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Cyprus proved doomsayers wrong, minister says

Finance Minister Harris Georgiades said Cyprus has proven wrong, those who thought the island would never again be an attractive investment destination following the haircut on deposits and the real estate bust four years ago.

Speaking at the presentation of the Limassol Del Mar construction project, Georgiades said the government managed, through reforms in the banking sector, welfare, fiscal management, and tax administration, to restore confidence and conditions of stability, and regain the trust of global markets.

“The presentation of such a large and important development project constitutes yet another confirmation that amid difficulties and challenges, we have managed to create a new prospect for our country,” Georgiades said, according to the emailed transcript of his speech.
Limassol Del Mar is a joint project of the Paphos-based Leptos Group and the Limassol-based D. Zavos Group.

“And I want to warmly congratulate Pantelis Leptos and Michalis Zavos and their associates who have managed through the systematic effort to push this project forward,” the finance minister said.

According to the Del Mar website, the project will be constructed on a 34,000-square metre plot.

“By purchasing a residence at Limassol Del Mar you will have the opportunity to obtain EU citizenship with a Cyprus passport,” the project’s official website says. “Based on the scheme for the naturalisation of investors in Cyprus, citizenship has countless benefits.”

By January 23, the project found buyers for more than 50 per cent of its “phase I,” the website said.

Georgiades said that he would not hesitate to say that thanks to this type of “entrepreneurial efforts” Cyprus has managed to exit the recession and assured that the government remained committed to maintain zero fiscal deficits.

“It was common sense policies that made significant tax relief and incentives possible, such as abolishing property tax, the reduction of transfer fees by 50 per cent, tax breaks on new capital, and of course the abolition of the levy on salaries,” the minister said.

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