Large Investment Projects opportunities in Cyprus

In a globalised economy where multinational companies are pressed to maintain and improve quality while cutting costs to meet increasingly higher client expectations and intense competition, Cyprus, famous for its warm, hospitable and welcoming people, provides a complete value proposition. Small in size, with a highly-educated workforce, Cyprus offers expert financial, legal, technical and management services at competitive rates, making it a uniquely attractive destination for foreign investors. This competitive advantage is intrinsically linked to the population’s inherent culture of service and international engagement.
Being Europe’s eastern outpost, strategically located at the crossroads of Europe, Asia and Africa and providing a gateway to and from each one of them, Cyprus has been an important centre for trade and business for thousands of years. The recent discovery of offshore natural gas reserves, and possibly oil, in Cyprus’ Exclusive Economic Zone (EEZ) creates even greater investment opportunities and has further upgraded the strategic importance of the island, long considered a stabilising factor in the region..
The island has a dynamic market-oriented economy, driven by a diverse and highly skilled workforce, along with an excellent infrastructure system and the lowest tax regime in the European Union combining low costs and flexibility features. In addition, the country’s legal framework, which is fully compatible with EU regulations and international best practice, offers plenty of benefits to investors looking for alternative destinations. Widely recognised as a business-friendly system that allows for reliable and transparent business practices, the Republic of Cyprus is also a member of several international organisations, including: the European Union (2004) and Eurozone (2008), the World Trade Organisation (1995), the International Monetary Fund (IMF) (1962), the World Bank (1962), the Council of Europe (1961) and the United Nations (1960).
The Republic of Cyprus has continuously and systematically been striving to offer an attractive, reliable and investor-friendly environment for foreign direct investments and has regularly scored highly in international surveys on the ease of doing business. The country has established a reputation as a springboard for international investors accessing the large EU markets as well as the emerging economies of the Middle East, Eastern Europe, North Africa, India and China. Cyprus provides a plethora of opportunities for investors in a variety of key growth sectors, such as: Energy, Professional Services, Banking and Finance, Health and Wellness and Large Scale Development Projects that range from hotel and golf courses to the utilisation of prime real estate in the heart of the capital of Cyprus.
In order to encourage further investment, Cyprus offers an investors’ passport scheme by which a foreigner may obtain a Cypriot passport/nationality without having to comply with the 7 year residency requirement. The procedure is quick and the application is processed within 2-3 months. A Cyprus passport carries all the advantages of being a European national, including the right to free movement and residence within the European Union. There are different categories of investments available which provide eligibility for obtaining a passport under the investors’ scheme. Amongst others they include investment in government bonds issued by the Republic of Cyprus; investment in financial assets of businesses established in the Republic of Cyprus; investment in property in the Republic of Cyprus; investment or incorporation or participation in businesses that are established in the Republic of Cyprus; bank deposits; and a combination of investments.
The mission of the Association of Large Investment Projects is to promote and realise large scale development projects in Cyprus. Among the Association’s main priorities is the creation of a business friendly environment, so as to encourage foreign investors. It is for this reason that the Association has been a significant contributor to the challenging mission of reshaping and advancing Cyprus’ economy. The Association is a member of the Cyprus Chamber of Commerce and Industry (CCCI) and represents more than 25 companies active in Cyprus. The Association’s members come from the entire spectrum of the Cyprus economy and represent projects with a total value in excess of €8 billion. A number of major investment projects are currently underway, including large development projects such as marinas, golf courses, as well as more integrated, mixed–use development projects which include residential projects, office & commercial projects as well as projects that will provide high-quality educational and health services. These projects are sufficiently mature to allow their integration as soon as investment is in place. It’s worth mentioning that implementation of these projects, will lead to the creation of 7,000 jobs during construction and another 7,000 in the course of their operation.
During the past year, there has been considerable increase in investment interest, testifying to international investors’ recognition of the financial stability and vast opportunities Cyprus offers. The steadily increasing interest from foreign investors, from all industry segments, strengthens Cyprus’ position as an attractive and high-quality investment location, reminding everyone that Cyprus has journeyed far along the path to a bright and prosperous future. The country is moving into a new era, reshaping its economy and creating an improved and more diverse economic model which will be more solid, resilient and flexible, allowing for sustainable growth and shared prosperity. In this new era, private sector large investment projects will play a crucial and indispensable role in the country’s economic development, which is why the Association of Large Investment Projects has been stepping up its efforts to promote further structural reforms that aim to improve the overall investment climate and help establish sustainable foundations for stability and growth.