Why is Cyprus shaping up to become Europe’s new Riviera

A mythical land made of Greek influences, the island of Cyprus takes its heritage in stride with modern advancement. It’s a perfect destination for investors looking for sunny outposts

By: Pantelis Leptos, Co-President of Leptos Group of Companies

Posted on: June 15, 2022

Limassol Cyprus

The vibrant city of Limassol in Cyprus has a bustling population of over 250,000 multicultural inhabitants. Popular among HNWI, retirees and expat families who choose to relocate for education, lifestyle, tax and business purposes, the city is now becoming a magnet for new companies and global creative professionals.
The south-west coast of the country is economically thriving. The new neighbourhood of Aktaia Odos i.e. ‘Coastal Road’, in Limassol, 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, pedestrian walkways and parks. The major urban regeneration, dubbed by the Mayor of Limassol as “a city within a city”, is part of a wider plan that will see over 1.5km of multimillion pound infrastructure investment, rivalling the regeneration of the French Riviera. 

Ancient ruins in Limassol Cyprus
Limassol blends old-world charm with exclusive contemporary style. Its heritage dates back to Byzantine times, steeped in tales of Kings, Queens and the Goddess of Love herself, Aphrodite. At the heart of its historical centre is the mediaeval Limassol Castle. Many ancient churches and beautiful monasteries are a part of the city’s identity.
Sun worshippers, who like a dip in the azure waters of the Mediterranean Sea, are spoilt for choice with an impressive 17km coastline and 14 Blue Flag beaches to choose from, and 300 days of sunshine. For leisure, the city also offers several shopping districts, from traditional boutiques in the old town to new high-end designer stores. 
Limassol Blu Marine, a luxury development, is one of the Leptos projects taking shape, including our bespoke residential and shopping destination Limassol Del Mar to the east and the new City of Dreams Mediterranean to the west. This upmarket residential, business and leisure revival along the seafront is making Cyprus a great investment for home buyers. 

Limassol Blu Marine Towers
Leptos Group’s Limassol Blu Marine offers a luxury destination for buyers to live, work, shop and dine in. It’s the only development that gives you the option to open an office and build a home in one location. The uptick in sales at this development in recent months is a reflection of how people are living their post-pandemic lives, wanting a destination with all round sunshine and a place worth investing in. 
The Permanent Residency Programme in Cyprus enables buyers to obtain permanent residency status for the whole family through a minimum property investment of €300,000, which can be obtained in as little as 60 days. 

The major urban regeneration, dubbed by the Mayor of Limassol as “a city within a city”, is part of a wider plan that will see over 1.5km of multimillion pound infrastructure investment, rivalling the regeneration of the French Riviera. 

The city is renowned for its entrepreneurship with many firms in the service, financial, technology and healthcare sectors flourishing. There has recently been a three-fold increase in firms physically setting up new offices from countries such as India, Israel, the UK and Ukraine over the last six months. The introduction of the Fast Track Business Activation Mechanism, the employment of third-country nationals, work permits for spouses, huge savings on Corporate & Personal Taxes, access to EU markets and digital nomad visas are all attracting international firms to this uniquely connected and positioned island. 
Cyprus accounts close to €10 billion worth of exports per year and the island offers the lowest corporate tax in the EU with a basic rate of 12.5%. Add to this the fact that English is widely spoken with 76% of Cypriots being fluent, and that the country is ranked 5* in the world for safety, it is no wonder European Cyprus is becoming a favourable place to call home. 

Pantelis Leptos CyprusPantelis Leptos, Co-President of The Leptos Group of Companies, is the Honorary Chairman of the Board of Directors of the Cyprus Land and Building Developers Association and a board member of CIPA. He is also the Past President and Honorary President of FIABCI Cyprus. He is a Member of the Cyprus Technical Chamber (ETEK) and is also the Honorary Consul for Jamaica in Cyprus. He currently serves as member of the Board of many other social and professional bodies.

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