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Cyprus citizenship by investment led to a strong leap in its economic growth

Cyprus citizenship by investment led to a strong leap in its economic growth

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Since its start in 2002, the Cyprus Citizenship by Investment Program (CPI) has been attracting individuals and their families seeking to relocate and become Cypriot citizens. This program is considered to be one of the top 10 immigration programs in the world, due to the perks gained by the investor and the favourable tax regime to the residents.

The notable location of Cyprus along with the strength of the Cypriot passport has made it more attractive to individuals to invest there, and as stated by the EU Economic Forecast of 2019, the CPI has helped the Cyrpiot economic expansion, as well as it being an assistant to the post-crisis rebound with GDP growth of almost 4% in 2018, where half of the transactions in the real-estate industry are in relation to the residential construction resulting from the CPI.