- Applicants must show legally acquired income of €42,000 annually, with higher amounts for family members
- FIP holders cannot work in Greece but can live there and do remote jobs with income from abroad
- The application process involves a D visa, submission of documents in Greece, biometrics
Forget Dubai. Indians earning Rs 3.5 lakh a month could now move to Greece, secure European residency and travel across the Schengen Area without buying property or making a million-euro investment.
Dipesh Deshmukh, founder of immigration consultancy D Square Global, says Greece's Financially Independent Person, or FIP, programme is emerging as an option for Indians who want a better quality of life while retaining income sources outside the country.
"Greece has a very interesting programme called FIP, financially independent person, where they will get a three-year residency in Greece," Deshmukh told Shreya Hegde of the 1% Club in a podcast.
The programme is meant for non-EU citizens who can show sufficient and legally acquired financial resources. A single applicant must demonstrate an income of at least Euro 3,500 a month, approximately Rs 3.5 lakh, or Euro 42,000 over a year.
"So, somebody who either has passive income, rental income or investment income of Euro 3,500 every month can qualify," Deshmukh said. "They need to give one year's bank statement, or you show this money for 12 months in advance. That is Euro 42,000, which in Indian rupees today could be Rs 45 lakh to Rs 50 lakh.”
The required amount increases by 20% if the applicant includes a spouse and by 15% for every child.
Deshmukh said the permit could appeal particularly to Indians earning from businesses, investments or jobs based outside Greece.
"They cannot work in Greece, but they can live in Greece and do remote jobs," he said. "These days, a lot of IT jobs are online remote jobs, and you can travel in and out of Greece to India."
However, applicants should seek legal advice on their specific income arrangement. The FIP permit does not grant access to the Greek labour market and restricts salaried employment or independent economic activity in Greece.
It should not be confused with Greece's separate digital nomad route.
For those who qualify, Deshmukh described the application as relatively straightforward.
If you are earning Rs 3.5 lakh to Rs 4 lakh per month, that is the criterion. "That's all, and I need the passport," he said.
The process begins with an application for Greece's national D visa.
"We will apply for something called a D visa," Deshmukh said. "Once you get the D visa appointment, you go and submit the documents. In one or two months, all this will be done, and you can fly to Greece after that."
The residence application itself must be filed after entering the country.
"You need to be there for the filing of FIP. We can file only while you are on Greek soil," he explained. "Then, in one week, biometrics will happen and you get something called a blue card."
Deshmukh said the document allows applicants to remain in Greece while their residence card is processed.
"You can continue staying there if you want to. If you want to come back with the blue card, you can travel from India to Greece and back. But in six months, you will get a resident card."
The Greek residence permit also allows short visits across the Schengen Area, subject to its travel rules. It does not provide an automatic right to live or work anywhere in the European Union.
"Now, from India, you can go to Greece, or you can go to Portugal, Spain, Switzerland, wherever you want," Deshmukh said.
And unlike a short-term experiment, the residency can be extended.
"It's a three-year visa," he said. "Every three years, you renew."
