Over the past few years, Cyprus has grown in stature and so has its economy, becoming an investment magnet for foreign developments, driven by a combination of various dimensions. Strategically located between Europe, Asia and Africa, this emerging European country is one of the safest countries in the world, offering an attractive tax system and a residency by investment programme. It is a tourist destination, blessed with beautiful golden beaches and turquoise sea, coupled with a Mediterranean weather all year long, appealing to all those chasing a healthy and tranquil life.
Residence in Cyprus
Regarding the island’s attraction for foreigners, Roy Chehwane, Overseas Sales Director, Plus Properties said that everyone wants to own a house in Europe and Cyprus has many factors that attract GCC nationals and expats to buy a property in the island. First, prices in Cyprus are very attractive as one-bedroom apartments start at only €105,000 with a four to seven per cent yield from rent. In addition, he said that Cyprus offers a permanent residency programme, and it is one of the closest countries to the GCC, with regular direct flights from the UAE, Bahrain, Qatar, and more. Today, therefore, more and more people from different nationalities are choosing Cyprus as a destination for their investments, residency, or retirement.
Chehwane said that at Plus Properties Cyprus, the company is committed to maintaining a strong relationship with its clients by offering them full management of their unit post hand-over.
On the topic of conditions and benefits of obtaining a permanent residency, he said that the process in Cyprus can be availed by real estate acquisition, which can be obtained in two different ways.
Investment in real estate with a minimum value of €300,000 (+VAT)
Granted to the applicant, the spouse, both their parents and dependent children up to 25 years
Fast-track procedure — three months
Investment in real estate for a value less than €300,000 (+VAT)
Granted to the applicant, the spouse, and dependent children up to 18 years
Slower process — 12-18 months
Chehwane said that their company partners with local banks to help clients benefit from housing loans with financing up to 70 per cent with interest rates starting at only 2.2 per cent and up to 25 years. He said that the company took pride in announcing that it is one of the very few companies with the advantage of obtaining housing loans for its potential clients for both under-construction and ready units.
On the topic of Plus Properties’ success in Cyprus, Chehwane said that the company started operating in the real estate sector in Cyprus in 2015 and today, has become one of the major real estate developers on the island. The company has 50 projects in its portfolio, with 23 already having been delivered, 12 under-construction, and 15 currently under study. He further added that out of these 50 projects, 36 are in Larnaca, offering apartments of all sizes and budgets, ranging from one-bedroom apartments at €105,000, to penthouse apartments at around €1million. In addition, 11 projects are in Limassol, one is in Nicosia and one is in Paphos.
Chehwane also said that choosing strategic locations, building with high-standards and beautiful designs, delivering on time, setting affordable prices, issuing the title deeds, having the right team to overlook the day-to-day operations, recruiting in-house architects and engineers, and providing the best after-sales service, were the key to Plus Properties’ success. He was of the view that only once all these factors are achieved, trust and credibility are gained.