The Cyprus investment immigration program has helped a small island country facing ruin switch to a healthy economy with a thriving real estate market in five years.
During 2013, Cyprus was hit hard as its banks lost €4.5 billion in value and were forced to suspend withdrawals. Fast-forward half a decade and the story is very different, helped by the foreign investment drawn through the Cyprus citizenship and residency programs.
What Makes Cyprus An Attractive Destination?
With 340 days of sunshine a year, pristine beaches, skiing in the mountains, a rich history, delicious cuisine and a stable legal system, there are some obvious advantages of a second home in Cyprus. Add it the access to the European Union, and a picture of the popularity of the Cyprus program begins to emerge.
The investment immigration program introduced by Cyprus originally offered direct citizenship to applicants investing at least €2.5 million. This was later reduced to €2 million. The country also introduced a permanent residence-by-investment program, although its citizenship-by-investment program is more popular.
What Are the Benefits of Cypriot Citizenship?
For an ambitious business person or an astute investor, assured access to developed markets like the USA and Canada, Australia, the UK, and the European continent can prove to be a significant competitive advantage.
By virtue of its EU membership, the Cypriot passport offers visa-free access to virtually all European countries along with most other developed nations.
Another significant advantage is the attractive tax environment in the country. This makes Cyprus a top destination for wealthy residents of Russia, the Middle East, China and India.
What Are Cyprus Citizenship Investment Requirements?
|Purchase of financial assets issued by Cypriot companies||€2 million|
|Investment in real estate, land development, or infrastructure projects||€2 million|
|Purchase, creation, or participation in Cypriot businesses or companies||€2 million|
|Combination of the three investment options (may include purchase of special government bonds worth €500,000)||€2 million|
The popularity of the country’s investment immigration program has boosted the real estate market, which is a win-win situation. Investors gain as they get to invest in a booming market.
Cyprus applicants can buy a high-end home and end up with an investment, a second home, and an assured path to the coveted second passport.
For real estate developers, demand from ultra high-net-worth buyers allows them to focus on high-margin transactions for luxury properties. A matured luxury real estate market offers more options and choices for investment immigrants.
How Has the Cyprus Real Estate Market Benefitted?
The impact of the program on country’s real estate market is evident from the 45 per cent increase in the number of property transactions of value more than €1.5 million in 2017.
More than half of these high-value transactions took place in Limassol, the country’s second largest city, also home to hundreds of international companies. These are established primarily to benefit from Cyprus’s low corporation tax.
Cyprus’ growing wealth and prosperity is, to a large extent, based on the success of its investment immigration program. There has been a steady increase in the number of passports issued under the program, to 503 in 2017 from 443 in 2016.
The success will continue as long as demand for the citizenship program continues, which is unlikely to be soon given its growing popularity.
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