Cyprus changes law to give foreigners more investment opportunitiesIn an attempt to attract more investment, Cyprus has changed its laws to allow citizens from non-EU countries to purchase more than one property, according to a report by Cyprus Property News.
The government’s decision comes after Cyprus’ recent success in looking to third countries for investment.
The changes mean that an individual or couple from a country outside of the European Union can buy two units in the same development, provided that they are adjoining.
If they are houses or apartments, they may be joined into a single unit; for example, two apartments that share the same ceiling and floor.
Aside from two residential units, the law also states that one purchase can be residential, with the other a store or home office. These must be of 100 square meters and 250 square meters respectively.
Cyprus is particularly seeing more visitors from China, after its property developers held over 30 booths at September’s International Property Expo in Beijing.
The island’s embassy in Beijing received more than 1,500 visa applications by November last year, up from only 350 in 2011.
Director at the International Property Expo, Wei Kefei, attributed the Chinese’ increased investment in overseas property to moving abroad, education bettering and the varying of portfolios.