The first seven months of 2020, from January to July, has seen a 43% decline (compared to 2019) in property sales in Cyprus to foreigners, according to official statistics.
On July 31, Cyprus Parliament approved two proposed regulations which are set to tighten the country’s citizenship by investment programme.
According to the 11th edition of the KPMG Cyprus Real Estate Market Report – The Insights, the real estate sector in Cyprus contributed 16% more in 2019, compared to 2018, with the country’s citizenship by investment (CBI) programme contributing to this increase.
The Cypriot government continues to announce reforms to its citizenship by investment programme.
Following a temporary freeze on the Cyprus citizenship by investment program in January, the government has re-started discussions on tightening criteria.
Cyprus’ Citizenship by Investment (CBI) programme is set to be updated with new regulations.