Real Estate Investor Magazine South Africa November 2016 | Page 58

CYPRUS

Why Cyprus Real estate is
a good option for investors
Citizen-by-Investment Programme offers big benefits
BY NEALE PETERSEN

M

any people mistake Cyprus as a Greek
island, which it is not. It gained
independence form the UK in August 1960
and is a member of the European Union (EU) since 1
May 2004. Cyprus is a beautiful island and 3rd largest
in the heart of the Mediterranean, situated at the
crossroads of Europe, Africa and Asia. It is centrally
located for traveling in and around the European
Union.
The economy is rapidly starting to grow again
after a bad recession in 2011. Cyprus has low
unemployment with a high per capita income. They
recently discovered natural gas, which has had a
positive impact on the economy. They have recently
seen a surge in foreign investments into business
and real estate. The main economic activities include
tourism with 2, 5 million visitors per annum, real
estate construction, agriculture, shipping, legal and
financial services and basic manufacturing.
Main attractions are the island type lifestyle,
low cost of living, excellent medical facilities, high
education standards and facilities, a great outdoors
lifestyle and idyllic climate. Cyprus is attractin