Cyprus has proved to be an increasingly popular destination by foreigners for the acquisition of real estate for a plethora of reasons.
The island of Cyprus has always been considered to be one of the top property destinations by foreign buyers. Despite the recent economic downturn that it had experienced as a result of the global economic recession, there is still a very strong interest for the real estate sector, especially from the Russian market, Middle East and Asia. The continuing demand for property by foreigners is attributed to many factors, including the relatively low cost of living, the high quality of lifestyle, the favorable policy to obtain a permanent residence through the acquisition of real estate and the fact that it is one of the top destinations for retirement
SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS
As per the decision of the Council of Ministers dated 24th May 2013, a non-Cypriot can apply for the acquisition of Cyprus Citizenship by Investment, if he/she, under provisions, proceeds with a direct investment on the Republic of Cyprus.
Among the criteria and the provisions, the applicant is eligible to apply for citizenship after direct investments through the purchase of properties (houses, offices, shops, hotels or a development of a similar nature, excluding underdeveloped land) in it with a minimum value of €5 million.