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 Ioannou, 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.

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