NewsVoir
New Delhi [India], May 27: Owning a dream holiday home in Greece as well as a Golden Visa with Permanent Residency, is set to become more expensive for all from August 31, 2024. In September, the Greek government will implement new laws that will double the minimum investment required for global citizens to own real estate in Greece.
Leptos Estates, a prominent real estate and property development firm specializing in residential, commercial and holiday residences including premium apartments and luxury villas in Greece and Cyprus, invites high-net worth individuals and investors from India to act swiftly and make their property investments in Greece before the rules change later this year.
Over the last few years, the popularity and demand for Greece’s Golden Visa Programme launched in 2013, has surged leading the Greek government to reconsider the entry points for real estate investment and Permanent Residency.
As per the new rule regarding Greece’s Golden Visa Program that is expected to be effective on August 31, 2024, there will be two minimum investment slabs for real estate transactions in the country. In Tier I, which comprises popular areas like Attica, Thessaloniki, Mykonos, Santorini, and the islands, the minimum investment is expected to go up to Euro 800,000 from the current Euro 500,000; and in Tier II that covers all other regions of Greece, the entry point will go up to Euro 400,000 from the current Euro 250,000.
“As the deadline approaches, prices are expected to surge, potentially making the dream of owning a Greek home less attainable for Indian investors. We urge high net-worth individuals and investors to grab this unique once-in-a-lifetime opportunity to secure Permanent Residency in Greece while enjoying the chance to make promising returns on their investment at a minimum cost of an affordable Euro 250,000. Once the new rules come into effect, the cost will double, and it will be a great chance missed. We have some aesthetically and sustainably designed, fully functional apartments and villas across Greece and in regions like Paros Crete, and Santorini that would make great homes for global citizens,” said Sanjay Sachdev, Group Marketing Director, Leptos Estates.
Investors can still apply under the current Euro 250,000 minimum threshold if they pay a 10% deposit by Aug 31, 2024, and finalise the investment by December 31, 2024.
Among the several benefits of owning both a home and a Permanent Residency in one of the world’s oldest civilisations is visa-free travel within Europe’s Schengen area, high returns from Greece’s booming real estate market, perfect weather through the year and a chance to experience the charming, idyllic Mediterranean culture.
The Residency is applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse) with eligibility to apply for citizenship also
Foreign homeowners in Greece are not required to reside in Greece and residence permits can be acquired within 6 months. Owners also have the option to rent out their investment property.
Leptos Estates is a six-decade, family-run, real estate and property development firm that specializes in property sales from residential, commercial and holiday residences including premium apartments and luxury villas in Cyprus and Greece. It is a ‘one-stop-shop’ to handle all your PR needs from start to finish with verticals like travel/Insurance/Rental/Resales/Maintenance etc.
The group has an extensive land bank, owning prime locations in Cyprus and Greece (Athens, Paros, Santorini, and Crete). Leptos Estates is part of the Leptos Group headquartered in Paphos, Cyprus, that operates businesses in the hospitality, education and healthcare sectors.
The organisation has achieved its success through an international network of sales service in 75 countries, its vast investment in land purchasing and an effective after-sales service support.
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