The U.S. EB-5 program, once favored by Indian investors for Green Card access, now faces major delays. April 2025’s visa bulletin retrogressed Indian EB-5 Unreserved cases by over two years, disrupting thousands of plans. With rising uncertainty and children aging out, many are exploring faster options—especially amid talk of a new $5 million ‘gold card’ program challenging EB-5’s future.
|| SPECIAL FEATURE
By Dragana Andreyev, NTL Trust
According to 2024 data, over 35 million Indians are living overseas, making them one of the world’s largest expat populations. For decades, Indian high-net-worth individuals
have pursued global mobility through destinations like the United States, United Kingdom, and Canada — countries that have traditionally promised opportunity, lifestyle, and long-term gains, but as immigration policies shift and geopolitical dynamics evolve, a quiet reorientation is taking place. Increasingly, Indian investors are pivoting to Europe, with Greece emerging as a preferred destination for residency by investment.
THE CONSEQUENCES OF THE EB-5 BACKLOG
The U.S. EB-5 Immigrant Investor Program has long been popular among Indian investors seeking a U.S. Green Card through capital investment. However, the program is now grappling with significant delays and uncertainty.
In its April 2025 Visa Bulletin, the U.S. Department of State announced a retrogression of over two years for Indian applicants in the EB-5 Unreserved category — a development that has disrupted plans for thousands of investors.
“The prolonged waiting periods and unpredictability of the EB-5 program have led investors to explore more efficient pathways to residency,” says Nick Stevens, CEO of NTL Trust, investment migration leader with over 30 years of industry experience.
For investors, this delay doesn’t just mean waiting. It creates risk around children aging out of dependent status, education timelines, and investment strategy reassessments. While “reserved” EB-5 categories have helped reduce backlogs temporarily, new demand is already pushing those categories toward congestion.
To compound the situation, a new U.S. ‘gold card’ proposal, announced in February 2025, calls for a straightforward $5 million investment, raising questions about the long-term future of the EB-5 program itself.
EUROPE IS THE STRATEGIC ALTERNATIVE IN 2025 AND BEYOND
As cracks appear in traditional destinations, Indian investors are re-evaluating their options. In the last few years, Portugal tightened its Golden Visa, Italy’s appeal fluctuated, and Spain closed its program altogether in April of 2025. The UK is losing appeal to its own HNWIs after Brexit and tax changes.
The Greece Golden Visa program remains open, affordable, and efficient. “Greece presents an attractive combination of affordability, lifestyle, and strategic access to the European market, plus the application process is smooth and quick,” says Nick Stevens.
With a minimum real estate investment of just €250,000, Greece’s Golden Visa is one of the most accessible programs in Europe. Starting from €250,000, investors can purchase commercial spaces converted into residential units in sought-after areas like Athens, Piraeus, and Zakynthos, known as tourism and commercial hubs, abundant with a cosmopolitan feel, rising rental yields, and vibrant cultural life.
WHY IS GREECE GOLDEN VISA AN EFFECTIVE SOLUTION?
- Cost of Living Advantage
Greece offers a significantly lower cost of living than other European countries — up to 30% cheaper on average. In Athens, a budget of just €2,000/month covers rent and everyday expenses, making it ideal for both families and remote professionals.
- Fast and Flexible Residency
Applicants receive a five-year renewable residency permit, with no physical stay requirement. It allows visa-free travel across the Schengen Zone and can be a gateway to long-term EU residence or even citizenship.
- Favorable Tax Regime
Greece’s Non-Dom Tax Regime is particularly appealing to Indian investors. Benefits include:
- A flat tax rate on foreign income
- Up to 50% tax reductions for professionals relocating to Greece
- Pensioners benefit from favorable tax treatment on global income
- Geopolitical Neutrality
In the wake of China+1 strategies, which have shifted investment and manufacturing focus away from China to other parts of Asia, including India, the Balkans have become a neutral, stable base. Greece, as an EU member and Mediterranean hub, offers strategic proximity to Asia, Africa, and Europe without the geopolitical entanglements.
The EB-5 backlog was just the spark of bigger changes to come. Same goes for China+1, Brexit, Gold Card and tax increases. The geopolitical positioning of current world leaders and millionaire havens is fleeting and in five years, new hubs might emerge. Until then, Greece’s status provides a stable and strategic base for operations, especially for those looking to navigate the complexities of current global economic trends. This pivot is more than just a search for easier visas. It reflects a deeper reevaluation of where global Indians want to live, invest, and raise families in a world marked by economic shifts, political instability, and changing immigration norms.
(The article has been promoted by the NTL Trust, a global leader in investment migration, with three decades of experience helping families and investors secure second citizenship and residency in jurisdictions including the Caribbean and Europe. For tailored guidance on how to secure citizenship, residency or diversify your global presence, visit www.ntltrust.com.)
