Developers seem to be pleased with the adoption of granting permanent residence visas to foreign third country investors.The Ministry of Interior has approved approximately 50 permanent visas in the last 2 months and around 600 applications are under consideration.
The announcement of the Cyprus Land and Building Developers Association, following the Ministry’s approval, states that the activation process of Permanent Visa Approval to foreign investors acquiring property with a minimum value of 300,000 Euro (and a 200,000 Euro down payment) will greatly benefit Cyprus and the Property market; this will increase State Revenue, help to strengthen the banking system, and revive the construction and property market by maintaining and increasing jobs.
The president of CIPA (Cyprus Investment and Promotion Agency) in a statement has added that the proceeds are expected to be much higher, as in three months based on this incentive, around 650 properties have sold with an approximate estimated revenue of 200m Euro.