Article by Michalis Economides, CEO of Economides Kranos Chambersfield at Capital.com.cy

Undoubtedly, during the last six months of 2015 and beginning of 2016, the Cyprus economy has encountered a significant rate of development.

This consistent growth is due to the motivational investment, citizenship and permanent residence scheme programs that the Republic of Cyprus pursued, which assisted the island’s economy overall to progressively recover.

Mr Michalis Economides, of Economides Kranos Chambersfield, a leading law firm, states in this article that the confidence of foreign investors in the Cyprus economy seems to be rebuilding due to the upgrading of Cypriot banks and the general Cypriot economy from foreign credit institutions and rating agencies .

Consequently, it is an absolute necessity to maintain this trust at all levels, in order to maintain and increase even more the% growth rate. Subsequently, a preferable method of sustainability is for corporate entities to engage in an international approach that will boost exports of products and services, which will substantially increase the Net Export (NX) parameter of Gross Domestic Product (GDP).

Below, you can read the entire interview published at capital.com.cy. In order to translate it, please select the preferred language in the top right of the page.

Article by Michalis Oikonomidis, CEO of Economides International Kranos Chambersfield at Capital.com.cy

It is a fact that in the last half of 2015 the Cyprus economy has experienced a significant growth. The problems that were faced in 2013 and for a continuous period of about two years seem to be treated with seriousness and stability.

After serious difficulties in the economy, but also mainly in the people of Cyprus, it is now observed that there has been a significant growth rate in recent years.

An important reason for this development was the incentives given by the Republic of Cyprus, which helped the Cypriot economy, but of course the same sacrifices and difficulties of society.

The climate of confidence from foreign investors towards the Cyprus economy seems to be rebuilt as a result of the continuous and repeated upgrading that Cypriot banks are taking, as well as the Cypriot economy in general from foreign
credit institutions and rating agencies.

Due to the significant investments that have taken place within the Republic, the Cypriot economy has entered an accelerated development path.

These major investments have been and are the driving force of the economy, which appears to be entering a major development path due mainly to investments from both the domestic and foreign markets.

It is worth noting, however, that these rhythms will not reminisce with old times with exaggerated property prices and other services. Of course, we will not have to repeat the “bubbles” of the past, which unfortunately only devastating
effects can bring about. Proper economic growth should be based on sound, serious and gradual rise.

Among other things, granting a Cypriot citizenship right through investment has been shown to have benefited and helped the Cypriot economy in both the public and private sectors.

Αξιόλογο προς σημείωση είναι ότι το τελευταίο διάστημα έχει σημειωθεί σημαντική εισροή και εγγραφή ξένων επενδυτικών ταμείων στην Κύπρο, τα οποία έχουν επιλέξει την Κυπριακή Δημοκρατία ως έδρα από την οποία θα εκτελούν και θα διαβιβάζουν τις οποιεσδήποτε επενδύσεις τους τόσο στην Κύπρο αλλά και στο εξωτερικό.

Είναι σημαντικό επίσης να τονιστεί ότι οι κυπριακές επιχειρήσεις αλλά και όσοι δραστηριοποιούνται σε διάφορους επαγγελματικούς τομείς στην Κύπρο έχουν πλέον αρχίσει να εργάζονται με ζήλο, εργατικότητα και περισσότερο επαγγελματισμό, κάτι το οποίο στο παρελθόν αποτελούσε σε κάποιες περιπτώσεις την εξαίρεση.

Αξιοσημείωτοείναι το γεγονός ότι οι κυπριακές επιχειρήσεις και κατά συνεπεία, οι Κύπριοι επιχειρηματίες και παροχείς υπηρεσιών δραστηριοποιούνται σε επίπεδα υψηλού επαγγελματισμού, εντός των πλαισίων ενός παγκόσμιου ανταγωνισμού. Θα πρέπει να αποτελεί κανόνα στον κάθε ένα ξεχωριστά, η εφαρμογή υψηλών επιπέδων επαγγελματισμού και σοβαρότητας τα οποία θα δώσουν το έναυσμα της ένταξης της Κυπριακής οικονομίας σε υψηλές βαθμίδες όπου και της αξίζει.

Cypriot businesses should in turn place particular emphasis on domestic production but also on exports. At the same time, it is equally important that service providers in their turn – accountants, auditing firms, corporate service companies and law firms – turn their attention outside of Cyprus with the prospect of providing their services abroad, since the level of professionalism they have nothing inferior to similar businesses abroad.

Michalis Oikonomidis is a lawyer, Chambersfield Economides Kranos, CEO of the KnightsWorth International Corporate Services Company.

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