Become a Cypriot Citizen by Purchasing Property
Become a Cypriot Citizen by Purchasing PropertyUpdated on Thursday 26th October 2017
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Numerous reports made public have placed Cyprus among the top countries which represent European investment destinations. The reason for this is, among others, the incentives introduced by the local government to foreign entrepreneurs who want to move in this country by making important investments.
One of these incentives is the possibility to become a Cypriot citizen by purchasing property. In this article, our lawyers in Cyprus briefly analyze different aspects related to this program.
What does the program in Cyprus consist of?
Foreign entrepreneurs are able to become Cypriot citizens by acquiring property, land or investing in infrastructure projects in Cyprus.
The investment must be of at least EUR 2 million and it has to comply with the following requirements:
• It has to be made in the purchase of buildings; or
• It has to be made in the construction of buildings for commercial or residential facilities, as well as for touristic reasons; or
• It has to be made in other infrastructure projects. Our Cypriot lawyers can provide further details on this matter.
The property sector in Cyprus
At the beginning of 2017, the already important increase of the property sales in Cyprus continued. At the end of 2016, Limassol was predicted to lead the real estate industry in the country, since the filed sales agreement numbers already reached 2,064, as compared to only 1,397 during the same period of the previous year. Our attorneys in Cyprus can provide further details on this matter.
Obviously, the property sales in Cyprus have grown mainly because of the momentum generated by the present favorable financial developments. The growth is present in both the local, as well as the demand coming from abroad.
Prices of real estate in Cyprus
The average cost for a medium quality, two bedroom apartment in Cyprus in 2015 was EUR 100,659. The average price of such a real estate in 2016 was EUR 101,461, which results in an increase of 0.8% from 2015.
The most expensive apartments for the third quarter of 2016 were located in Larnaca, which also shows the greatest increase in the same time frame compared to the same quarter of 2015, of 5%.
The average house prices in Cyprus for the first three quarters of 2016 as compared to 2015 annual average indicate an increase of 2%, with a value of EUR 332,155. Our lawyers in Cyprus can provide assistance related to obtaining the Cypriot citizenship by investing in real estate.
For more details on the Cypriot citizenship by investing in property, we invite you to contact our law firm in Cyprus.