Yes, it is legal — here is the framework
Under the RBI's Liberalised Remittance Scheme (LRS), a resident individual may remit up to USD 250,000 per financial year for permitted current and capital-account transactions, including acquisition of immovable property abroad. RBI guidance allows consolidation among eligible resident relatives, provided each remitter complies with LRS. The ownership percentages, remittance shares and Greek deed must therefore be designed together by the authorised dealer bank, the family's Indian adviser and Greek counsel.
The 20% TCS — a cash-flow item to model correctly
For an investment or other-purpose LRS remittance, the authorised dealer generally collects 20% Tax Collected at Source on the aggregate amount above ₹10 lakh in the financial year — not on the first ₹10 lakh. TCS is creditable against the remitter's income-tax liability; where the credit exceeds the final liability, the excess may be claimed through the income-tax return. Refund amount and timing depend on the taxpayer's own facts, so the funding plan should be signed off by a chartered accountant before remittance.
The order matters: Greek bank account first, source-of-funds cleared, then remittances, then the deed. Money should never move before the bank has approved the file.
What the Greek side requires
The qualifying route is €250,000 in a single residential unit converted from commercial use (Law 5100/2024) — no minimum size, valid nationwide including Attica, with the conversion completed before you apply. Payment must arrive by traceable transfer from the applicant's own account, certified by the notary. Greek banks will ask for around two years of statements and a clean source narrative; Indian salary, business income, share sales and property sales all document well.
Timeline from Mumbai or Delhi
Use 6–8 months as an indicative end-to-end planning range, not a guarantee. Much of the work can be handled under power of attorney, while biometrics require attendance. The permit is renewable in five-year periods while the qualifying conditions continue; eligible family members can be included after their relationship and supporting documents are checked. Our Markopoulo units are offered with in-house facilities management and a compliant long-term rental option.
One transaction, three compliance files.
The Indian remittance, Indian tax and Greek residence rules must align. These official sources are the starting point; the buyer's authorised dealer, CA and Greek lawyer complete the file-specific review.
- Reserve Bank of India — LRS and overseas property guidanceUSD 250,000 annual limit and consolidation among eligible relatives · rbi.org.in
- Income Tax Department — TCS on LRS remittancesCurrent threshold, collection basis and exceptions · incometaxindia.gov.in
- Greek National Registry — change-of-use Golden Visa procedureOfficial eligibility, documents and application procedure · en.mitos.gov.gr
Source check: 4 September 2026. Rules and tax outcomes can change; advisers confirm the position for each remitter, applicant and property.
The inventory built for this route
1,700 converted units in Markopoulo, Attica from €250,000 — full legal file, LRS-friendly payment sequencing, management included.
Request the unit scheduleFrequently asked questions
Can Indian citizens fund the Greece Golden Visa through LRS?+
How does 20% TCS apply to an LRS property remittance?+
Can my spouse and I pool our LRS limits?+
Do we need to relocate to keep the permit?+
This article is general information about Greek real estate and the investor residence framework (Law 5100/2024, as clarified by Circular 1/2026). It is not legal, tax or immigration advice. Eligibility is confirmed per file by independent Greek counsel; figures such as taxes and fees are indicative and change. GreeceVisaInvest is a property distribution company — residence applications are handled by licensed lawyers and, where applicable, your migration agency.