An image of the Limassol Beachfront

This period some people are expressing their disappointment and their concern regarding the way Limassol is developing.

Below I present my personal opinion. It may help us coming to a conclusion and I believe it is food for thought.

You cannot describe Limassol as a graphical city. You meet a specimen of graphic only at the old town with its listed beautiful buildings and small roads which remind you something from Limassol’s old days. Limassol does not remind us and cannot be compared with any of the picturesque greek islands.

Cyprus and to be more specific Limassol has become a well known business center. Many companies coming from around the world working in a variety of industries and business fields such as shipping, pharmaceutical, FOREX, financial and legal field. The companies have offices and in some cases their headquarters in Cyprus. The owners and employees of these companies are people who travel a lot and these people it seems that they prefer a more modern development in Limassol with scyscrapers and high buildings more like big cities aroung the world.

We are not a country with heavy industry so our ”selling products” are the sun, the sea with the crystal clear waters, the ”blue flag” beaches, the high quality of financial and legal services and of course the nice modern new developed commercial and residential development.

Investors from third countries are investing in Cyprus because -with many other reasons- they obtain a Cyprus/European passport based on the cyprus government’s passport scheme. The main bet is making the investors and their families live on the island, if not permanently, as much days as it is possible, so our economy will benefit from their lifestyle and the money spending will help more industries to be developed except the construction one.

The ”non-domiciled” law also contributes more foreigners to live in Cyprus on a long term basis. What this law says in a few words is that when a foreigner lives in Cyprus more than 183 days a year then he enjoys tax-exceptions, he does not pay divident tax, defence tax on rental income, defence tax on bank deposits etc.

Some ”voices” are saying that a big percentage of island’s land will belong to foreigners the forthcoming years if the development growth continue. This is not a good reason to stop Cyprus’ development rhythm. A good solution is follow the leasehold model when the tenant returns the property to the owner/landlord after the end of the leasehold agreed period.

The Limassol Casino, the golf fields, the shops with expensive ”goodies”, the upgrade of tourist product (new 5 star hotels), are upgrading Limassol and make it easier to attract wealthy people to come and live here with their families and enjoy a good life equal to their status and their high standards of living.

Limassol is changing. You can feel the vibes of change everywhere in the city. I strongly believe this change is for the best. All of the above are personal opinions and each similar or different opinion is welcome. The future looks bright and I do not know if we are going to live the ”golden age of Athens” but for sure we are going to live the golden age of Limassol.