Worldway Group has learned that the Minister of Finance of Cyprus recently stated that the Cypriot economy has maintained strong growth over the past five years.
According to data from Eurostat, Cyprus's GDP grew by 0.7% quarter-on-quarter in the first quarter of 2019, exceeding the 0.4% growth rate of the Eurozone and the 0.5% growth rate of the EU. Following adjustments for the new quarter, the statistical office released updated estimates showing that in the second quarter of 2019, both the EU and Eurozone GDP grew by 0.2% compared to the previous quarter, while Cyprus's GDP maintained a growth rate of 0.7%, once again surpassing the EU level! Compared to the same period last year, Cyprus's GDP grew by 3.5% in the first quarter and 3.2% in the second quarter of this year, while the EU grew by 1.6% and 1.3% respectively.
The growth of Cyprus's GDP is mainly attributed to the construction, information and communication, scientific activities, administrative and support service activities, and arts and entertainment sectors. It is reported that to promote economic development, Cyprus will develop more tourism projects in the future, including building new hotels, developing golf courses, and investing over 1 billion euros to develop four new marinas to enhance maritime tourism capacity. The City of Dreams Mediterranean casino resort in Limassol is expected to be completed in 2021. These diversified tourism products will significantly enhance Cyprus's tourism resources, enriching the island's tourism offerings while increasing its appeal to tourists.
In addition, the development of the Cypriot economy has also driven up local housing prices. According to Trading Economics data, after six years of decline following the 2010 European debt crisis, Cyprus housing prices began an upward trend in 2016, and by the fourth quarter of 2018, property prices reached 75% of their 2010 levels. Data from the Central Bank of Cyprus (CBC) shows that residential property prices rose by 0.2% in the fourth quarter of 2018 on a quarterly basis. All signs indicate that with strong economic growth and improvements in the banking system, the real estate market will continue to improve in the coming months.
The Chairman of the Royal Institution of Chartered Surveyors (RICS) in Cyprus stated that the Cypriot real estate market has historically been divided into two areas: one is a popular market area driven mainly by local demand, such as Limassol, and the other is driven mainly by the demand of foreign investors, such as Paphos. For global investors, Cypriot property not only serves as an asset allocation tool but also provides identity configuration, tax planning, and international education for children.
Currently, the strong economic growth in Cyprus continues to attract numerous investors. Through the Cyprus Investment Programme, by purchasing at least 2 million euros in Cypriot real estate and donating 150,000 euros, the whole family across three generations can quickly obtain a Cyprus EU passport. In addition, investors can also apply for immigration to Cyprus by purchasing, establishing, or participating in the investment of a Cypriot company. For example, the Limassol Golf Resort project, launched by Worldway in partnership with a powerful Cypriot developer, is an equity buyback immigration project suitable for those who purchase, establish, or participate in the investment of a Cypriot company. By investing 2 million euros to subscribe to the project's equity, while also purchasing at least 500,000 euros in Cypriot real estate and donating 150,000 euros, the whole family across three generations can obtain a Cyprus EU passport.
Holding a Cyprus EU passport not only allows visa-free travel to over 150 countries and regions, but also offers a 1=32 advantage! This means that holders of a Cyprus EU passport can freely move, work, and reside in any of the 28 EU member states (including the UK, Germany, Austria, Italy, France, Finland, etc.) as well as the 3 member states of the European Economic Area (Norway, Iceland, Liechtenstein) and Switzerland—a total of 32 European countries. They can also enjoy the generous benefits of EU citizenship in EU countries, and easily immigrate to multiple European countries under certain conditions!
Immigration is a long-term endeavor, and choosing a formal and professional immigration agency is crucial. As a top 500 Asian brand and a leading investment immigration institution, Worldway Group, as a pioneer in Cyprus investment immigration, introduced the Cyprus permanent residence and citizenship by investment programs to China in 2011, starting a wonderful journey of European investment immigration. In 2014, the "Paphos Night" events in Beijing and Shanghai were the first investment and cultural exchange activities in China themed around a European city. Choosing the professional Worldway, which has excellent government relations, makes the path to immigration easier! Consultation Hotline: 400-138-2929.
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