Despite the COVID-19 crisis impacting national economies the world over, leading Cypriot developer Leptos Estates is still receiving daily enquiries from the Middle East, as investors look to take advantage of residency and citizenship schemes. Enquiries are largely focused on luxury new-build apartments with strong rental yield potential - a market that continues to rise in the rapidly emerging city of Limassol. High net worth families from the Middle East contributed to a 76% increase in demand for European passports last year.
Adapting to the travel restrictions put in place by numerous nations since the outbreak of the COVID-19 crisis, Leptos Estates is offering a number of opportunities for interested purchasers to view properties. These include video tours and virtual appointments with the sales team to showcase new homes and villas.
Commenting on interest from UK-based purchasers, Pantelis Leptos, Deputy President of Leptos Group of Companies, said; “The Middle East is one of our strongest markets, with new-build units in growth areas such as Limassol one of our most popular products. Whilst activity has been impacted due to the current global health crisis, we are still receiving serious enquiries on a daily basis from those looking for a serious investment prospect with the benefits of the Cyprus EU Residency programme."
The citizenship and residency schemes on offer in Cyprus and Greece remain a huge draw for international holiday home purchasers and investors, through the Cyprus Investment Programme (CIP). In return for a property purchase of €2 million, investors will qualify for a Cypriot Citizenship with the right to live, work, travel, stay and study in Cyprus a well as anywhere in the EU, and free travel to over 155+ countries including Canada, Switzerland, and Iceland. The Cypriot passport only takes 6 months to come into effect and once acquired, is valid for life, and covers their spouse and any dependent children up to the age of 28 years.
There is also the option of permanent residency, which can be reached through a property purchase of €300,000 in Cyprus and €250,000 in Greece. This option takes typically up to 60 days. Like the citizenship scheme, this covers the entire family including the parents of both spouses.
Leptos has also put in place a temporary offer for those looking to progress with the purchase of a new home in Cyprus but are unable to visit the country and finalise the agreement. If a purchaser identifies a property, they wish to purchase they can put down a deposit to reserve the property. Also, before finalising the agreement, the purchaser will have the opportunity to tour the property, as well as any others they were interested in. At this point if they wish to change their mind and purchase a different property, they have the option to switch their deposit onto their new choice.
Leptos Estates properties are available with payment plans for a range of budgets, with some properties VAT-free. All purchasers receive a Leptos Gold Club Membership that provides residents with exclusive benefits and VIP access at the Leptos Group’s range of hotels, Hospital and University.
Leptos Estates is also offering a number of purchaser incentives for those buying up until the end of June 30th. This include free furniture pack, free travel to Cyprus, arranged tickets for clients up 2000 euro on travel, free domestic travel covered for all property purchasers, free lawyers’ fees, free accommodation in 5-Star Leptos accommodation for the duration of visit on completion and free Leptos Gold Card membership for all completed purchases.
Commenting on the popularity of Greek and Cypriot holiday homes, Pantelis, said; “The world is experiencing a unique situation that is impacting every industry, including the property investment market. Despite this we are still receiving serious enquiries and wanted to put in place something that would give purchasers the flexibility to complete a sale once it is safe and appropriate to do so. After all people now, more than ever, want to enjoy their money, and keep property and residency options open in more than one country.
Cyprus’ Passport & Permanent Resident Programmes offer Middle Eastern buyers a gateway to Europe; its full strategic location across three continents enabling increased travel freedom, better access to education and healthcare, and the right to do business and settle in an expanded set of countries.
