Permanent residence programs for Cyprus, Greece gaining popularity in India: Leptos Estates
New Delhi, December 2 () Permanent residence programs in Cyprus and Greece are attracting many Indians, since all economic indicators of these two countries of the European Union are extremely positive for investors, according to the real estate developer Leptos Estates.
There is an increase in Indian investors representing a growing proportion of people interested in these schemes, the largest real estate developer in Cyprus said on Monday.
He said that people only need to invest 300,000 euros in property to acquire permanent residence for the whole family in Cyprus and 250,000 euros in Greece.
The two countries of the European Union are an excellent choice for rich Indians with large families and family businesses, he added.
Applicants can become official residents in Cyprus after only 60 days with investors who are not required to physically reside in Cyprus before and after approval, according to the statement.
Greece has a similar scheme, with the process on average only 10 days, and residents can apply for citizenship after 7 years, he added.
The best time to invest in Cyprus and Greece is now. All economic indicators in both countries are extremely positive, so as an investor this is the best time, Leptos Group Vice President Pantelis M. Leptos told reporters here.
Cyprus and Greece are EU countries, and EU residency and citizenship are seen as credibility features, so it is not surprising that the residency program here has been so popular, he added.
In particular, the interest of Indian, Middle Eastern and Asian applicants has increased in recent months, Leptos said.
Although the Cypriot and Greek residences do not allow you to start working in the country, they do allow you to open a business. The residency scheme covers the whole family, and once obtained it is valid for life, said Leptos Estates.
In Cyprus, the corporate tax rate for all companies is only 12.5 percent and the estate tax has been abolished since January 2000 and the real estate tax since January 2017, he added.
To obtain the citizenship of Cyprus, through the citizen investment program, an investment of 2 million euros in real estate is required, said Leptos Estates. Founded in 1960 by Michael G Leptos, Leptos Estates is a leading real estate developer in Cyprus and the Greek Islands and has an international network established in 75 countries, which has completed more than 350 projects to date. AKT MKJ