Located in the Eastern Mediterranean Sea is the beautiful island country of Cyprus - the third largest and most densely populated island in the Mediterranean. As a member state of the European Union (EU) since May 2004, Cyprus residents enjoy all the lifestyle benefits of EU citizens, which include the right to free movement, settlement and employment across all member states of the EU.
Monarach&Co CEO, James Bowling, says that while many holidaymakers are attracted to the island because of its rich archaeological history and natural beauty, the benefits of EU citizenship as well as several property investment opportunities available on the island has attracted many foreign investors to Cyprus. “Many investors find Cyprus financially alluring due to the fact that it offers a combination of lifestyle benefits and financial perks,” says Bowling. “The country has a thriving tourist sector, along with several other expanding markets such as the financial services sector. The growth in industry in Cyprus has resulted in an influx of international executives, boosting the property and development markets as demand for accommodation increases steadily. The recent discovery of substantial gas and oil reserves has also added to the country’s economy and improved the entire property market.”
Bowling notes that the vast number of positive economic factors and lifestyle offering has made Cyprus an intriguing option for many who wish to gain citizenship to an EU member country through a property investment programme. “Irrespective of an investor’s nationality, they will be allowed to make an application for Cypriot citizenship via a property investment programme, allowing them to obtain European citizenship and a Cypriot passport in as little as three months. Cyprus recognises dual citizenship which means that investors will be able to retain their current nationality if they choose to do so,” says Bowling.
He adds that in order to qualify for the programme through property investment, applicants will be required to buy a permanent privately-owned residence in the Republic of Cyprus, with a purchase price of at least €500,000 plus applicable VAT. In addition to making a financial investment, applicants must also have a valid passport, have no criminal record and provide documents supporting the source and origin of the declared funds for investment. Various application and professional fees are also payable by applicants.
According to Bowling, there are several developments in Cyprus that investors can choose from when opting for citizenship through property investment. He notes that one such development is Eliysia Park, which offers the benefits of a luxury hotel integrated into a private residential resort. Conveniently located in Pafos, in a quiet residential neighbourhood, Eliysia Park offers investors various property types to choose from such as apartments, penthouses and garden residences with a vast array of floor plans to suit different lifestyle needs. Bowling says that the prices of the property in Eliysia Park start at €670,000. He notes that the development features a commercial plaza with a range of amenities such as a restaurant, bakery, pharmacy and mini market. Other features include a business centre for executives, a spa and fitness centre, heated swimming pools and a residential concierge.
Located in the popular residential area Universal, just a short distance from the bustle of Kato Pafos yet close to a wealth of amenities, is another development on offer to investors called Isis Park. A contemporary Mediterranean retreat, Isis Park offers high quality apartments, houses and penthouses with a distinctly Cypriot feel from elements such as natural stone, terracotta roofs and large terraces and gardens. Utilising the plots’ gentle gradient, the architect has ensured that all apartments within the development enjoy ocean views.
“Property developments in Cyprus cater to all kinds of lifestyle needs from luxury living to those who are seeking outdoor adventure. A development such as Prodromi Village enjoys views across Polis town and stretches down towards the coast and Akamas Peninsular and is ideal for those who enjoy exploring their unspoilt surroundings by car, mountain bike or on foot,” says Bowling. “This small private development consists of forty two- and three-bedroom houses set in the countryside within walking distance to the sea.”
He notes that the Lighthouse development located in the heart of Kato Pafos, just 150m from the ocean, offers investors contemporary seafront living. Perfectly integrated into the surroundings, the Lighthouse comprises stylish, modern apartments, penthouses and townhouses overlooking Mediterranean waters. The properties feature contemporary finishes, open floor plans and generous sized verandas to enable indoor and outdoor living.
“Purchasing a property in one of these developments will allow investors to enjoy the lifestyle offering of living on a Mediterranean island with the added benefit of acquiring citizenship to a member of the EU,” Bowling concludes.
For more information contact:
James Bowling at Monarch & Co on 011 883 9018 or visit www.monarchandco.com