Cyprus and
Greece offer attractive investment opportunities to high net worth individuals (HNIs) seeking second homes and investment opportunities in tax friendly jurisdictions. With increasing geopolitical headwinds and market volatility, HNIs are increasingly seeking a safe haven to protect their lifestyle and capital. This is leading to a growing demand for alternative residency and citizenship programs. The primary interest for investors in pursuing these goals is to seek out tax-friendly jurisdictions that protect business interests and provide families with a safe and luxurious lifestyle through the best
real estate investment options. In addition, long-term stability in the tax''system is also important, as a change of government in some countries can lead to sudden and unforeseen policy changes. Two destinations that meet all these criteria are Cyprus and Greece.
Cyprus has one of the widest networks of double tax treaties in Europe, has a low tax rate for corporations and offers various personal income tax reliefs. There is no capital gains tax on the sale of property acquired before 2013, no inheritance tax and virtually no withholding taxes. The Cyprus Permanent Residence through Investment program offers permanent residence in Cyprus for six months with a minimum investment in''amounting to €300,000 (approximately INR 26.7 million) + VAT in real estate, making it popular among foreign investors, including Asian nationals. Investors can also opt to invest in commercial real estate provided the total investment meets the minimum cash threshold of about 2.5 crore. Indian rupees. The advantage is that the Cyprus Permanent Residence Program offers approval of the application within six months if the basic criterion for certain investments and other requirements are met. Additional requirements include attaining the age of majority, no criminal record, a legitimate source of income and sufficient financial resources to meet the mandatory investments, a''as well as a clean background check for their family members. Holders of permanent residency in Cyprus are free to travel throughout the European Union and enjoy the country's wonderful Mediterranean climate, beautiful beaches and vibrant culture. The luxury villa market in Cyprus is becoming increasingly popular globally and short-term rentals can generate significant profits, especially during the peak tourist season.
The other "jewel" in the European investment crown is Greece.
Greece's Golden Visa program requires a minimum investment of €250,000 in
real estate to qualify for a five-year permissive visa, which can be extended. However, as of August 2023, the minimum value''real estate for Golden Visa eligibility increases to €500,000 in Athens, Thessaloniki, Mykonos and Santorini. Crete, the largest island in Greece, remains a relatively affordable option at €250,000 (approximately INR 2.15 million). Apart from its beautiful year-round climate, villas on the coast of Crete in the west offer the best mountain views. Apartments start from €250,000 and luxury four or five bedroom villas, fully furnished and equipped on a 20,000 square foot plot, start from €1.25 million (excluding VAT). Greece's Golden Visa program has been popular with
foreign nationals since its introduction in 2014. In the first half of 2023, the program added almost €1 billion to the Greek economy, a''the total value of real estate sold reached 975 million euros. This is almost three times more than in the same period last year. Occasional and wealthy individuals who have moved to Greece under the Golden Visa program can enjoy several tax benefits. Investors who receive a Golden Visa and transfer tax residency to Greece can pay 100,000 euros in taxes in a lump sum over 15 years, regardless of the source of their foreign income. After seven years of legal residency and meeting other legal requirements, Golden Visa holders can apply for Greek citizenship.
Cyprus and
Greece offer attractive opportunities for investors seeking second homes and investment opportunities in tax friendly jurisdictions with''A safe lifestyle and luxury
real estate options. (Written by Leptos Group Co-President)
