Cyprus Economy adds to Migration Attraction
The Cyprus economy continues on an upward trajectory. In a scenario that suggests a potentially positive outcome for events in neighbouring Greece the Cypriot economy has emerged from a difficult period to offer an increasingly positive picture of sustainable growth and stability. International rating agencies have uprated the Cyprus economy fewer than eight times in recent months, the property market is booming with sales up 17% in 2015 and government bonds down from a 14% rate to a more measured 3%.
Capital controls -including the restriction on money transfers out of the country – have been lifted, the banking system has been stress-tested and approved as fit for purpose by EU banking experts and the property market, which was effectively wiped out by the banking collapse, is now showing a healthy rate of growth. Additionally, tourists are once again pouring money into the Cyprus economy. And it is not just casual tourists that the island is attracting.
For all the bad publicity it attracted in 2013 Cyprus is increasingly being seen as the destination of choice for those seeking to establish residency rights within the EU. Cyprus offers a notably streamlined package of inducements to achieve citizenship by investment – a move which brings with it the right to reside and work anywhere within the EU.
Such a mechanism, of course, only makes sense if the Cyprus economy is viable. Currently the signs are positive. Fuelled in part by an influx of capital investment from precisely those seeking citizenship by investment it appears that Cyprus is on the up. Bank deposits are increasing, the building industry is experiencing double digit growth, the international rating agencies are signalling positive growth and tourist figures are up by 13% on 2014’s figures.
For anyone considering the merits of achieving EU citizenship by investment – and different countries have their own criteria for awarding such citizenship – the steadily improving state of the Cyprus economy offers a pathway that combines a relatively low bar to entry with economic security and considerable investment opportunity.
If you would like to emigrate to Cyprus under Cypriot Investment Scheme and need professional help, please do not hesitate to contact YDVISAS and one of our expert UK immigration lawyers will get in touch with you as soon as possible.