Cyprus is a small island in Eastern Mediterranean and part of EU and Eurozone. The Cyprus economy heavily relies on the property market, tourism and the financial industry.
The property market is in decline. The government has made few attempts to revive it by grating residence permits to those who have bought a property valued more than €300,000 and trying to attract Chinese customers who are looking for a new source of investment opportunity however this has seen very little success.
British customers were making a major source of revenue for the tourism industry. However, a drop in number of British tourists has not been replaced with an increase in number of Russian tourists. Due to continuous decline in tourists some hotels have been converted into apartment blocks or even closed.
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