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.