Luxury Outlook 2022
An ambitious exploration into high-end residential markets across the globe.
As restrictions begin to lift all around the world, people are looking closely for investment opportunities. Placing their quality of life at the forefront of their decision making, some of these investments will inevitably mean relocation to a new home – and potentially even a new country. In this three-part series we’ll explore destinations around the world with benefits like residency and citizenship by investment programs, tax incentives, and more, as well as hear from local experts throughout the Sotheby’s International Realty® brand network along the way.
Long known as a gem in the crown of Mediterranean islands for its sunny climate and beaches, Cyprus also offers benefits like having the lowest corporate tax rate in Europe at 12.5% and along with an excellent education system, and fast routes to both EU and Cypriot residence with a €300,000 minimum real estate investment.
“Cyprus has always been a good place to invest,” says Anastasia Yianni, Managing Director, Cyprus Sotheby’s International Realty. “With nearly 340 sunny days a year, Cyprus is a natural choice for those interested in a higher quality of life. That, coupled with the fact that real estate-linked permanent residency and citizenship programs in Cyprus offer some of the most time-efficient ways to provide global mobility, the real estate market ultimately offers great return on investment.”
A destination rich in history, culture, geographic diversity, and much more, Greece has long been one of the world’s most sought-after locales to live in. Here a €250,000 real estate investment sets you on the path to citizenship with access to all 26 Schengen countries. A low population density and reputation as an eco-paradise make Greece an ideal place for many to relocate – and there’s ample room to spread out – as only 277 of the 6,000 Greek islands currently inhabited.
“2020 can be considered one of great opportunity,” says Savvas Savvaidis, Owner and CEO, Greece Sotheby’s International Realty. “The reduction on property taxes and incentive of a 40% reduction in the cost of renovating or upgrading buildings is already having a positive effect on the economy – and with prices in premium areas such as the Akropolis or Athens Riviera starting at €5,000 per square meter and €10,000 for rare Parthenon views or seafront villas well below that of other prime Mediterranean destinations – Greece is establishing itself as an appealing investment and lifestyle destination.”
The ex-patriot wonderland and unofficial melting pot of the Mediterranean, Malta’s 300 days of sunshine a year, ancient history, and official language of English make it a country where foreigners never feel out of place. With 0% tax on income from outside of Malta, and 15% tax on income from outside of Malta and brought into the country along with the €270,000 minimum real estate investment needed for residence qualification, even if you’re brand new to the island, learn why Malta is growing as relocation destination.
Mgarr, Malta | Malta Sotheby’s International Realty
“We have impeccable resilience and creativity,” says Michael Zammit, Owner and CEO, Malta Sotheby’s International Realty. “Just recently Prime Minister Robert Abela announced cuts to the Stamp Duty (property tax), a move welcomed by real estate investors. The Maltese Islands have few hindrances. There is no lack of scenery, amenities, or talent, but there is a lack of space – and while the economic opportunities are growing, the island is only getting smaller – making now the time to begin your search in Malta.”
Learn more about Cyprus, Greece, and Malta on sothebysrealty.com – and return next week for part 3 where we’ll explore Latvia, Mauritius, and Montenegro.