• • A New Dawn for Property Buyers and Holiday Rentals in Cyprus

by Channel 4 - "A Place in the Sun" on Friday, October 09, 2015 10:00 AM

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Positive steps are being taken to sort out the property market in Cyprus and drawing the British buyers back.

After a rocky few years, Cyprus is putting its house in order to encourage the international investment it badly needs for its economic recovery. Despite the country’s banking crisis, the appeal of Cyprus remains strong, especially amongst British home hunters, and they are now slowly returning to the market.

Deep-rooted cultural ties with the island remain a big part of the pull – English is widely spoken, the legal system is the same and the comforting familiarity of driving on the same side of the road – coupled with 330 days of sunshine a year at the end of a four-hour flight.

It’s a small, user-friendly and hospitable island where around 70,000 British ex-pats currently reside, many of them around the hot spots of Paphos, Lanarca and Limassol. 

Six Major International players bidding for the Cyprus Casino Licence

Six major firms from the USA, Malaysia, South Africa, Cambodia and France formally expressed an interest to bid for the licence to build and operate a large casino resort in Cyprus.

Government sources confirmed to the Cyprus Weekly that there is keen interest in the process.

And insiders said that five of the six companies include the Malaysian Genting, America’s Hard Rock, South Africa’s Sun International, the Cambodian NagaCorp and France’s Bouygues.

These casino operators paid €10,000 and bought the option to bid for the casino licence. The formal period for companies to express interest (EOI process) started on September 18 and ends on December 18, 2015.

The government expects more companies to come forward, although sources said that it is too early into the process to estimate the final number or the actual strength of casino operators who will submit an EOI.

The players
According to government sources, the first impression of the scope and strength of the six interested candidates is positive. The Cyprus Weekly knows five of the six players and some of them are indeed operators with global reach.

Cyprus Immigration, Residence Permits and Citizenship

Tourist visa (Online pro-visa & Multi-visa)

For a short term (under 90 days) stay in Cyprus non EU citizens require a simple tourist visa or a multi-visa. Once you purchase a property in Cyprus you automatically have a right to acquiring a multi visa for up to 5 years. This visa will allow you multiple entry for stay up to 180 days per year and up to 90 days in every 6 months. Russian citizens can take advantage of a user-friendly online pro-visa. 
Visa application forms should be sent to the following email address: provisamoscow@mfa.gov.cy. The applications which are submitted before 3:00 p.m. are processed on the same day. On receipt of the confirmation simply print it out and take with you to Cyprus. When you arrive at Paphos or Larnaca airport you will have to present the pro-visa at passport control. 

The application forms you can find on the website of Embassy of Cyprus ; 
Moscow : http://www.mfa.gov.cy/mfa/Embassies/MoscowEmbassy.nsf/DMLindex_en/DMLindex_en?OpenDocument 
St.Petersburg: http://www.mfa.gov.cy/mfa/consulate/consulate_spb.nsf/dmlindex_en/dmlindex_en?opendocument 
Kyiv : http://www.mfa.gov.cy/mfa/mfa2006.nsf/consular02_en/consular02_en?OpenDocument

Temporary Residency ("Pink Slip")

It is the right of every non EU citizen to apply for what is known as a "pink slip" or temporary residency permit. ... 

Cyprus Residency in European Union with property Purchase
Cyprus has recently introduced new legislation, offering Cyprus residency permit eligibility, to non-EU nationals who purchase a property. It's a straightforward process that can commence immediately on purchasing. Residency permits are generally unlimited in duration. Applications can follow the standard Immigration permit process (criteria detailed in section A) or the recently announced 'category F' expedited process (criteria detailed in section B) which requires additional criteria to be fulfilled. Pafilia will gladly assist you with the process & can also refer you to independent lawyers.  SECTION A Acquisition of an immovable property with a value of over €300,000. The purchaser must visit the property at least once every two years. Non-European citizens should possess an annual income from a legitimate source, deriving from outside of Cyprus, which is sufficient to support their family. Minimum annual income: €30,000 per couple and €5,000 per dependent is usually acceptable. Additional funds deposited in a Cyprus bank account are considered favorably. Residency permit applications may be submitted to a Cyprus embassy, should the purchaser reside abroad. If in Cyprus, the permit application should be submitted to the Immigration office in Nicosia. All documents must be officially translated and notarised. The Cyprus Press and Information Office can arrange this service on providing the original documents. We will gladly assist you with the process and can also refer you to independent lawyers,help you with opening Cyprus Bank Account , refer you to known and trusted Accountants.

Cyprus Investment Immigration Program – a Popular Option with many non-EU Citizens

Cyprus Investment Immigration Program — a Popular Option amongst the Global Elite

Recent data released by the Interior Ministry of Cyprus shows that the country’s popular Cyprus investment immigration program has led to inflow of FDI exceeding €2 billion into the country’s economy during 2012-13 to 2014-15. The Cyprus investment immigration program offers permanent residency as well as citizenship to high net-worth individuals from all over the world.

Investors can gain permanent residency in Cyprus ( European Union ) by purchasing property costing a minimum sum of €300,000. This is the same price for citizens from any country in the World. Hence many Russians and Chinese have purchased property in Cyprus. 

For those seeking EU Citizenship, Cyprus offers multiple options ranging from investment in bonds to purchase of real estate or companies.

Cyprus has long been a favourite destination for British buyers and British are still the largest group of non Cyprus nationals living in this country. 

One option for obtaining citizenship involves purchase of shares or bonds of state-run investment companies of minimum value of €2 million along with a €0.5 million donation to the Research and Technology Fund instituted by the government.

Cyprus Airports will handle 90,000 passengers over the August holiday weekend !

Over 90,000 passengers are expected to travel from Larnaca and Paphos airports this weekend alone, according to Hermes Airport spokesman Adamos Aspris.

The two week period between August 10 to 23 are “the absolute peak in passenger traffic for both airports in the country” he told the Cyprus News Agency. About half a million passengers are expected to go through Larnaca and Paphos airports.

Up to 50 per cent of them will have travelled by Sunday bringing the number to 240,000 people in less than a week.

“This weekend along, some 90,000 people are expected to travel with both airports in Cyprus.”

Larnaca airport is expected to be the busiest with Friday being “a huge workload” however things are under control and services are handling the situation well, Mr Aspris said.

1st Paphos Beer Festival at Paphos Harbour Castle - 7th & 8th August 2015 

There are a few things you can be sure to show up in summer. One would be the heat – that is rather turned up – another would be beach parties and another would surely be beer festivals.On Friday and Saturday the beer will be very much flowing in Paphos at the Medieval castle at Kato Paphos when you can enjoy a wide variety of beers from around the world.

Of course you will be sure to sample some home-made Keo, but if you feel that the blond beer needs to be compared with some other darker tastes you can surely have your pick. There will also be Carlsberg, Amstel, Becks, Leon, Guinness, Corona, Heineken, Budweiser, Murphy’s, Mythos, Stella Artois, Abbot Ale, Boddingtons and many more of the world’s finest beers bottled and ready to pop their tops.