Government supports new business initiatives, innovation and entrepreneurship
The government of Cyprus has launched recent initiatives to boost business and make direct changes that will support the economy. Encompassed in this initiative is producing an increase in foreign investment—hence the opportunities now available for immigration by investment. According to a recent article in Cyprus Mail, “There is a genuine interest in promoting innovation and entrepreneurship and in attracting direct foreign investment into the real economy rather than footloose bank deposits and ‘offshore’, ‘virtual’ or ‘fictitious’ companies.” In other words, the current government is serious about making Cyprus an economic powerhouse by attracting, supporting and promoting new business initiatives. Incentives include immigration by investment programs that allow qualified individuals to obtain permanent residency in a period of approximately 6-12 months.
Reasonable cost of real estate
While the government works to restructure and optimize the economic climate, real estate remains reasonably priced. This is, perhaps, the most optimal time to invest in real estate in Cyprus. Of course, the low cost of real estate will not last forever because Cyprus is experiencing a period of rejuvenation. One might argue that the possible risks of investing now are highly outweighed by the potential advantage of securing vast property at reduced cost. In fact, the Managing Director of Urban Splash Real Estate & Chartered Surveyors in Cyprus says that property sales to foreigners recorded a 6.8% increase in the first quarter this year because of reduced property prices and developments in the economic landscape. It is crucial to remember that Cyrpus already has a high percentage of recent university graduates along with a workforce of highly skilled accounting, legal and business services. Meaning, the resources integral to building successful business ventures are already in place.
Cyprus is a member of both the EU and the Eurozone and is located conveniently in the Eastern Mediterranean. Air travel connects Cyprus to Europe, Asia and The Middle East. With three types of taxi services available, travel to and from the airport is not difficult. While Greek and Turkish are the main languages spoken in Cyprus, English is widely spoken.
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