Limassol, second-largest city in Cyprus with technology sector, receives 30% investment from ME
Offering attractive business benefits and enabling access to the EU market, investors and business leaders from across the MENA region are investing in Limassol as a new business location. Many are also purchasing property to make Cyprus their summer home while taking advantage of the country’s permanent residency programme.
Sales at the developer’s latest, high-end development Limassol Blu Marine, have now totalled €100M, 30% of which have been generated from buyers from the Middle East, including residents from the UAE 7%, Jordan 6%, Qatar 4%, Egypt 4%, Kuwait 3%, and Saudi Arabia 2%.
Limassol is the second-largest city in Cyprus and is renowned for its entrepreneurship with many firms in the service, financial, technology and healthcare sectors flourishing. The introduction of the Fast Track Business Activation Mechanism, the employment of third-country nationals, work permits for spouses, huge savings on Corporate and Personal Taxes, access to EU markets and digital nomad visas are all attracting companies from the Middle East to this uniquely connected and positioned country.
MENA-based businesses looking to expand their operations to Cyprus can enjoy office spaces in Limassol Blu Marine, a development in the heart of the city, which provides luxury residencies and open offices in one spot. The huge development is generating a new prime location for the city and part of a winder plan that will oversee upwards of 1.5km of multimillion-euro infrastructure investment, rivalling the regeneration of the French Riviera.
The new neighbourhood of Aktaia Odos has been master-planned with state of the art residential and commercial properties, mixed with attractive tourism and leisure options that sit in green spaces, with bicycle lanes and pedestrian walkways. The area, in accordance with the strategy of CIPA – Cyprus Investment and Promotion Agency is set to become a hub for international headquarters with some 14,000 new jobs being created.
In addition, the Cyprus offers variety of leisure activities and Limassol enjoys a vibrant shopping district, dining and an array of cafes, and lounges to cater to all tastes. Considered a popular hotspot for affluent visitors from the Middle East is Limassol Marina, a luxury superyacht marina with a brand new cruise and ferry terminal and golf courses, which was awarded the “5 Gold Anchor Platinum Award” in 2019, the highest honour a marina can receive.
Pantelis Leptos, Co-President of Leptos Group of Companies, comments, “Limassol offers a robust environment for business, a diverse workforce and is a strong international centre of business with links to the UK, Middle East and Western Europe. At Limassol Blu Marine we offer not only brand new office space looking out over the Mediterranean Sea, but also high quality apartments for employers and their employees to rent or buy. It is in the ‘centre of everything’ and is now touted as ‘Europe’s New Rivera”
