The economy of Cyprus has noticeably strengthened its position in recent years, and it can be said with confidence that the state has managed to overcome the consequences of the global crisis. Proof of this is the stable growth of GDP, starting from 2017. This positive development trend attracts foreign businessmen who are ready to invest in the country’s economy. The mechanism of obtaining citizenship of Cyprus through investments is also tempting.
The traditional area of investment is construction, but the number of other promising segments, which include various types of production and tourism, is gradually increasing. In addition, the gambling business is developing well in Cyprus.
Improving the economy, the stability of the political situation and raising the standard of living in Cyprus make the country attractive not only from the point of view of investment but also as a place to live.
Special state programs are aimed at simplifying mechanisms for permanent residence to foreigners. For them, they offer favorable conditions for obtaining citizenship through investments. This policy is already working and has helped enrich the country’s economy by 4 billion euros.
Using the conditions of the program, you can reduce the registration of papers for citizenship to 3 months. To do this, you need to invest at least 2 million euros in real estate or business. Recently, a clause was introduced in the legislation that the parents of a participant in this program also have the right to obtain a residence permit by investing 500,000 euros in housing.
The policy of attracting foreign financial investments brought positive changes in the economy of Cyprus shortly after the start of the programs. Foreign capital helped to survive the global crisis with minimal losses. Investments bring high returns to their owners and contribute to the development of the state.
Statistics for several previous years shows an increase in the number of tourists on the island — from 1.43 to 1.65 million people. According to forecasts, this figure will increase by about 300 thousand people per year. This picture allows us to judge the prospects of investing in real estate and the development of the tourism business.
An increase in the standard of living leads to an increase in the value of the real estate. This year, the market has seen an increase in prices of 3.7%, in the past,the figure was 2.4%.
Cyprus formally consists of two states — North and South. Despite the fact that a number of countries do not recognize the official status of Northern Cyprus, this state is developing and preparing to join the European Union. Due to the mild climate, part of the island attracts tourists and investors who are ready to invest in the real estate market. The most profitable option — buying a home during the construction phase. After 3-4 years after commissioning and infrastructure, the cost of the property will increase by 30% of the original price.
In addition, the cost of housing in this part of the island is lower than in the rest of the territory.
If you are interested to move to live in the country, the best option for obtaining citizenship of Cyprus is through real estate investments.