Here's what foreign investors had to say in their meeting with the government

Rebranding Cyprus and improving its reputation, introducing a Business Visa for Foreign Employees and ensuring employees from abroad can have affordable housing by granting incentives for build-to-rent properties are just some of the suggestions tabled by the 25 investors who met with the government last week.

Investors and companies active in Cyprus have given the government a clear picture of their needs and suggested ways to improve the island’s business environment and make it even more attractive as an investment destination. And the government has taken note and committed to get back to them with specific actions.

All in all, the investors raised nine main issues:

• Rebranding Cyprus and improving its reputation: the investors suggested that an organised campaign is carried out abroad to improve Cyprus’ business reputation
• Becoming a member of the Schengen Area: Cyprus has already completed four of the five inspections required to become a full member. All that remains is to get in line with the Sis Serena regulations, which is a system the Republic of Cyrus is expected to gain access to by end-July, after many years of efforts by the state’s authorities.
• Introducing a Business Visa for Foreign Employees: the suggestion is to introduce a new type of visa for short-term trips by employees from abroad to Cyprus (short-term residence, training, seminars, conferences and so on)
• Passing the “Fund Administration Legislation”: the draft law is currently under consideration and is expected to significantly improve the island’s growing investment funds sector. It is noted that following the meeting, Finance Minister Makis Keravnos said the relevant bill was expected to be submitted to the Law Office for legal vetting soon.
• Granting incentives for affordable housing: the investors propose specific incentives for developers to build to rent for employees coming from abroad.
• Licensing more international schools: they called for more private English language primary and secondary schools, including by granting incentives.
• Improving flight connectivity: they called for the establishment of more direct flight connections. This issue is high on the government’s agenda.
• Policymaking in the shipping sector: the biggest obstacle to increasing the number of vessels under the Cyprus flag is the Turkish Port Embargo. This is a political issues, as despite efforts by Nicosia to lift the embargo, it seems this is not going to happen unless it is part of a comprehensive solution to the Cyprus problem.
• Granting incentives for students to follow IT studies: more Technology and IT expertise is required.

Some 25 investors attended the “Investors Roundtable with the Government of Cyprus” last week at the Presidential Palace, where they relayed the problems they were facing, their suggestions for improvements and their needs as investors active in the country. They came from a wide range of sectors, including ICT, financial services, real estate, services, tourism, hospitality, education, shipping and commerce.

The government, represented by President Nikos Christodoulides and his ministers, said the meeting was a huge success. And this is because it fulfilled its purpose.

Namely, it gave the government the opportunity to hear of the investors’ problems and suggestions first hand, and arrange another meeting in the next few months, to assess how actions to handle the issues raised are coming along.

This is seen as a clear indication of the significance the government – and Christodoulides personally – attaches to the country’s foreign investors. And to maintaining them.

The “Investors Roundtable with the Government of Cyprus” was organised by the government and Invest Cyprus, and coordinated by IMH.