Cyprus News Agency: News in English, 06-06-10

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] CYPRUS - GOLF COURSES - STRATEGY

[01] CYPRUS - GOLF COURSES - STRATEGY

Addressing a golf business forum in Paphos Saturday, he appeared very confident that the government`s strategic objective to adopt the euro by 1st January 2008 will be achieved.

Commenting on the economy, he said it is growing at a satisfactory pace underpinned by long term macroeconomic stability.

Cyprus, he noted, offers a number of comparative advantages as an international business centre, including its strategic geographical location, a high educational level of its workforce, social cohesion and a safe tourist environment with a pleasant climate.

Investment policy, he explained, is completely liberal and allows 100% foreign participation in all sectors of the economy not only for EU citizens but also for investors from third countries.

All restrictions concerning maximum allowable percentage of foreign participation, as well as minimum level of foreign investment in any enterprise in Cyprus, have been lifted as from January 2000 for EU-citizens and from 1st October 2004 for non EU citizens, unless otherwise stated in the legislation.

Outlining the new strategy for the development of golf courses, he said this allows for the development of up to 14 golf courses in total and includes incentives to upgrade the image of Cyprus as a qualitative tourist destination and contribute towards the enrichment and diversification of the tourist product.

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