The increase in Israeli immigration and investment in Cyprus is clearly observed due to the unstable situation in Israel following the attacks on October 7, 2023, and the subsequent wars.
For many, this island has become a close destination for holidays and investment, regarded as a "Plan B" in case the situation worsens in Israel.
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Reasons for Immigration to Cyprus
One Israeli who recently bought a house in a large residential project in the Limassol area of Cyprus said: "I want to have a Plan B if the situation in Israel becomes tougher." Another individual mentioned the proximity and familiarity of Cyprus, adding: "The flight to Cyprus is 40 minutes, it has similar landscapes and weather. It feels like we are in Israel without actually being there."
A third person related to business stated that many Israeli companies have moved some of their operations to Cyprus, facilitating trade with European Union countries.
Investments and Major Projects in Cyprus
The population of the Republic of Cyprus is less than one million. According to estimates, at least 3,000 Israeli families now live permanently in Cyprus, and this number increases by several hundred each year.
Reports also indicate that tens of thousands of Israelis have purchased property on this island. About 20,000 Israelis own properties in Cyprus where they do not live annually.
In relation to investments, the Israeli hotel group Fattal is one of the most prominent examples, with its investments in Cyprus estimated to reach hundreds of millions of euros.
In Larnaca, investors with Israeli interests are behind the renovation of the historic Palm Beach hotel, with an investment exceeding 110 million euros. The Aqua Residences project, which plans to build two 15-story towers by the sea, will cost about 40 million euros.
At the same time, infrastructure such as places of worship, businesses, and services for the Israeli community in Larnaca, Limassol, and Paphos is expanding.
In conclusion, political criticism regarding the increase in foreign investments and property purchases by Israelis in Cyprus is rising, leading to heated discussions in parliament.
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