Dual citizenship offers many benefits; however, it is a privilege for the few. While most people enjoy rights in their own country, access to opportunities and incentives around the world is the greatest luxury of all, reserved mainly for High Net Worth Individuals (HNWI) who can acquire dual citizenship (or even more) and can enjoy a world without borders for themselves and their families. This is where Cyprus has so much to offer, both on a personal level as well as in terms of international business opportunities for investors and entrepreneurs.
A few decades ago, the Cyprus government attempted to attract investors from abroad to inject fresh wealth into the island. However, circumstances were not favourable at the time, and the initial efforts did not deliver the desired results. Cyprus’s accession to the European Union significantly enhanced the island’s potential and appeal. Membership of the EU provided stability, security, and harmonization not only with EU regulations but also with a more European lifestyle – with a warm Mediterranean touch. EU Membership also multiplied the value of Cyprus citizenship.
Since the Cyprus government’s announcement of the Citizenship by Investment program which was first launched in 2013, foreign direct investments in Cyprus have tripled. Especially since its latest amendments, the Cyprus Citizenship program has gained global attention, and interest and demand have increased sharply. The program, which is linked to investment in local property or infrastructure projects, has proved to be a powerful catalyst that has boosted various sectors of the economy.
This boost has also visibly changed the image of the island and upgraded the local lifestyle. Contemporary marinas that are home to luxury sailboats and superyachts became part of everyday life. Private jets and other aircrafts are now a common sight. Now the population as a whole is benefiting from the growing local and international confidence in the island and its economy.
The growing demand from HNWI for prime real estate has been a key driver of this upward trend. Local businesses that have learned from the mistakes of the past have recognized the need to upgrade their products and improve their standards of service and professionalism, as the only means of retaining this new value and maintaining investors’ interest and confidence. Traditional business models passed down from father to son are being replaced by the consistency and levels of service that high-spending clients demand and expect. Successful business owners know that their luxury products are only as good as the service that accompanies them.
Cyprus is a small island; but to many it is a corner of paradise on earth. A place where their international business can thrive, and where their families are safe. These two factors are highly appreciated by HNWI who consider making Cyprus a base; SkyPrime is here to help them make it their home.