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Cyprus to relax rules for Iranians buying property

CYPRUS Minister of Commerce, Antonis Paschalides, has said that Cyprus wants to facilitate the stay of Iranians who buy a property in Cyprus provided that the value of the house exceeds a certain amount and that the funds used for the purchase of the property come from abroad.

The Financial Mirror has learned that Iranians buying property in Cyprus in excess of EUR 350,000 will be eligible to obtain residency status.

He also noted that Iranian businesspeople are interested in investing in the Cyprus tourist sector, in buying holiday houses, establishing industries in Cyprus and engaging in joint ventures with Cypriot businesspeople. During a visit to Tehran in early March, Paschalides signed an agreement on behalf of Cyprus and Iran on the protection of investments.

The Commerce Minister said approximately 1,000 Iranian tourists will arrive to Cyprus during March, which coincides with the Iranian Norooz, New Year celebrations.

© 2008 Financialmirror.com