HomeRegionsEuropeWhy Is Limassol An Ideal City To Relocate?

Why Is Limassol An Ideal City To Relocate?

Limassol is the second-largest city of Cyprus and one of the most important tourism, trade and service-providing centers. It is strategically located within the short distance between the airports, main port, Limassol Marina (the biggest one in Cyprus), seaside and the mountains.

Limassol is known as a vibrant business hub for investment & offshore companies, Forex and trading, shipping activities and international banking. Cyprus’ legal framework based on UK law and tax incentives has been a sound basis for growing business initiatives.

In conjunction with attractive tax low, another factor that encourages businesses to be in Limassol is an amendment introduced in July 2015. It specifies that any non-domiciled persons or companies who have not been a Cyprus tax resident for more than 17 out of the last 20 years are exempted from paying the Special Contribution for Defence, comprised of 30 percent interest and 17 percent dividends income.

This, in combination with around 50 double tax treaties with countries worldwide, makes Limassol a very inviting and exciting destination for the financial services sector.

Furthermore, Limassol is a business getaway between Asia, Europe, Middle East, and Africa with a highly educated English-speaking population.

It is well known that Cyprus’s economy has been rapidly growing with rates averaging at 4.4 %, and Limassol being a significant contributor to the island’s GDP. That performance is being driven by solid private demands in employment and expansion of the tourist sector.

The discovery of natural gas and its exploration in the waters of Limassol has been heating up more interest from foreign investors. Therefore, energy will be a new source of growth as the government plans to export gas to east-Asian markets and Europe. These plans are strengthened by the presence and interest in these developments of major oil and gas companies that are already present in Cyprus.

According to Cyprus Shipping Chambers, the Cyprus shipping industry is the third largest in Europe and 11th largest globally, with more than 1000 ocean-going vessels totalling 21-million gross tons. Most of the world’s prominent shipping-related companies have headquarters and fully-fledged offices in Limassol conducting their operations from this city.

Also, the new port of Limassol is the largest on the island. It has been recently updated and modernized by adding a new terminal, increasing the pier, expanding the harbor and putting in additional warehouses. It is by far the biggest port in the eastern Mediterranean.

At the same time, Cyprus encourages constant growth and development of the maritime industry.  There are many dedicated marine institutes focused on training and education, research, innovation and sustainability.

Limassol is also a top Forex hub with over 250 regulated Cyprus Investment Firms listed by CySEC. Most of the companies are foreign owned, but they are attracted to Cyprus because of its strict regulatory framework and solid customer protection laws.

Moreover, Limassol is the trading centre of Cyprus, that has several industrial units like dressmaking, furniture, shoes, drinks, food, prints, metal, electric devices, plastic goods, as well as many other traditional industries.

Furthermore, Limassol is a home for many Cyprus wine companies. The wineries are a very popular tourist destination, and their products of high-quality grape goods are also being exported to Europe.

The tourist sector is going strong and more options are being offered. Limassol tourist accommodation includes Luxury 5 star hotels and villas for those who want to splurge but also plenty more economical hotels and apartments for tourists that are on a budget.

Limassol has the leading role in driving the Cyprus economy up counting over 1 billion euros only from the investment projects for 2017-2019. Some of those projects are The Oval, The One, Lanitis seafront, Amara hotel, Parklane luxury collection, City of dreams and others.

One of the most exciting new developments is the integrated luxury resort casino called “City of Dreams Mediterranean.” It will be finished by 2021 in Limassol. This world-class development is the only one of its kind in Europe. According to the presentation of Consortium Integrated Casino Resorts Cyprus (ICRC), it is forecasted to attract an additional 300.000 of tourists every year with the effect of further development of the west Limassol. On its completion, the resort will provide over 4 thousand new jobs and contribute to Cyprus economy 425 million euros annually.  City of Dreams Mediterranean will offer a wide range of attractions and entertainment options beyond gaming. This pioneering project will dramatically change the tourist industry in the whole of Europe and push the growth of Limassol itself even further.

In addition, a large golf course worth 350 million euros is planned near the “City of Dreams Mediterranean.” It will be centered on ecology and sustainability, with additional property development in the housing and tourism industries thrown in for good measure.

Furthermore, a new technological and scientific park has been established in Limassol, which is anticipated to enhance business in research, technology, and innovation, as well as contribute to economic diversification.

Every year, the number of foreign highly skilled people increases, resulting in the expansion of infrastructure such as new private international schools, medical and rehabilitation centers, a wide range of services, and so on.

At the same time, Limassol has the most pristine beaches with crystal blue waters extending for 17km and a mild climate that attracts thousands of tourists. There are plenty of sites and activities to enjoy that will satisfy every taste:  The Casino, new Resorts, Skyscrapers, sporting events, extreme sports, fun activities, cultural events, extensive shopping, spa and wellness beauty salons … you name it… Limassol has it all.

Limassol is a city that merges business and pleasure and it is full of pleasant surprises. It offers a variety of options according to your mood and preferences. By investing in Limassol real estate, you will inevitably gain on capital appreciation on your property due to the upcoming trend of real estate prices going up and the popularity of Limassol itself rapidly rising.

What is more intriguing is the fact that the Real estate market in Cyprus is booming.  There are many attractive opportunities in real estate commercial and residential units that promise secure initial capital, an excellent ROI, capital appreciation, and low risk.

In accordance, overseas investors express a lot of interest in investing in real estate properties, which will qualify them in order to acquire additional citizenship through the Naturalization of Investors in Cyprus by Investment scheme.

Taking everything into consideration, Cyprus has all the necessary elements, making the island a competitive, attractive, flexible and friendly foreign investment state.

 

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