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How attractive for investors is Cyprus?

Feel free to talk about anything that you want.

Postby coredump » Wed Oct 19, 2005 1:01 am

Seems to be related as well:
http://www.cyprus-mail.com/news/main.ph ... &archive=1
What services are we getting for our tax payments
(archive article - Sunday, October 16, 2005)

Dear Sir,

Your editorial article “Helping the tax cheats” (October 6, 2005) raised a question. As you rightly say “…without taxes the state cannot provide the services the citizens have come to expect”. But what are those services?

Highly qualified (Ph.D, post-doctoral studies, numerous scientific publications…), I came to Cyprus in 1972 to proudly serve my country. I was received coldly and with a lot of resentment. As a result, I returned to Europe and the US, where I stayed throughout my career. In 2001 my family and I decided to try living in Cyprus again, but this time financially independent and no longer in need of connections and influential people, or so we thought. I have spent a lot of money to renovate my old house, which is located in an apparently stable and quiet residential neighbourhood. I was hoping to live my retirement years in peace, in my own country. How wrong I was, for a second time!

Like most lawful people I pay income tax (for public purposes), property and other municipal taxes (for services in the city), road taxes (for road construction and maintenance), private medical insurance and all indirect taxes. But what are the services I get in return? Virtually none. In fact, I expect nothing from this country except the basic protection that every citizen is entitled to. But what do I get instead? A rising block of ugly apartments next to my house and all the consequences that go with it, just because of poor or non-existing zoning; re-routed traffic into our little road and high levels of pollution, because of incompetent town planning; constant accumulations of rubbish in front of my house, which I myself have to clean regularly; ditches instead of pavements; no water drainage and thus biannual flooding; a civil service that provides no service; dangerous driving… etc. (the list is endless). My family’s life has become very unpleasant, because everything that has been imposed upon us is beyond our control. To put it simply, I had never suspected that by moving here in the 21st century I was leading my family into the nightmare of a virtually lawless country, where laws are selectively implemented, and self-interest and nepotism govern the country.

So what is the remedy for these “hostile conditions”? Selling the house and returning to Europe, I suppose, a move we are seriously considering. For over 30 years, I had been paying taxes in the US or in Europe and I never thought for a moment that it was unfair. Now I do. The state, that is, our “pampered public servants”, should look a little further than simply “finance(ing) their comfortable lifestyle”.

I wonder how many others suffer in silence in this country, often unaware of the possibilities for a better life or because of financial limitations that prevent them from change.

Name and address withheld

Copyright © Cyprus Mail 2005
coredump
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Postby Alexis » Wed Oct 19, 2005 11:51 am

Much as I like Cyprus and the Cypriots, I would never, as a businessman, invest here without an extremely watertight business plan covering all the vices and vicissitudes that could befall the unwary.


Completely agree that you need to 'know' Cyprus to invest here. There's no other way, at present, although I would put that down to the political situation on the whole. This puts foreign investors off.

As for language, yes, a large proportion of the middle classes speak reasonably good English but, if you want to set up a factory, it will be the exception to find even skilled workers with a good (or any) command of English or any other language, other than Greek. This is particularly prevalent amongst the 25-40 age range when anything resembling English in schools was politically incorrect.


Here I just can't agree. In my (admittedly modest) experience of working for an Engineering firm on European-wide EU funded programmes, I would rate the Cypriots as second only to the Scandinavians and Dutch in their command of English. I am in the 25-40 age range as are many of my Greek-Cypriot friends (many of whom you would not class as middle class) and although I tend to speak Greek with many of them, I have no problem at all conversing in English with them. The point here being that Cyprus was being compared to other EU members and I believe Cyprus has an edge over most particularly as English is an official language. The prevalence of English in Cyprus is such that many Greek people I know (from mainland Greece) who visit the island feel it is more like Britain than Greece, and that's not just because they drive on the left.
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