The Cyprus’ Parliament voted into law, last Friday two bills and approved regulations aimed at improving Cyprus’ citizenship by investment programme.
The Plenary Session of the Cyprus’ Parliament passed the two bills into laws and approved the regulations for the implementation of the Cyprus Investment Programme, particularly the plan of the Republic of Cyprus to grant Cyprus’ citizenship to foreign entrepreneurs and investors as well as the honorary citizenship for reasons of public interest.
The Deputy Chairman of Cyprus Land & Building Developers Association and Founding Director of Imperio – one of the island’s most reputable property developers, Mr Yiannis Misirlis, stated that the regulations are now official and this puts an end to any uncertainty that prevailed in the last few weeks. Having a defined set of regulations ensures both the credibility and the continuation of the programme.
Mr Misirlis, also, adds, “While the interest of foreign buyers may have increased by 50% in the past few weeks when compared to January & February this year, this interest is not developed into transactions. This makes sense”, developer explains, “since many people do not feel comfortable to travel by air yet. We believe that this pent-up demand will be converted into successful transactions this coming autumn”.
“At the moment, Cyprus managed to handle the Covid-crisis in a very efficient manner, and become a global example. This, in combination with the stability of the real estate sector in Cyprus over the last 5 years, makes it even more attractive to potential buyers.
We can’t wait to welcome potential buyers & investors to this magnificent island”, Mr Misirlis concludes.