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> As an Indian national

As an Indian national, you are not eligible for this visa program.

One of the requirements is:

> you do not need a visa to enter the Schengen area

How strange. I could have sworn the Spanish and Greek ones didn't have this requirement. Then it's indeed fairly useless.

That's even stranger then, so it's exclusively targeting people who could effectively just come there anyway.

Correct. It is very explicitly targeting tourists who want to stay for more than 90 days, up to 180 days. Basically this is a convoluted method of extending tourism to rich tourists for a longer (specifically, a double) period of time to have them pump more of their money into the country. That's all.

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