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When it comes to building on Limassol’s bright future, the time is now!

Limassol is living in exciting times and there are some very interesting investment opportunities.

The economy of Cyprus has seen a spectacular recovery in the last few years. In more recent times, it has established itself as one of the fastest growing economies of the European Union.

Contemporary architectural design is now defining the coastline of Limassol, imparting a sense of luxuriousness across the entire city.

Aiming to approach and even transcend the level of other International cities, Limassol claims a prominent position among the top destinations in Europe.

Imperio’s design is embracing innovation and delivers consistent high quality, based on the impressive specifications built into every property.

At the end of the day the real challenge is to touch the lives of people, building on the dreams and hopes of those surrounding each building, creating something unique for the society as a whole.

When it comes to building on Limassol’s bright future the time is now!

Invest in Limassol. Invest in Cyprus. Invest now!

Residence permit is the permission from EU-countries to citizens of non-EU nations (also known as third country nationals) to stay for at least 3 months on the territory.

In line with Eurostat, 18,971 non-EU citizens were granted residence permits by Cyprus, in 2017. Citizens of India and Russia is the majority to which residence permits were granted.

The analysis of the residence permits that were granted to non-EU citizens by Cyprus, in 2017:

India – 4,710 (24.8%)

Russia – 2,883 (15.2%)

Nepal – 1,406 (7.4%)

Philippines – 1,317 (6.9%)

Sri Lanka – 1,200 (6.3%)

Others – 7,455 (39.3%)

Regarding Europe in total, employment opportunities, family reunification and educational opportunities are among the major purposes for issuing permits, according to the report.

The applicants declaring ‘Other reasons’ as their purpose for a residence permit in an EU-country, have the right to stay in that territory, although they are not permitted for work or international protection.

Also, the citizens of Ukraine (662 thousand) were provided with the highest number of permits by EU-nations while, the second highest number was Syrian citizens (223 thousand).

source: Eurostat

Cyprus are amongst the top 50 happiest countries in Europe according to a new index developed by scientists.
The system for judging a nation’s satisfaction is based on official statistics rather than questionnaires answered by some of the population.
Data on a country’s development, freedom, solidarity, justice and peace are measured to build rankings and work out how people can be made happier.
Of 13 countries on which the index was tested, Iceland and Sweden come out on top, with a 76 out of 100 score. Austria places third on 74, and the UK fourth with 69.
Experts hope analysing countries this way could help develop strategies for their countries to improve people’s happiness.
Here is the table:

source: Cyprus Daily

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Panel Discussion: Anti-crisis Strategies in an Era of Economic Uncertainty

Yiannis Misirlis, speaks about the Property Investments in Cyprus during Best Invest Congress 2019.

Source: Youtube

Panel Discussion: Anti-crisis Strategies in an Era of Economic Uncertainty

Yiannis Misirlis, speaks about the Property Investments in Cyprus during Best Invest Congress 2019.

Source: Youtube

Panel Discussion: Anti-crisis Strategies in an Era of Economic Uncertainty

Yiannis Misirlis, speaks about the Property Investments in Cyprus during Best Invest Congress 2019.

Source: Youtube

Prospective overview at a conference with foreign investors

The Minister of Finance mentioned the government’s actions for turning around the economic state and addressing the challenges in the economy.

The Cypriot economy has entered a new promising period, Finance Minister, Haris Georgiadis, mentioned at the 4th Cyprus International Investors Summit in Limassol, reassuring all 150 and more foreign businessmen and investors for the great prospects Cyprus offers as an investment destination.

In his opening, Mr. Georgiadis recalled the difficulties that the Cypriot economy faced from 2009 to 2014, indicating that “that’s just a history of the past” and that today, Cyprus is one of the fastest growing economies in the EU.

Moving on, Cyprus is enjoying a revival, which is offering business and investment opportunities in all sectors and he noted that by the end of the year and after 5 consecutive years of the economic upturn, it will have added almost 19% to its Gross Domestic Product.

“We have covered the lost ground and we expect the growth rate to remain above 3% annually for at least the next 3 years”, he added.

The Minister of Finance mentioned the government’s actions for turning around the economic state and addressing the challenges in the economy, emphasizing that there is currently a fiscal surplus of 3% of GDP.

He added that we have to maintain this stable financial performance, “because the public debt is admittedly high, as a result of the rescue of the banking system but also of the excessive deficits of the past”.

Among other things, he talked about the fiscal incentives that the Government has adopted over the last year and a half, which, as he said, include measures to encourage Research and Innovation, capital formation and the film industry, as well as loan restructuring measures.

The Minister of Finance noted that all key sectors of the Cypriot economy, such as tourism, shipping, real estate and services are doing very well and that “the production base of the economy is gradually expanding into new territories that include Higher Education, Research and Innovation, natural gas, Renewable Energy Sources and the management of investment funds”.

“It is the government’s job to create conditions of stability and confidence to create a business-friendly environment, allowing the productive forces of the economy, effectively allowing the private sector, to do its job”, he said, adding that “that’s what makes the economic growth sustainable”.

At the same time, Haris Georgiadis noted that the Government is watching the developments in the region, the EE and the world, expressing his concerns about the growing volatility and the growing tensions concerning the world trade and the stand that the free market and the multilateral cooperation must continue to define global relations.

Furthermore, he said that the Government is following closely the Brexit developments and expressed his hope that this would happen on the basis of the EU’s agreement with the United Kingdom, while he pointed out that, otherwise, “we are not panicking since the comparative advantages of the small open economy of Cyprus can mitigate any possible negative effects”.

Conclusively, he reassured the foreign businessmen and investors that the Government remains committed to maintaining the fiscal discipline, but also to continuing to pursue an ambitious reform agenda in order to reinforce our competitiveness and the prospects of our economy.

“This is also my message to you. You must feel secure, welcome and seek the business and investment opportunities that Cyprus has to offer you”, he added.

For his part, the Director of Invest Cyprus, Michalis Michail, welcomed the fact that for the fourth year the conference gathers the interest of investors and businessmen from various sectors, who have the opportunity to see up close the investment-friendly economic environment of Cyprus.

Source: CNA (Cyprus News Agency)

На конгрессе BEST INVEST, который прошел в Лимассоле 13-14 мая, встретились десятки профессиональных и частных инвесторов и предпринимателей, которые основными направлениями инвестиций рассматривают Кипр. Для того, чтобы дать более детальное представление о ситуации в разных странах мира и о перспективах развития мировой экономики, в рамках BEST INVEST был дан экономический прогноз с фокусом на Кипр и страны, которые конкурируют с Кипром в плане привлечения иностранных инвестиций.

Панельная дискуссия, проходившая в рамках первого пленарного заседания, предоставила возможность каждому участнику высказать своё мнение о будущем Кипра и о его привлекательности на инвестиционном рынке.

Филипп Аммерман, управляющий партнер Navigator Consulting Group, рассмотрел результаты усилий по продвижению Кипра как инвестиционного направления, перспективные секторы экономики страны, риски и пути их нейтрализации.

Яннис Мисирлис, директор и основатель Imperio Group, сообщил, что многие инвесторы проявляют огромный интерес к Кипру, хотя совсем недавно на этом рынке лидировали ОАЭ. Особую привлекательность инвесторы видят в программе получения гражданства Кипра в обмен на инвестиции. В туристическом секторе также наблюдается резкий рост — только по данным системы Аirbnb в 2018 году около 125 тысяч человек посетили Кипр, используя этот портал бронирования.

К беседе присоединился Артём Палеев, управляющий партнёр компании Korpus Prava, отметив, что именно банковский сектор доставляет много неудобств бизнесменам и инвесторам. Например, сегодня гражданину России практически невозможно открыть банковский счёт на Кипре, не являясь резидентом страны. Этим Кипр стал похож на Сингапур, но, в отличие от азиатского города, остров в Средиземноморье ещё не на пике своей инвестиционной привлекательности.

Основатель и генеральный директор Esquire Group Джимми Секстон подтвердил, что инвесторы предпочитают сегодня Кипр Объединённым Арабским Эмиратам. Правовые рамки в стране — одни из лучших в Европе. Именно юрисдикция ЕС так привлекательна для вливания капиталов. Это несомненный плюс Кипра. Однако необходимо поработать над репутацией острова, чтобы он больше не ассоциировался с отмыванием денег и нелегальными транзакциями.

Аджай Гойал, венчурный инвестор из Индии, добавил, что Кипр достигнет уровня Гонконга и Дубая только тогда, когда все бизнес-процессы будут переведены в режим онлайн. Полная прозрачность и квалифицированные системы электронного правительства способны поставить Кипр в один ряд с высокотехнологичными странами мира.

Инвесторы разных стран мира видят будущее Кипра привлекательным для капиталовложений. Имея огромный потенциал, отличное местоположение, возможности для новых стратегических проектов и запасы природных ресурсов, Кипр способен превратиться в один из мировых финансовых и бизнес-центров.

Александра ПОЛЯКОВА

Source: VK Cyprus

Growth decelerated to 3.4% in year-on-year terms in the first quarter of the year, down somewhat from the previous quarter’s 3.8%.

Outstanding a breakdown by components, the accompanying press release points out that growth was mainly supported by the following sectors: hotels and restaurants, retail and wholesale trade, construction, and manufacturing.

In seasonally-adjusted quarter-on-quarter terms, the economy increased 0.9% in the first quarter, matching Q4’s expansion.

More detailed national accounts data will be released on 7 June.

Growth is expected to moderate this year, as debt repayment restrains consumer spending, although should remain solid nonetheless. Particularly, healthy wage and job gains should cushion the slowdown, while buoyant construction activity will fuel a strong rebound in fixed investment. Downside risks to the outlook include a disorderly Brexit, a banking system burdened by non-performing loans and large stocks of private and public debt.
FocusEconomics panelists expect GDP to increase 3.1% in 2019, which is unchanged from last month’s forecast, and 2.6% in 2020.

Author: Massimo Bassetti, Economist