It is obvious that now is the best time to buy property inCyprus. The Government of the Republic of Cyprus has called for speeding up theprocess of issuing passports as part of the Cyprus Investment Program in thecontext of a coronavirus. Currently, the real average time for obtaining aCyprus passport for an investor is approximately 9 months. Meanwhile, it becameknown that the Government of Cyprus wants to accelerate the process of grantingcitizenship for investment in order to give an impetus to the Cypriot economy.In addition, today you can buy real estate at very attractive prices, sincedevelopers are more flexible in terms of discounts and in terms of negotiatingcontracts. Meanwhile, Malta, for example, is changing the conditions forobtaining a “golden passport”. The Malta Investment Immigration Agency hasnotified that the application for citizenship by the current criteria will onlybe accepted until September 30, 2020. The first stage of the citizenshipprocess, applying for a residence permit, will last until July 31, 2020. Thecurrent Individual Investor Program was launched in 2014 and is designed toissue 1,800 gold passports. To date, it has already been completed by more than70%, and within the next few months the planned volume will be completelyexhausted. The Government of Malta at the end of 2020 may tighten theconditions for issuing "golden passports" in exchange for investment.Apparently, the amount that foreigners wishing to obtain Malta passports will haveto pay for the purchase or rental of real estate on the island will increase.
It should also be noted that according to recent studiesconducted by experts on global immigration, the Cyprus Investment Program isamong the "top ten in the world." The main advantage of the Cypriotpassport program, compared with similar programs in other countries, is theability to sell the acquired investment 5 years after the issuance of thepassport , in addition, investments can be made through a range of instruments.
It is important to understand that a Cypriot passport is notjust a residence permit or a multiple entry visa. A Cyprus passport providesfull European citizenship and gives all the rights and opportunities of acitizen of the European Union (the country has been a member of the EU since2004).
The country has a strategically advantageous geographicalposition, as it lies between Europe, the Middle East, Africa and Asia.Therefore, Cyprus provides privileged and easy access to enterprises on fourcontinents. The country also has a favorable tax regime for new residents,especially in relation to high-income individuals.