You could get permanent residency in Cyprus or Greece for the price of a mid-to-upscale apartment in Mumbai and Delhi

• One needs to buy a property worth 300,000 euros in Greece, or 250,000 euros in Cyprus, for 'Permanent Residency'.
• That is the cost of an mid-to-upscale apartment in big Indian cities like Mumbai and Delhi.
• Not surprisingly, there is a surge in Indians investing in real estate in Cyprus and Greece.

Permanent residency programmes in Cyprus and Greece are attracting lots of Indians as all economic indicators of both these European Union countries are extremely positive for investors, according to realty developer Leptos Estates. There is an upsurge in Indian investors making up an ever-increasing proportion of people interested in these schemes, Cyprus' largest real estate developer said on Monday.

It said people need to just invest 300,000 euros in property to acquire permanent residency for entire family in Cyprus and 250,000 euros in Greece. "The two countries of the European Union makes for an excellent choice for wealthy Indians with large families and family-run businesses," it added.

Applicants can become official residents in Cyprus after only 60 days with investors not required to physically reside in Cyprus before and after approval, the statement said. Greece has a similar scheme, with the process taking on average only 10 days, and residents applicable for a citizenship after 7 years, it added.

"Best time to invest in Cyprus and Greece is now. All economic indicators are in both countries are extremely positive so as an investor this is the best time," Leptos Group of Companies Deputy President Pantelis M Leptos told reporters here. Cyprus and Greece are EU countries, and EU residency and citizenship are seen as hallmarks of credibility, so it's no surprise the residency programme here has been so popular, he added.

"In particular, interest from Indian, Middle Eastern and Asian applicants has increased in recent months," Leptos said. Although the Cypriot and Greek residencies do not allow taking up employment in the country, it does allow opening a business. The residency scheme covers the entire family, and once obtained is valid for life, Leptos Estates said.

In Cyprus, the corporation tax rate for all companies is just 12.5 per cent and estate duty has been abolished since January 2000 and the immovable property tax since January 2017, it added. For getting citizenship of Cyprus, through citizenship investment programme, investment of Euro 2 million in real estate is required, Leptos Estates said.

Founded in 1960 by Michael G Leptos, Leptos Estates is leading property developer in Cyprus and the Greek Islands and has an established international network across 75 countries, having completed over 350 projects to date.

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