Lebanon collapsing, wealthy go to Cyprus

Paralimini: Many well-off Lebanese who escaped their country’s economic tailspin for a new life in the nearby island nation of Cyprus say the transition has been a whirlwind of emotions. They are grateful they did not have to turn to human smugglers and embark on risky Mediterranean crossings to reach European shores. But they also feel guilty for leaving family and friends behind to struggle with Lebanon’s unprecedented crises — a failing economy, political uncertainty and social upheaval.

The feelings are intense for Celine Elbacha, an architect who moved with her family of four to the Mediterranean island nation in August 2020, and Nadine Kalache Maalouf, who arrived with her husband and two children four months ago.

They are among more than 12,000 Lebanese who have left their homeland in the past two years for Cyprus — less than a 50-minute flight from Beirut — enrolling their kids in schools, setting up businesses and snapping up apartments on the island. Thousands of Lebanese, including teachers, doctors and nurses have left the country amid a devastating economic crisis that has thrown two thirds of the country’s population into poverty since October 2019. That brain drain accelerated after the massive explosion at Beirut’s port last year, when a stockpile of improperly stored ammonium nitrates detonated, killing at least 216 people and destroying several residential areas. The exodus is telling about the state of Lebanon, where not only the poor are seeking a way out, but also a relatively well-off middle class that has lost faith in the country turning itself around.

For those who can afford it, Cyprus, a member of the European Union, is an attractive option for its proximity and the facilities it offers — including residency for a certain level of investment in real estate and businesses. As Lebanese banks clamped down on deposits, many sought to open bank accounts in Cyprus or buy apartments as a way to free up their money.

The island has a history of taking in Lebanese, who first came in the 1980s, at the height of Lebanon’s 15-year-civil war, and again in 2006, when Cyprus served as a base for evacuating civilians during the monthlong war between Israel and Lebanon’s militant Hezbollah group. —(AP)