Following a sustained period of lockdown due to the 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.
Commenting on recent interest from UK buyers, Pantelis Leptos, president of Leptos Group of Companies, said: “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 once again welcome 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. 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.”