Golden Visa application.
The Greek Consulate General in Mumbai and New Delhi both accept POA execution appointments. Processing times should be confirmed in advance.
Request an Independent Legal Assessment
Send us the property address or seller documents. We provide a written legal opinion — including initial LRS structuring guidance — before any funds are transferred.
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