Europe’s millionaires are moving to Cyprus, study shows

Economy cost-of-living crisishousingmigrationTop News Europe’s millionaires are moving to Cyprus, study shows Cyprus Properties Limassol Relevant News Europe’s millionaires are moving to Cyprus, study shows 22 June 2026 Things to do on Monday, June 22 22 June 2026 Urban rooftops, beachside restaurants and open-air bars are back for summer 22 June 2026 newsroom 22 June 2026 FacebookXWhatsAppEmailPrintViber Cyprus has emerged as the most structurally attractive European destination for millionaire mobility, securing the highest score on the continent in a newly revised global index. The island leads a regional shift away from traditional European economic heavyweights, even as the influx of affluent residents intersects with a severe, localized housing and cost of living crisis. The Henley Private Wealth Migration Report 2026, published by global investment migration consultancy Henley & Partners, evaluated jurisdictions using a new Wealth Mobility Competitiveness Score out of 100. The matrix assesses nations based on structural elements including tax treatments, quality of life, political stability, and the rule of law. According to the index, Cyprus led the European standings with a competitiveness score of 73.5, outpacing the Netherlands at 72.8, Portugal at 72.5, and Italy at 72.3. In contrast, the United Kingdom scored 68.3, placing it within a cluster of major economies classified as under pressure alongside Germany at 69.7 and France at 65.7. Independent analysts have urged caution regarding the data; Dan Neidle, founder of Tax Policy Associates, has publicly questioned the reliability of the underlying research methods, pointing out that Henley & Partners maintains a direct commercial interest in advising affluent clients on global residence and citizenship schemes. Henley has stated its figures are intended to indicate broad trends rather than serve as exact counts. Nevertheless, the combination of high-net-worth individuals and global corporate relocations has triggered domestic distortions in the island’s economy. The mass arrival of international shipping, technology, and financial firms has brought an influx of high-earning foreign professionals, generating an acute supply-and-demand deficit in urban coastal hubs. The resulting strain is most visible in Limassol, which has become the most expensive city on the island. Rental prices have climbed to levels mirroring major European capitals, with a standard 1-bedroom apartment in the city centre commanding between €1,200 and €1,800 per month, and a typical 2-bedroom apartment averaging €2,750 per month. Studio apartments have effectively become luxury products, averaging roughly €1,400 per month as tenants compete for housing. For prospective buyers, the average property price sits around €3,450 per square metre, pushing standard 2-bedroom apartments to between €330,000 and €500,000. This economic divide has priced local Cypriots and young couples out of the market. With average domestic net salaries hovering around €2,400 per month, accommodation costs leave little to no disposable income, forcing local buyers into smaller units or peripheral suburban districts. The resulting inequality has also carried a human toll, driving lower-income residents into hazardous, substandard conditions. In the working-class Agios Nikolaos area of Limassol, a family of five—including three young children—perished in a fast-moving residential fire within a cramped, subdivided property built with substandard materials, in 2025. Separately, also in 2025, two men died from carbon monoxide poisoning after using a traditional charcoal burner indoors to combat the compounding pressure of high electricity prices and deficient home insulation. More recently, two people died after the derelict building which they were living in collapsed, in the Germasogeia area. Read more: Limassol building was flagged for collapse weeks before it fell killing two Subscribe to our Newsletter Latest News Things to do on Monday, June 22 Urban rooftops, beachside restaurants and open-air bars are back for summer Missing student hunt ends in murder as killer fabricated job offer and fake ransom plot Cyprus tightens grip on asphalt plants with unified emissions framework Blocked referrals, missing drugs and a stalled police probe: what GeSY patients complained about last month Inland heat to reach 37°C ahead of isolated afternoon thunderstorms Antonis Klapsis: Nicosia, Athens need strong ties with Tel Aviv but also open channels with the Arab world Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.