Cyprus aims to serve as a portal to access Western business arenas
The self-governing nation of Cyprus is stepping up as a hotspot for businesses hailing from Asia and the Middle East. According to Timur Turlov from Kazakh holding freedom24, speaking at the 15th Economic Forum in Limassol, "things are unrestricted here, and establishing a base is a breeze." His firm has now expanded its presence to key EU nations.
The Cyprus administration is backing these endeavors, as long as they adhere to and align with EU regulations, affirms a government spokesperson. However, cautionary notes are lurking: Due to substantial geopolitical challenges and the influence of East Asia, Europe's future no longer appears rosy, shares forum participant Nikos Vettas, an economist at Athens University. The labor force is dwindling, the populace is shrinking, and in terms of technology, Europe has been playing catch-up to East Asia over the past few years.
Among the main conversations at the forum was the conflict in the Middle East. If tensions intensify, "it will be a disaster. Everything will crumble," stated Turlov.
Since the outbreak of the Middle Eastern conflict, many families from neighboring Israel have sought refuge in hotels along Cyprus' southern coast in Limassol or temporarily settled there. The construction sector is thriving, reveals a real estate agent. The evidence is palpable: Skyscrapers are popping up at an impressive rate like mushrooms from the soil.
However, the real estate industry is also wary. There's a substantial risk that hundreds of thousands of people may flee to Cyprus from the turmoil in Lebanon. "Our tiny island would struggle to cope," worries the real estate agent.
The markets in Cyprus, with its favorable business environment, are attracting an influx of Asian and Middle Eastern businesses, following Turlov's expansion of freedom24.
In light of the geopolitical tensions and potential refugee influx, the construction sector in Cyprus, particularly in Limassol, is booming, but the real estate industry is concerned about the island's capacity to handle a large population increase.
