Foreign investors in Cyprus are increasingly turning their attention from luxury properties to more affordable housing, prioritizing residency permits...
The process of stripping citizenship from 26 foreigners who obtained Cypriot passports is proving difficult as passports for naturalised investors cannot be revoked according to the law.
Chinese investors have secured land amounting to 32,271 sqm. in the Tsiflikoudia area of Limassol to the north of the marina in a €30 million deal with the Bank of Cyprus' Real Estate Management Unit (REMU).
Although initially attracted to Cyprus by the 'citizenship by investment' scheme, a banking source has said that we are seeing a decline in one-off buys with east Asian investors now focussing on investments requiring financing.
The South China Morning post reports that Chinese investors are seeking Cyprus passports despite the stricter criteria introduced last month for those seeking Cypriot citizenship.
Larnaca marina and port development plans have been put on hold for another three weeks as the strategic investor has asked for an extension to submit their final financial offer for the €400 million project.
Russian and Arab investors are buying and developing land in Cyprus with Limassol being their first option according to Marinos Kynegirou, the Chairman of the Cyprus Real Estate Agents Association.
Purchases by Chinese investors in Cyprus property have contributed to the recovery of the island's construction sector according to the president of Cyprus Association of Valuers and Property Consultants.
Cyprus is offering investors from Thailand European Union citizenship for BHT 100 million (approx. €2.5 million) as it expects to raise capital from Thai investors in a number of sectors.
Chestertons reports that Cyprus has carved a niche for itself over the years and is receiving considerable interest from Middle Eastern investors who are looking to establish their second home overseas.
