New Delhi: The Greece Golden Visa benefits include permanent citizenship in seven years, appreciation of prices of properties purchased, appreciation in rental income from real estate investment, quality healthcare, better education, etc. People from India would get permanent citizenship of Greece after they lived for seven years in houses purchased there after they would secure the Golden Visa.
But from September 1, 2024, the government there has made rules more stringent for outsiders to avail of the Greece Golden Visa benefits. It has upped the minimum investment limit in the properties city wise. Following are the new eligibility conditions to secure the Greece Golden visa:
The Greece Golden Visa Changes:
- Minimum investment limit now stands at Rs 7 crore in Tier-I cities
- Minimum investment limit now stands at Rs 3 crore in Tier-II cities
- Minimum investment limit (previously) – Rs 2.2 crore
Why Greek Government Changed Greece Golden Visa Eligibility Conditions?
The Greece Golden Program was launched in 2013. The country had got lot of investments in tier-I cities due to low rates. This created scarcity of properties in such cities. To divert flow of real estate investment towards other cities with comparatively lower investment in the past, the government there made above mentioned changes in the Greece Golden Visa Eligibility Conditions. The Greek government’s changes is in line with the country’s new housing policy.
Why Indians rushed to buy properties in Greece?
Minimum investment limit of Rs 2.2 crore attracted real estate investors as it was difficult to get property elsewhere in Europe at such a low rate. This was one of the lowest property rates in Europe. This is why people from India and other countries rushed to buy properties there before September 1, 2024. In anticipation of properties become costlier there, Indians invested in real estate thick and fast in July and August 2024. There was 37% surge in properties purchased in these two months in Hellenic Republic.
