According to Cyprus Investment Promotion Agency, a number of new measures have been put into place by Cyprus recently, designed to reboot the economy in the wake of the massive restructuring of the country’s banking sector. The measures, among other things, aim at helping stimulate economic growth.
The new measures include the following:
- Foreign nationals are encouraged to invest in Cyprus by being given permanent residency status.
- According to the President of the Republic, foreign investors who held deposits prior to 15 March, and who lost at least 3m as a result of the resolution of Laiki Bank and the restructuring of Bank of Cyprus, are eligible to apply for Cypriot citizenship.
- A "Citizenship to Investors" program was approved by the Council of Ministers and will allow investors into Cyprus receive a Cyprus passport.
- Cyprus will introduce a licensing system for gambling and casinos.
- Permits for joint tourist developments such as condo hotels will now be given.
- Tax incentives will be provided to high-tech and IT industry.