Sun Shines On Cyprus Market

Following a sustained period of lockdown due to the COVID-19 pandemic, Cyprus has announced the recommencement of international travel, with visitor numbers already on the increase. The recent relaxing of restrictions, coupled with the island’s long-established relationship with British expats, has seen Leptos Estates, Cyprus’ biggest developer, record a sharp rise in property enquiries from UK-based individuals. Flights have increased substantially with BA, Ryanair, EasyJet and other airlines. Flights are expected to reach a full schedule by July to take advantage of the peak season.

Commenting on recent interest from UK buyers, Pantelis Leptos, President of Leptos Group of Companies, said, “Cyprus has always been attractive to British residents looking for a place in the sun for part or all of the year. The recent pandemic and subsequent travel restrictions, as well as Brexit limiting the amount of time Expats can spend in the EU has led to a recent surge in interest. Uk residents are allowed to come to Cyprus even now for property related matters”

 “At the beginning of May we received over 300 enquiries from UK-based potential purchasers in a single day, with over 1,000 in total by the end of the week. These were generated following a short marketing campaign announcing Cyprus’ intention to welcome once again British travellers, with respondents largely comprising people looking to find out about the ability to apply for residency through property ownership to provide greater access to the EU post-Brexit.”

Following the UK’s exit from the EU, travellers can only spend 90 days in a 180-day period without a visa in the EU. This has led to a flurry of applications for Residency Permits, as well as increasing the attractiveness of favourable offerings that combine holiday homes that traditionally attracted British Expats, with the ability to freely access the EU and remove usage and visitation limits.

Recently revised and expanded, the Cyprus Permanent Residence Programme provides individuals with the option to invest a minimum of €300,000, which grants the applicant and their family visa-free entry to Cyprus, as well as unlimited access to the EU. Valid for the life of the period the applicant owns their property in Cyprus, the process takes two months to be fully granted.

The main real estate requirements include that the applicant must invest a sum of at least €300.000 in Residential units that have been developed by a developer for sale and it must be the first sale. The applicant may acquire up to two residential units.

The applicant must also prove that they have an annual income of at least €30.000, with an additional €5.000 per annum for each of their dependents, or €8.000 per person for their parents. If the applicant has non-dependent children, the €300.000 investment is increased by another €300.000 per child covered by the applicant’s visa. Once a visa has been approved the successful applicant cannot live outside Cyprus for a cumulative period of more than 2 years or their application could be retrospectively relinquished by the Cypriot government.

According to Leptos Estates, these strict residency terms will mean the Permanent Residence Programme will likely only interest those investors from the UK that are looking for a permanent holiday home or individuals wanting to invest in the Cyprus real estate market.

Pantelis, added: “Historically we have had a long history with British Expats that will own or rent a holiday home on the island for long periods of the year and splitting their time here and in the UK. The Brexit deal’s visa free restrictions now mean that they have changed the way they are now looking at overseas property, opening up a brand new market of people that see this is an opportunity to own a holiday home in the Mediterranean, whilst also providing them with the ability to freely access all of the rights and travel freedoms they were once accustomed to in the EU.

“Given the huge tax benefits that Cyprus offers both on personal & corporate tax this opportunity bundles into a big opportunity for UK citizens. With the country’s vaccination programme in full flow and our borders reopening, we are keen to reengage with our current and future British clientele to promote our fantastic residential offering and fantastic lifestyle here in Cyprus.”

Leptos Estates has launched two brand new developments this month specifically for the British Expats; Venus Gardens Resort, Paphos & Limassol Park, Limassol

The exclusive "Limassol Park" is set to be one of the most luxurious gated Resort Residence in Limassol with a good selection of 1, 2 and 3-bedroom garden apartments and penthouses for sale. Conveniently located southwest of the Limassol historic town centre, on the Akrotiri Peninsular, in one of the city’s most upcoming and green areas. Prices at Limassol Park range from €126,500 - €567,000 (excluding VAT)

Positioned on an elevated hillside location, offering panoramic views of the sparkling shoreline and the stunning natural beauty of Pafos, your new lifestyle awaits in an established, gated, and highly coveted real estate development with excellent facilities.  Offering a diverse range of properties, Venus Gardens presents a true lifestyle destination in a cosmopolitan location, with a myriad of coastal-luxe cafes, dining establishments, private schools, blue flag-awarded beaches, archaeological sites and places of interest, all on your doorstep. Newly launched, the Venus Garden Resorts Phase represents a fantastic opportunity to be part of a unique and sought-after location impressive collection of apartments and maisonettes. Prices at Venus Gardens range from €250,000 - €660,000 (excluding VAT)

www.leptosestates.com