Cyprus is among the top destinations for wealthy individuals seeking to relocate, according to a global survey by Henley & Partners.

Specifically, it ranks fourth as an attractive destination for long-term settlement among the world’s wealthiest individuals, with a score of 73.5. Ranked above it are Singapore with 79.5, New Zealand with 75.8, and the Cayman Islands in the Caribbean with 74.3.

The head of the Private Client Department at Henley & Partners spoke to Alpha about the nature of the study and Cyprus’s ranking.

“One of the most important conclusions of this year’s report is that high-net-worth individuals who relocate internationally are increasingly choosing countries with strong institutions, attractive tax regimes, stability and predictability in policymaking, a high quality of life, and clear procedures for obtaining a residence permit.”
Dominic Volek – Head of Private Clients at Henley & Partners

Among the most attractive are also Italy, Switzerland, Greece, and Hong Kong, while the United Kingdom, Germany, France, Norway, and South Korea are facing increasing competitive pressures.

“Cyprus offers a particularly attractive combination of advantages. It is a member state of the European Union, is strategically located between Europe, the Middle East, and Africa, has an international business environment, and offers a high quality of life. At the same time, the well-developed legal and professional services sector and the favorable tax framework continue to make the country an attractive destination for entrepreneurs, investors, and affluent families active on the international stage.”

Mr. Vollek explains that it is evident that high-net-worth individuals are no longer looking for just one country in which to settle. Instead, they are creating what we call “multi-jurisdictional portfolios,” combining residency rights, business activities, and investments across more than one country.

“In this context, Cyprus is playing an increasingly important role as a European hub that offers long-term flexibility, access to international markets, and security for families.”

Last year, Cyprus hosted 250 millionaires, who brought in 2.6 billion in wealth.

Watch the report by Kleio Vourkou: