PWM SPOTLIGHT SERIES




CYPRUS: A FINANCIAL HUB FOR EUROPE AND THE MIDDLE EAST

Having embarked on the road to recovery after a near-fatal banking crisis, Cyprus is re-establishing itself as a regional business base, its economy growing faster than the EU average in 2016. Building on a vibrant real estate market and a Citizenship by Investment programme, which has generated more than ‎€4bn in investment since 2013, the island aims to catch new wealth from both Russia and the Middle East.

1. Introducing Aphrodite's island: Having recovered from a banking crisis, Cyprus is fast attracting investment into financial services, natural resources and real estate, says Natasa Pilides, director general of the Cyprus Investment Promotion Agency

2. Citizenship by Investment: A scheme to attract direct foreign investments to Cyprus, in return for fast-track citizenship and a gateway to the EU, is proving popular among wealthy clients from Russia, Ukraine, China and the Middle East, says Charles Savva of law firm Chetcuti Cauchi

3. Rebuilding the financial sector: Financial services, severely hit by the 2013 banking crisis in Cyprus, is now spearheading the island's economic recovery and growth, according to Finance Minister Harris Georgiades

4. A high quality low-cost hub: Talking trust and company formation and the construction of a regional funds distribution hub, with Cyprus Fiduciary Association president Christos Michael

5. Future challenges: Negotiating regional political hurdles towards a united Cyprus