February 20, 2019
A recent study conducted by the Cyprus Finance Ministry on the Cyprus Citizenship by Investment (CIP) Program gives interesting insights into the success of the program over the last 5 years (FY2013 – FY2018), and shows the significant impact the program has had on the Cypriot economy.
The study reveals that during the 5-year period –
- A total of € 6.6 billion investments were received
- 1864 foreign investors & their eligible family dependants were granted citizenship
- Total investments in Cyprus real estate were € 3.7 billion
- Total investments in Cyprus businesses were € 1 billion
- Total investments in Cyprus government & corporate bonds were € 579.8 million
- Total investments in Bank Deposits & Credit Institutions were € 713.3 million
- CIP & foreign investment has led to the recovery of the Cyprus real estate sector
- Revenue from value-added tax (VAT) increased by 30%
- Over 2200 jobs were created
- The CIP has led to a reduction in debt levels
- Other sectors of the economy such as consumption, professional services, education & tax revenues have also been positively impacted.
Limassol & Paphos continue to be the favoured destinations for real estate investment.
The Cyprus government has recently announced some changes to the Citizenship by Investment Program. We await receipt of the official notification & shall inform all stakeholders of the changes that have been made immediately on receipt of the notification.
Cyprus has been ranked as the 5th best relocation destination in the world. Coupled with what most international tax advisors agree is the most favourable onshore personal tax regime in the world, Cyprus provides an attractive destination for investment-based migration.
Contact Us at Migratesmart® to ensure your process of acquiring Cyprus citizenship is smooth, successful & stress-free. We invite you to take advantage of our knowledge base, expertise & quality of service and benefit from a long-term relationship with us.