Cyprus for Sale

• Prize
  Shortlist
• Photographer
  Paul Shiakallis, South Africa
• Date of Photograph
  April/May 2019
• Category
  Europe
• Studio
  Paul Shiakallis Photography
• Image Location
  Cyprus

After suffering numerous credit crashes that have crippled their economy, Cyprus adopted the 'Citizenship by investment program', whereby non-EU citizens are invited to invest in prime property and in return receive an EU passport. Due to Cyprus fast-tracking applications, investors credit histories are not properly checked leading to money laundering. Other consequences include rising rents, middle-class gentrification and natural and urban environmental disregard. In attempting to attract wealth, Cyprus has become a commodity to be bought and sold at the expense of its citizens.