Investment opportunities in tax-efficient jurisdictions: Cyprus and Greece.

Cyprus and Greece offer attractive investment opportunities for high-net-worth individuals seeking second homes and investment opportunities in tax-friendly jurisdictions. As global uncertainty increases due to geopolitical shifts and market volatility, high-net-worth individuals are increasingly seeking safe havens to protect their lifestyles and capital. This has led to a growing demand for alternative residency and citizenship programs. A key challenge for investors seeking to achieve these goals is finding tax-friendly jurisdictions that protect business interests while providing maximum security and a luxurious lifestyle through the best''real estate investment opportunities. In addition, long-term stability in the tax regime is also important, as changes in the political situation in some regions can lead to sudden and unforeseen policy changes. Two countries that meet all these requirements are Cyprus and Greece.

Cyprus

Cyprus boasts one of the widest networks of double tax treaties in Europe, a low corporate tax rate and various personal tax exemptions. There is no capital gains tax on the sale of property acquired before 2013, no inheritance tax and virtually no withholding taxes. Residence Permit Program for Investments in Cyprus''offers permanent residency for six months with a minimum investment of €300,000 (approximately Rs 26.7 million) + VAT in real estate, making it popular among foreign investors, including people from Asia. Investors can also opt to invest in commercial real estate, provided the total investment meets the minimum cash threshold of approximately Rs. 2.5 crore. The best part of all this is that the permanent residency program for investment in Cyprus offers approval of the application within six months, if the basic condition for a particular investment is met along with some other requirements.

Greece

Another gem in the crown of European investment is Greece. Greece's golden visa program requires a minimum investment of €250,000 in''real estate to obtain a five-year residence permit, which can be renewed. However, as of August 2023, the minimum property price required to obtain a golden visa has increased to €500,000 in Athens, Thessaloniki, Mykonos and Santorini. Crete, Greece's largest island, remains a relatively affordable option at €250,000 (roughly Rs. 2.15 million). In addition to the great climate, beach-facing villas on the western part of Crete offer the best mountain views. Apartments start from €250,000, while 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 benefits''obtaining Greek citizenship.

Cyprus and Greece offer lucrative investment opportunities for high-net-worth individuals seeking second homes and investment opportunities in tax-friendly jurisdictions with safe lifestyles and luxury real estate options. (Written by Leptos Group Co-Chairman)