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Chinese developers have their sights set on Cyprus

Cyprus may soon be welcoming a number of property developers from China who are planning to buy land on the island or work with local property developers to build homes for Chinese families.

CHINA Daily has reported that a number of Chinese property developers are planning to buy land in Cyprus or set up joint ventures with local developers to build homes for Chinese people here.

Christos Mavrellis, managing partner with Cypriot law firm Chrysses Demetriades & Co LLC said “They are also interested in developing an exhibition centre for Chinese exporters”, but he declined to reveal their names.

According to the China Daily, the move would be in line with the changes to Cyprus’ immigration laws designed to encourage foreigners (non-EU citizens) to buy property in the country.

According to Mr Mavrellis, a foreigner (non-EU citizen) with an annual income of no less than €30,000 euros who buys a property with a value of no less than €300,000 euros in Cyprus could be eligible for permanent residency permit in the country.

By the end of 2012, Cyprus had received 590 such applications from China, according to the country’s media.

“We set up a China desk last April to cater to Chinese companies’ growing interest in investing in Europe,” said Stavros Loannou, CEO of Grant Thornton Cyprus. Given the country’s location, Cyprus is regarded as a gateway for investment in the European Union, Africa and the Middle East.

Readers' comments

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  • Pugwash says:

    Any realtively wealthy Chinese businessman would be more likely to come to the UK where making use of an investor visa for £1 million (with certain restrictions on how this is invested) they can obtain a residency visa and after 5 years apply for the right to remain in the UK. Why come to Cyprus when London offers far more opportunities, Chinese speakers and has a straightforward application process, plus direct flights.

  • @Hector – Even if Chinese citizens (and other non-EU nationals) manage to obtain a permanent residence permit in Cyprus, they will need to obtain a visa from any EU country they may wish to visit.

    Cyprus is NOT a signatory to the Schengen Agreement and any permanent residence permits that the Cyprus government may issue to non-EU nationals count for squat in the rest of the EU.

  • Hector says:

    Seems to me to be nothing more than an opportunity for a Chinese citizen and his family to get an EU passport quickly and relatively cheaply. Immediate access to the EU and medical facilities. How many will actually live in the property they purchase?

  • Peter Davis says:

    @ John Swift…I have no doubt you are right, but eventually even the Cypriots will run out of countries to sell to. Then it will all be over for them.

  • John Swift says:

    The Cypriot developers will find some way of ripping them off.

  • viennese says:

    comment of 11:39 am

    how true !

  • Gavin Jones says:

    Despite all the publicity concerning the tens of thousands of Western Europeans who’ve been turned over, along come the another bunch to fill the breech and be the next suckers.

    And Chinese developers want to work hand in glove with Cypriot developers? They’d be better off developing sites somewhere else in the Middle East or in Britain or France.

    Words fail me.

  • Costas Apacket says:

    At the same time as Omirou is whinging on about increasing Xenophobia amongst Cypriots due to uncontrolled increases in immigration, Cypriot Developers are hard at it flogging property to more johnny foreigners and the Government is making it attractive to non EU foreigners to use Cyprus as a stepping stone towards EU citizenship.

    You can’t have it both ways can you?

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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