Cyprus, the birthplace of Aphrodite, is located in the eastern Mediterranean. As the third-largest island in the Mediterranean, it sits at the crossroads of Europe, Asia, and Africa. Occupying a vital geographical position, it serves as a key gateway for investors looking to enter Europe, the Middle East, and Africa, attracting numerous investors. Recent positive developments in Cyprus have further enhanced its reputation.
Shipping: Successfully Elected as a Member of the IMO Council
Recently, at the 31st International Maritime Organization (IMO) Assembly held in London, Cyprus was re-elected as a member of the IMO Council for the 2020-2021 biennium. As one of the candidates for the 20 Category C seats, Cyprus received 140 votes (out of 165 participating countries), ranking 4th. Since its first election to the IMO Council in 1987, Cyprus has consistently been re-elected as a Category C member. This successful re-election once again proves that Cyprus is an internationally recognized shipping hub.
Energy: To Establish a Major Liquefied Natural Gas (LNG) Terminal
Recently, a contract agreement for the construction of essential infrastructure and the supply of Liquefied Natural Gas (LNG) in Cyprus has been finalized. The goal of this agreement is to enable the use of LNG for power generation in the market by the end of 2021. The LNG carrier Galea will be used as a Floating Storage Regasification Unit (FSRU) and will begin operations in 2021 for a period of 25 years. The total cost for the conversion and operation of this facility is estimated at approximately €260 million, of which €101 million will be covered by EU funds. Additionally, the European Investment Bank and the European Bank for Reconstruction and Development have reached a preliminary agreement to provide funding for the project.
As a powerhouse in both shipping and energy, Cyprus's international influence is becoming increasingly prominent. Driven by the deep integration of energy and shipping, the investment prospects in Cyprus are becoming even broader.
Currently, through the Cyprus Investment Programme, investors who purchase at least €2 million in Cypriot real estate (whether one or multiple properties) and make a €150,000 donation can not only obtain permanent ownership of the property and enter the Cypriot investment market, but also apply for a Cypriot EU passport for three generations of their family.
Furthermore, 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 Integrated Resort project introduced by Worldway is an equity investment immigration project suitable for those who purchase, establish, or participate in the investment of a Cypriot company. By investing €2 million to subscribe to the equity of this project, while also purchasing at least €500,000 in Cypriot real estate and making a €150,000 donation, the entire family of three generations can apply for a Cypriot EU passport.
Holding a Cypriot EU passport not only provides visa-free access to over 170 countries and regions, but also grants access to 32 European countries! This means that holders of a Cypriot EU passport can freely move, work, and reside within the 28 EU member states (including the UK, Germany, Austria, Italy, France, Finland, etc.), the 3 member states of the European Economic Area (Norway, Iceland, Liechtenstein), and Switzerland—a total of 32 European countries—and enjoy the generous benefits of EU citizenship. Under certain conditions, it can also serve as a pathway to immigrate to multiple other European countries!
With the surge in interest in Cypriot investment, the number of applicants for the Cypriot EU passport is increasing. Since last year, the Cypriot government has repeatedly raised the application threshold, not only limiting the number of applications but also increasing the donation costs. No one can predict whether policies will tighten further in the future. Therefore, those interested in investment immigration to Cyprus should act now and cherish the opportunity.
Great News! To thank new and old clients for their continued trust and support, as we approach the end of 2019, Worldway is launching a "Year-End Mega Sale, Giving Back to Clients" promotion. From December 1 to December 31, 2019, there will be many activities, discounts, and surprises. We welcome all new and old clients to actively participate and seize the opportunity! For more details, please call: 400-138-2929.
