The European Commission declared that it predicts the economic growth in Cyprus to reach 3.2% this year and 2.8% in 2019, after attaining a solid 3.8% in 2017.
The Finance Minister of Cyprus, Harris Georgiades, declared in September of this year that the country had entered a time of real sustainable economic increase. He also outlined that, even though the fiscal space was created, the fiscal discipline in Cyprus would be due to continue.
Home prices in Cyprus have increased by 1.1% in the second quarter of this year compared to the same time frame of 2016, as reported by the Central Bank of Cyprus.
The Department of Registrar of Companies and Official receiver announced that the registration numbers (which indicate the performance of the business services industry) increased with a yearly 23% in October 2017.
The Transport Minister Marios Demetriades invited the attendees of the 2nd International Investors Summit to take into account participating in public works and projects, some being in pipelines, including the commercialization of the Larnaca port this year.
The economy recovery in Cyprus continues to grow for the ninth consecutive quarter, while the increase is becoming stronger and more broad-based, according to a report issued by the Helenic Bank for the first six months of 2017.
Buying a property in Cyprus is recommended to take place with the help of our Cypriot lawyers in order to avoid certain risks which buyers may encounter. For example, you might find that the real estate you intend to purchase has been mortgaged.
The third-largest lender in the country, the Hellenic Bank, declared that it projects the economy of Cyprus to increase with 3.5% this year.
The Golden Visa Program in Cyprus, which enables citizens of non-EU countries to obtain Cypriot passports and residency permits through investing in real estate and other industries, has raised EUR 4 billion in the last year.
The tourism in this country has an important role in the economy, having a key impact on the local culture and its development throughout the decades.
Start-up companies in Cyprus are sustained in this country through a set of governmental programmes, designed to increase the value of such businesses, especially in the first stage of their development. Foreign investors can apply for numerous grants in Cyprus, provided by different governmental institutions. At the same time, as a member state of the European Union (EU), Cypriot businesses are entitled to funding programmes provides by the Community. Our team of Cypriot lawyers can offer legal advice on the eligibility criteria applicable to foreign investors.
Foreigners, both natural persons and legal entities, can purchase properties in Cyprus. The procedure is concluded through a sale/purchase contract, which should contain a set of compulsory provisions related to the object of the purchase, its price, the conditions in which the property is sold, the rights and obligations of the parties and other specific aspects. Related to this subject, we mention that the Cypriot property transactions increased in 2016 by 43%, which represents the highest increase in the field since 2010. When concluding a property transaction in Cyprus it is advisable to address to our team of Cypriot lawyers, who can help with the due diligence procedure - a recommended step (yet not compulsory) in this process.
The economic sentiment in Cyprus increased in December by 3.1 points, showing that the business perspectives available for both local and foreign investors operating on the Cypriot market improved. The Economic Sentiment Indicator increased by 3.1 points, in comparison with the previous month. Businessmen who are interested in opening a company in Cyprus should know that the increase is a direct effect of the business activities carried out in the fields of services, retail and construction. Our team of lawyers in Cyprus can offer legal assistance on the legal requirements applicable to foreign investors.
The Cypriot growth rate registered in the third quarter (Q3) of 2016 an increase of 2,9%. The increase is compared with the same period of 2015. The GDP growth rate in Cyprus increased as a consequence of a positive business climate registered in several main industries. Businessmen who want to start a company in Cyprus are welcomed to invest on the local market, but it is recommended to firstly study the legal environment available here and also the main investment opportunities. Our lawyers in Cyprus can provide more details on this matter.
The Cypriot authorities approved the Budget 2017, which provides many benefits for the local economy. An important aspect related to the Cypriot Budget 2017 is that the Gross Domestic Product (GDP) will increase by 2,8% per year, in the period of 2017 -2019. Foreign businessmen who are interested in opening a company in Cyprus can have many business opportunities, as the local government is aiming at sustainable growth. In this sense, the Cypriot authorities are interested in increasing the competitiveness in the business environment and to reduce the unemployment rate. Our attorneys in Cyprus can provide more details on how businesses can benefit from the stipulations on the new Budget.
Although Cyprus is a small European country, its economy provides many business opportunities for both the locals, as well as the foreigners interested in the business environment available here. Some of the most important reasons refer to its economic stability, as well as the numerous economic sectors relevant for the local economy. The highlight of the Cypriot economy is, of course, the tourism industry, which expanded at a fast pace in 2016. Those who want to open a Cypriot company are advised to receive assistance on this matter from a local specialist and our lawyers in Cyprus are prepared to provide in-depth information on any issue referring to the incorporation requirements.
Investors searching for a new business market to set up a company are advised to invest in Cyprus, because the local authorities offer many tax and business incentives, which can help a new business grow in a faster pace. One of the top industries in Cyprus refers to tourism, which had very good economic results in 2015 and throughout2016. Our team of Cypriot lawyers can offer assistance on the incorporation procedure, which is performed following the same regulations, regardless the business field in which the company will carry its activities.
Foreign investors who are seeking for an attractive, stable financial market are advised to invest in Cyprus, which has recently become a very important economy in terms of financial transactions. Since the beginning of the year, the Cypriot economy registered very good results in many economic fields. Businessmen who want to set up a company in Cyprus can receive an in-depth presentation on the incorporation process from our team of Cypriot attorneys.
The Cypriot economy reported very good results during 2016, which boosted several investment markets. The local government announced that the financial sector in Cyprus will be further sustained through various policies which will attract new investments on the local market. Our team of Cypriot lawyers can offer assistance to foreign investors who want to open a company in Cyprus with operations in the financial sector.
With iconic landscapes and a rich history, Cyprus represents an attractive touristic location for visitors around the world. Cyprus’ economy has always been based on tourism and, therefore, the financial results registered in the field also had good outcomes. 2016 brought a new boost on the local market, as the tourism values increased by 21% in the first six months of the year, compared to the same period of 2015. Businessmen interested in setting up a company related to this industry, such as a tour operator or a travelling agency, can address to our team of Cypriot lawyers for an extensive presentation on the legal requirements which have to be met by such companies.