Fractional Ownership News

Cyprus ambassador opens bridge to UAE with joint ventures and fractional property

This month's Cyprus Investment Festival held in Beirut, Lebanon was officially opened by his Excellency, Ambassador of the Republic of Cyprus, Dr Kyriakos Kouros.
During his address he pointed out the strategic alliances currently available to investors in Cyprus and its market stability.
“The Cyprus investment Festival has launched this initiative and we are pleased to support this event”, he said.
“ We are open for business in Cyprus, and our doors are now open for investment” he added.
The Cyprus Investment Festival organizers, World Class Group, a PR and communications consultancy unit based in Dubai, launched the Cyprus promotion to the Middle East with its first leg of the festival in Beirut.
Among the participating partners of the Cyprus Investment Festival are seasoned development groups in Cyprus, Iacovou Brothers Development and Pafilia, and other quality boutique developers.

The aim of the festival is to inform potential investors of new opportunities of foreign investment in Cyprus, in particular a new resolution in the counsel of minister’s decision to allow non-Europeans to apply for permanent residency status when purchasing a property in Cyprus under certain criteria. The organizers are promoting this as the new open doors policy of Cyprus.
 
Visitors from Saudi Arabia, Iran, Iraq and the UAE were in attendance to the Festival. Many of these investors showed high levels of interest in investing in Custom Villas and other income properties that enjoy a strong rental demand by vacationers who rent luxury villas by the week.

Fractional property ownership, introduced in Cyprus by World Class Group earlier this year, also got the attention of speculators who desire to acquire assets in Cyprus while having a lower exposure and a deeded slice of vacation property.

"Now is the time to seize opportunities in Cyprus which enjoys a stable economy in spite of the global so called crisis" said Michael J Tolan, Ceo of World Class Group, organizers of the Cyprus Investment Festival".

"Many investors who have been perplexed by the world economy now view Cyprus as the darling safe haven of Europe he added.

 Fractional property ownership, introduced in Cyprus by World Class Group earlier this year, also got the attention of speculators who desire to acquire assets in Cyprus while having a lower exposure and a deeded slice of a superb vacation property. On the upper tier of the scale, we have inquiries ranging from 500,000 to 10,000,000 Euro level investment in properties and joint ventures.

George Mintis, Vice President of the Cyprus Tourism Organization, said "The Open Doors policy of Cyprus has opened a new gateway to the EU for many investors in the Middle East and around the world. There are opportunities for any entrepreneur to secure safe and profitable investments in our country. Cyprus boasts the lowest corporate tax rates in the EU, and is attracting many multinational companies to relocate to the island of smiles"added Mintis.

25/08/2009