Data recently released by the Statistical Service of Cyprus shows that in July 2019, the number of registered unemployed in Cyprus was 22,106 (excluding self-employed and part-time workers), a year-on-year decrease of 17%, marking the lowest point since 2011. Declines in unemployment were observed across sectors including trade, construction, public administration, accommodation and food services, as well as manufacturing, professional services, and scientific and technical activities.
In recent years, driven by continuous benefits in tourism, energy, and trade, Cyprus's economic development is set to stand out within the European Union, becoming the "Dubai" or "Las Vegas" of Europe. It is precisely these reasons that have brought significant investment opportunities to Cyprus, attracting a large influx of international capital, driving the rapid development of various industries in Cyprus, and creating numerous job positions, thereby causing the number of registered unemployed in Cyprus to fall repeatedly.
Record-High Tourist Numbers in July
Recently, according to official data from Cyprus, the influx of tourists from the UK and Israel helped Cyprus set a record for the highest number of tourists in July, with the number exceeding 550,000. In July 2019, the number of tourists from the UK increased by 5.4% year-on-year, while the number of tourists from Israel increased by 42% year-on-year. To date, UK tourists remain the largest source of tourism for the island, accounting for 33.4% in July, followed by Russian tourists at 21%, and neighboring Israeli tourists at 8.5%, ranking third. Other emerging tourism markets also saw growth, such as Ukraine and Finland, with increases of 24.7% and 6.9% respectively. Cypriot authorities stated that the tourism industry accounts for approximately 15% of Cyprus's Gross Domestic Product (GDP) and has supported rapid economic recovery with a GDP growth rate of around 3.5%.
Major Energy Giants Layout in Cyprus
Energy giants Total and ENI will expand their operations in the Exclusive Economic Zone (EEZ) of Cyprus. According to government sources, the French company Total and the Italian group ENI will cooperate in the exploration of oil and gas fields in offshore Block 7.
Previously, the No. 12 oil and gas field was developed by Noble Energy of the United States, Delek Drilling of Israel, and Royal Dutch Shell of the Netherlands. According to Delek's estimates, the production of this field in the first phase is approximately 800 million cubic feet. ExxonMobil discovered the No. 10 oil and gas field, with estimated natural gas reserves of 5-8 trillion cubic feet, similar in scale to the No. 12 field.
In recent years, Cyprus has discovered significant natural gas energy resources. Major energy giants have established a presence, forming partnerships with countries such as the United States, France, and Italy to extract and export more natural gas, while gradually striving to develop into an energy hub for Europe.
In addition to the above industries, many other sectors in Cyprus are developing at a high speed, such as the financial industry, real estate, and agriculture. The continuous development of these industries collectively promotes the general rise of the national economy of Cyprus.
EU Passport, Many Benefits
In this prosperous Mediterranean country, trade and investment are very convenient, with high-quality human resources, a clear legal system, good infrastructure, government incentives, and a high quality of life. Furthermore, Cyprus is a member of the European Union. According to relevant EU provisions, passports issued to Cypriot citizens are EU passports. Holders can freely enter, settle, work, and study in EU countries, and enjoy the same medical, educational, and employment rights and benefits as local citizens.
Cyprus Investment Program
The Cyprus Investment Program has consistently attracted non-EU overseas investors, especially those from the Far East, the Middle East, India, Russia, and South Africa. Investors who purchase Cypriot real estate starting from 2 million euros and make a donation of 150,000 euros can obtain a Cyprus EU passport for three generations of their family. Holding a Cyprus EU passport not only allows visa-free access to more than 150 countries and regions worldwide, but also provides "1=32" benefits! This means that holders of a Cyprus EU passport can freely move, work, and reside within 32 European countries, including the 28 EU member states (including the UK, Germany, Austria, Italy, France, Finland, etc.) and the 3 member states of the European Economic Area (Norway, Iceland, Liechtenstein), as well as Switzerland. They can enjoy the generous benefits of EU citizens in EU countries, and under certain conditions, can easily immigrate to multiple European countries.
In addition to investing in real estate, investors can also immigrate to Cyprus by purchasing, establishing, or participating in the investment of Cypriot enterprises.
Superior Tax System
Beyond the investment citizenship program, the country's tax system is also very attractive to international buyers. The corporate tax rate in Cyprus is 12.5%; there is no inheritance tax, no gift tax, no global taxation, and it has signed double taxation avoidance treaties with more than 40 countries, including China. Cyprus's superior tax system has attracted numerous enterprises and investors to come here and create more wealth.
As a top 500 Asian brand, WorldWay Group is a pioneer in Cyprus investment immigration: in 2011, it was among the first to introduce the Cyprus Permanent Residency and Citizenship by Investment programs to China, opening a wonderful journey of European investment immigration; in 2014, the "Paphos Night" events in Beijing and Shanghai were investment and cultural exchange events themed around European cities in China. Choosing the professional WorldWay, which has good government relations, makes the path to immigration easier!
Currently, in addition to applying for citizenship through property purchase, investors can also apply for immigration to Cyprus by purchasing, establishing, or participating in the investment of Cypriot enterprises. For example, the Limassol Golf Resort project, launched through a strong partnership between WorldWay and a powerful Cypriot developer, is an equity buyback immigration project suitable for those who purchase, establish, or participate in the investment of a Cypriot enterprise. By investing 2 million euros to subscribe to the project's equity, while also purchasing Cypriot real estate starting from 500,000 euros and donating 150,000 euros, three generations of the family can apply for and obtain a Cyprus EU passport. For details, please consult: 400-138-2929
