Cyprus Booms in the Last Four Years
- Written by: Editor
- Posted: 2017-12-18
Registering the highest percentage of economic growth and employment in the EU, and a high increase in business, Cyprus booms in the last four years. In this article, our lawyers in Cyprus explain how this boom was possible and what the economic situation in the island is at the present.
Why the sudden economy development in Cyprus?
The country has clearly recovered from the recession which started in 2011 when its economy fell dramatically, which forced it to ask for help from the European Support Mechanism in 2012. Our attorneys in Cyprus can offer support for entrepreneurs interested in setting up a business in the island.
During that year, the island signed a memorandum with the EU and the IMF (International Monetary Fund) to secure bailout loans.
The crisis in Cyprus reached its maximum point in 2013, after the banks have registered massive losses from the cut of the Greek sovereign debt.
At the present, all institutions and businesses in the island, including banks, small businesses and even self-employed individuals and workers, are positive about the future.
The city of Limassol seems to be thriving: it has a new 650 berth marina, 236 new residential properties and a myriad of cafes, bars and restaurants.
The way that the local government was able to turn the economy on a positive trend is by implementing cost-cutting measures and structural reforms, being able to win back the trust for new investments in the island.
Our Cypriot lawyers can provide assistance to entrepreneurs who are interested in setting up a business here.
A brief outlook on the economic situation of Cyprus
The economy of Cyrus developed in seasonally and working-day adjustment terms in the third quarter, being driven by a blooming tourism industry.
The current development caused a lower unemployment in September of this year. At the same time, tourist visits broke another record in October, with the industry demonstrating that is still is on a growing trend.
The GDP is predicted to remain solid next year as well, even though it is expected to slightly be a bit more moderate. Our lawyers in Cyprus can offer help in setting up a business in the island, as well as legal advice for individuals who want to reside here.
For more details on how Cyprus has gone from bust in less than four years, or for help related to corporate legal advice, please get in touch with our law firm in Cyprus.