Economic Growth Continues in Cyprus

shutterstock_83630347According to the most recent RICs property price index report for Cyprus, there has been more promising signs of economic growth throughout the country. An improved confidence in Cyprus’ banking system resulted in a higher number of transactions taking place in the final quarter of last year.  2016 also saw an overall GDP growth of 2.9%, which was an excellent reflection of how fruitful the Golden visa programme is proving for the country.

The Minister of Finance recently commented that there had been approximately two thousand golden visas issued to non-EU citizens last year. This equates to around 4 billion euros worth of investment, which in turn makes up around 25% of Cyprus total GDP.

Rental values have also noticeably increased. Comparing Q4 of 2016 to the previous year, there has been a rise in ROI’s of 6.6% for apartments and 8.7% for houses, making the average rental yield now between 3-4% p.a.

The countries Citizenship by Investment programme still holds it’s place as Europe’s quickest CBI programme. Following an investment of €2,000,000 + costs, it is possible to obtain an EU passport within just 6 months which in turn allows one to live, work or study anywhere in the EU. Contact our Experts for more information…

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