Good news and more good news for British investors exploring property for sale in Cyprus. Recent revisions of the citizenship-by-investment "golden visa" scheme have opened up permanent residency in Cyprus to more buyers. Along with the compulsory purchase of a permanent residence of at least €500,000, the minimum individual investment requirement has now been cut from €2.5m to €2m.
In addition to securing a post-Brexit EU passport, it's worth noting that there are numerous other advantages to this scheme. Cyprus is the fastest country in the EU at processing citizenship applications, taking just three months to grant that shiny new passport. In the meantime it provides applicants with a resident permit while they wait and once you do become a citizen, dependants - such as elderly parents - can join you.
Meanwhile, recovery of the Cypriot economy goes from strength to strength, helped along by an increasing number of property sales in Nicosia, Paphos and Limassol, which are up by as much as 78% compared to a year ago.
Minister of Finance Harris noted that the revision of the scheme aims to encourage real investments that would benefit the economy. The government, he said, wants to attract investors who will chose Cyprus as their basis of residence and economic activity. Investments should be kept for three years and companies in which investments are made should employ at least five Cypriot citizens. The most important change, Georgiades said, is that the revised scheme abolishes the provision for collective investment of €12 million which is being replaced by an individual investment of €2 million and the purchase of a residence worth at least €500,000.