News

 

Cyprus Property transactions rise 21% in July

Property transactions rose 21 per cent year-on-year in July, to 896, the highest since December, mainly on a strong performance of the real estate market in Nicosia and Paphos, the Department of Lands and Surveys said.

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Approximately one million people acquire citizenship of an EU member state in 2016

A total of 4,660 persons acquired the Cypriot citizenship in 2016, according to data published today by Eurostat. According to Eurostat, 24.8% of them were Russians, 15.6% Greeks and 7.2% from the United Kingdom. An increase of 40% was registered compared to 2015.

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Exceptional Iranian student received honorary Cypriot citizenship

Interior minister Constantinos Petrides granted honorary citizenship to the 16-year-old Iranian student, Datis Amirkalali, on Friday, for high academic achievement.

 

Datis attends a Nicosia private school and is said to be an exceptional student. Since 2015 he has participated annually in the Cyprus Mathematics Competitions and secured the 1st Pancyprian Prize three years in a row in 2016, 2017 and 2018.

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Forget fast cars and yachts, passports are the new status symbol for the ultra-rich

According to the UK's Telegraph: Ultra high-net worth individuals are turning their attention away from sports cars, yachts and designer clobber, and are instead focusing on acquiring the latest status symbol among the super wealthy: passports.

 

Today it is entirely possible to buy and sell citizenship, and for the ultra-rich, the more passports they can get their hands on, the better.

 

Citizenship by investment programmes (CIPs) is a concept that began in 1984, when the two-island Caribbean nation of St Kitts and Nevis came up with the idea to encourage wealthy individuals to pump money into its economy in exchange for a passport, which gives holders visa-free access to 132 countries worldwide.

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Cyprus Immovable Property Tax to be scrapped for new purchases in 2017

DISY LEADER Averof Neophytou’s radical proposal for slashing the state’s immovable property tax (IPT) by 75 per cent this year, and scrapping it altogether in 2017, was passed by a majority vote in Thursday’s parliamentary plenum.

EU (Cyprus) Citizenship is now even easier

The Council of Ministers approved on Tuesday major changes for granting Cypriot (EU) Citizenship to non-Cypriot entrepreneurs/investors. In statements to the press on Wednesday, Minister of Finance Harris announced that the revision of the scheme aims to encourage real estate investments that would benefit the economy.

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Record Number of Cyprus Tourists

The number of tourist arrivals rose 17 per cent last month to 458,645 compared to the respective month of 2015, which was an all-time high for an August, the statistical service said.

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€600m a year expected from Cyprus natural gas revenues in 12 years

Finance Minister Harris Georgiades expects that Cyprus will annually receive up to €600m in gas revenues inside of 12 years once exploitation of the Aphrodite field – so far Cyprus’s single hydrocarbon finding – begins, the Cyprus News Agency reported on Monday.

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The Millionaires Club: The Ultimate in Beach Front Living: Pre Release Opportunity

A Luxury Beach Front Development in the Heart of Cyprus. Only For the Most Discerning Clients: Prices from €1.75m to €21.5m

The Millionaires Club, Limassol overlooks the waters of the Mediterranean and is set to transform ‘luxury living’ on the island.   

 

Designed by YOO inspired by Starck it is composed of 51 spectacular contemporary Mediterranean styled villas and 8 chic apartments, stretching over 89,000m² of land with an exclusive Club House offering a world of amenities and facilities that will satisfy your every whim, plus 15,000m² of private recreational park for residents to soak up the Mediterranean sun.

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Paphos 2017: A Dazzling Capital of Culture

Renowned as the birthplace of Aphrodite and standing as one of the most famous places of pilgrimage of the Ancient Greeks, the entire Paphos town stands proud as a UNESCO world heritage site. But now, locals have yet another accolade to be proud of, having won the international competition to become the European Capital of Culture for 2017. 

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3 Generations now Qualify for Cyprus Permanent Residency with Just One Single Investment

The Cyprus Permanent Residency Programme has just been revised to include the parents of the applicants. Just one single investment in a Cyprus Permanent Residence enables the Investor, Spouse and children up to the age of 25 to qualify for Permanent Residency in Cyprus and now from February 22nd the parents of the investor and spouse also qualify.

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New Paphos Marina Gets Green Light

The Paphos marina project has been given the green light following a judgement handed down by the Cyprus Supreme Court on Mondaymore than 25 years after initial studies were undertaken. 

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Why Wait 6 Years? Faster, Cheaper and Simpler Access to the UK and Europe

An Alternative to the UK Tier I Investment Visa 

The UK Tier 1 Investment Visa has been a reasonably attractive route for wealthy non EU individuals and families to gain access to the UK and European Union for many years. However the cost of this option recently doubled to €2 million, the process and requirements have understandably become more challenging, it includes extensive residency requirements and typically takes in the region of 6 years to accomplish.

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Citizenship-by-investment Raises €2.5bn for Cyprus

CYPRUS’ citizenship-by-investment programme has yielded €2.5bn in revenues for the government since 2013, Interior minister Socratis Hasikos told lawmakers on Friday. 

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Cyprus economic growth continues in third quarter 2015

 

The Cypriot economy grew in the third quarter of 2015 an annual 2.3 per cent and a seasonal adjusted 2.2 per cent, the statistical service said.

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Cyprus property sales up 23 per cent

 

Property sales in Cyprus to the domestic market rose in October 2015 compared to the number sold in October 2014, while sales to the overseas market fell according statistics published by the Department of Lands and Surveys.

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Optimism among consumers, services companies pushes August economic sentiment up

Economic sentiment in August rose 6.6 points compared to the month before to 106.9, which is the highest value since April and the second highest value since September 2008, the economic research centre of the University of Cyprus said.

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Bank deposits rise in June as deleveraging continues, central bank says

Deposits in the Cypriot banking system rose by €238m in July compared to June to €46.2bn, mainly on increased deposits held by non-Cyprus residents, as deleveraging continues, the Central Bank of Cyprus said.

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President Nicos Anastasiades announces new tax incentives to attract international Investors

PRESIDENT Nicos Anastasiades on Wednesday announced tax incentives, including a 50 per cent cut in property transfer fees, to boost economic activity as Cyprus moves to attract rich foreign nationals. The government also plans to introduce full exemption from the capital gains tax of any future sale of immovable property acquired between the day the law is enacted and the end of 2016. “As long as it is bought by December 31, 2016, no capital gains will be paid,” he said, no matter when it is sold.

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Cyprus becoming more attractive for investment

European Commissioner for jobs, growth, investment and competitiveness, Jyri Katainen, said on Monday that Cyprus’ image abroad was improving, and its credibility was being restored, making itself more attractive to foreign investment.

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Egyptian investment in Ayia Napa marina

AN EGYPTIAN businessman will invest some €220 million in the construction of the marina in Ayia Napa, it emerged on Monday. Naguib Sawiris was received by President Nicos Anastasiades who later tweeted: “We welcome the highly important €220 million investment by Orascom in Ayia Napa.”

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IMF sees Cyprus growth at 0.2% in 2015 and 1.4% next year

The International Monetary Fund said Cyprus’s economy will grow a marginal 0.2 per cent this year after shrinking 2.3 per cent in 2014 before growth accelerates to 1.4 per cent in 2016.

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Former Pakistani PM and banker hails Cyprus' investment potential

Cyprus can be a "great home for investment", Shaukat Aziz, the former Prime Minister and Finance Minister of Pakistan said on Monday 9th February 2015

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Global institutional investors will attend the Cyprus Investors Summit 2015

which will take place today (9th February 2015) and tomorrow in the southern coastal town of Limassol. The Summit is organized for the first time by the Cyprus Investment Promotion Agency (CIPA) and is taking place under the auspices of the President of the Republic Nicos Anastasiades.

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Yeroskipou sets sights on €7bn Ra-sort

A HUGE leisure project with a hefty price tag of around 7 billion euros is being proposed for Yeroskipou in Paphos by a conglomerate of foreign investors according to local officials. Yeroskipou Mayor Michael Pavlides told the Cyprus Mail that the project dubbed ‘Ra’ after the Egyptian sun god could break ground by the end of the year, if all of the relevant permits and licenses are secured in time. Pavlides, who along with fellow councilors are backing the project, said: “This is a very exciting proposal for Yeroskipou and Paphos as a whole, as it will help lift the local economy and create thousands of new jobs.”

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Foreign investors bring in €500m mainly in property

SOME €500m worth of foreign investments were made in Cyprus during the last eight months of 2013, primarily through the land-for-residency scheme, interior minister Socratis Hasikos said yesterday. “Over the past eight months, the Republic has brought in around half a billion in new money which has gone into the economy. These numbers are based on hard facts, not hypotheses,” Hasikos told reporters.

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Australia expands visa programme aimed at rich Chinese

The Australian government is introducing new immigration rules aimed at attracting wealthy immigrants. Applicants who invest at least A$15m ($13m; £8.09m) will now be eligible for permanent residency after one year. Since 2012 a fast-track to permanent residency has been open to those who commit at least A$5m ($4.6m; £2.8m) over four years - 90% of successful applicants have been Chinese.

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Economy has ‘great growth potential’ says investor

MAJOR shareholder in Bank of Cyprus (BoC) Wilbur Ross is confident that the Cypriot economy holds great growth potential. In the first of a two-part interview with daily Phileleftheros, published on Tuesday, the billionaire investor – who raised some €400m for the recent €1b capital increase by the BoC – said tourism, business and financial services and the country’s natural resources can all drive the economy forward.

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China Investment Up

CHINA is becoming increasingly interested in Cyprus and the potential is “huge,” the head of the Cyprus-Chinese Business Association said yesterday. Andis Nathanael told the Cyprus News Agency that direct investment from China to Cyprus has been rising, with the Chinese purchasing between 90 and 100 million US dollars worth of immovable property alone in 2011. He said that this was a drop in the ocean compared with the level of global investments by China, but added it was plenty for Cyprus. 

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Grand casion project aimed at foreign investors

ALTHOUGH ONE of the stated objectives of licensing the first casino resort complex in Cyprus is to attract foreign investment, this in no way excludes Cypriot investors who may submit proposals, the government said on Saturday.

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Government supports businesses, says President

PRESIDENT Nicos Anastasiades said last night his government is in touch with the local business community in an effort to offer support.

President Anastasiades said, at a business centre project presentation in Limassol, the government has already announced a series of measures which aim to boost the economy.

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EIB discusses energy investment

EUROPEAN Investment Bank (EIB) President Werner Hoyer yesterday met with President Nicos Anastasiades in Nicosia where the main focus of discussion was reportedly energy investments.

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