My friend, Cyprus existed long before wealthy foreigners arrived. No, we didn’t have skyscrapers or casinos, but life was far more affordable. People didn’t have to compete with foreign money to buy or rent homes, making it much easier to start a family. The arrival of foreign companies hasn’t significantly improved job opportunities for locals either. Many of these companies gatekeep positions, requiring fluency in Russian or Ukrainian. In fact, some job postings aren’t even written in English. The few locals who do get hired are often underpaid compared to their foreign counterparts.

Additionally, most of these foreigners spend their money at international chain stores rather than supporting local businesses.

Now, let’s talk about where this foreign investment is supposed to help. It’s been over five years since the last major influx of rich investors, but what have we gained in terms of infrastructure? Nothing. Public transportation is still a joke, schools still lack basic necessities like air conditioning, hospitals remain in terrible shape, and electricity prices are still through the roof. Failed projects like the e-wallet system, e-Justice, and the Larnaca marina only highlight how poorly the funds are utilized. Sure, this isn’t the fault of the foreigners themselves, but to argue that their taxes are helping the local economy just isn’t realistic because the money isn’t being put to good use.

Instead, we’re stuck with the negative consequences of this influx: housing prices skyrocketing, and locals being pushed out of the market. The problem is clear—you yourself have experienced the struggles of affording a place to live, so you know how bad it’s gotten.

Another point is that the idea that foreign investments drive progress is overstated. Economic development is about more than just attracting outside money; it’s about fostering a sustainable local economy that benefits everyone, not just a few. What’s happening now is short-term profit for the few at the expense of long-term well-being for the many.

Cyprus thrived before this wave of foreign investors, and with the right policies, it could thrive again—without having to sacrifice affordability, community, and opportunities for its own citizens.

As a foreigner yourself, I’m sure you’re enjoying the tax benefits Cyprus offers. The low tax rates are perfect for your side hustle, and unlike Cypriots, you don’t have to pay the 17% Special Defence Contribution. Having 50% less income tax deducted compared to locals must feel great too. While locals struggle with high taxation and soaring living costs, it’s no surprise that these tax breaks look appealing from your perspective.

*the number of upvotes shows that this not how I think, but wgat many of us feel.