Ten years ago when I was applying to grad schools with my Cyprus diploma, there were couple of occasions when, to my shock, I was asked where Cyprus was.
Since then things have changed. Cyprus popularity grew and reputation strengthened, especially, in the area of international tax planning. But will this trend continue? Is it really worth it to invest in Cyprus?
It depends on whether you see a positive relation between the security of your investment and wealth of the country you are investing into.
How wealthy? Arguably, the richest country in Europe.
What would secure Cyprus that position? The natural gas recently found off the south coast of the island.
The news broke in September when an American drilling company Noble Energy made the first announcement about the traces of a gas field in the Mediterranean Sea 160km south of Cyprus.
The size of the deposit is yet to be determined, but things look very optimistic. According to Noble Energy’s November report the reserve could be 30-40% bigger than the initial estimate of 3.5 to 9 trillion cubic feet.
On the world scale it’s not that much, but it will be enough to make Cyprus the energy hub of Europe and, probably, the richest European country.For Cyprus residents it would mean a greater per capita income. For the investors, on the other hand, even better investment conditions and further tax breaks.
Stay tuned to the official announcement of Noble-Energys’ findings in mid-December.