Larnaca is redefining itself for tourism and investment

The city of Larnaca is emerging as an attractive business destination quite profitable for every professional, entrepreneur and investor.

The city, the neighbouring communities and the sea area that surrounds it, offer several potential opportunities that can be easily identified by anyone interested.

Larnaca is developing at a steady rate. It is a safe choice without risks and with a high financial return. It is considered suitable for any type of investment and has a promising future.

Primarily it offers safety. Larnaca is central relative to the island’s other districts. It does not have a large population and does not present any particular traffic delays or inconveniences. Distances are close. Next to the seafront it has its own port and marina, as well as the international airport with worldwide connectivity. It is a very welcoming and quiet place, with ideal climatic conditions for families and business activity, both from EU countries and from third countries, providing all the advantages enjoyed by the local population.

Larnaca has good infrastructure as well as capable human resources. Any company or business can use the city and its suburbs for a registered office for the purpose of conducting local or offshore activities. Business costs, rents and property prices are much lower than in other cities in Cyprus and new modern or renovated office space, commercial premises and accommodation such as houses and apartments are constantly being built.

The service sector is distinguished by its high professionalism and low cost. There are in the city a large number of consultants, lawyers, accountants, auditors, doctors and other professionals to support any business or company that chooses Larnaca. The use of the English language on a wide scale and there are significant opportunities for investment. Large companies prefer the city. Cyprus is also a country belonging to the EU with a very low corporate tax rate of 12.5 per cent ​​and with a large number of bilateral agreements for the avoidance of double taxation.

More and more companies are active in Larnaca, such as in the construction sector, in the creation of photovoltaic parks, technology, services and tourism.

Well-known company names are involved in the hotel and catering sector, greatly increasing the quality of the product offered. Investment opportunities in the city centre could see it developed into a modern ‘Monastiraki’. The same goes for the coastal area of ​​the Larnaca-Dhekelia road, in neighboring communities and in the mountain areas. There is also the added advantage of the airport, the port, the marina, the industrial and small industry area and the free trade zone.

Attracting appropriate investments will be beneficial to all stakeholders and will create such development that the entire seafront operates all year-round to serve the interests of every entrepreneur, visitor, local or foreign resident.

Larnaca has a very large and safe sea sandy area from the beach front of Phinikoudes to Dhekelia, extending to the area of ​​Mackenzy, Meneou to Alaminos and Zygi.

There are also several attractions in the city such as Agios Lazarus church, the castle, the Salt Lake and Hala Sultan tekke mosque, and the Patticheio theatre and park that are being upgraded and beautified to attract more visitors with entertainment and events.

With the active participation of entrepreneurs, investors, citizens and local authorities, Larnaca is redefining itself on the Cypriot and European map as a development-friendly, safe and prosperous city. There is plenty of planning and a vision to exploit the comparative advantages it offers in order to become a preferred investment and tourist destination.

George Coucounis is a lawyer specializing in the Immovable Property Law, based in Larnaca, e-mail [email protected], (tel.:- 24818288).