One of the most storied rainbow myths is that there’s a pot of gold at the end of every rainbow. But what if the rainbow’s end is real and it is found in Cyprus?
For the third year Cyprus economy experiences a whopping 3.9% growth and that by itself is a strong indication of the promising future prospects of an economic development beyond any expectation. This figure by itself stands as the undeniable proof that Cyprus is the right place at the right time to invest.
However there is a plethora of numbers, figures and reports that come to support and reveal the magnitude of the dynamics that have been taking place in Cyprus. The numbers speak for themselves.
Cyprus economy expanded faster than EU average in 2016. The house prices increased in the first quarter of 2017 by 4.1% where in the euro area the house prices rose by 4.0%. Property sales inevitably effected construction and vise versus, having construction raised by 9.7% where the percentage in the euro area stands at 1.1%. Only in the period January-May 2017 an increase of 36.2% has been recorded in the area of building permits with a total value of EUR108.6 million. The Cyprus Land Registry confirms the large increase in Real Estate Sales during the first six months of 2018, raised by a 20% in comparison to the same period last year, with a total sales value of 1,7 billion euros.
The permanent residency and citizenship schemes proved to be a fruitful incentive for third country nationals who wanted to invest in purchasing a property in Cyprus. That has been reinforced by the low corporate tax of 12.5% and the 50% tax exemption on investments in innovative and start-up companies.
The banking system has now found its solid ground and credit institutions are regaining their strength on capitalization and liquidity. Property transfer fees have been reduced, exemptions are allowed for capital gains tax, reduced VAT is applied for new houses. The Real Estate has become one of the most dynamic sectors together with tourism that brakes the one record after another.
The prospects talk about reforms that will ensure the improvement of the business environment and the protection of private initiative, the implementation of technology in taxation to reduce bureaucracy, the consolidation of taxes, the simplification of taxation and the modernization of the complete economy model that will help and enhance new investments and offer an impetus to the Real Estate sector.
But there are still some values worth to be mentioned saved for last. Cyprus unique geostrategic role. One of the best climates in the world. Ranked Top 5 safest country in the world! Top 5 retirement destination globally. The friendly people with the youngest population and workforce, with 55% of them holding a tertiary degree. The friendlier costs for technical and professional talents in the EU.
Cyprus is traditionally considered an investment-friendly destination. The combination of the unique attributes makes it an attractive, competitive and modern investment destination with the biggest investment bet of all to be recognized as a world-class investment and business centre.
Make no mistake. The end of the global rainbow of investment is in Cyprus and hides a pot of gold for those with mission and vision.