Reasons for investing in Cyprus
Updated: Aug 14, 2019
With constant sunshine, blue skies and the calm Mediterranean sea Cyprus is seen as an attractive place for many. However, apart from an amazing lifestyle on offer, Cyprus has many more reasons that make it worth investing in.
Here are IPN’s reasons for investing in Cyprus
1. European Union passport
Cyprus has been a member of the European Union since 2004, which means that a holder of a Cypriot passport has the legal right to live, travel and work anywhere in the European Economic Area (including Iceland, Liechtenstein and Switzerland).
2. 300 days of Sunshine a year
The island enjoys as many as 300 days of sunshine a year! This means there’s a lot of beach days and outdoor activities to enjoy.
3. 13TH best passport in the world*
For those lucky few who have a Cypriot passport, it is currently ranked as the 13th best passport in the world, allowing visa-free travel to 157+ countries across the world.
4. Tourism – Cyprus welcomes over 3 million tourists a year
For or a country with a population of only 800,000 Cyprus is surprisingly geared up to cater for any type of tourist, from the beach bums to adrenaline junkies from the party goers to wedding receptions, Cyprus really does have it all.
5. Cyprus economy continues to improve following the crisis in 2013
The Cypriot economy continues to show resilience after the crisis with GDP increasing by more than 2.5% a year over the past couple of years.
6. Cyprus has a highly qualified and Multilingual Labour Force
Cyprus poses the highest percentage of university graduates per capita than anywhere else in Europe.
7. Low corporate tax – one of the most competitive in Europe at 12.5%
Corporation tax remains one of the lowest across Europe and aided by the highly qualified Labour force makes Cyprus an attractive place to set up a business.
8. Tourism will continue to be encouraged by allowing the construction of condo hotels
Due to the increase in Tourist numbers over the years, the island has recently started to construct a new wave of luxury hotels across its shores.
9. Cyprus has become the EU’s key trading post in the Eastern Mediterranean Region
Cyprus is ideally located between Europe, Africa, and Asia making it one the most important points of exchange across the globe.
10. Reputable International Shipping Centre
It ranks among the 10 leading maritime nations in the world; with a merchant fleet exceeding 40 million gross tonnages and nearly 2000 vessels.Easiest & Quickest (6months) Investment by citizenship programme in Europe
For those that are looking to obtain a European passport, Cyprus currently offers the quickest route to obtaining one compared to other programmes on offer.
11. The reduction of time allocated for planning permissions
In order to encourage continued development, the government aims to approve projects within a short period of time, allowing businesses to get to work as quickly as possible. This is set as one month for small business projects and three months for larger business projects.
12. The building coefficients have been increased by as much as 30% depending on the area residential and commercial spaces will be built on
This is good news for those looking to buy land to build their dream home/offices. For those who already have a property the opportunity to add an extension is now possible.
*according to Passport Index
For more information about Cyprus and how you can invest, contact the team on +357 25 31 31 81 or visit www.ipncyprus.com