Active Cyprus Property Demand from China

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chine Official statements from the Interior Ministry’s migration department has confirmed Chinese national’s interest in Cyprus. The Ministry commented on the number of applications for permanent residency from a few to hundreds this year in comparison to last year. Specifically from 2012 to 2013, the figures range from 12 applications to 445 applications so far this year. Up to today, over 1,000 Chinese nationals have bought properties in Cyprus, with approximately 80% of them seeking properties in the coastal town of Paphos. Within this year we have already seen Hong Kong based China Glory National Investment of the Venus Rock Golf Resort in Paphos of 290 million. The internal investment policies that Chinese nationals adhere to are a huge benefit to the whole economy in Cyprus. They enhance the banking sector by needing at least 30,000 Euros as a deposit for the first three years. A clean criminal record is also required and further need to also prove that they earn a minimum of 30,000 Euros per year. Finally, for the boost to the property market – a minimum of 300,000 Euros is required for a property which at least 200,000 Euros must be paid in full. Certain criteria do apply for families. For large investors, of 5million Euros and above, the criteria extends to Cypriot citizenship and by extension European. If you have interest in investing in Cyprus – Eltoma Corporate Services can assist with worldwide bank accounts for deposits and payment of goods on behalf of the seller and buyer… Internet banking with worldwide accounts will assist for transfer of funds from account to account and bank cards that are issued with worldwide accounts can be used within Cyprus. Please call us for various options that we can provide.