Cyprus has potential to become a key investment destination

As a result of the improvement in the business and investment climate, there has been significant growth in a series of key sectors of the Cyprus economy, such as real estate and construction. Already large-scale development projects are underway, in Limassol with the construction of multi-storey buildings on the coastal front, as well as in the remaining districts, injecting further momentum into the domestic market. Foreign investments have played a catalytic role in this development, since many of the projects underway involve foreign investors, as for example the creation of the integrated casino-resort.

Another sector which has been recording growth is that of investment funds, which in recent years has attracted more than EUR 3 bln. Moreover, the number of foreign companies which choose to extend their activities to Cyprus, either by transferring their headquarters here or opening offices, continues to grow.

In a vote of confidence to the long-term prospects of the Cyprus economy, I have chosen the past few years to live and to operate in Cyprus as a member of an international group that already counts 16 years of dynamic presence in the local market. This group is made up of financial services, holding and investment companies, among other. My evaluation of Cyprus as a business centre and investment destination is that it undoubtedly has all the prerequisites to develop into one of the most important financial centres in the region. The well-functioning regulatory and legislative framework, the favourable tax system, the business-friendly environment, as well as the high quality of professional services offered, make Cyprus an attractive choice for foreign investors.

Despite this, there are issues that require improvement. Bureaucracy persists in state services and in several cases creates obstacles for prospective investments. This is why competent authorities must focus on continuing structural reform with the aim, on the one hand, of boosting the competitiveness of the Cyprus economy through the provision of additional incentives, and on the other, enhancing its growth resources.

Cyprus is not just a country with a rich cultural heritage, blue-flag beaches and hospitable people. It has a modern