Cyprus and Greece are the top favorite destinations in Europe for those looking to buy a vacation home.
These conclusions were reached by a recent study by a market comparison company, which analyzed locations in countries around the world, considering specific factors such as things to do, affordability, cost of living, restaurants, crime incidents, and local weather, TheSchengen.com report.
According to the study, three of the ten locations in total were in Cyprus as well as in Greece, while it ranked second on the list as the world’s best destination for a vacation home after Venice in Italy, and was considered in Paphos, Cyprus.
“While Venice is a great place to visit, you may want to get a vacation home somewhere with fewer tourists where you can really immerse yourself with the locals. In that case, Paphos in Cyprus might be a good option,” according to the study published by Market comparison.
Besides being considered a favorite place to buy a vacation home, both Cyprus and Greece are also famous for their golden visa program.
However, the Golden Visa program, which allows international investors who make a specific investment to travel without a visa in Schengen area countries, is often criticized for including it in illegal affairs such as money laundering and corruption.
Because of the accusations, the authorities in Cyprus announced that they plan to end the golden visa scheme on November 1, 2020.
The Cypriot government recently confirmed that it will revoke the citizenship of a total of 45 international investors as well as their relatives holding Cypriot passports through the country’s Golden Visa program.
In this regard, Myron Nikolatos, a former Supreme Court justice, led a panel to review the practice of issuing golden visas between 2007 and 2020.
In this regard, Nikolatos noted, “It is clear that the Cyprus Investment Program was operating between 2007 and 2020 with loopholes and shortcomings, an inadequate legislative framework, and virtually no regulatory framework.”
On the other hand, foreigners interested in obtaining a Greece Golden Visa must invest at least €252,328 in this country. After that, foreigners who have obtained a golden visa are eligible to visit all Schengen area countries without a visa.
Previously, international experts at real estate company Astons ranked Greece as the most preferred destination for international investors.
In addition, Athens, along with several cities such as Kefalonia, Lefkada and Cyclades, is ranked among the most expensive places in the Greek real estate market.