Cyprus Emerges as a Preferred Relocation Destination for Europe’s Millionaires
A newly revised Global Wealth Mobility Index has ranked Cyprus as the most structurally attractive destination in Europe for millionaire migration, placing the Mediterranean island nation at the forefront of a growing trend of wealth relocation across the continent.
As increasing numbers of high-net-worth individuals choose to relocate to Cyprus, the country is experiencing a significant influx of international wealth. At the same time, however, this trend is becoming increasingly intertwined with mounting pressures on housing affordability and living costs.
According to the Henley Private Wealth Migration Report 2026, published by global investment migration consultancy Henley & Partners, a new Wealth Mobility Competitiveness Score was introduced to assess jurisdictions on a 100-point scale. The ranking evaluates key structural factors, including tax policy, quality of life, political stability, and the rule of law.
Cyprus topped the European rankings with a score of 73.5, outperforming the Netherlands (72.8), Portugal (72.5), and Italy (72.3). By comparison, the United Kingdom scored 68.3 and, together with Germany (69.7) and France (65.7), was classified among major economies facing growing competitive pressures.
Some independent analysts have questioned the methodology behind the report. Dan Neidle, founder of Tax Policy Associates, argued that the findings should be interpreted cautiously, noting that Henley & Partners itself provides global residence and citizenship advisory services to wealthy clients, creating a potential commercial interest in the results.
Henley & Partners responded that the report is intended to reflect broader migration trends rather than provide precise estimates of migrant numbers.
Nevertheless, the arrival of affluent individuals and multinational companies has already begun reshaping Cyprus’ economic landscape. An increasing number of international shipping, technology, and financial firms have established operations on the island, attracting highly paid foreign professionals and intensifying demand for housing in key coastal cities.
The impact is particularly evident in Limassol, which has become Cyprus’ most expensive city. Rental prices are now approaching those seen in major European capitals. A standard one-bedroom apartment in the city centre typically rents for between €1,200 and €1,800 per month, while a typical two-bedroom apartment averages around €2,750 per month. Even studio apartments have increasingly become a luxury, with average monthly rents reaching approximately €1,400 amid fierce competition among tenants.
For homebuyers, average property prices stand at approximately €3,450 per square metre, with standard two-bedroom apartments commonly priced between €330,000 and €500,000.
While the housing market is facing supply pressures, the strong demand also reflects investor confidence in Cyprus’ long-term prospects and the continued inflow of international capital.
Overall, supported by a stable economic environment, an international business ecosystem, and an exceptional quality of life, Cyprus is further strengthening its position as one of Europe’s leading destinations for wealth management, investment, and international relocation.