Positioned at the crossroads of three continents with a strategic position as the gateway of Europe, Asia and Africa. This location has given Cyprus a unique advantage to become a successful business hub in today’s society. With the backing from international investors and investment schemes the Island of Cyprus is developing at a rapid rate.
Trading History
The island was once rich in supplies of copper and timber, which gave it economic as well as strategic value. The name, Cyprus, derives from the ancient Greek word for the precious copper deposits that were already being mined and traded as early as 2500 BC. As trade of copper developed it brought wealth and prosperity to the island.
Modern Trading History
As Cyprus moved on in times trading continued to be supported via shipping. Merchant shipping has long been of great importance to the island. A seafaring nation located along important trade routes, Cyprus has actively developed its shipping sector for decades. The international maritime industry began flocking to its shores in the early 1960s, when Cyprus introduced legislation providing ship managers and owners with a more tax-efficient business environment. This paved the way for the expansion of an industry that now contributes approximately €1 billion each year to the economy.
Increase in Russian Investors
Cyprus attracts many investors from overseas – notably though is the increase in Russian investors. Cyprus provides a favourable tax system with guaranteed sunny weather that draws many Russians to the island.
Cyprus Investment Program
New incentives came into action in Cyprus to promote investment. Previously referred to at the Cyprus Citizenship scheme the updated Cyprus Investment Program gives individuals the opportunity to invest in Cyprus and gain Citizenship to Cyprus – an EU Country.
Permanent Residency
This legislation enables non-EU nationals to obtain a Cyprus residence permit, with unlimited duration, within 60 days. The permit is valid for the entire family including dependent children over 18 years of age, subject to certain conditions being fulfilled. The residency program offers many benefits such as living in a safe haven, studying in Cyprus, tax implications and the residency can also be used as a stepping stone to full citizenship which would allow for working in Cyprus.
Further Economic Expansion
As the economy continues to grow with a strong foundation of shipping with continued support via the Cyprus Investment Program and Permanent Residency Program, it has paved the way for exciting new projects such as the new casino in Limassol. City of Dreams casino is set to open in 2021 a temporary pop up casino has opened until the completion of City of Dreams. The temporary pop up casino has 593 employees, total floor area spanning 4,600 square metres, the gaming area takes up 1,300 square metres and includes 33 tables and 242 slot machines. The casino also has a restaurant and two bars, featuring a separate VIP gaming area.
Expansion in Building Projects
Cyprus has experienced an increase in building projects all over the island. Notable projects include a selection of skyscrapers in the area of Limassol made possible through investment in Limassol. Currently 30 skyscrapers are being built providing jobs for many locals and homes for professionals around the globe.
Conclusion
Cyprus has a strong history of providing a hub for business trade and investment and this shows no sign of changing, laying the foundation for further development in the future with an ever-expanding Cypriot economy. SkyPrime has cultivated a niche market aimed at providing beautiful Cyprus luxury homes with unobstructed sea views for high net worth individual who wish to buy property on the promising island of Cyprus.
