Marios Tsiakkis, secretary general of the Cyprus Chamber of Commerce and Industry, told the state radio that about 1,000 properties were purchased by non-EU nationals in2015, many of them were Chinese, in exchange for a permanent residence permit.
Under the scheme, authorities examine favourably the application for Permanent Residence when a non-EU national buys property or a residence worth over €300,000.
He added that some developers have sold ready-built houses and are currently in the process of constructing new ones, helping the construction business to recover from its long slump.
Source: Famagusta Gazette
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