Chinese investors eyeing bigger investments than Citizenship-made luxury villas.
The Cyprus Investment Programme allows individuals to obtain a Cypriot passport through direct investments in Cyprus which amount to a
minimum of €2 Million. The program so far has experienced eight years of straight upward trajectory estimated to generated around over €8 billion in investments so far. Initially, there was a vast demand for high value residential properties/apartments or luxury sea front villas, which made high net worth individuals eligible to qualify for the citizenship by investment scheme.
Globally, Chinese applicants are without a doubt the largest market for Residence and Citizenship by investment programs, accounting for two thirds of golden visa programmes investing more than US$44 billion. These investors have been contributing to a large extent also in Cyprus since the development of the Cyprus investment programme, but now it appears that the Mediterranean island has caught the eye of the Elites.
During the last year a few notable investments were filled by Chinese investors, including a hotel in Larnaca, a huge residential block and five residential plots in Nicosia and huge residential construction in Limassol. Recently, four adjoining pieces of land totalling 32,271 sq. meters were bought for €30 million by Chinese investors. The majority of the land falls within a residential zone, very close to the coast and its believed that the investors plan to develop a multiple use development of three towers accompanied with a leisure and commercial site.
Investors demand is shifting, for assets which offer greater returns on the long term, including mix development projects, commercial buildings, hotels, retail buildings and warehouses. Its notable that these investors don’t perceive Cyprus just as jurisdiction offering Citizenships in return for investments on ready-made luxury villas.
For more information on the Cyprus Investment Programme, feel free to contact us today at cyprus@onecitizen.com