How to increase demand for housing: a new program to attract investors in Cyprus

The Cypriot authorities have decided to launch a program to attract foreign investors, as well as highly paid professionals to the island. It is planned that it will be able to significantly increase the demand for the purchase and rental of housing. The essence of this innovation is to facilitate the process of obtaining a residence permit and permanent residence. In addition, it provides for the provision of tax incentives, and IT specialists - the opportunity to work remotely. As for the possibility of obtaining citizenship, it will be possible to obtain it in 5 years (usually this period is 7 years). The start of the program is scheduled for January 1, 2022.

Features of the program

The main goal of the program is to enhance the economic and business potential of Cyprus. The authorities expect that the new conditions will become an incentive for many European companies - they will want to move their offices to the territory of Cyprus. Increasing demand for housing is a secondary challenge here, but also very important.

Following categories can participate in the program:

• foreign companies that have not previously operated in Cyprus;
• foreign companies with branches in Cyprus;
• Cypriot companies wishing to expand their business and attract new specialists.

An important advantage will be the fact that all foreign specialists under this program will be issued work permits on an expedited basis. These work visas will be valid for 3 years.