Still want to be part of the EU? The luxury homes in Cyprus that can bring ‘golden visa’ EU citizenship – but you need to buy a £1.7million villa
- Aphrodite Hills Properties is selling multi-million pound villas for sale
- Latest development has eight semi-detached and seven detached houses
- Buyers spending €2million – or £1.72million – can obtain a ‘golden visa’
- This is where EU citizenship can be secured within six months of buying a villa
For super-rich golfers who want a home away from home with some good weather thrown in, a new villa in Cyprus might fit the bill – and for some buyers these ones offer a big bonus.
Aphrodite Hills Properties is offering new homes overlooking an 18-hole golf course with the option for buyers spending at least €2million – the equivalent of £1.72million – to secure themselves a so-called ‘golden visa’.
This is where the chance to become an EU citizen is offered via a citizenship by investment scheme. In the case of Cyprus, EU citizenship can be secured as quickly as within six months of buying a property with a qualifying price tag.
Aphrodite Hills Resort is selling villas as its hilltop development called Poseidon Villas
A golden visa allows buyers to freely work, establish a business, live and travel throughout Europe, and while controversial they have proved attractive to some, with most reportedly going to Russians and the Chinese investors
The opportunity to get a golden visa and EU citizenship would also apply to British buyers after Brexit, according to the developer.
So for those whose pockets are deep enough, what would buying a property with a big enough price tag get them. MailOnline Property travelled to Cyprus to see what exactly is on offer from Aphrodite Hills Properties.
What’s the deal?
We visited the Aphrodite Hills Resort’s new Cypriot hilltop development called Poseidon Villas.
It is being built in two phases, with the first due for completion in June next year. This first phase includes eight semi-detached houses – of which three have already been sold off-plan to foreign buyers – and seven detached houses. Every property also has a sea view.
Each property has a private infinity pool, marble flooring and Italian kitchens, although everything can be customised on purchase.
But while the interiors can be designed as buyers wish, there are strict planning rules on the exteriors, such as they cannot be painted yellow or blue.
Where exactly is it?
The development is part of the Aphrodite Hills Resort, which is in the south west of Cyprus, just 15 minutes by car from Paphos International Airport.
The resort extends across 234 hectares of land, of which 92 per cent is covered with plants and landscape. It is a two-minute drive to the nearest beach.
For those with a yacht, the nearest marina is Paphos Harbour, which is a 30 minute drive away.
What’s the asking price?
This development is ideal for well-heeled families, with prices ranging from €1.98million – the equivalent of £1.7million – to €2.4million or £2.07million.
The starting price is for a four-bedroom property that includes a private infinity pool, parquet and marble flooring, indoor and outdoor areas, modern kitchens with built in appliances, central air conditioning, en-suite bathrooms, amd under floor heating systems.
How much do they cost? Prices start at €1.98million – the equivalent of £1.7million
The properties have views of the sea from the bright and airy bedrooms
What is so special about the villas?
The properties were designed by J&A Philippou Architects to resemble a traditional Cypriot village and all have views of the Mediterranean Sea. There is a variety of restaurants, bars and shops, along with a supermarket and a pharmacy. There is also access to the Aphrodite Hills Resort amenities, including the PGA National Cyprus 18-hole golf course.
Surely the properties are not that perfect?
As is the norm in Cyprus, paper cannot be flushed down the loo. Instead it is placed in the bin next to the loo. It’s an unfamiliar practice for us Britons, but standard stuff for those who have made Cyprus their home.
It is ideal for well-heeled families looking for a home to use during the school holidays, especially if there’s someone in the family who loves golf. It is a haven for them due to the 18-hole golf course. However, with a flight time of around three-and-a half hours, it isn’t really somewhere you can fly to for the weekend.
What is the local area like?
Paphos is a lively city on the southwest coast of Cyprus, with plenty of beaches in the area.
Where’s a good place to eat?
The Golf Clubhouse is at the heart of the resort and has a restaurant overlooking the golf course. For those looking for something a little extra special, the resort also has the Fig & Olive à la carte restaurant offering a Mediterranean menu.
The new villas are ideal for families seeking a holiday home to use during the school holidays
The location is favoured by golfers due to the 18-hole golf course at the Aphrodite Hills Resort
What property purchase costs do buyers need to be aware of?
Buyers need to pay stamp duty, which is charged at €1.50 for every €1 spent on a property between €5,000 and €170,000, and at €2 for every €1 spent above €170,000, capped at €20,000.
What does the property cost to run?
Local property taxes include a maximum of €860 a year for the area of Aphrodite Hills. And there is one for waste collection, lighting of public areas and cleaning. This varies depending on the size of the property, but is typically around €500 a year.
There is also a charge for the maintenance of the garden swimming pool and common areas, ranging from €2,000 a year for a two-bedroom flat to €4,500 a year for a four-bedroom house.
What items are included in the sale of the property?
Every buyer is given a family free membership to the spa and tennis facilities for two years, along with discounts on golf membership, golf rounds, the golf shop and restaurants.
Homeowners who are keen golfers can enjoy the GA National Cyprus 18-hole golf course
Places to eat include the Golf Clubhouse, which has a restaurant overlooking the golf course
Aphrodite Hills Resort offers EU citizenship via a citizenship by investment scheme, where EU Citizenship is secured within six months of buying property in Cyprus
What are the buying criteria?
There are no buying criteria for EU citizens, who can freely buy any number of properties in Cyprus. For non-EU citizens, a buyer needs the approval of the district officer of the locality. Buyers must not have a criminal record, and they must have the funds to buy the property cleared through the banking system.
How are ‘golden passports’ available?
Aphrodite Hills Resort offers EU citizenship via a citizenship by investment scheme. EU Citizenship is secured within six months of buying property in Cyprus.
What are the benefits?
It means buyers can freely work, establish a business, live and travel throughout Europe provided that they a purchase a property that costs at least €2million. They can travel visa-free around 157 countries, including – currently – Britain. And investors are not required to live permanently in Cyprus. These benefits not only apply to the applicant, but to the their spouse and to all of their children aged up 28 years old. It means their children can study in Europe.
How will future purchases be affected by Brexit?
Ultimately no-one knows until Brexit occurs, but the developers have taken a stab at what they think will be the outcome.
Nicolas Papchristodoulou, real estate sales executive at Aphrodite Hills Resort, said: ‘We believe that future potential buyers from Britain will not be affected with whatever happens with Brexit.’
However, he goes on to admit that the finer details have yet to be confirmed, saying: ‘We are still waiting for confirmation from the Cyprus Government on what steps will be taken and what agreements will be in place with Britain regarding visa travel arrangements as both countries are part of the commonwealth. Time will tell.’
There is speculation that the EU could severely clampdown on golden visas, amid suggestions of corruption as the screening varies among those countries offering them. These include Bulgaria and Malta.
Can British buyers apply for EU citizenship via the scheme after Brexit?
Aphrodite Hills Resort claims that any Briton may obtain the Cyprus citizenship provided they meet the criteria.
‘They will need to purchase a property or properties to the value of €2million plus VAT, have a clean criminal record, proof of funds etc. This would apply for the British too.’
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