Luxury property developments in Limassol, Cyprus’ de facto commercial hub, are providing next-generation housing options for investors big and small considering basing themselves in the port city, especially those looking to apply for the country’s Golden Visa program.
The One, an iconic tower located along Limassol’s crystalline Mediterranean coast, has provided Cyprus with a fresh supply of modern residential space. At 37 floors, Cyprus’ tallest residential building, The One was opened last year by Pafilia Group, which has since sold 60% of the tower. “With the launching of The One, Pafilia transformed the coastline of Limassol,” says Eva Eliadou, executive director of Pafilia Group. “Today, we have set the standard for high-rise buildings, and many other developments are now following.” The One joins the Limassol Marina in its impact on the city, the latter of which placed Cyprus on the map for superyachts when it opened in 2014.
Foreign interest in Cypriot property is buoyed by a visa program that allows investors to acquire permanent residency with a €300,000 investment, or full EU citizenship with €2 million. Legal counsel for foreign investment is well established in Cyprus. Ioannides Demetriou LLC, a leading Cypriot law firm, has among the greatest experience with FDI-backed projects, including in tourism, construction, ports and more. Notably, the firm has participated in some of the most important M&A deals on the island, as well as the Limassol port privatization. “Our experience in working with [foreigners] has been very positive,” says Managing Director Pambos Ioannides. He adds that Cyprus has a history of “working effectively with international companies, law firms and other professionals in general.”