Recently, the Cyprus Statistical Service (CYSTAT) released data showing that Cyprus's GDP grew by 3.4% year-on-year in the third quarter, far exceeding the EU average growth rate of 1.6%, ranking sixth among EU countries, making it one of the fastest-growing economies in Europe.
The Ministry of Finance of Cyprus stated: "The Cypriot economy has achieved positive growth for the fifth consecutive year and is also one of the countries with a high growth rate in the EU, indicating that our economy is built on a solid foundation."
The continuous growth of Cyprus's GDP is mainly attributed to the active real estate transaction market, increasing foreign investment, sustainable energy development, and a booming tourism industry.
In terms of the real estate transaction market, transaction volumes are continuously rising
According to official data from the Land Registry, the sales of real estate in Cyprus have significantly increased this year, with the number of property transactions and sales contracts registered at the Land Registry reaching a historical high. In the first ten months of 2019, the number of property transactions reached 8,519, a 14% increase compared to the same period in 2018.
In terms of foreign investment, over 10 billion euros have been attracted
A report by PwC shows that in the first half of 2019, overseas investors purchased a total of 2,482 properties in Cyprus, a 13% increase compared to the first half of 2018, with nearly 70% of overseas investors coming from non-EU countries. According to data collected by Stockwatch, by October 2019, Cyprus had issued 550 passports through its investment citizenship program, expected to break the record of 581 passports issued in 2018. In addition, over the past six years, Cyprus has attracted more than 10 billion euros in international direct investment.
In terms of energy development, newly discovered oil and gas fields are conservatively valued at 30 billion dollars
As a country with offshore natural gas fields, Cyprus has currently discovered 13 large offshore oil and gas fields, among which the proven Aphrodite gas field No. 12 has reserves of 454 million cubic feet, sufficient for Cyprus's use for 200 years. In March of this year, a newly discovered gas field No. 10 was found to have gas reserves of 500 to 900 million cubic feet, conservatively valued at over 30 billion dollars. This is one of the largest discoveries of natural gas globally in the past two years. The abundant oil and gas resources have attracted global energy giants to seek cooperation with Cyprus, bringing Cyprus a step closer to its status as the "Energy Center of Europe."
In terms of tourism, plans are underway to create the "Las Vegas" of the Mediterranean
As Europe's backyard, Cyprus is known for its sunny weather and beautiful beaches, long being a favored destination for summer travelers and beach vacationers. Currently, Cyprus is constructing a European mega-casino resort with an estimated investment of 550 million euros—City of Dreams, which is the largest investment project in Cyprus's history. Upon completion in 2021, it is expected to attract 300,000 visitors annually, create 6,500 jobs, and generate 700 million euros in revenue, accounting for 4% of the national GDP. Once completed, it may transform Cyprus into the "Las Vegas" of the Mediterranean.
The economic development momentum in Cyprus is strong, with all sectors showing vigorous growth, attracting a large number of foreign enterprises and investors. Currently, through the Cyprus Investment Program, investors can purchase properties in Cyprus starting from 2 million euros (whether one or multiple properties) and donate 150,000 euros, not only obtaining properties with permanent ownership in Cyprus and entering the Cypriot investment market but also allowing three generations of the family to apply for Cypriot EU passports.
In addition, investors can also apply for immigration to Cyprus by purchasing, establishing, or participating in investments in Cypriot enterprises. For example, the Limassol Golf Resort project introduced by WorldWay Immigration is an equity investment immigration project suitable for those who purchase, establish, or participate in investments in Cypriot enterprises. By investing 2 million euros to subscribe to the equity of this project, while also purchasing real estate in Cyprus starting from 500,000 euros and donating 150,000 euros, the entire family can apply for Cypriot EU passports.
Holding a Cypriot EU passport not only allows visa-free access to over 170 countries and regions but also grants access to 32 European countries!!! That is, holders of Cypriot EU passports can freely migrate, work, and reside in the 28 EU member states (including the United Kingdom, Germany, Austria, Italy, France, Finland, etc.) as well as in the three member states of the European Economic Area (Norway, Iceland, Liechtenstein), and Switzerland, totaling 32 European countries, enjoying the generous benefits of EU citizenship, and under certain conditions, can also facilitate immigration to multiple European countries!
With the rising popularity of investment in Cyprus, the number of applicants for Cypriot EU passports is increasing. Since last year, the Cypriot government has repeatedly raised the application thresholds, not only limiting the number of applicants but also increasing donation costs. It is uncertain whether future policies will tighten further, so those interested in investing and immigrating to Cyprus should cherish the opportunity.
Great news! To thank our new and old clients for their trust and support, at the end of 2019, WorldWay Immigration is launching a "Year-End Mega Sale, Customer Appreciation" promotion with many discounts and surprises from December 1 to 31, 2019. We welcome all new and old clients to actively participate and seize the opportunity! For more details, please consult: 400-138-2929.
Some materials in this article are sourced from the internet, and the copyright belongs to the original authors. If there are any copyright issues, please contact the original authors or us.