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Cyprus’ Tourism Industry Heats Up, So Does The Appeal Of Cypriot Citizenship

Tourists are flocking to Cyprus, and this is making Cypriot citizenship even more attractive, particularly for those interested in pursuing citizenship through investment.

In June 2016, arrivals to Cyprus increased by 22.6% year-over-year, to 413,111; making the month the second best month of all time in terms of tourist arrivals. During the month, the largest increases came from visitors from Israel (59%), Russia (41.6%), Ukraine (40.5%), Greece (29.7%) and the UK (21.1%), according to AFP news.

As more tourists come to the country, they bring their wallets, spending money on food, lodging shopping, etc., and this makes real estate investments in Cyprus even more secure and attractive, not that Cyprus needed much help on this front with Cyprus’s economy showing strong improvement since the financial crisis. Cyprus has long been an appealing country to migrate to, particularly for high net-worth individuals. Cyprus has a favourable tax regime for businesses and new residents. Its climate is a sun lover’s dream, boasting at least 320 days of sunshine a year and world class beaches to enjoy the good weather.

Citizenship by Investment in Cyprus

As a member of the European Union, EU residents have certain rights to live and work in the country but changes in the past to Cypriot citizenship laws have made it possible for non-EU citizens to obtain Cypriot citizenship through investment. Cyprus’s government created a “fast-track” citizenship scheme aimed at high net worth individuals. There are a few different ways to pursue citizenship, but one of the options involves the purchase of real estate property, and for real estate holders the increase in tourism interest in Cyprus is particularly attractive.

With an influx of visitors, lodging requirements and property values increase. This opens up the opportunity for holders of property in Cyprus to rent out their properties for part of the year, generating income. This is interesting for those who don’t want to live in their properties year round as they have other residence. Another potential benefit from the increase in tourism interest is that it can cause property values to increase, so if homeowners ever want to sell, they have the potential to profit. Capital gains profits from the sales of properties purchased between 16th July 2015 and 31st December 2016 are exempt from capital gains tax.

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