In the past eight months, the real estate market in Cyprus, which accounts for approximately 16% of the island’s GDP, has attracted over €500million.
As per the Interior Minister, Socratis Hasikos, the majority of this investment comes from foreign investors and particularly from non-EU citizens who purchase property in Cyprus in order to acquire the Permanent Residence Permit (PRP) or even the Cyprus Citizenship.
Cyprus has recently relaxed the eligibility conditions and introduced a fast-track processing for these two programs, both of which currently enjoy an increased demand, mainly by Russians, Chinese and Egyptians. Apart from the feasibility of the conditions, the main reasons for this dynamic are that successful applicants are not required to permanently reside in Cyprus, the geographical position of the island being the first EU Member State for Asia and the Middle East as well as the good weather and quality of life of Cyprus.
Furthermore, because of the attractive tax regime of Cyprus, the island is used as a prime jurisdiction in international tax structuring as well as a base through which foreign investors conduct their international business.
Totalserve has extensive experience with successfully handling such cases as well as providing professional property related assistance. For more information you can read our relevant Information Sheets (for PRP click here, for Citizenship click here) or contact [email protected]