Growing Numbers of Investors from MENA Region Choose Greece and Cyprus for Golden Visa Residency

Leptos Estates has seen a significant increase in home sales and inquiries in Greece and Cyprus from individuals in the Middle East and North Africa (MENA) region. These individuals are seeking to obtain residency in EU countries, allowing them to travel visa-free within the European bloc. They are pursuing this goal through the Golden Visa Program available in Greece and Cyprus, which grants residency to those who make a financial investment and meet specific criteria. Despite criticism, many wealthy individuals view the program as an excellent opportunity.

According to Leptos Estates, the company has completed over €7 million in sales to buyers from Middle Eastern countries in the past year. The affordability of Greece and Cyprus' Golden Visa schemes compared to other European countries is a key reason why wealthy foreign investors choose these destinations for obtaining permanent residency.

Pantelis Leptos, Co-President of Leptos Group of Companies, highlighted that both Greece and Cyprus offer appealing holiday home destinations for foreign investors. He noted a growing interest from the MENA region over the past 10-15 years, driven by factors such as the quality of available homes, the opening of the Dubai Port in Limassol, and the expansion of the Residency Programme in Cyprus and the Golden Visa initiative in Greece.

While Cyprus' residency and citizenship programs have significantly contributed to the country's economy, these schemes have sometimes been associated with illegal activities. Recent changes have been made to the Golden Visa Program in Cyprus, approved on April 21 this year, while the country's citizenship-by-investment scheme was abolished in 2020 due to concerns over some individuals involved in illegal affairs.

Regarding Greece's Golden Visa Program, reports indicate that €1.57 billion has been invested in the program within the past 12 months. Data from the Department of Immigration Policy reveals that in the same period, 6,064 requests for new permits were submitted, with 2,072 residence permits issued and over 3,900 pending.

The termination of Portugal's Golden Visa Program and Ireland's Residency by Investment scheme has led many wealthy foreigners to turn their attention to Greece's Golden Visa scheme.

By fLEXI tEAM