Cyprus to exit bailout early, says president
Article 2 minute read

Cyprus to exit bailout early, says president

10 September 2014

At yesterday’s CIPA International Investment Awards ceremony at the Presidential Palace in Nicosia, Cyprus, everyone was talking about the impressive way Cyprus is recovering from its financial crisis. Our Cyprus MD was there.

The CIPA International Investment Awards ceremony at the Presidential Palace in Nicosia, Cyprus, is the prestige event in local financial circles.The crème de la crème of Cyprus’ international business scene convenes to celebrate the achievements of the past year.

As we gathered at the palace, it became clear the mood is changing.

Addressing the 3rd CIPA International Investment Awards ceremony, at the Presidential Palace, Cyprus Investment Promotion Agency Chairman Angastiniotis said that “prospects are now opening up as the country transitions into a new phase, veering towards stability and fiscal consolidation while examining new engines of growth as investors continue to show confidence in our country”.

Angastiniotis noted that the government has implemented a series of measures and reforms to boost the economy and attract investments through modernising legislation, promoting development projects, diversifying tourism, introducing tax incentives and speeding up licensing procedures.

Later,  Cyprus President Anastasiades addressed the gathered professionals and said that Cyprus’`exit from the bailout programme “can take place earlier than initially expected”. Good news for all investing in our island nation.

According to the CIPA Chairman, the professional services sector has recently seen a notable rise in company registration applications, whereas tourism has witnessed a number of investments mainly in the hotel industry and medical tourism is also attracting the eye of foreign investors. The foreseen development of the Hydrocarbon industry in conjunction with the many competitive advantages Cyprus offers have already attracted the attention of global leaders such as Schlumberger, Halliburton and others.

From my experience at the helm of TMF Group Cyprus, we are indeed seeing an increase in demand for quality legal and professional services from firms and financial institutions with structuring projects and direct investments involving Cyprus companies.

The opportunities never really left Cyprus, but they’re now shouting louder.

Read more about doing business in Cyprus

Written by

Alex Hooft van Huysduynen

Former Managing Director, TMF Malta and Cyprus

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