Following the decision of the Cyprus government in 2013 to promote the Permanent Residency and Citizenship through Investment programs, more and more Chinese buyers purchase property in Cyprus, especially in Pafos and Limassol.
As it is widely known, some non-Eu third country national may live in Cyprus permanently if he buys property of a value of €300,000 + VAT within 2 months, or obtain the Cyprus (equals to European) citizenship within 3-4 months with an investment of €2,500,000 + VAT.
According to the Civil Registry and Migration Department, the applications by Chinese citizens for residency permit have multiplied the recent years. It is estimated that around 1000 property sale agreements are signed annually since 2013 with Chinese buyers.
As noted by a Cyprus Land and Building Developers Association official (Mr. G. Misirlis), "taking into consideration the fact that the average amount spent by a Chinese buyer is approximately €340,000 + VAT, we reach the conclusion that the tomal amount invested during 2013 may reach €1,400,000,000, excluding any other investment not related to the Real Estate sector".
It is notable that the great majority of the Chinese investors compromise with a Cyprus Permanent Residency Permit, which they obtain easily and fast if only they buy residential property of a value of €300,000 or more.