Recently, Fitch Ratings upgraded the rating of Cyprus banks from BB+ to BBB-, with a positive outlook. This is an important milestone for Cyprus banks, reflecting the improvement in their financial condition and the overall stability of the banking sector in Cyprus.
Fitch noted in its report that this rating upgrade primarily reflects the improvement in the asset quality of Cyprus banks, including a reduction in legacy problem assets (including non-performing loans and net foreclosed assets), which has reduced the capital burden and kept it manageable.
At the same time, there has been new progress regarding Cyprus's accession to the Schengen Area in 2025. According to multiple media reports (including U.S. POLITICO, Greek Daily, and Cyprus Mail), Cyprus may join the Schengen Area within 2025.
As early as July 2023, Cyprus joined the Schengen Information System (SIS), which is used to assess Cyprus's eligibility for joining the Schengen Area. A spokesperson for the European Commission informed POLITICO reporters that the EU executive body will continue to support Cyprus's accession to the Schengen Agreement and is closely cooperating with Cyprus to expedite further measures, including border management, returns, and visas.
Cyprus President Nikos Christodoulides stated at the "Beyond Sea and Sun" conference: "Cyprus will resolve all technical issues required for joining the Schengen Area before 2025." This statement undoubtedly injects a boost of confidence for global investors.
As an EU member state, Cyprus is known as the "Garden of Europe" and the "Island of Love." With its high-quality education system, pleasant Mediterranean climate, developed economy, safe living environment, and generous welfare benefits, it has won the favor of countless immigrant investors. The Cyprus passport is even referred to as the "Hermès of passports" in the immigration community.
Once Cyprus successfully joins the Schengen Area in 2025, it will become the second country after Malta to integrate the status of an EU member state, Eurozone country, Commonwealth member, and Schengen Area member. The value of Cyprus's identity will further enhance! Investors interested in immigrating to Cyprus should act quickly, apply early, obtain their status early, and benefit early!
Important Reminder! The tightening of immigration policies in many European countries has become an inevitable trend. Following Cyprus's suspension of its investment citizenship program, Ireland's cessation of investment immigration, Portugal's termination of its property investment immigration, and price increases in Greece and Malta, Spain has also halted its Golden Visa program. The European Parliament has already proposed to close all investment immigration programs by 2025. Sudden policy changes once again prove that the immigration market is ever-changing; time waits for no one, and immigration should be pursued early!
Currently, with an investment starting from €300,000, families can apply for permanent residency in Cyprus. Children can enjoy free public compulsory education and can return to China as overseas Chinese students to take entrance exams, easily gaining admission to top universities such as 985 and 211. At the same time, after obtaining permanent residency in Cyprus and meeting relevant conditions, one can also apply for a Cyprus EU passport.
WorldWay Group is your trusted choice for handling Cyprus immigration.
In 2011, we were among 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" event in Beijing and Shanghai was an investment and cultural exchange event themed on European cities. As one of Asia's top 500 brands, with over 20 years of focus on investment immigration, WorldWay Group has maintained good interaction with the Cyprus government over the years, making it your trusted choice for handling Cyprus immigration.
For inquiries in mainland China: 400-138-2929, Hong Kong customer service center: (852)2802 8798
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