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Meanwhile, Giorgos Mouskides, head of the other organization that is a direct beneficiary of donations, the Cyprus Association of Property Owners, expressed concern that the requirement had weakened the attractiveness of his country’s CIP.
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“There has been an increased interest in the investment for passport program up to May, in anticipation of the stricter rules and the additional contributions required. But the introduction of the rules and the demand for additional contributions amounting to 150,000 euros resulted in a reduced interest for investment,” Mouskides commented.
“Certainly there were very few more [sic] applications in June and July and this will be made evident when accumulated data will be announced at the end of the year,” he added.
Marios Clerides, an economist, intimated a connection between the new regulations and the decline.
“The evidence shows that the real estate sector would be in trouble if not for the crutches provided by the passport scheme,” he told StockWatch this week.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.
Source link : https://www.imidaily.com/europe/cyprus-luxury-home-sales-slump-on-introduction-of-cip-contribution-requirement/
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Publish date : 2019-10-11 07:00:00
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