Blog
Chinese investors moving beyond citizenship scheme
July 22, 2019
By Demetris Theodorou
East Asian investments in Cyprus appear to be gathering momentum, but the nature of the assets bought is shifting to non-urban investments, outside the citizenship scheme.
Initially, in the immediate aftermath of the 2013 crisis, there was a big demand in the Paphos area where the purchase of high-value, luxury villas made buyers eligible for the citizenship by investment scheme. Well-off Chinese seeking ‘access to Europe’ became a key target group for developers seeking new markets and quick sales.
It is Limassol, however, with its high-rises and luxury, highly-priced apartments that has stolen the show over the last 36 months, giving rise to concerns that these sales were driven by the transient demand for Cypriot passports.
Recent indications, however, show a shift in trends. Some notable purchases by Chinese business include a hotel in the west of Larnaca, a residential construction in Limassol and another residential block in Nicosia.