Recently, Cyprus and the whole world had to face an unprecedented crisis, whose intensity and duration no one had ever expected. The island nation had to deal with the coronavirus pandemic during the months of Orthodox Easter, a holiday which is sacred and involves mass gatherings. However, Cyprus rose to the challenge, implemented strict measures, and has shown the world how effective and resilient it can be. Cyprus’ response was key to the elimination of the virus and its fast recovery.
Growth expected to return to pre-crisis levels soon
Cyprus has impressed markets with its swift recovery from the dire situation it was put in by the COVID-19 pandemic. After the immediate action taken by the Cypriot Government to alleviate the negative impacts of the virus, the small Mediterranean island has recently announced that property sales are stabilizing and, according to the chairman of the Cyprus Property Owners Association, Mr. George Mouskides, this will increase ‘once it becomes easier for foreigners to arrive in Cyprus again.’
Mr. Mouskides goes on to explain that the ‘overall demand was not affected’ and attributes the decline of interest from foreign buyers to the travel restrictions – statements that give new hope for the future of the property sector on the island.
What is also worth mentioning is that interest in the Cyprus Investment Program is rising from countries that previously showed little interest in Cyprus. This is clearly a positive development, increasing the demand and the appeal of a Cypriot property.
The Cypriot Government strengthens the credibility of its investment program
The Cyprus Investment Programme is one of the world’s most successful and for good reason. The program offers many benefits which include visa-free travel to more than 157 countries, quick and easy application processing, low tax rates, free trade within the EU, and unrestricted right to live, work, and study in Europe.
In an effort to enhance the dynamic of the program and to strengthen its credibility, the Cypriot Government has recently decided to add new regulations and link the scheme to the anti-money laundering law that will also help in the execution and assessment of applications.
Need help or advice?
If you’re looking for more information regarding the Cyprus Investment program and the property market, you can contact Domenica Group Directly, or visit our website here.