President Anastasiades said, at a business centre project presentation in Limassol, the government has already announced a series of measures which aim to restart the economy. These, he added, include extending building allowances for large development projects, issuing permits for large tourist projects, such as golf courses, hotels and casinos as well as granting residency permits to non EU citizens when they purchase a house of a value of €300,000 and keep deposits of €30,000 at a local bank. At the same time, he said, conditions for granting Cypriot passports to all those who meet the criteria required have become more flexible. He added that he expects that new regulations for acquiring Cypriot citizenship are expected to be adopted today.

President Anastasiades further noted that he has undertaken, with the help of his ministers and the business community, a campaign to attract foreign investments and has in this context visited various countries of strategic importance. He also stressed that Cyprus continues to retain its comparative advantages as an investment destination, a fact which needs to be perceived by all.

In March 2013, Cyprus agreed with the European Commission, the European Central Bank and the IMF, collectively known as the Troika, a €10 billion bailout. The country’s international lenders estimated that output in 2013 had contracted by about 6%, while modest growth is expected in 2015. The lenders revised projections from a 7.7% contraction in 2013, while the initial estimates, included in the adjustment programme agreed with the Troika in March 2013, projected a downturn of 8.7%. However, Cyprus’ economy contracted by 5.4% in real terms in 2013, the Statistical Service said in a first estimate.

Source: Cyprus Mail