According to a report by The Guardian, the city of Paphos in southwestern Cyprus is about to welcome its carnival moment, with this year’s theme being China, aimed at celebrating the country’s renewed prosperity. Affected by the financial crisis, property prices in Cyprus have dropped by approximately 15% since 2007. However, with the relaxation of Cyprus' property purchase immigration policy, according to an official survey report published in January 2013, during the period from August to October 2012, Chinese buyers purchased over 600 properties in Cyprus, with around 90% located in Paphos.
In light of this, experts from the Worldway Immigration Agency indicated that ever since Cyprus opened its doors to China in January 2013, the unique advantage of obtaining permanent residency for the whole family just by purchasing property worth €300,000 has made it an excellent pathway for Chinese citizens to enter Europe. The simplicity of the application materials, absence of immigration monitoring, and convenient EU identity have prompted a significant influx of Chinese people into Cyprus to purchase properties, which is a major reason for the increase in local land transaction volume.
Moreover, besides hosting the China Carnival, exchanges between China and Cyprus are also becoming increasingly frequent. Cypriot photographers are holding a “Colorful China” photo exhibition in Nicosia, and a Cypriot composer is hosting a concert in China to celebrate the 40th anniversary of diplomatic relations between China and Cyprus. The Mayor of Paphos has invited Worldway clients to attend the European festival “Valentine's Day”, among other events. The growing integration between China and Cyprus is deepening domestic investors' understanding and awareness of Cyprus.
Previously, the policy to waive property transfer fees in Cyprus was scheduled to close at the end of December 2012. Many domestic immigration agencies offered promotional deals, and favorable transaction prices led numerous investors to visit Cyprus for property inspections and submit immigration applications, resulting in the first peak of domestic investment immigration to Cyprus.
In response to rumors that Cyprus may join the Schengen Zone in 2014, after which immigration thresholds may be raised or policies may close, 2013 is seen as the “last opportunity” for investors to immigrate to Cyprus and enter Europe. Through a year of operations and promotions domestically, the immigration process in Cyprus has matured, and the waiver policy for property transfer fees has successfully been extended for two years. Investors who have been observing are expected to create a new wave of immigration boom in the second half of the year.
