Equilibrium Sheet of the Cyprus Economy – Do We Have Hope?

Pricey visitors, we have prepared for you an “accountancy dependent stability sheet” with regards to Cyprus potential in phrases of true estate improvement. This is a road map of “matters to be finished”, in get to present some kind of hope, but at the same time, not to aspiration that every thing is Alright. Cyprus being this kind of a little financial system, tiny issues, make the economy flip about (our reservations on the handouts of cash to all types of folks by this Governing administration has been criticised in a previous report of ours).

  • Two new airports are completed and operational – be it costly for tour operators. New non-public executive lounge for non-public jets below way pending.

  • Limassol marina is beneath building with significant monetary contribution.

  • Larnaca marina – unknown execution

  • Paphos marina – Even now pending – Time not known

  • Ayia Napa marina on focus on with buyers going ahead.

  • A single new golf venture has obtained a allow (Larnaca), yet another one particular beneath development (Pafos) and a further 3-4 pending (out of the 10 but we report those people which we imagine they will in fact be created).

  • Limassol old town is going through several renovations such as the previous town and the castle area – Also below way is the old fishing harbour with building timing inside the 12 months 2011.

  • New/reviewed town planning laws on high increase structures have demonstrated their optimistic effects in Limassol. Other tasks follow and the revised approach will deliver an international graphic for this and other towns.

  • Expenditure funds of a substantial scale from abroad, like Dubai, Israeli Cos and other people (Qatar in addition) will result in others to stick to, showing fascination for tiny Cyprus, such as the most up-to-date three specials of land purchases (€18. mil + €14. mil. + €7. mil.) at Nicosia.

  • We have inside political harmony (a main asset) to the extent “allowed” by democracy.

  • We are strengthening the tax process on offshores and specially shipping, which will make Cyprus most likely the top rated place for Shipping Cos.

  • Investments in trade of permanent residency and investments for passports is a major attraction for wealthy 3rd nations residents. Currently original success are most positive.

  • The setting up amnesty is coming (but a little bit late) but at minimum is coming and this will deal with to an extent the genuine estate lack of title challenge.

  • We nevertheless have to have a adjust of local attitudes (see determination of Hilton Hotel to leave the island due to the fact they did not receive an procedure permit since 1999!!). The relation concerning the non-public investment decision and crimson tape is attrocious.

  • A P.R. Cypriot president is an additional asset to take note. Not typically discovered in the E.U. and bearing in mind our “Communist” president, this is a enjoyable “shock” to remember for traders.

  • A doer Minister of Interior who has our sympathy for his desperation in the Civil Companies treatments is an extra asset. He is seeking at least.

  • And so forth etcetera

Regrettably individuals of us who are at a “experienced” age, it will consider time to realise the benefits of most of these and other projects, but we estimate that it may possibly just take 2-3 years to see the financial positive aspects, but at the very least the coverage is there and there is hope specially for the new traders and the more youthful generation to have work. We have watched a BBC programme on Singapore and Hong Kong about “excellent” living and we can tell you that residing in a 2 bedroom apartment of 60 sq.mts. on the 17th flooring does not inspire us to go there.

Little is stunning, as we generally say, but individuals need to also have an earnings and stability of their expense (see Spain with obligatory acquisition with no payment and 20% unemployment). Surely, as Cyprus, we have a lot of difficulties, but we can glance at the instant potential with some hope.

share this recipe:

Still hungry? Here’s more