Since new rules have implemented in May 2019 in tightening of Cyprus investment scheme, there has been a huge slump in non-EU nationals buying properties in Cyprus, the latest data from Cyprus Land registry office reveals.
One of those rules include imposing schengen visa requirement for non-EU nationals, could have had a disastrous consequence on third country nationals buying properties.
The data further shows, there has been a huge last minute rush among non-EU property buyers in May 2019 before the new rules took into effect. Note that land registry data does not indicate how many property buyers who bought excess of €2m properties.
Larnaca is facing major slump from non-EU property buyers since May. Although demand in Paphos slightly picked up, the demand in all three locations fell by half.
Under Cyprus investment program (CIP) rules, foreigners who buy a residential or commercial property for excess of €2m euros, qualify for Cypriot passport after 6 months of receiving immigration permit. The scheme has special limited quota of 700 citizenships granted annually.
The Cyprus citizenship scheme is popular with Russian investors. Foreigners bought nearly half of (48%) of Cyprus properties in 2018.
