Cyprus is rich in attractions. Physical, historical, climactic and economic conditions in Europe’s southernmost autonomous territory put it high on the list of desirable destinations for visitors of all types. But it is the political and economic conditions that the Nikosia government has overseen in recent years that make Cyprus the standout choice for those seeking a route to EU citizenship by investment.
Cyprus, whose economy is showing ever more encouraging upward signs, not only offers one of the least costly routes to citizenship by investment anywhere in the EU (only Malta comes close), it also offers a range of investment conditions that make a Cypriot passport an increasingly sought-after commodity.
International rating agencies have made no fewer than eight upgrades to their assessment of the Cypriot economy in recent months. The property market is booming - up 17% on 2014 - tourist numbers are likewise increasing - a rise of 13.75 was reported earlier this year. Meanwhile, government bonds are trading at an all-time low, and the country’s growth figure of 0.5% for the second quarter of 2015 is one of the highest in Europe. Overall, the Cypriot economic picture, marrying with an optimistic view of the political backdrop and high hopes for the reunification project, makes the island an increasingly attractive investment proposition.
Fuelling that positive sentiment is a tax framework that allows citizenship by investment applicants who remain non-domiciled a zero rate of tax on their profits. Clearly Cyprus is doing its utmost to attract foreign direct investment, but as the economy continues to develop, just as neighbouring Greece’s economy flat-lines, investors looking for a citizenship by investment package are increasingly looking towards Europe’s southern outpost. There is unquestionably plenty there to attract them.