Anyone who has been to Cyprus as a tourist, on holiday or for work will know that despite its much publicized Greek and Turkish divisional and recent economic issues, it remains a beautiful island full of positive, happy people. Right now thanks to its economic upturn, is a great place to invest for the future.
Cyprus, officially the Republic of Cyprus, is an island nation located in the Eastern Mediterranean Sea. It is the third largest and third most populous island in the Mediterranean, behind the Italian islands of Sicily and Sardinia. There are only two independent island nations in the Mediterranean Sea, and they are Cyprus and Malta. Cyprus, Malta and the UK are the only countries in the world that are members of both the EU and the British Commonwealth, although thanks to Brexit, the UK is set to leave the EU in the near future. In order of nearness, Cyprus’s neighbors are Turkey, Syria, Lebanon, Israel, Palestine, Egypt and Greece. Turkey is 456 km from Cyprus, while Greece is 1,117 km away.
After almost a century of British rule, Cyprus was granted independence from the UK in 1960. As the ethnic population of the country was made up of Greeks and Turks, both countries laid claim to the island. In 1974 Cyprus was invaded first by Greece and soon after by Turkey. When peace was restored, the island was split in two, with Greek Cypriots living in the government controlled area to the west of the island, and the Turkish Cypriots living in their own area situated in the Northeast of the island. While this situation is far from satisfactory, there exists an uneasy detente between both factions, and the country remains united under the banner of the Republic of Cyprus, with Nicosia as its capital.
The Cyprus economy relies on tourism and its spinoff industries (restaurants, bars, nightclubs, hotels, plus the resulting construction industry) as its main source of income. Cyprus attracts almost three million tourist arrivals every year, and while this makes it only the 40th most popular destination in the world, as it attracts almost three times its own population, per capita it actually ranks 6th.
Almost one million of those tourists hail from the UK, with another half a million coming from Russia. There are also large numbers of Germans, Scandinavians and Israelis who choose Cyprus as their holiday destination. Cyprus offers holidaymakers beautiful beaches and bays, five-star hotels, top class restaurants and vibrant nightlife, but tourists also choose to explore the island’s ancient churches, monasteries and caves. Cyprus has been a full member of the World Tourism Organization since 1975. It became part of the EU in 2004, and joined the Eurozone in 2008.
While still expensive, there are multiple benefits of the Cyprus CBI program.
The Cyprus CBI program would definitely score an A. If you are an investor, Cyprus is certainly a location that is on the up and up, and any real estate purchase will surely increase in value significantly in the coming years.
In the meantime, the Cyprus passport is plenty powerful, especially if you hail from one of the more restrictive countries in Asia, Africa or the Middle East, and if the island becomes claustrophobic, there are another 27 EU nations one can choose to live and work in.
*Article is from Cyprus Citizenship By Investment Program Review. Retrieved from www.passportreviewer.com*