A new wave of investment attention is being experienced by Cyprus, the Mediterranean island 35 miles from the coast of Lebanon.
Investors are being lured by safe investment opportunities and governmental incentives such as Permanent Family Visas to reside in Cyprus as well as the lowest corporate tax rates in the EU.The Middle East relationship is nothing new to Cyprus, which boasts one of the holiest pilgrimage sites according to Islam at the famed mosque of Um Haram in Larnaca.
Cyprus has air links from Dubai and Beirut daily, making it accessible to Lebanese in 25 minutes and 3 hours from Dubai.
As speculators have cooled on previous investment darlings such as Dubai, Cyprus offers more than just the rule of law to protect investor interests.
The government has announced closer ties with the oil rich Qatar, and rumors that Multi Billion Euro investments will be poured into Cyprus, the closest gateway to the Middle East, has more than highlighted the attractiveness and advantages of investment in Cyprus.
In response to this positive reaction to Cyprus investments, UAE and Beirut based World Class Group, together with key developers in Cyprus, have teamed up to present the Cyprus Investment Festival in Beirut held during the month august.
“We are delighted by the response and attention that Cyprus is receiving from the this region”, said Mr. George Mintis, member of the board of directors of the Cyprus Tourism Organization.
“The new Open Doors policy will benefit new investors and the nation of Cyprus”, he added.
Mr. Mintis was referring to a new amendment in the law which now allows non-Europeans to receive a permanent family visa when investing in Cyprus property. Cyprus cabinet reportedly amended this “open doors” policy to attract high net worth individuals and their families to Cyprus.
“The Cyprus Investment Festival held in Beirut is a great step to create a bridge from Cyprus to the Middle East, and our group is looking forward to more activities like this in the future as we are gearing toward this market in a very big way” he said.
One of the top participating developers in Cyprus has created a prestigious water front project, with views to Beirut on a clear day from Cyprus. Iacovou Brothers Development is targeting investors in Lebanon,and aims to market this through the Cyprus Investment Festival in Beirut.
According to Mr. Andros Andronicou, Sales and Marketing manager for Larnaca based Iacovou Brothers Development, “Beirut residents will now be able to secure a quality residence virtually 30 minutes from their own doorstep and enjoy the benefits of the the Permanent Residency Visa for their entire family which makes our project that much more attractive for them” he said.
The three week long Cyprus Investment Festival event will feature information seminars weekly on the new incentives available to GCC and Lebanese residents to invest in Cyprus properties.
