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NUMBER OF RUSSIANS AND CHINESE IN PAPHOS (CYPRUS) IS INCREASING

The migration department of Cyprus interior ministry has reported that the applications for permanent residence in Cyprus by Chinese people have been increased from just a couple of dozen to now hundreds. According to the official data of the migration department in 2012 there were only 29 applications for permanent residency by Chinese citizens. But this year the number has increased to 445.

Around 744 applications by non-EU people have been rejected by the authorities and those who can prove that they have independent means of income.

Tens of Thousands of Russians now live on the island. Last year half of rejected applications, around 423, were from the Russians. There are now over 40,000 Russians living in Cyprus , with many more Ukrainian , Georgian and other Eastern European ex-Soviet countries. During the March 2013 Banking crisis , the second largest bank of the island, Laiki Bank was taken over by the Bank of Cyprus. Many foreign investors saw their saving of 100,000 euros or more were subject to a one off levy to assist the Government during the banking crisis.

But the chinese are new in the island and their presence hardly affects the census of Cyprus in 2011. After two years, over 1,000 Chinese brought properties and 80 percent of them settled in Paphos.

In Paphos there 35% of the population is not from Cyprus. There is a huge British community which has been established there for over 20 years and the British are still the largest community after Cypriots. But there are more and more Russian speakers and now Chinese are moving into new areas.  The new 290 million euro Chinese investment at Venus Rock (Secret Valley Golf Club) is great for the local economy. Hong-Kong-based China Glory National Investment Venus Rock Golf Resort has purchased the land and will develop the Golf Resort into one of the leading resorts in Europe. This huge amount of investment by the Chinese company has been a friendly relation and has been formed between Chinese and Cyprus Governments. The economic condition of China has been improved for the huge amount of investment. The Cyprus government has also welcomed the investment, also investment into Cyprus real estate. As a sign of friendship between these two countries there is a plan to open a Confucius Institute, promoting Chinese language and culture at the University of Cyprus at the end of 2014.

Cyprus government is very much positive to grant emigration from Chinese people. They have modernized the process of emigration and this year they have granted 570 applicants within the scope of fast-track procedures.

The Chinese who can afford it can apply for Cyprus residence for themselves and for their families by depositing in the Cyprus banks.

Applicant must have a clean criminal record and they will have to show that he or she has an annual income of 30,000 euros and he or she will also have to show that he or she has paid 300,000 euros for a property.

New legislation has declared that if anybody can bring an investment of five million euros , then they can receive Cyprus EU Citizenship.

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