2024-09-21 18:52:23
New Delhi: It is said that Indians take advantage of the opportunity wherever they get it. Now see, when Greece offered Golden Visa for buying property worth about Rs. 2.5 crore, Indians rushed to buy property there. That is why a huge increase of 37% has been seen in property purchases by Indians in Greece in the months of July and August. Now this rule is going to change, so Indian buyers want to take advantage of it at any cost.
What is the rule of Golden Visa
Greece started the Golden Visa program in the year 2013. According to this rule, the Greek government will provide residency or citizenship to any foreigner who invests at least €250,000 (about Rs 2.5 crore) in real estate, government bonds or other approved instruments there. Not only Greece, countries like United Arab Emirates (UAE), Australia, America (USA) also give Golden Visa on investment of some minimum amount.
Why Greece attracts
In the European country Greece, the income from house rental is good. Along with this, the health services and education system there is such that people find it profitable to buy a house there. Not only this, due to the ability to set up business in the European Union, this program has become increasingly popular among wealthy Indians who want a second home in Europe.
Booming property purchases
According to a report by Moneycontrol, Greece saw a 37 per cent rise in property purchases by Indian investors between July and August as buyers rushed to secure permanent residency ahead of changes to the country’s Golden Visa programme. The new rules more than double the minimum investment required to qualify for a visa through a real estate purchase.
The minimum amount has increased
Property development firm Leptos Estates revealed that before the amendments, Indian investors could secure permanent residency in Europe with an investment of as little as €250,000 (around Rs 2.5 crore). Now, the minimum investment has risen to €800,000 in Tier I cities such as Athens, Thessaloniki, Mykonos and Santorini. In Tier II regions, which include all other parts of Greece, the limit has risen from €250,000 to €400,000.
Part of a comprehensive housing policy
The move is part of a broader housing policy aimed at ensuring affordable and quality housing for Greek citizens by easing pressure on real estate in areas with high demand. “The government hopes this will encourage investment in less congested areas while addressing local housing needs,” Greece’s Finance Minister Kostis Hatzidakis said in April.