Dual citizenship is a precious commodity no longer reserved for the few. With the need for global access increasing, the power of the passport is stronger than ever. With good healthcare and education, low tax, and unrestricted EU access, Cyprus is becoming an ever popular destination for the HNWI looking for good returns and unhindered entry to destinations across the World.
Boasting a developed, high-income economy with a long life expectancy and good education, Cyprus has a very high human development index. Being a member of the commonwealth for over fifty years, and joining the European Union in 2004, citizenship on the island has become an attractive advantage offering a visa-free travel gateway to 158 countries around the world.
The EU referendum and the Cypriot citizenship-by-investment program have led to an influx of foreign investors stepping onto the island with an appetite for property. Since the Cypriot government announced the scheme for naturalization of non-Cypriot investors by exception in 2011, new residential developments on the island have quadrupled.
Demand for luxury has grown and as a nation Cyprus has become better equipped to embrace the HNWI with the arrival of private jets into Larnaka Airport and a plethora of five star hotels across the island.
Cypriot property developers have forged new alliances with overseas investors and the residential development model has transitioned dramatically from the family-owned companies of yesteryear into well respected brands with strict corporate governance. This progression has instilled confidence in the HNWI looking to Cyprus to invest their wealth, making it easier for non-Cypriot nationals to invest big in the island – ensuring their demands for quality, service and luxury are realised and their investment is secure.
To many, Cyprus is a paradise on earth; a hidden gem in the Mediterranean which can serve as a base for businesses, private and public investors, and a safe haven for families. With much undeveloped land, the long-term future of Cyprus looks positive. With foreign investors comes racial diversity – one of the most defining and impactful characteristics of the millennial generation. With an increased population, a more diverse socio-economic culture and further racial integration, Cyprus is sure to continue to attract inward wealth, bringing with it prosperity and cultural change.