Cyprus is a commonwealth nation in the Mediterranean that is located South of Turkey and east of Greece. It is a member of the Eurozone and the European Union allowing this small country access to the economic and financial resources of the EU, consequently Cypriot people enjoy a high quality of life, the lowest crime rate in Europe and a long life expectancy. Cyprus is also a sought after tourist destination for its beautiful beaches, architecture and unique cuisine. This also gives it a reputation as a paradise for retirement. Cypriot people are internationally recognized for their literary history, their sporting prowess and their contributions to cinema. Cyprus has a history that involves several influences from civilizations around the Mediterranean and this shows in their distinctive architecture and lifestyle.
FACTS AND FIGURES
- Population: 1,410,000
- GDP: $19,931,000
- Per Capita GDP: $25,248
- Size: 9,251km²
- Capital: Nicosia
CYPRUS INVESTMENT RESIDENCY PROGRAM
Resident Permit Over 18 years old, Not a European Citizen, Applicant must buy a permanent resident by purchase of a 1st time property to the value of €300,000 euro and hold indefinitely. Hold €30,000 euro in a Cypriot bank for 3 years. Show income of €30,000 and €5,000 euro for each dependent. PRP holder must visit Cyprus 1ce every 2 years.
Based on subsection (2) of section 111A 19th March 2014, the “Scheme for Naturalization of Investors in Cyprus by exception” has been enacted. 165 applications have been completed as of March 2015.
Cyprus is currently undertaking development projects to grow several industries that are important to the local economy beginning with long-term investment into expanding the Suez canal and exploring the recently discovered oil reserves. In the health sector, the final steps are being taken to roll out a National Health Service, and the reputation for certain specialist medical procedures is increasing.
In the tourism sector, following an increase of 8.9% industry-wide, larger investments are beginning to attract attention. In 2015, Cyprus was as the top Mediterranean and Europe Wedding Tourism location with over 8,000 weddings and seven new golf courses were opened. And perhaps the most exciting industry news, the newly planned Casino Resort is predicted to increase government revenues by €35 to €50 million.