TEVEA: Strong concern for the Cyprus Investment Program

The Famagusta Tourist, Commercial and Industrial Company (TEBE) expresses its strong concern about changes that seem to be proposed in the Regulations of the Cyprus Investment Program in a letter to the Speaker of the House of Representatives, MPs and political parties.

The letter signed by Petros Petrou, Chairman of the Board of Directors of TEVEA, expresses "the intense concern of the Company, for the future of the Cyprus Investment Program (KEP) of the wider construction industry and the economy of Cyprus".

He adds that “according to yesterday's statements of the Chairman of the Parliamentary Committee on Interior, it seems that an amendment is being promoted to the regulations submitted by the Ministry of Interior regarding the K.E.P. which increases the minimum amount of the investment by 500 thousand euros, while at the same time the value of the main residence will not be taken into account in the amount of the investment ”.

We consider, the letter of the Company continues that the specific amendment “will make the K.E.P. unattractive to the investment world, and the constant changes in their terms and conditions have been proven to discourage investors as they make the program unreliable. In addition, the K.E.P. was the tool for the restart of the economy after the crisis of 2013 and it could do it now, if it is not affected by any wrong decisions of the Parliament ".

At the same time, it is noted that "in case the proposed amendment is voted and implemented, which saw the light of day, it will be a manipulation of the market as it will now turn investors to more specific types of real estate".

TEVEA reminds the Speaker of Parliament and MPs that “there has always been the possibility in the program for potential investors to invest in other sectors of economic activity and not only in real estate. This amendment will not lead to an increase in investments in sectors other than real estate, but will simply reduce the total investments in Cyprus, at a time when our country should seek to increase them ".

The Company invites the Speaker of the House of Representatives and the deputies to vote "for the regulations submitted by the Ministry of Interior without the specific modification, in order to strengthen the program and not to exterminate it".

Source: KYPE