As of the beginning of 2023, the activity of Russian-speaking property buyers in various foreign countries has more than doubled compared to activity levels at the beginning of 2022.
The authorities of Turkey and Georgia reported a record number of real estate deals concluded by Russians in these countries during the 12 and 9 months of 2022, respectively. The high activity of buyers from Russia was noted by official sources from Thailand and Spain based on the data on registration of ownership rights in 2022.
Cross-border property investors ramped up to or surpassed the pre-COVID-19 level of activity in most countries by the end of 2021.
Maintenance costs in Cyprus are rather low in comparison to average European charges. Owners pay some €1,700 per year for apartments and about €2,900 for villas with private pools.
The most sought after real estate destinations in Cyprus are the major resorts. Tranio reviews real estate prices in Limassol, Paphos, Larnaca and the Cyprus average ones as well.
Residence permit in Cyprus. Permanent residence permit in exchange for real estate investments.
Since 2018, the Cypriot authorities approve no more than 700 applications for investment-based citizenship per year. Moreover, in 2017, 1,013 individuals became the country's nationals. The demand for Cypriot citizenship is high. Learn why it is so and how it can be obtained, reading this article.
Foreigners can obtain mortgages in Cyprus, where such loans are granted for off-plan real estate, existing properties and renovation.
Republic of Cyprus has a more favourable tax regime than other European countries. For example, there is no inheritance tax in Cyprus.
Cyprus is an open real estate market and demand has been growing for property in the country since 2016. The warm Mediterranean climate, relatively low residential property prices, and opportunity to obtain residency/nationality through investment (when buying property worth at least €300,000/€2M respectively) are all attractive to potential buyers.
In Europe, no law prohibits foreign citizens from buying property but certain countries have put limitations on this right.
Property in Cyprus was badly affected by the 2008 recession and the country's banking crisis in 2012, but better things are to come according to this article by Ivan Chepizhko.
An increasing number of Russian HNWIs (high-net-worth-individuals) are notifying Russia’s tax authorities about their foreign bank accounts and controlled foreign corporations (CFCs). This follows Russia’s adoption of the Common Reporting Standards (CRS) in 2016, which facilitates the automatic exchange of information regarding bank accounts between partner countries’ tax authorities in a bid to combat tax evasion.
Tranio conducted its eighth annual survey, analysing the investment and property purchasing patterns of Russian and CIS nationals abroad. The survey was primarily focussed on income property, looking at the top locations for investment, yield expectations, budgets, and preferred asset classes, as well as the general presence of Russian-speaking investors in local markets.
Since May 2019, considerably fewer people have been applying for Cypriot citizenship after changes in the country’s citizenship-by-investment programme; nationality obtainment measures have been toughened. Tranio looks into the situation and how it might change going into 2020.