In the World Bank's "2018 Doing Business Report", Cyprus is ranked 53rd among 190 countries and regions, making it one of the few EU countries with low operating costs and high living standards. This clearly indicates that Cyprus's favorable business environment and its position as a regional business center have gained international recognition. Today, the editorial team at WorldWay Communication has chosen the latest news about Cyprus to analyze its investment potential from multiple aspects.
Cyprus's property transactions surged by 29% in April
The land department reported that property transactions increased last month, with an annual growth of 29%. From January to April, the total number of transactions rose by 38%, indicating that demand for property in Cyprus is increasingly robust.
Strong internal demand drives growth
After a strong growth of 3.9% in 2017, early data and surveys indicate robust growth in the first quarter of 2018. The growth momentum is expected to continue, supported by strong internal demand, with GDP growth projected at 3.6% for 2018 and 3.3% for 2019.
Investment as a driving force for growth
In 2017, investment increased significantly. The tourism boom has created additional demand for accommodation and other infrastructure, leading to growth in new residential construction, which is strongly supported by the construction industry. Equipment investment has been particularly strong, mainly due to the increase in ship registrations. Backed by large-scale foreign projects, the outlook for investment is particularly promising.
Stable consumption with expectations of continuity
Due to rapid job growth, low inflation, and an increase in real disposable income, personal consumption accelerated in 2017. At the beginning of 2018, most economic sectors had significantly increased their workforce, and the unemployment rate fell below 10%. Employment expectations and consumer confidence are on the rise, supporting this outlook.
The European Commission: Cyprus's strong economic growth momentum is expected to continue
According to the European Commission's spring economic forecast for 2018, driven by foreign investment and private consumption, economic growth is expected to remain strong. The unemployment rate has already fallen below 10% and is expected to continue declining.
Cyprus-Egypt gas trade agreement expected to be reached soon
Cyprus and Egypt are set to sign an agreement soon that will connect the Aphrodite gas field with North African countries, with reports suggesting that an international deal is expected to be signed in the coming weeks. According to the Cairo Publisher, both countries signed a preliminary agreement in November 2017 to transport gas from Cyprus to Egypt, where it would be processed at a liquefied natural gas plant before being exported to European and other markets.
Today, Cyprus's economy is undergoing a strong recovery, making it a golden opportunity for investment. The rental and sale yields for properties in Cyprus are considerable, making it an investment with multiple returns! As a member of the EU, holding a Cyprus passport is equivalent to holding an EU passport.
Currently, investing €2 million in real estate in Cyprus can grant your entire family EU citizenship, allowing visa-free access to over 150 countries and regions, the freedom to enter, reside, work, study, and start a business in 27 EU countries, as well as the ability to settle freely in countries such as Switzerland and Norway. Immigrating to Cyprus also provides your children with access to top-tier European elite education and your family with free healthcare benefits. Furthermore, properties in Cyprus come with permanent ownership and no inheritance tax, which is greatly favored by many investors, serving as a springboard for the global expansion of careers and asset allocation.
WorldWay Communication immigration experts indicate that investors should seize the opportunity presented by Cyprus's continually improving economic conditions. Investing €2 million in real estate allows for a quick application for immigration to Cyprus, granting the entire family EU citizenship and dual prosperity in wealth and status. For more details, please call WorldWay Communication's consultation hotline: 400-138-2929.