Cyprus Investment Immigration focuses on life for immigrants in Cyprus: According to the British newspaper The Sunday Times, in 2012, over 1,000 Chinese investors purchased property in Cyprus to benefit from a visa agreement that grants Cypriot residents the right to enter the European Union visa-free.
To encourage investment, this struggling island nation has comprehensively revised its visa procedures for wealthy immigrants, promising to process visa applications within two to three months. Anyone who purchases property valued at 300,000 euros or more can obtain a "permanent residence permit" in Cyprus, provided they can prove a clean criminal record and maintain a deposit of 30,000 euros in a local bank for at least three years.
Approximately 80% of Chinese immigrants are concentrated in Paphos, a tourist town on the southwest coast of Cyprus. A Hong Kong-based investment firm pledged in June to invest 290 million euros into a 1.5 billion euro golf resort project in Paphos. The company has already established an office in the capital, Nicosia.
Currently, the Cypriot government is finalizing the tax rate on deposits exceeding 100,000 euros held in the Bank of Cyprus, the country's largest bank. According to sources, the tax rate is expected to be set at approximately 50%.