A long report in Business Today, a leading Indian fortnightly business magazine, examines how Greece is rapidly emerging as a premier destination for high-net-worth Indians (HNIs).
The report compares the rising interest of HNIs in Greece and compares it to traditional hubs such as Dubai, which has been attracting wealthy Indians for years. But what is behind Greece’s trend among Indian investors, as reported by Business Today?
Greece: The lifestyle and mobility hedge for Indians
Among the key factors behind the trend are access to the European Union, diversity, and other enhancement as follows:
- EU Access: Business Today notes that the primary allure of Greece is its Golden Visa program, which offers residency and visa-free access to the Schengen region for a minimum real estate investment of €250,000 (about $295,000).
- Diversification: Manav Agarwal, Data Chief & Operations Officer at NKlusive, told Business Today that Greece is viewed as a “lifestyle and mobility play,” offering lower entry costs compared to other European residency programs that have recently become more restrictive.
- Strategic Assets: Vijay Kumar Aggarwal of Yugen Infra highlighted to Business Today that Greece is seen as a “strategic asset for lifestyle enhancement, legacy planning, and wealth preservation.”
Dubai vs. Greece: Substitution or expansion?
Abhishek Raj, Founder and CEO of Jenika Ventures, clarified to Business Today that “it is not a matter of substitution but rather of diversifying investments.” He emphasized that Dubai remains the core “business-centric destination” due to its proximity to India and world-class infrastructure.
While Dubai is favored for its tax efficiency and wealth creation, Greece is gaining traction as a “passive investment avenue” focused on global mobility and a Mediterranean lifestyle.
Tax & residency profiles: Dubai vs Greece
Here is the revised tax comparison between the UAE and Greece for Indian investors, based on the Business Today report:
The UAE (Dubai) Model
The UAE remains the primary choice for zero-tax efficiency. It provides a 0% personal tax environment, meaning no taxes on income, capital gains, or inheritance.
For businesses, a corporate tax of 9% applies only to earnings above AED 375,000 (about $102,000), though many firms in Free Zones enjoy a 0% rate. Its Golden Visa offers high flexibility and minimal compliance for those focused on wealth creation.
The Greece “non-dom” model
Greece offers a “Non-Dom” regime tailored for high-net-worth individuals, applying a flat €100,000 (about $118,000) annual tax on global income regardless of total earnings. This regime is valid for fifteen years and requires a €500,000 (about $590,000) investment in Greek assets.
A major draw is that there is no tax on foreign inheritance or gifts, and the plan includes EU residency access for family members for an additional €20,000 (about $23,600) annually.
The expert verdict
According to Business Today, the choice isn’t about one replacing the other. Instead:
- Dubai is the “business-centric” hub for infrastructure and proximity to India.
- Greece is the “lifestyle and mobility” play for those seeking a foothold in Europe and a hedge against global uncertainty.
As Business Today summarizes, Greece is not the “new Dubai” but rather a strategic expansion of the global Indian investment portfolio.
Related: Greece and India Strengthen Strategic Partnership: Target to Double Trade by 2030
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