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Paphos mayor seeks to woo Chinese investors

The Chinese have invested approximately 200 million euros (US$2.3) million in property in Cyprus and have purchased over 600 Cyprus homes. 

Earlier this week officials from China and Cyprus held a meeting at the Paphos Town Hall discussing ways to strengthen the relationship between the two countries wile also addressing problems arising from the increaesd Chinese investment.

Cyprus has been growing on the radar of many Chinese investors, especially with its particularly attractive visa program that many Chinese view as a stepping stone to mainland Europe. All international investors are required to show proof that they have adequate funds to support a lifestyle in Cyprus and are also required to purchase residential property valued at €300,000 or more. When both are met they then can qualify for permanent residency for themselves and their family members upon approval of their applications.

Some other moves Cyprus is making to encourage Chinese investment include offering direct flight services between China and Paphos, as well as spending increasing efforts targeting Chinese tourists.

Read more on Cyprus Mail.