Recently, Cyprus Finance Minister Petros Patsalides stated during a speech in Parliament: The Cypriot economy will perform better than expected, with a projected strong rebound of approximately 5.6% in 2021.
Patsalides indicated that due to the increase in Gross Domestic Product (GDP) and favorable loans, the public debt, which is expected to reach 120% of GDP in 2021, will decline.
The Minister stated that the speed of the Cypriot economic recovery will depend on external demand, and if external demand decreases, the government will adjust its economic policies.
Cyprus, which has exceeded economic expectations, has also received recognition from rating agencies. Recently, S&P Global Ratings confirmed its long-term and short-term foreign and local currency sovereign credit ratings for Cyprus at BBB-/A-3, with a stable outlook.
The S&P report believes that Cyprus's membership in the Eurozone, strong cash position, robust growth prospects, and historically prudent fiscal policies will mitigate the impact of COVID-19 on the country's creditworthiness.
The Cyprus Finance Minister stated that S&P's credit rating affirms Cyprus's rational management of the economy and public finances. He pointed out: "This rating confirms the government's rational management of the economy and public finances, which is key to ensuring macroeconomic stability and fiscal sustainability."
The exceeding expectations of the Cypriot economy and its stable outlook also indicate that Cyprus offers a favorable investment environment filled with opportunities, making it an ideal time to invest in Cyprus.
Through the Cyprus Investment Program, investors can purchase properties in Cyprus starting from €2 million (whether one or multiple properties) and make a donation of €200,000. This not only allows them to acquire permanent property ownership and participate in the Cypriot investment market but also enables their entire family across three generations to apply for Cypriot EU passports, enjoying the benefits of EU citizenship such as education, healthcare, and retirement, thus achieving dual benefits from investment status.
As a member of the European Union and the Commonwealth, the Cypriot passport combines the benefits of both. Holding a Cypriot EU passport allows visa-free access to over 160 countries and regions, and also enables free movement, work, residence, and study in any of the 27 EU member states (including Germany, Austria, Italy, France, Finland, etc.), the three EEA member states (Norway, Iceland, Liechtenstein), and Switzerland, totaling 31 European countries, while enjoying the generous benefits of EU citizenship in EU countries.
Meanwhile, Cyprus's accession to Schengen has received preliminary approval from the EU. As a country that is expected to be one of the few to integrate the identities of EU member states, Eurozone countries, Commonwealth member states, and Schengen area member states, its status is undoubtedly valuable. Interested investors should seize the current favorable investment opportunities in Cyprus, apply early, obtain status early, and benefit early!
Worldway Group, a top 500 Asian brand, has maintained good interaction with the Cypriot government for many years. In 2011, it was one of the first to introduce the Cyprus Permanent Residency and Citizenship by Investment Program to China, starting an exciting journey of European investment immigration. In 2014, the "Paphos Night" events in Beijing and Shanghai were investment and cultural exchange activities themed around European cities in China.
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