Hopes are increasingly high for the imminent prospects of a united Cyprus and the economic opportunities that such a reunification could bring. Greek Cypriot Foreign Minister Ioannis Kasoulides told the Independent newspaper recently that the positive meetings shared by President of Cyprus, Nicos Anastasiades, and his Turkish Cypriot counterpart, Mustafa Akinci, are on course to bring matters to a point of resolution within months rather than years.
As tourist numbers continue to increase, as the property market maintains steady growth (with property sales up 20% on 2015), and with the international rating agencies having recorded no fewer than eight upgrades to the Cypriot economy since 2013, the economic picture is looking increasingly buoyant. If the two leaders are indeed able to bring an end to the division which has scarred the political landscape for two generations conditions for investment and growth will be at their most encouraging since 1974.
That increasingly positive outlook combined with the government’s pro-investment stance (including incentive schemes to property investors such as zero-rated transfer fees) is causing the Permanent Residency and Citizenship by investment programme to be increasingly explored by those seeking to establish permanent rights of residence within the EU.
Cyprus offers one of the most attractive paths to residency of any EU state and it is already one of Europe’s most sought after destinations for those seeking a change of domicile. As economic and political conditions show ever-more-credible signs of a long-term upturn it is anticipated that the scheme will prove even more attractive to high net worth individuals than has already been the case.
Key benefits of the Cypriot citizenship by investment include:
- Rapid application processing (3-4 months typically)
- No previous residency requirement
- No requirement to pay a local government bond
These immediate advantages complement the numerous free-trade and movement rights which are entailed in EU citizenship. With the added attraction offered by the prospect of a rejuvenated Cypriot economy, the appeal of the Cyprus Citizenship by Investment programme is set to increase still further.