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Economic Drivers

The Fundamentals and Drivers of the Cypriot Economy

Tourism is driven by the authentic and natural beauty of Cyprus which includes traditional villages, picturesque mountains, blue flag beaches, good food, culture and sports, a great climate and excellent safety and security. Blessing Cyprus with one of the highest tourism arrivals ratios in the world being 4 tourists for every Cypriot resident (Population of Cyprus 1 million versus tourism arrivals 4 million)

Within 4 hours flight there are over 500 million potential tourists.
Most important of all, tourists return to Cyprus over and over again.

Tourism Factor 4 : 1
Rich European nation
GDP per capita 2018: $29 453
Rated most Safe Country in Europe
Rated 5th Best Relocation destination in the world


Cyprus is rated a developing country; and has always been thought of as a rich European nation. Before the €uro was adopted the Cypriot Pound was always stronger than the British Pound.  Individual Average Wealth is above the EU average GDP per capita 2019: $30 926.50 (Trading economics)

 

Strategy to increase Tourism Revenue by 2030
✓ Double tourist arrivals | Triple revenue by 2030
✓ Develop 4 & 5* hospitality facilities
✓ Create 47,000 new permanent jobs

 

Promote & Develop | Education | Casino | Gas industries
 21 Century labour force & education system
Rated 4th Best (of 144 countries) in the world for education
 New & biggest Casino in Europe by Melco Hard Rock
GAS commercialisation by the energy giants.
Exxon Mobil | Noble energy | Shell| Delek | Total
10 000 new jobs  & 300 000  “casino” tourists all year round

 

 

Revised Tax Incentives
Encourage HNW and Corporates to switch tax resident to Cyprus

 Become tax resident with the 60-day rule
 Personal tax incl. rentals: Up to €19 500pa … tax free
 Corporate rate … 12,5%   Dividends tax free
 No Inheritance taxes

 

Golden VISA PR | Citizenship Programs
Property investment through Golden PR & Citizenship programs were designed to revitalise the economy. The programs have been hugely successful with €6 Billion invested over 4 years (1 in 4 new properties registered to foreigners)

Demand for property is driven by: Tourism, Tax incentives, Education, Medical Tourism, Professional & Financial Services, Casino, Safety & Security, a great Relocation & Retirement Destination, Quality of Life , the extraordinary economic expansion coming due to the GAS exploration and its commercialisation. The first contract signed will be worth €500 million in additional taxes for 18 years beginning 2021. Gas will be supplied by Israel and Cyprus to Egypt.


LIFESTYLE


LUXURY CYPRUS


GOLDEN

VISA/PASSPORT


TAXATION


EDUCATION


MEDICAL INSURANCE