'Want Greece PR? Buy property worth Rs 2.50cr'

Hyderabad: Leptos Estates, a property development firm in Greece and Cyprus, has said that in September, the Greek government will be implementing new laws under Golden Visa Programme (with Permanent Residency (PR), to double the minimum investment required for global citizens to own real estate in Greece.

As per the new Golden Visa Programme, that is likely to be effective on August 31, 2024, two minimum investment slabs for real estate will be introduced. In Tier I, which includes Attica, Thessaloniki, Mykonos, Santorini, and the islands, the minimum investment is expected to go up to €800,000 from the current €500,000; and in Tier II that covers all other regions of Greece, the entry point will go up to €400,000, from the current €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 opportunity to secure Permanent Residency in Greece,” said Sanjay Sachdev, Group Marketing Director, Leptos Estates.

He further said that foreign homeowners do not have to reside in Greece as option to rent out investment property is open. The investors will get their residence permits within six months.

“Investors can still apply under the current €250,000 minimum threshold if they pay a 10 per cent deposit by August 31, 2024, and finalise the investment by December 31, 2024,” Sachdev added.

The Residency is applicable to the whole family (married spouse, children under 21 years, and parents of the main applicant and spouse) with the eligibility to apply for citizenship.