An information day on the Cyprus Investment Program was held on Tuesday, February 12 by the Famagusta Tourism, Commercial and Industrial Company. The aim of the meeting was to inform the interested parties about the existing program but also about the possible changes in it after external and internal reactions.
During the meeting, the attendees were given the opportunity to be informed by MPs from the Famagusta District about the debate that took place on the issue in Parliament and the relevant bill that was submitted and voted a few days ago on the issue.
The attendees were also given the opportunity to get to know and better understand the concepts of innovation and Startup Business through the speech of Mr. Panagiotis Filimis, President of the Association of Research and Innovation Enterprises.
After discussion and submission of proposals, the following suggestions were made for the Cyprus Investment Program:
1. Simplification of procedures by the Central Bank for the inflow of funds to Cyprus
The current situation, with the controls required by the Central Bank, is extremely time consuming with the result that the investor is discouraged and unnecessary bureaucracy is created. That is, to have proper control in a short period of time.
2. Stability and consistency in the criteria of the program
Frequent changes in the criteria and conditions of the program affect its validity and reliability. We believe that the way should be found for any changes that are made now due to external and internal reactions to be valid for a long time.
3. Targeted investment in other sectors of the Economy
The General Investment Framework that exists today to be properly formed to attract investments in specific sectors of the Economy such as Tourism, Pharmaceuticals and Agriculture, etc. by providing additional incentives in these areas.
Finally, everyone stressed the need to maintain the program which contributed the most to the salvation of the Cypriot Economy by providing liquidity during the Economic Crisis and continues to offer directly or indirectly in many sectors of the Cypriot Economy.
Famagusta.News