Cyprus to relax rules for Iranian property investors
Cypriot minister of commerce, Antonis Paschalides, is putting a proposal to parliament that would grant Iranian investors permanent residency in the Cyprus, according to reports.
Mr. Antonis Paschalides has said that the government wants to assist the stay of Iranians who buy a property in Cyprus provided that the price of the house exceeds a certain amount and that the funds used for the purchase of the property come from abroad. The minister already has visited the Iranian capital of Tehran in early March, to sign a trade protection agreement.
According to www.opp.org.uk reports, Paschalides has proposed to grant Iranian investors permanent residency in Cyprus after buying mid- to high-end properties that means a minimum €350,000 should be spent on the property before considering offering a visa. The minister notes that an increasing number of Iranians are investing in property and business on the island and high numbers of Iranian tourists are expected to arrive in Cyprus this month to celebrate the Iranian Norooz, Iranian New Year.
Cia Sadreggini, MD of Larnaca-based firm Nikada Developers skeptically welcomed the news, as he thinks the minister will have trouble in getting it around EU immigration laws. He commented “A lot of Iranians are attracted to Dubai for visa purposes and they spend billions of Euros there every year so the relaxing of laws could be very important for Cyprus. If the Cypriot government allows them a visa in this way, it would be huge news for Cyprus.”
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