News: Cyprus taking up the challenge

Mon, 12 Nov 07

Cyprus is a country that has seen a lot of change in the past few years, with much of it succeeding to make it an even more attractive destination for property investors and holidaymakers alike...

After becoming a member of the European Union in 2004, the economy expanded and business opportunities have thrived, an aspect which the government is keen to promote.

Antonis Michaelides, minister of commerce, industry and tourism for the island state, recently spoke at an event entitled "Cyprus as an international business investment centre", during which he outlined his homeland's many charms.

Economic hub

Mr Michaelides told the audience that Cyprus would provide ideal opportunities for foreign investors, explaining that many of the island's advantages stem from its position as an economic hub between Europe, Asia and Africa.

"My country has seriously taken up the challenge of intensified competition emanating from its accession to the European Union and the worldwide trend toward globalisation," Mr Michaelides remarked. He also suggested that Cyprus had earned more and more credibility among international investors in the past few years.

Another positive feature of the island's economy is its favourable tax system, which offers a ten per cent corporate rate - the lowest of any European Union member state.

According to Mr Michaelides, "other advantages [of Cyprus] include a stable socio-economic environment, state-of-the-art infrastructure, a highly qualified labour force and a business environment".

At the same time as government officials tout the state's lucrative appeal for investors, figures reveal that tourists are continuing to be drawn to sunny beaches of Cyprus, which may help assure its role as a popular destination for holiday lettings.

Prime holiday destination

Gulf Weekly newspaper has praised the island as a "prime holiday destination" and reported that an increasing number of people are also considering retiring there permanently.

Anyone who doubts the continued appeal of Cyprus to visitors need only refer to recent figures from Hermes Airports, which stated that almost 776,000 passengers passed through Pahos and Larnaca in October.

Additionally, traffic at Larnaca - the major international airport in the country - was revealed to have grown by 5.27 per cent during the year, while Pahos saw a rise of 0.54 per cent.

Regardless of whether one's aim is to make money or enjoy a beach-filled holiday break, Cyprus has a magnetism which is difficult to deny.

Back to: News Index