Cyprus: Stars Lining up for Reunification
UN special advisor Espen Barth Eide has moved to reassure Cypriots that their hopes for reunification remain justified. Speaking to the Phileleftheros newspaper, Eide admitted that whilst there is currently no formal timetable for reunification, and that a certain amount of ‘tension’ was inevitable in attempting to bring the Greek and Cypriot sides of the island together, the overall picture remains optimistic. Eide insisted that, for all the anxiety over the current state of negotiations, conditions have never been more favourable for a resolution to the island’s 41-year division.
From an economic perspective the prospects of reunification are extremely welcome. The island’s economy is already enjoying a mini boom, with property sales up 17% over the past 12 months, positive growth that is amongst the highest in Europe currently, 0.5%, and the international rating agencies have upgraded their assessment of the Cypriot economy no fewer than eight times in recent months. With tourist income also surging – tourist numbers are up 13.7% on 2014 – the economy is in a suitably positive mode to make reunification an economic as well as a political cause for celebration.
It is on the basis of such a backdrop that overseas investors are turning their attention to Cyprus. This is enhanced by the highly competitive citizenship by investment scheme currently available in the Mediterranean island. With all the personal advantages of EU citizenship and eye-catching fiscal incentives to invest in Cypriot property that include 0% transfer fees, Cyprus is becoming a magnet for Non-EU investors in particular.
Even without a formal timetable for reunification it does appear that, after four decades of an unhappy stand-off, the political and economic conditions are as favourable as they have ever been. Eide has talked of the stars lining up for Cypriot reunification. If, as and when a solution can be negotiated Cyprus economic conditions suggest a stellar potential.
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 Immigration Lawyer will get in touch with you as soon as possible.