The number of UHNW citizens in Cyprus is rising fast
Published at: 08/05/2019 06:28 pm
Tycoons love Cyprus, the number of Ultra High Net Worth citizens (with wealth over 30 million USD) reached 205 in 2018. According to Knight Frank's report, Cyprus is still the favourite country for Russian millionaires to invest in exchange for citizenships, but the number of Indian applicants increased as well. As the most popular option of citizenship by investment programme is purchasing residential real estate, it is good to know that the luxury housing prices rose by 2,8%.
Meanwhile, the Department of Lands and Surveys announced that the number of sale contracts in March 2019 was 766 compared to the 768 last year. The final big rush for the citizenship for investment in real estate was in December 2017 before the Cabinet introduced the VAT on land sales. The good news is that the number of property sales increased for 23 months. Property sales rose in Famagusta, Paphos, Nicosia and Larnaca. Important to remember that the amendments of the Cyprus Investment Programme will enter in force on 15 May.
Naturally, the number of applicants in any immigration scheme always increase significantly before the costs become more expensive. From 15 May, the applicants for the Cypriot citizenship not only invest in their real estates or other option but they will have to contribute as well, There will be a donation of 75,000 euros to the "Cypriot Land Development Corporation" and another donation of 75,000 euros to the "Research Promotion Foundation". To maintain citizen status, the investors must keep their investments for five years, instead of the previous three years period. Additionally, the government will abolish the bond option but investing in shipping will be permitted in the close future.
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