According to a recent report by the Cyprus Mail, data from the Department of Lands and Surveys shows that, stimulated by the government's investment-based citizenship and permanent residency programs, the number of non-Cypriot buyers purchasing local real estate from January to August this year reached 618, a year-on-year increase of 4.2%. During the same period, the number of second-hand property transactions in Cyprus was 4,912, a year-on-year increase of 20%.
Insiders reveal that since the launch of the investment immigration program following the 2013 banking crisis in Cyprus, the program has attracted approximately 5 billion euros in foreign capital. Of this, about 500 million euros were invested in government bonds, 700 million euros in the acquisition of local enterprises, and the majority of the remainder flowed into the real estate market. More than 1,200 people have obtained Cyprus passports through the 2013 investment immigration program and similar programs under the previous Christofias government. So, why is Cyprus so sought after by investment immigrants?
High Value of Real Estate Investment
The overseas property market is showing a gradual recovery trend and holds significant appreciation potential. Overseas real estate investment immigration projects are undoubtedly a better choice for investors. Buying a property in Cyprus allows the whole family to obtain permanent residency, which is a win-win for investors. Furthermore, Cyprus properties offer permanent ownership and no inheritance tax, which is a considerable advantage.
Generous Benefits
When choosing Cyprus, immigrants consider not only the benefits that come with citizenship but also the tangible perks available to permanent residents, such as free public education and free public healthcare. Public education is free for 12 years, from primary school to high school, without any tuition fees. Regarding public healthcare, by purchasing a certain amount of medical insurance, residents can enjoy the same free medical services in public hospitals as native Cypriots. Holding a Cyprus passport allows for investment and wealth management within the EU, visa-free access to over 150 countries and regions, and the freedom to live, work, and study in 31 European countries (including the 27 EU member states such as Germany, Italy, and France, as well as Switzerland, Norway, Iceland, and Liechtenstein), while enjoying the same benefits as citizens in the 27 EU countries.
An Ideal Place to Live
Cyprus is a traditional European health resort and a world-famous land of longevity. It is also one of the countries with the lowest crime rates in Europe and was named one of the "World's Top Ten Safest Travel Destinations" by Forbes Travel. Cyprus enjoys over 300 sunny days a year, possesses unique Mediterranean tourism resources, and the local residents are warm, hospitable, and have simple, honest customs. Whether in terms of natural scenery or history and culture, it is a great place to live.
Immigration Springboard
Located at the northeastern corner of the Mediterranean, at the intersection of Asia, Africa, and Europe, Cyprus is an offshore tax haven with some of the world's lowest tax rates. It has signed bilateral tax exemption agreements with more than 40 countries, including China, which helps in opening up trade and economic investment in other regions. Its geographical and tax advantages are obvious.
Combining these major advantages, the Cyprus Investment Programme has been favored since its implementation for its simple, convenient, and direct application process. As a member of the European Union, obtaining a Cyprus passport through investment is equivalent to holding a pass that opens doors to the 27 EU member states and beyond. While this immigration policy has brought numerous economic benefits to Cyprus, it has also led to "envy, jealousy, and hatred" among other EU members, resulting in constant criticism. Now that the Cyprus economy is growing, the immigration boom has resurfaced, and pressure is beginning to mount again.
In view of the current situation, Cyprus may tighten immigration quotas, so interested applicants must seize this excellent opportunity! Currently, investors who spend 2 million euros on property can still apply for Cyprus immigration quickly and directly, obtaining EU citizenship for the whole family and reaping both wealth and status benefits.
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