70 Room New-Build Hotel Opportunity on the Cyclades Island of Serifos, Greece
Name: The Serifos View Point – brand-free
No. of Keys: Scope for 70 rooms – Planning granted for 24 apartments on six plots of land, or 10 Villas, or a 3,600 sqm hotel…could be more rooms
The Location: Serifos is a typical Cycladic island, full of serene white villages and golden
beaches, alternating with wild mountains, bare hills and landscapes of unique beauty.
The surface of the island is 75 square kilometers and a coastline length is over 83 km. The island’s permanent population in the 2011 census was 1,420 residents.
The island can be reached from the port of Piraeus (Athens) by ferry in 4 hours and 15 minutes and by speedboat in 2 hours and 15 minutes. There are regular daily early morning departures, except Friday, when the boat departs at 16.00. Boats return late evening everyday. The island has a heliport.
The Serifos View Point is situated in a priveleged position in the village of Chora.
The Serifos View Plot is the northern end of the listed traditional settlement of Chora. This position ensures operational autonomy with excellent views of the whole picturesque village and further to the south-eastern Aegean.
The Property: Under the Special Act for Spatial Planning on Tourism (GG 3155V/2013), Serifos is classified in the “Group I islands of tourism development”, providing guidance for adapting new facilities in the morphological patterns and their scale, enhancement of identity and character and provision of new accommodations only of 3, 4 and 5 star categories.
There is no other hotel currently on the island. The building opportunity is 6,439 sqm.
According to the recent Law 4146/2013, (article 6, para.2), an out of EU citizen-investor is entitled to get a residency permit for a 5 years period (or more), extended to all of his family members, if he makes an investment in Greece of 250,000 euros or more, in order to acquire the so called Golden Visa.
So potentially, the hotel to be erected on Serifos, could facilitate this option. A foreigner getting the visa, is not obliged to stay permanently in the home bought.
This period is ideal to invest in the Greek real estate market. The Greek government passed a bill which gives tax incentives for the real estate market. Specifically this includes a) suspension of VAT on building activity for three years (2020-2021-2022) for building permits issued after 1-1-2006 (for an apartment of 100,000 euros, the tax will fall from 24,000 euros to 3,000 euros.). b) suspension of capital gains tax on the purchase and sale of immovable property for three years and review by the fourth year and c) a 40% reduction in tax on the expenses incurred by taxpayers for the energy functional and aesthetic upgrading of real estate.(τhe tax will be reduced only for work and not for materials. SA.