Demand for the Cypriot investment immigration program among Chinese investors has contributed to the recovery in the country’s construction sector. The Cypriot citizenship by investment scheme requires non-EU applicants to invest at least EUR 300,000 in real estate in the country.
The secretary general of the country’s Chamber of Commerce and Industry stated that more than 1000 properties had been purchased by non-EU nationals, mostly Chinese, as a part of compliance with the minimum investment requirements of the program.
With existing fully-constructed homes almost sold off and developers constructing new projects, investment immigration demand is set to help the nation’s construction sector overcome its prolonged slump.
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