CYPRUS has been reaching out to third countries (those from outside the European Union) with some notable success and the government has amended the law to further encourage investment in property.
The amendments, announced by the Interior Ministry last month, enable an individual or a couple from a third country to purchase up to two units in the same development.
The two units must be adjoining and, if they are houses or apartments, they may be consolidated into a single unit. (This could include a pair of adjoining town houses or a pair of apartments sharing a party wall or having a common ceiling/floor).
The units may be two residential units units (apartments or houses) or a residential unit and a store with an area of 100 square meters, or a home office with an area of 250 square meters.
Cyprus has had some success in attracting more visitors from China. Property developers from the island took more than 30 booths at the International Property Expo held at the China World Trade Centre in Beijing last September.
According to a report in the China Daily, the Cypriot embassy in Beijing had received more than 1,500 visa applications by November last year, while only 350 visas were issued during the whole of 2011.
Wei Kefei, a director at the Beijing International Property Expo, said moving abroad, securing a sound education and diversifying asset portfolios are the top three reasons why Chinese are purchasing international properties.