Naturalisation programs and the Foreign Direct Investment (FDI)

21 Feb 2019

Foreign Investment
Foreign Investment
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The Department of Commerce has reported that, Foreign direct investment (FDI) in Cyprus from 2014 to 2017 amounted to approximately EUR 9.2 billion, of which EUR 4.8 billion came from the various naturalization programs.
 

Commerce Minister Giorgos Lakkotrypis listed off the major FDI into Cyprus for the period 2014-2017, citing data held by the Central Bank showing that the top Sectors with the most FDI (foreign direct investment) are banking, shipping, retail, tourism, pharmaceuticals and energy.
 
 Among others the  €1bn investment from US institutional Investors (Wilbur Ross Co LLC) into the Bank of Cyprus in 2014 was cited. He also listed the privatization of the commercial activities of the port of Limassol, which is expected to bring about 2 billion euros for the next 25 years.
 
Other foreign direct investment operations included Columbia Ship management (CSM) merged with Marlow Navigation to create Columbia Marlow, one of the world's largest ship management companies, which manages more than 1,500 ships in Cyprus.
 
The acquisition of Songa Offshore SE, based in Limassol, was also carried out by Transocean Ltd, the world's largest offshore drilling contractor, worth $3.4bn.
 
In retail, the Atterburry group in South Africa bought the Mall of Cyprus and the Mall of Engomi for €193m.
 
Cypriot investment sources reported that the total FDI of €9.2bn for the period is considered "quite satisfactory".
 
For 2016-2017, the growth rate of foreign direct investment in Cyprus was the highest in the European Union.

Source:
Cyprus Mail

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