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articles | 20 September 2019 | ServPRO Accountants & Consultants

Cyprus’ new bill aims to boost the investment sector

The Government of Cyprus is preparing to submit a new bill, which aims to resolve the problems currently faced by the investment sector.

It is well known that Cyprus is a modern business center with a high quality of life, which makes it an ideal base for companies, their staff and their families. It consists of an attractive tax system and other comparative advantages.

Nevertheless, Cyprus confronts difficulties in the sector of investments due to its bureaucracy procedures. The new bill to be submitted, aims to encourage and improve the sector of investments in Cyprus.

The main reason of this bill is to enhance the efforts of Cypriot entrepreneurship with the set-up of “one-stop-shop” and the introduction of “fast track” procedures by creating a climate of business, which does not obstruct the investment sector in Cyprus.

As the President of Cyprus, Mr. Nicos Anastasiades declared, “We give incentives and we make every effort to encourage investments”, but added that, “unfortunately, it seems that bureaucratic obstacles do not allow entrepreneurs to invest”.

Finally, it is essential to remember that Cyprus has a strong European legal framework and offers quality support services as well as low operating costs. For all these reasons, it is necessary to limit bureaucratic procedures, which hamper entrepreneurs from investing on the island.

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