By Antonis Loizou FRICS
THE fact that we are country bent on self-destruction needs no discussion as our history over the years proves.
The government of Demetris Christofias is a case in hand, and led us to the bail in of 2013, as is the “heroic” Cypriot MPs turned down an EU proposal for a nine per cent haircut on deposits, which led to the 90 per cent haircut on some. Yet even today and following the extreme misery that this has caused, our MPs not only did not apologise (not even one), but they appear without a shame in TV and the media repeating themselves how correct they were!
Notwithstanding the politics which is the basis of a good economy, we have adopted a most attractive scheme to help recover the economy using the visa/ passports measures, which have brought about €4,8 bil income from abroad of fresh money in real estate and other type of investments (hotels, schools, hospitals/clinics etc etc) also helping banks to reduce their non-performing loans, as well as numerous developers who were at the bankruptcy stage to revive and expand and reducing the unemployment in the building industry.
Yet, here we are again, with small politics and animosity/empathy among politicians with some MPs now questioning whether this measure of passports/visa should be more or less abandoned.
Yes, we have overdone it to the extent of placing advertisements in airports and other places, but instead of correcting this measure, to go the other way and by our stupidity to have this measure more or less cancelled is beyond us.
Foreign investors of such a scale have helped not only real estate but the hotel industry (see new hotels, upgrading ones) and even as far as the development of private students halls. If one examines who these MPs are, one can ascertain that they have never worked in private practice neither they have gone through the reduction of their income and firing of staff. Also those MPs get travelling expenses (without having a car), their pension starts at the age of 60 (whereas all the others at 63 or 65 years), tax free allowances and so on. It is good to have some objections on this passport measure and a corrective measure is needed, but to go to these extreme by practically abolishing it is too far.
These sorts of matters should be discussed but to go out with publications etc will cause those who believed in us to have problems – e.g. some countries do not allow the exporting of money from their own countries, others do not allow their nationals to have dual passports etc etc.