Middle Eastern residents second largest in race for Cyprus's citizenship scheme
76% increase in demand for European passports last year by GCC HNI's
By: Leptos Estates
High net worth families from the GCC contributed to a 76% increase in demand for European passports last year. Cyprus' Passport & Permanent Resident Programmes offer Middle Eastern buyers a gateway to Europe; its full strategic location across three continents enabling increased travel freedom, better access to education and healthcare, and the right to do business and settle in an expanded set of countries.
Leptos Estates, Cyprus' leading property developer, has noticed high net worth Middle Eastern families spending increasing amounts on Cypriot property in recent months, as wealthy purchasers look for ways to become global citizens. In particular, seafront villas and luxury new build apartments in Limassol have been popular, allowing them to appreciate the burgeoning luxury lifestyle offerings of the city. Limassol's new DP World cruise terminal, the construction of Europe's largest casino resort, private jet and yachting services, golf courses and new designer retail offerings are facilities and services that many Middle Eastern residents have become accustomed in their native countries.
Here, a property purchase of AED8 million or more will qualify them for a full Cypriot passport and EU citizenship, with the right to live, work, travel, stay and study anywhere in the EU, and free travel to over 155 countries including Canada, Switzerland, and Iceland. Once acquired, the Cypriot passport is valid for life, and covers their spouse, parents and any dependent children up to the age of 28 years.
"Cyprus is an EU country and EU residency and citizenship are seen as hallmarks of credibility, so it's no surprise the residency programme here has been so popular. In particular, interest from Middle Eastern, Indian and Asian applicants has increased in recent months; these newly wealthy communities are attracted to the island's flourishing luxury lifestyle offerings and growing economy," Pantelis Leptos, Deputy President of Leptos Group of Companies.
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