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

With the Greek government passing a law aimed at curbing migration, a leading property developer based in the Cyprus and Greek islands is offering Indians, along with citizens of 31 other countries, residency via investment in the island nations.

The offer comes against the backdrop of an ongoing refugee crisis in Greece, with Pantelis Leptos, deputy president of Leptos Group of Companies, stating that the financial and socio-political turbulence that has characterised the countries in the past has given people, especially Indians, an opportunity to invest there.

Three schemes

The company, supported by the European Union (EU), provides three schemes through which one can avail of residency through investment in real estate. The first scheme is called the Cyprus Investment Program, which requires a minimum property purchase worth ₹16 crore. This scheme gives investors the right to live, work, travel and stay anywhere in the EU, as well as free travel to over 155 countries. The government has placed an annual cap of 700 passport approvals per year.

The other two schemes are the Cyprus Permanent Residency (CPR) and Greece Permanent Residency (GPR), which require a minimum investment of ₹2.5 crore and ₹2 crore respectively, and allow the investors to become official residents without having to physically reside in the country before and after approval,” Sanjay Sachdev, Head of Marketing of Leptos Estates said. Mr. Sachdev said the main objectives behind the schemes were to increase investment in the country, to generate employment and, with a percentage of the investment going to the government fund, to build housing for the poor. “More people are looking to become global citizens and gaining residency in another country. It is a great way of finding the best in healthcare, education, business and lifestyle while being able to travel freely within the EU,” Mr. Leptos said.

He said an improved quality of life and a need for security are what “global citizens” strive for and the company helps them “live the dream that they have always dreamed of”.

Source: The Hindu

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