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New immigration law in Cyprus to help property sales (23 July 2009)

The Department of Interior of Cyprus has adopted a new law regarding the immigration. The law allows non-EU citizens, who legally purchase property in Cyprus of a value exceeding €300,000, to be entitled to apply for and receive an immigration permit.  An immigration permit is the equivalent to a permanent residence permit in Cyprus.

The new law will reduce time consuming immigration procedures and is expected to encourage non-EU nationals to purchase property in Cyprus. There is an expectation that the new law will boost property sales on the island and help the property market, which in the last year due to the massive outflow of foreign buyers, especially British, has been experiencing steep downturn.