On September 12th, 2017, TIMC had the privilege to attend the 2nd Cyprus International Investors Summit in Limassol, Cyprus. During this event presented by Invest Cyprus, TIMC had the pleasure to sit down with Mr. Christodoulos E. Angastiniotis, Chairman of Invest Cyprus and Mrs. Natasa Pilides, Director General of Invest Cyprus.
TIMC:
Mr. Angastiniotis, thank you so much for taking the time to sit down with us. Could you start by telling our readers a little more about Invest Cyprus?
Mr. Christodoulos Angastiniotis, Chairman at Invest Cyprus:
Invest Cyprus is a non-profit national body and is the government’s dedicated partner responsible for the facilitation of investments in Cyprus. We are working in close collaboration with all government authorities, public institutions, the private sector, local and international experts towards attracting and facilitating foreign direct investment (FDI) in key economic sectors. We are also working towards advocating reform where needed and providing continuous support to current and potential investors.
The Organisation aims to be an essential agent in forging the position of Cyprus as a world-class investment destination, actively contributing to the attraction of FDI and the growth of our country’s economy.
TIMC:
This is the second edition of the Cyprus International Investors Summit, which follows a very successful first edition. Could you tell us where the idea to have a summit like this first originated?
Mr. Angastiniotis:
The idea for the Cyprus International Investors Summit came as part of Invest Cyprus’ target to help international investors gain hands-on experience and attain in-depth information about targeted investment opportunities in key priority sectors. This event was created to provide a platform for investors who wish to network with local companies and be presented with residential, commercial, mixed use real estate projects.
This year’s Summit took place at a time when the real estate sector is performing exceptionally well in terms of stability and growth potential. It gave 150 institutional investors from more than 30 countries the chance to learn more about the investment opportunities offered by Cyprus and development projects in the property, real estate and leisure sector.
TIMC:
The Cyprus Citizenship by Real Estate Investment Programme is a great investment opportunity for International High Net Worth Investors. Could you tell us what the main benefits of this programme are?
Mr. Angastiniotis:
A combination of the high quality of life, year-round sunshine and natural beauty, ease of doing business and investment incentives offer investors an attractive experience in terms of both living and doing business in Cyprus.
Due to its strategic location, the island is an ideal investment gateway to the European Union, as well as a portal for investment outside the EU, particularly into the Middle East, India and China. As a member of the wider EU and Eurozone community, Cyprus ensures safety and stability for investors, while also offering them market access to more than 500 million EU citizens.
TIMC:
Beyond the Citizenship by real estate programme, could you tell us more about some of the reasons that make Cyprus such a great place for international investors?
Mr. Angastiniotis:
The island’s ideal strategic location, advanced infrastructure and high quality of life do not only represent key reasons to relocate and live in Cyprus, but are also at the heart of an investor’s choice to invest here.
Cyprus’ legal and regulatory framework which is based on English Common Law, its transparent tax regime, fully compliant with EU and international laws and regulations, its high caliber local human talent and accessibility to global talent complemented by high quality professional services create a business-friendly and effective business environment. The country is also known for its competitive operating costs, as it has among the lowest office rental rates in Europe and highly affordable business support services.
TIMC:
To conclude, how do you foresee the Cyprus real estate market evolving in the next ten years?
Mr. Angastiniotis:
The real estate sector has traditionally been a key GDP driver for Cyprus. Following a period of economic turbulence, this market is now experiencing a strong recovery due to the overall enhancement of the economy’s attractiveness and as a result of tax and other governmental incentives.
Property sales have increased significantly in the past two years, with the construction industry intensifying its activities island-wide and an extensive range of prestigious large-scale development opportunities emerging across all sectors. These include the EU’s biggest integrated casino resort, a number of marinas across the island, various luxury tourist resorts and other specialised developments in commercial real estate, technology and innovation.
We are confident that the sector shall continue attracting investment interest and will therefore remain a key growth driver for the economy.
TIMC:
Thank you, Mr. Angastiniotis, for taking the time to respond to these questions and for all the information you have provided about Cyprus and its investment landscape. This definitely represents an incredible opportunity for our clients!
