Cyprus got its investment credit worthiness back on Friday as Standard & Poor’s raised the country's credit rating from BB+ to BBB- with a stable outlook, five years after the financial collapse.
The Cyprus Golden Visa Program, which enables non-EU citizens to purchase Cypriot passports and residency permits by investing money in property and other sectors, has raised €4 billion.
Ratings agency Standard & Poor's has raised its foreign and local currency long-term sovereign credit ratings on the Republic of Cyprus to 'BB+' from 'BB' and has affirmed its 'B' foreign and local currency short-term sovereign credit ratings.
The 'Citizenship by Investment' programme for foreigners has boosted the Cyprus economy by €2 billion from property sales and investments in the country according to an audit services report.
Ratings agency Standard & Poor's has raised Cyprus long-term ratings to 'B+' and affirmed the short-term foreign and local currency ratings at 'B' on strong budgetary performance; the outlook is stable.
Moody's ratings agency has raised its credit rating outlook for Cyprus to positive from negative, while confirming the island's Caa3 credit rating, citing a stronger than expected performance in 2013.
Ratings agency Standard & Poor's has provided a welcome boost to the island's economy by raising its credit rating for Cyprus to B-/B from CCC plus/C arguing that the immediate risks to Cyprus' austerity program had receded.
