Other European countries do not distinguish between new and resale properties

The two schemes introduced by the Cyprus Government for obtaining passports and the issuing of the Golden Visa serve the few and chosen.

The primary condition that the purchase of a house – apartment must only be for new property, which applies for the scheme of the Golden Visa, is an unfavorable discrimination and denies the right of disposal of properties to private individual sellers (of resale houses- apartments), that is, to most people.

If private persons had the right to address this market and resale houses and apartments to ‘Golden Visa’ applicants, definitely a lot of properties would have been sold by now, providing financial oxygen to our citizens who face financial problems and especially have trouble with their mortgages. In this way, non-performing loans (NPLs) could have been settled reducing this enormous problem which is the biggest burden for the economy.

Unfavourable discriminations not only concern the simple citizens but also the small businesses that are active in the property sector. A careful study of both schemes reveals which businessmen of properties can sell properties for both schemes.

I even wonder whether the provisions of the two schemes that have been approved by the Council of Ministers are compatible with the provisions of the constitution since they create unfair competition and unfavourable discrimination between individuals and businessmen (companies) who are active in the property sector.

It would be an omission not to mention that other European countries, such as Malta, Portugal, Spain, Italy and Greece, that have the same or similar scheme of the ‘Golden Visa’ do not distinguish between resale and new properties, while the value for the purchase of property which is required is lower.