European Union: Business And Pleasure Intertwined

The beauty, charm and warmth offered by this EU member state go hand in hand with modernity and very advantageous residence and investment benefits. Here, the contemporary world of designer labels from opulent boutiques co-exists with sun-kissed beaches on craggy coastline and stunning churches and monasteries.               


If you are new to the Republic of Cyprus and what it has to offer, then you are in for a very pleasant surprise. Located very conveniently between Africa, the Middle East and Asia, the largest island in the eastern Mediterranean has a population of around 1 million, though this figure is swelled by the huge numbers of tourists visiting its shores. In fact, arrivals hit record numbers in 2016. Most come for the sea and sand, others for the scenery and sites, while another category visits for business and investment. As for communicating, English is widely spoken due to the country's colonial past, and Russian can be heard on every corner.  Greek is the national language.

After gaining independence in 1960 and adopting new laws that stimulated the growth of its shipping industry, Cyprus worked hard for membership of the European Union. That goal was realized in 2004, when Cyprus joined the EU and became a member of the Eurozone four years later. The country's seafaring traditions, which date back centuries, were boosted by the legislation adopted in the early 1960s giving ship managers and owners a tax-efficient business environment. Shipping services are still a mainstay of the economy, bringing in over 7% of GDP and employing over 4,000 shore-based staff. Cyprus's international ship register is the 11th largest globally. The sector is well placed to take advantage of recent natural gas finds in Egyptian and Israeli waters. But Cyprus is looking forward too. Maritime shipping has helped to develop yachting and the country is one of the top global destinations for divers and scuba divers. Limassol Marina stages a luxury boat show every year, and work is going ahead on constructing the ambitious Ayia Napa Marina, an integrated development which will include berths for yachts and luxury villas.

Permanent Residence and Citizenship Programs

Several factors led to the deep financial crisis that hit the country in 2012-2013. One of them was the Cypriot Government's reluctance to restructure the troubled financial sector. A package of measures put together with international organizations helped move the country out of crisis. It toughened up anti-money laundering regulations too, and was rewarded by being rated number one for transparency in a Transparency International report issued in the summer of 2017. This restored the island's reputation in the eyes of investors as an investment hub offering a range of opportunities.

The country has also introduced attractive packages to bring in foreign direct investment to boost the economy. It was 2013 when Cyprus launched its first residence-by-investment and citizenship-by-investment programs, which have been amended over time. The residence-by-investment program was designed to boost the real estate market, as its main demand is the purchase of residential or commercial property (or both) to the tune of €300,000.  It has several standout advantages. It is valid for a lifetime and the applicant's spouse and dependents are covered by the same application. The period for processing an application is a paltry eight weeks.

The citizenship-by-investment program is pricier, but provides a good balance of investment and benefits. The minimum sum of €2 million can be spread across real estate, land development or infrastructure projects. There is also the option of buying into Cypriot businesses or companies, or Alternative Investment Funds under certain conditions. Of course, the advantage of holding an EU passport enabling visa-free travel to more than 150 countries speaks for itself. EU citizens enjoy all the rights that EU member states possess, including freedom of movement, employment and study.

Everyone's A Winner

Cyprus has turned the economic corner. The traditionally strong sectors of shipping and finance are in recovery mode. The energy sector is growing and real estate is on the up, thanks in part to the residence-by-investment and citizenship-by-investment programs. The strong ties between tourism and real estate are bringing new projects. One example is an integrated casino resort, with investment topping €500 million, which was recently approved for construction in Limassol.  The country has gas reserves in the Levant basin and is already the largest ship management centre in Europe.

These investment programs are catching the eye of non-EU citizens seeking both a safe haven and investment opportunities. The economy is already feeling the positive effects of over €7 billion that the programs have brought in. Tourist arrivals are at an all-time high, and niche sectors like sports, religion and well-being tourism are expanding beyond the well-known resorts and prompting more investment in infrastructure. These are pointers that suggest a win-win situation for investors, travelers and the local economy.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
AGP Law Firm | A.G. Paphitis & Co. LLC
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Similar Articles
Relevancy Powered by MondaqAI
AGP Law Firm | A.G. Paphitis & Co. LLC
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions