Tourists Flock to Cyprus Boosting its Economy
Those looking to invest in Cyprus, whether through property or other sectors, will be encouraged to read this article. AME Second Citizenship can report that tourism in Cyprus is at an all-time high with no signs of slowing down.
Statistics from the Cyprus government’s Passenger Survey, show that a record of almost 4 million tourists visited Cyprus in 2018 while the revenue generated from tourism reached €2.7+ billion.
Let’s look at what that rise means for Cyprus:
- 2018 was the third consecutive record year for tourism arrivals.
- In 2017, tourism revenue in Cyprus reached €2.6+ billion far exceeding 2016 and showing continuing growth.
- The expenditure per person for 2018 was €688,21.
- PwC Cyprus stated that tourism in Cyprus will support 108,000 jobs in the next decade.
The increase in tourism in Cyprus has impacted all areas of the country’s economy. From the ground roots of local shops and supermarkets, through to the construction of large hotels and now a super casino being constructed in Limassol. Everyone benefits. The island’s tourism sector, including airlines, travel companies, buses, taxis and local attractions are all feeling the benefits. It is not by chance that 3 airlines were established in the last two years.
The head of Pasyxe, the Cyprus Tourism Organisation, Haris Loizides, said that “the goal of the tourism industry ought to be to offer a quality overall experience to visitors. A high-quality customer service contributes to the creation of devoted customers,” and indeed, the island is scoring highly with the major tour companies with low complaint rates and high ratings on sites like Trip Advisor.
For investors, this is excellent news. The island has also seen a rise in high net worth investment, especially from Russia and China as businesses and individuals clamour to invest in this exciting island. The addition of an incentivised Cyprus Investment Program granting citizenship by investment to high net worth individuals has also proved popular and contributed to the economic success of Cyprus in recent years.
AME Second Citizenship specialises in the Cyprus investment programme and offers complete services for those choosing Cyprus as a place to invest funds. Speak to our dedicated team now to discover if you are eligible.
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