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A Provocation for a Disaster
30 April 2017
Having a good system for attracting foreign investors is one thing, but being provocative to others is another thing altogether.
The visas/passports was originally thought off by the year 2007 by the then Government of Tassos Papadopoulos. This measure was there but since the market/economy was booming especially the real estate, no particular effort was undertaken to exploit this. Then Mr Christofias Government took over who seem to be against it during which the Government had around 15 cases studied notwithstanding the hundreds of applications. Then the Anastasiades Government went all for it, keep changing the incentives to become more and more attractive with relation to other countries and each time one competitor came up with a more laxed measure, Cyprus came up with a better one. The situation, as is now, provides the following picture.
Fast Citizenship Programs
This is positive since we do not only offer the residency/passports to the investor but also to his family, as well as for his/her spouse and parents to go.
We have also the unique non-requirement that the investors may not live in this country, whereas we might have investors with Cypriot / E.U. passports with the whole family coming in Cyprus!!
Another provocative situation is the shop windows at hotels (see recent one at the Hilton-Nicosia) where a shop window hosted an E.U. passport with a slogan buy/invest in property and get it – see also airport adds and so on.
With our “small” brains it is with a mathematical accuracy that E.U. will put a stop to this any time now (we expect 1-2 years’ time at best).
We have a golden goose and we will manage to kill it before the full beneficial results are evident.
It is not surprising that developers under these circumstances are running out of properties.