News

2016-03-29 00:00:00

Casino license in Cyprus

As expected, officials in Nicosia today announced the final three contenders for a single casino license in Cyprus. The preferred bidders who will enter the final round with a clean slate and equal footing to win are NagaCorp Ltd., the Hong Kong stock exchange listed Cambodian casino operator — Melco/Hard Rock Resort Cyprus Consortium, a venture of Macau’s Lawrence Ho and the U.S. based Hard Rock International — and  Bloomberry Resorts Corporation, a Philippine casino developer expanding worldwide on the success of their Solaire projects.

Local reports are indicating that NagaCorp is looking to develop in Larnaca, Hard Rock in Limassol, and Bloomberry at Paphos. The three are among eight who initially expressed interest in the tender process and the names have been widely speculated and reported on as the announcement approached. The suitors are now free to choose any location, any mix of amenities, and any gaming configuration they choose for the final round of competition as long as their final proposal plans for at least 500 luxury hotel rooms, 1,000 gaming machines, and 100 gaming tables. All other amenities and details have been left to the competition process. The license is expected to be awarded by September, with the resort opening by 2019.

Of those who did not make the final round, it has recently been reported that a consortium including Trump Organization LLC, of Manhattan – Navegante of Las Vegas, and Aktor of Cyprus has expressed concern that their bid was not entered into the final round. Earlier reports named the venture as Golden Lady Consortium and claimed French and EU gaming giant Partouche, rather than Cypriot contractor Aktor was the third party in that bid. Reports indicate that the Trump project was slated for the capital city of Nicosia. None of the aforementioned names are without past or current controversies surrounding them.

The winner of the final round will be awarded a 30 year license with the possibility of competing licenses being issued in 15 years. They will also be able to build a satellite casino and three slots-only casinos as soon as the license is awarded in order to generate revenues for what is expected to be the “leading integrated casino resort in Europe and among the best in the world,” the licensing update noted. Suggestions by the government include conference, meeting, and convention facilities, paid for and complimentary attractions, sports venues and facilities, retail and dining venues, recreational amenities, entertainment venues, and tourist services.

The final three bidders were chosen based on their understanding of the Cyprus market as well as experience in building and operating successful casino resorts.

“The ministry expresses its satisfaction with the level of interest demonstrated and looks forward to a successful completion of the process, as provided by law,” the government said in a statement.

Source: World Casino Directory

2016-01-09 22:33:49

World Bank notes Cyprus improvement

The World Bank on Wednesday listed Cyprus amongst 10 countries with improving economies, opening it up to new investment. The favourable Doing Business 2016 report said Cyprus had moved up 13 places to become one of the top ten most improved countries in terms of economic and business reforms making it easier to invest in the country. “The world’s top 10 improvers, i.e. economies that implemented at least three reforms during the past year and moved up the rankings scale, are Costa Rica, Uganda, Kenya, Cyprus, Mauritania, Uzbekistan, Kazakhstan, Jamaica, Senegal, and Benin,” the report said. Cyprus is considered at the top of the three European and Central Asian countries to show an improvement, ahead of Uzbekistan, and Kazakhstan. Cyprus specifically showed improvements in the sectors of getting electricity, getting credit, paying taxes, enforcing contracts, and resolving insolvency. Economies are ranked on their ease of doing business, from 1–189. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. The rankings are determined by sorting the aggregate distance to frontier scores on 10 topics, each consisting of several indicators, giving equal weight to each topic. The rankings for all economies are benchmarked to June 2015. The Doing Business 2016 report said that countries that had made at least three reforms were in the most improved category. The manager of the Manager of the Doing Business project, Rita Ramalho, commented: “It is heartening to see so many economies, particularly low-income economies and fragile states, undertaking reforms to improve the business environment for local entrepreneurs. In time, this can result in increased job creation, economic growth and greater prosperity for their people.” Meanwhile, the 10 countries that have the best overall climate for attracting business, according the report, are Singapore, New Zealand, Denmark, Republic of Korea, Hong Kong SAR, China, United Kingdom, United States, Sweden, Norway, and Finland.

2016-01-09 00:00:00

Cyprus Citizenship By Investment

The Most Attractive Program In Europe.

Cyprus is the third largest and third most populous island in the Mediterranean, and a member state of the European Union. Cyprus enjoys a warm Mediterranean climate and the currency is Euro. The economy of Cyprus is classified by the World Bank as a high-income economy rated as B+ by S&P.  Cyprus is the hub of energy, shipping and an international tourist destination.

As of May 1, 2004, Cyprus became the EU member state and has close ties with other member states of the EU.

Minimum Investment

Lump sum one time investment in Real estate (€ 2 million)

Benefits

  • Fast track citizenship approved within 3 months.
  • Permanent lifetime EU citizenship with one-time investment.
  • Pleasant climate with mild winters and dry summers.
  • No physical residence requirements.
  • Redeemable real estate investment (no wasting money!)
  • No military service.
  • No cypriot language tests.
  • No restrictions on multiple citizenship (dual).
  • Best choice of investment in real estate (can be sold later)
  • No taxes based on citizenship, unless domiciled based on tax resident status.
  • Mix of investments allowed (real estate, bonds, business etc.)
  • Best education, healthcare and low cost of living.
  • Excellent education and health care system in EU
  • No visa required for travel to UK, EU member states, Canada, Singapore etc. over 160 countries
  • Live, work, study in 35 EU member states (Switzerland, Austria, France, Germany, UK, Sweden etc..)
  • Future children automatically acquire EU citizenship.
  • Political stability and a high standard of living.
  • Low crime rates.
  • Easy application process with high approval rates.
  • Dependents, spouse and children under 28 can be included in one single citizenship application.
  • No requirement to relinquish current nationality (dual citizenship freely allowed)
  • The acquisition of citizenship in Cyprus is not reported to other countries.
  • No restrictions on applicants from any country.

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2016-01-08 23:22:55

Easier Visa Procedures for Chinese Visitors

Cyprus is creating 15 authorised centres for processing visa applications in Chinese cities where there are no Cypriot diplomatic missions, President Nicos Anastasiades said in an interview with the Chinese news agency Xinhua, during his official visit to the country during October. He added that Cyprus has already chosen a private provider, through a tender call. The centres will start operating after the signing of the EU-China agreement on the exemption from visa requirements of holders of diplomatic passports. President Anastasiades said that this is a practical measure to make it easier for Chinese tourists and businessmen to visit Cyprus.

2016-01-05 00:00:00

European Capital of Culture 2017 - Pafos!

On Friday, 14th September 2012, the whole city of Pafos experienced one of the most significant days of its modern history: Pafos won the title of European Capital of Culture 2017!