| Dear readers, we have prepared for you an | | | | - We are improving the tax system on offshores and |
| "accountancy based balance sheet" regarding Cyprus | | | | especially shipping, which will make Cyprus perhaps |
| future in terms of real estate development. This is a | | | | the top destination for Shipping Cos. |
| road map of "things to be done", in order to offer | | | | - Investments in exchange of permanent residency |
| some sort of hope, but at the same time, not to | | | | and investments for passports is a major attraction |
| dream that everything is OK. Cyprus being such a | | | | for wealthy 3rd countries residents. Already initial |
| small economy, little things, make the economy turn | | | | results are most positive. |
| around (our reservations on the handouts of money | | | | - The building amnesty is coming (but a bit late) but |
| to all sorts of people by this Government has been | | | | at least is coming and this will address to an extent |
| criticised in a previous article of ours). | | | | the real estate lack of title issue. |
| - Two new airports are completed and operational - | | | | - We still need a change of local attitudes (see |
| be it expensive for tour operators. New private | | | | decision of Hilton Hotel to leave the island because |
| executive lounge for private jets under way pending. | | | | they did not receive an operation permit since 1999!!). |
| - Limassol marina is under construction with heavy | | | | The relation between the private investment and red |
| financial contribution. | | | | tape is attrocious. |
| - Larnaca marina - unknown execution | | | | - A P.R. Cypriot president is another asset to note. |
| - Paphos marina - Still pending - Time unknown | | | | Not normally found in the E.U. and bearing in mind our |
| - Ayia Napa marina on target with investors going | | | | "Communist" president, this is a pleasant "shock" to |
| ahead. | | | | remember for investors. |
| - One new golf project has received a permit | | | | - A doer Minister of Interior who has our sympathy |
| (Larnaca), another one under construction (Pafos) | | | | for his desperation in the Civil Services procedures is |
| and another 3-4 pending (out of the 10 but we | | | | an added asset. He is trying at least. |
| record those which we think they will actually be | | | | - Etc etc |
| built). | | | | Regrettably those of us who are at a "mature" age, |
| - Limassol old town is undergoing numerous | | | | it will take time to realise the benefits of most of |
| renovations including the old town and the castle area | | | | these and other projects, but we estimate that it |
| - Also under way is the old fishing harbour with | | | | might take 2-3 years to see the economic benefits, |
| construction timing within the year 2011. | | | | but at least the policy is there and there is hope |
| - New/reviewed town planning regulations on high rise | | | | especially for the new investors and the younger |
| buildings have shown their positive results in Limassol. | | | | generation to have jobs. We have watched a BBC |
| Other projects follow and the revised approach will | | | | programme on Singapore and Hong Kong about |
| provide an international image for this and other | | | | "good" living and we can tell you that living in a 2 |
| towns. | | | | bedroom apartment of 60 sq.mts. on the 17th floor |
| - Investment funds of a large scale from abroad, | | | | does not encourage us to go there. |
| including Dubai, Israeli Cos and others (Qatar in | | | | Small is beautiful, as we always say, but people must |
| addition) will cause others to follow, showing interest | | | | also have an income and security of their investment |
| for little Cyprus, including the latest three deals of | | | | (see Spain with compulsory acquisition with no |
| land purchases (18.0 mil + 14.0 mil. + 7.0 | | | | compensation and 20% unemployment). Surely, as |
| mil.) at Nicosia. | | | | Cyprus, we have numerous problems, but we can |
| - We have internal political harmony (a major asset) | | | | look at the immediate future with some hope. |
| to the extent "allowed" by democracy. | | | | |