contents General Manager George Psaras Larnaka Chamber of Why Cyprus ...... 4 Commerce and Industry Why Larnaka ...... 6 Editor in Chief Cyprus Fact File ...... 8 Stefanos Thompson Concept Cyprus Larnaka Present and Future Design Business Opportunities ...... 10 Christina Hadjiyianni Concept Cyprus Larnaka Donetsk Co-operation Administration Agreement ...... 18 Valentina Thompson Concept Cyprus Exports by Εxperts ...... 24 Tel: 24 023180 The Larnaka Chamber of Printing Commerce & Industry...... 28 A.G Lithotechnic Printers Ltd Tel. 24 651311 A Region that blends Business with Leisure ...... 36 Publisher Larnaka Chamber of Commerce Larnaka Tourism and Industry Reaching the next level ...... 42 Tel: 24 823855 Email: [email protected] Adding Quality to Larnaka ...... 48 Larnaka enjoyed all year round ...... 54 They always come back ...... 58 Private Enterprise will drive Larnaka Forward ...... 74 Larnaka: A City with a Rich Industrial and Commercial History ...... 78 Meet the Arena Warriors ...... 82 Larnaka: Business Agenda 2017 The Cyprus Legal System ...... 96 Owning a Property in Larnaka ...... 102

A Publication by the Larnaka Chamber of Commerce All rights reserved. Reproduction in whole or part is prohibited without Cyprus International Trusts ...... 106 and Industry aiming to provide relevant information the written consent of the publisher. Opinions expressed in this Publication are not necessarily those of the Larnaka’s British University ...... 108 on Larnaka to companies and individuals interested in editor or publisher. All reasonable care is taken to ensure accuracy but trade, investment and relocation decisions. the publisher cannot be held responsible for errors or omissions.

Larnaka 2017

General Tax Considerations

• Tax Free reorganisation provisions and group relief provisions why • Tax losses may be carried forward for a period of 5 years • Arm’s length principle • Access to double tax treaty network and to EU Directives • Advance ruling practice CYPRUS? Specific Tax Considerations • Pro-business government • One of the lowest standard tax rates in the EU • Strategic EU and eurozone location -12.5% applicable to all companies • Easy market access to Europe, Middle East and CIS Countries • Capital gains (on disposal of titles) are exempt from taxation in Cyprus • Low corporate tax (12.5%) • The effective tax on intellectual properties is 2% • Extensive network of 56 double taxation treaties Dividends are exempt from taxation in Cyprus (foreign dividends are also exempt provided • Social and economic stability that not more than 50% of paying company’s • Renowned international shipping and financial centre activities result directly or indirectly in “investment income” and foreign tax on income • Broad network of legal, accounting and banking services of the company paying the dividend is not less • Advanced telecommunications network than 5%) • Highly educated, qualified and multilingual workforce • Foreign Permanent Establishment trading profits are exempt from taxation • Easy access to decision makers • No withholding tax on dividend & interest • Enviable quality of life with a low crime rate payments to non residents - no exit costs • No restrictive tax legislation (No Control Foreign Corporation (CFC) rules and no thin capitalisation tules in Cyprus) • Tax incentives to attract highly paid employees (50% of employment income is exempt for five years if remuneration is in excess of €100k. • This will result in: - Top rate of personal tax reduced to 17.5% - Effective rate can be lower than 10% - Enhanced substance of Cypriot companies as decision- makers are encouraged to move to Cyprus.

4 5 Larnaka 2017 Business Agenda why LARNAKA?

The Location The new International Airport makes Larnaka a regional hub ideal for business The People Well educated population makes quality recruitment easier The Professionals Top level services with audit firms, lawyers, all main banks etc The Lower Costs Lower rents, cost of living and property prices compared to the other Cyprus cities The Prospects Less developed, with imminent growth making investment very attractive The New Projects New Hotels, ongoing City Centre and Seafront regeneration and many more The Coastline An endless stretch of clean “blue flag” beaches on both sides of the city The Centre of Cyprus In the middle of Nicosia, Limassol and Famagusta region The Lifestyle A place where people effortlessly combine business and leisure The Famous Hospitality Historically renowned for a warm, cosmopolitan approach to visitors The Character and Culture Surprising choice of Theatres, Museums and many Events The Region’s Diversity Surrounded by picturesque villages and leisure choices: so much, so near The Safety Larnaka has the lowest crime record on the island

6 7 Larnaka 2017 Business Agenda Cyprus KEY FACTS COUNTRY PEOPLE Official Name: Republic of Cyprus Population: 803,200 Capital: Lefkosia (or Nicosia) (Republic of Cyprus, end of 2009) European Union: Member since 1st May 2004 Nationality: Cypriot National Holiday: 1st October Independence Day Descendants: Greek Cypriots trace their origins to Time: +2 hours GMT (three hours ahead in summer) the descendants of the Achaean Greeks and later the Measures: Metric system Mycenaean Greeks. Turkish Cypriots are descendants of the Ottoman settlers. GEOGRAPHY Religions: Greek Orthodox 78%, Muslim 18%, other Location: Cyprus is located in the extreme northeast (includes Maronite and Armenian Apostolic) 4%. corner of the Mediterranean, at the crossroads of Languages: Greek (official), Turkish (official), English is Europe, Asia and Africa. The island lies 71 km south of also widely spoken It’s a pleasure doing business here Turkey, 105 km west of Syria, and some 800 km east Literacy: 97.6% of Greece. Median Age: 35 years Structure: The third largest island in the Life Expectancy: 78 years Mediterranean Sea, Cyprus measures 240 km Population Growth: 1.66% (2010 est.) latitudinally and 100 km longitudinally. The island has a central plain with mountains to the north and south GOVERNMENT and scattered plains along the southern coast. Cyprus Form of State: Presidential Republic has 648 km of coastline. Suffrage:Universal, 18 years Area: 9,251 sq km (3,555 sq km are in the area occupied by Turkey) National Legislature: Based on adult suffrage. Government elected every 5 years. Climate: Mediterranean climate: with long, warm, dry summers from May to October and mild winters with Elections: Las held March 2013. Held every 5 years. occasional rain, lasting from December to February. Legal System: The Cypriot legal system is based on Main town populations: Nicosia district (capital) English common law, with civil modifications. 315,400, Limassol district 230.800, Larnaka district Juridical Branch: The Supreme Court of the 134,400, Paphos district 77,800. Republic, the Assize Courts and District Courts.

9 Larnaka 2017 Business Agenda LARNAKA Othon Present and Future Business Opportunities Theodoulou President of the Larnaka Chamber of Commerce and Industry

Interview with Mr Othon Theodoulou President of the Larnaka Chamber of Commerce and Industry

epresenting the Larnaka Business Community, LCCI President Othon Theodoulou 1. Mr Theodoulou, a lot has been said about the of LCCI for the re-development of the area, which welcomes all readers of our Annual Publication and in the following interview gives us relocation of the Petroleum and Gas Deposits. is already submitted to the urban committee for Can you inform us about these developments? credible insights on Larnaka’s business landscape as it is taking shape, especially with the final approval of development zones for the 2,5 miles of coastal area. The relocation of the recent developments. The fast recovery of the Cyprus economy, from the 2013 crisis, is It is well known that the deadline for the relocation of Gas and Petroleum deposits is the 31st of January gas and petroleum deposits will create a new aR testament of the long standing qualities of the Cyprus business community. Larnaka is the gate of 2017. We expect that by the end of 2017- begins of very important business field in the area, ideal to Cyprus to the outside world, with the International Airport, the Port and the Marina, and is very well contribute to every sector of the local economy, 2018 the deposits of Petroleum will start relocating connected with all districts and cities through a well developed road network. It is the ideal place for especially tourism and land development. to Vasiliko Industrial Area. Regarding the deposits the establishment of companies targeting the markets of Europe, Middle East and North Africa, with I would like to reiterate to local and foreign of gas, all companies have decided to create a its unique location and individual characteristics, plus the important Cyprus incentives of low income investors that we can definitely assure them unified deposit in Vasiliko, and their relocation will be that the oil and gas depots are relocating from tax and the excellent legal banking and insurance services. delayed up to the begining of 2019. The Petroleum Larnaka Bay, and that this area will be delivered to Regarding Larnaka in particular, it is interesting to hear what Othon Theodoulou had to say. companies have financed a study under the auspices development as soon as possible.

10 11 Larnaka 2017 Business Agenda Larnaka Chamber of Commerce Serving Larnaka Business since 1962

2. Mr Theodoulou can you give us some information about the new tendering procedure for the project of Port & Marina and the re-generation of the former Terminals of Larnaka Airport? According to the Ministry of Transport, proposals have already been submitted for the expansion and operation of the unified project of Port and Marina of Larnaka. The project includes the operation of the port with the commercial and cruise services, the operation of Marina and the land development of the land area. 3 Consortiums have already been The repurposing of selected to submit tendersre for this major re- development, for both Larnaka and Cyprus. the former terminal Regarding the former terminal of Larnaka Airport, of Larnaka Airport, is the Ministry of Transport asked for proposals currently evaluated from interested parties for the repurposing of by the Ministry of the currently disused former terminals. From the Transport, which is procedure the Ministry short listed on August 2016 Utilising European Structural three consortia which submitted more details I would like to re-assure all stakeholders in discussions with Funds for the commercial center regarding their proposals. that the oil and gas depots are relocating from consortiums. of Larnaka, we will see projects like The assessment committee has already proceeded Larnaka Bay. The dismantling of the current the new Municipal Market. with the choice of one consortium which is facilities has ealready started, and the area entered into negotiations with the government. will be delivered for development as soon as 3. We see more and more businessmen from possible. Middle East countries visiting Larnaka for investments. Is this trend likely to continue? Yes, the Larnaka Chamber of Commerce, and the local business community in general are looking into this. Due to the turbulent situation in Middle East and the advantages of Larnaka as the southern end of Europe, the region is attracting an increasing number of investors in land development, tourism Industry and Services. Beyond recent

12 13 Larnaka 2017 Business Agenda Larnaka Chamber of Commerce Serving Larnaka Business since 1962

We expect that more developments, the advantages of the Cyprus important projects economy, the strategic position of Larnaka within will develop in line Cyprus, the proximity and connections to Middle with the major East countries, combined with the long standing re-generations taking warm relations of Larnaka with the Middle East are the foundations on which we see this increasing place in and around interest from Israel and Arab countries maintain its Larnaka. momentum. 4. Mr President, apart from the projects of Larnaka Port, the relocation of Petroleum & Gas Deposits and the repurposing of Larnaka airport, which other major projects are ongoing in Larnaka Region? There are other important projects of the private sector which are on track, and we expect them to give a significant push to sectors like tourism, land development, commerce etc. • The hotel Radisson Blu which is under construction at the Port round-about area of Larnaka. • There are three different applications for malls for which the owners are expecting the final permission from the Urban Planning Service. • Projects worth 16,9 million euros are approved from the European Structural Funds for the commercial center of Larnaka. These projects include the creation of a new Municipal Market, a new community center, renovation of the old Kition we had with the Minister of Transport, the Minister of club etc. Interior and the meeting we had for the local issues 5. Finally, are you confident that the Cyprus with the President of Cyprus Mr Nikos Anastassiades, Government will support your efforts for the the government showed willingness to support development of Larnaka and its region? solutions that will facilitate Larnaka district in the Yes I am confident. I believe that after the meetings that overall economic development.

14 15 Larnaka 2017 Business Agenda Ambassadors of Middle East and Gulf States at Larnaka Chamber of Commerce and Industry

The Larnaka Chamber of Commerce and Industry Mr Reza Anvari/Commercial Department of in an effort to examine the possibilities for an Iranian Embassy, Commercial Counselor of International Business Forum in Larnaka, invited Egyptian Embassy Mr Aly Basha , Kuwaity Third Ambassadors and Commercial Delegations from Secretay Mr Jasem Alreikaibi, the Ambassador Middle East and Gulf Countries, at the premises of of Syria Mr Ofnouan Naeb, the Ambassador of LCCI. Jordan Mr M. Al Farez, the Ambassador of Qatar The meeting was held ia a very positive atmosphere Mr Alma Mahmoud and the Ambassador of with large participation in the presence of: Palestine Mr Walid Hassan.

100

95

75

25 Our own Larnaka! 5 0 16 17 Larnaka 2017 Business Agenda

advert 21x21cm � � � � � � � � � � � � 201� 2�22��� � � � The Visit of the Donetsk Chamber to Larnaka and the signing of Co-operation Agreements with the Larnaka Chamber of Commerce and Industry strengthens relations between Larnaka -Donetsk Cyprus and Ukraine. Co-operation Agreement

Mrs Sevastianenko and Mr Theodoulou signing the Co-operation Agreement. fter efforts by the Larnaka Chamber of The members of the Ukrainian delegations visited Commerce and Industry and Ukrainian industries, hotels and the projects of Larnaka. They Businessmen, a visit of a large delegation had several meetings with members of the Larnaka from Donetsk Chamber of Commerce and CCI who showed interest for co-operation. ΑIndustry was arranged in Larnaka for local business The President of Larnaka Chamber of Commerce and Cyprus as a whole between 19th -23rd of June and Industry Mr. Othonas Theodoulou, welcoming 2016. the president of the Ukrainian Chamber Mrs. Donetsk CCI is a non-profit organization which unites Sevastianenko and the members of the delegation, businesses of all types on a voluntary basis, providing mentioned the following: practical assistance to entrepreneurs in their trade and On behalf of the Larnaka Chamber of Commerce economic operations, in the domestic and foreign and Industry, I would like to welcome you to Larnaka markets, promoting exports of Ukrainian goods and region. It is a true honour to have your esteemed services, and providing a wide range of professional delegation here with us today. services from SMES. President of Donetsk Chamber, Mrs. Sevastianenko, Through this meeting, we aim to further enhance signing in Larnaka the agreement of co-operation the cooperation between our Chambers as well as with the Larnaka Chamber, expressed satisfaction and the business and commercial relations between optimism that the commercial relations between the Cyprus and Ukraine. I personally believe that there is two countries will further improve, expecting that great potential to achieve this, in specific economic both countries will increase their exports of products aspects. and services to each other. A brief evaluation of the statistical data, indicates The delegation of businessmen from Donetsk that there is currently a good basis and a solid included exporters of wheat, animal feeds, possibility to increase the commercial performances The large business delegation from Donetsk included exporters of wheat, animal feeds, construction companies and companies interested for between the two countries with regards to imports construction companies and companies interested in Tourism and Energy projects. projects in energy, tourism, etc. and exports. Currently, the total imports from

18 19 Larnaka 2017 Business Agenda Larnaka Chamber of Commerce Serving Larnaka Business since 1962

Ukraine reach 19.9 million euros. The main imports good is Cereals with 6,4 million euros, followed by Animal Food and Oils of 4.240 million euros, then Iron with 2 million euros and Meat - 0,5 million euros. The exports of Cyprus to Ukraine is 7 million euros, with the main product exported being Pharmaceutical products reaching the amount of 5,6 million euros. As a Chamber, we believe that there is a substantial possibility to further increase the exports of Ukraine to Cyprus and vice-versa, especially in the aforementioned main sectors which are already performing well. With regards to the pharmaceutical product exports from Cyprus to Ukraine, there is certainly room for increase, due to the good quality and reasonable prices of the relevant products. There Mrs Sevastianenko and Mr Theodoulou after are also numerous other local products which could signing the Co-operation Agreement between be of interest for Ukrainian companies to import, Donetsk and Larnaka.. which you can, of course, identify through your visit here. Agrotourist establishments have operated in Larnaka Larnaka’s Economy over the last three years. Nine more units are planned Our region’s economy consists of various sectors. to be developed in the area up to 2018, some by Tourism, Industry, Services and Commerce are foreign investors. equally developed and all contributing to the local There is no doubt that the future of tourism in economy. This means that there is quite a good Larnaka is bright. With a steady increase in arrivals to balance and indicates a healthy, more stable and Cyprus from the Ukraine Market over the last three Tourism and Halloumi lead the way viable economy. years (from 19.500 tourists to 41.000 per annum), we for Larnaka Region Exports. Tourism are looking forward to a further increase in visitors in A new momentum in Tourism is boosting Larnaka’s Tourism in Larnaka constitutes 10% of the total 2016. economy, as we see a signifigant increase in Bed tourist arrivals in the island. We are pleased, however, Cheese Exports Capacity with new Hotels. to see the sector gaining a new dynamic lately, with Another important sector in our economy are the This is supplemented by increasing exports of Larnaka achieving international distinctions as a exports of the Cyprus cheese. In 2015, exports have traditional favourites like Halloumi, Potatoes, tourist destination. Furthermore, new hotel units reached the astonishing amount of 100 million Olives and other Agricultural Products. have been added to Larnaka’s hotel accommodation euros, and we do expect further profits in the years force. More specifically, 16 new hotels and to come. It is estimated that 65-70% of these exports

20 21 Larnaka 2017 Business Agenda Businesses established in Larnaka can also take advantage of numerous other benefits and cost savings such as a lower cost of living, lower property prices, rents, audit services, lawyers etc. Furthermore, buying a property in Larnaka is the investment with the highest returns, since our region is combining an excellent location with the most value for money rates all over the island. We would therefore like to invite foreign businessmen to invest in real estate in our region, either privately or in partnership with local businesses. It is important to note that the exports of services to (including the production of milk – both cow and Ukraine reach a total of 74 million euros. 38 million goat) derive from Larnaka District. There are serious accounts for travel, 24 million for financial services prospects for foreign investments with regards to and 12 million in legal, accounting and consultancy. the production of milk - especially goat milk – and The imports of services from Ukraine are 90 million consequently, there is a great demand for animal euros, with the main one being the sector of sea feed. transport with 77 million euros. Services Services is an important sector of our economy, with the main segments being Real eEstate and Land Development. Cyprus in general, bears a strategic location for businesses seeking access to European, Middle Eastern and Northern African markets. Companies which are established in Cyprus can enjoy various benefits such as the low corporate tax of 12,5%, the strategic position of the island and the participation of the country in the European Union. Larnaka is ideal for companies and industries interested to establish their units in the area. Its proximity to the Industrial Zones, the International Airport and the Port, substantially decrease the relevant transportation costs. Furthermore, Larnaka is perfectly situated, with easy access to the other regions of Nicosia, Limassol and Famagusta.

22 23 Larnaka 2017 Business Agenda CONSTRUCTION MATERIALS OLIVES POTATOES The Larnaka Chamber of Commerce and FOOD PRODUCTS Industry honours Larnaka’s Top Exporters at the COFFEE SALT Annual General Assembly ANIMAL FOOD From Foodstuff to Construction Materials, several companies in the Larnaka Region have been standing out in recent years for their Export Performance. CARTRIDGES During the Annual General Assembly of the Larnaka Chamber of Commerce and Industry, President Mr. Othonas Theodoulou, referred to the importance of exports for the Cyprus economy. As a practical recognition of this, LCCI honored nine Larnaka region companies for their performance in exporting their products in foreign markets. The prizes were given to representatives of each company by the President of LCCI Mr. Othonas Theodoulou, the President of CCCI Mr Phidias Pilides, the Minister of Energy, Commerce, industry and Tourism EXPORTS Mr George Lakkotrypis and the Minister of Transport, Communication and Works Mr Marios Demetriades. BY EXPERTS

Mr Yiannis Mr Charalambos Mr Paraskevas Mr Panikos Mr. Agathoclis Mr George Mr Sotos Nicos Kalogirou Mr Demetris Marios Demetriades Othon Theodoulou Yiorgos Lakkotrypis Phidias Pilides Gavrielides Orthodoxou Theodorou Krokos Agathocleous Mbiros Christoforides Peletico Group of Lapathiotis Minister of Transport President of the Larnaka MInister 0f Energy, President of the Cyprus Prokopis Roha Premium M.P. Theodorou Kafekoptio Agath. Lisko Ltd Ambrosia Oils Companies Agromedica Ltd and Communicatiions Chamber of Commerce Commerce, Industry Chamber of Commerce and Industry and Tourism and Industry Gavrielides24 Ltd Potato Ltd (Salt Industry) Ltd Amalia Agathocleous Ltd 25 Larnaka 2017 Business Agenda Larnaka Chamber of Commerce Serving Larnaka Business since 1962

Larnaka: Exports by experts The 9 Larnaka Companies awarded by LCCI

Agath. Agathocleous Ltd Ambrosia Oils Agathoclis Agathocleous Ltd was flounded in 1985, by Kostas and Christina Agathocleous in the Ambrosia Oils was created in 1969 and has grown to achieve its present village of Agglisides (Cyprus) where people traditionally produce olive oil and olives. Today the status as one of the largest and most reputable foodstuff producer in Cyprus. olive groves of the company have a total of over 125.000 olive trees. A. Agathocleous Ltd, as well Is not just a successful exporting industry but locally a pioneer company in its as producing and selling olive oil and olive for the local market, is currently exporting to Europe field. Is producing products such as margarine, sunflower oil, olive oil etc. It is and the Middle East. operating a refinery of sunflower oil with a production capacity of 300 tonnes The prize was received by Mr. Agathoclis Agathocleous. daily. Lately the company has begun operating a unit for the production of natural water. Agromedica Ltd The prize was received by Mr Sotos Christoforides. Agromedica Ltd is a dynamic company producing animal food for the local market and for exports, and one of the market leaders covering all the basic requirements of the animal feed Roha Premium Potato Ltd market. Creators and partners of the company are two dynamic members of the industry Mr The company was founded on 2005 by Rodis Hadjiandreou and Charalambos George Katodrytis and Mr Demetris Lapathiotis. Orthodoxou. Today it is cooperating with 180 potato producers and is The prize was received by Mr Demetris Lapathiotis. annually exporting 12.000 tons of potatoes to Europe and the Middle East. The company was honored with the Cyprus Exports Award in 2012 and 2014 Kafekoptio Amalia and the National Champions to European Business Awards of 2016. From 1963 “Kafekoptio Amalia” is producing local traditional sweets, drinks and coffees, today The prize was received by Mr Charalambos Orthodoxou. in modern installations and using the latest equipment. Amalia has a very strong presence throughout Cyprus, and exports to international markets such as UK, Australia etc. M.P. Theodorou (Salt Industry) Ltd The prize was received by Mr Panikos Krokos. The company was created in 1982 from Michael Paraskeva Theodorou. A regional leader in the field with a pioneering spirit, Sailor processes 20.000 Peletico Group of Companies tons of salt annually. In the local market Sailor has become synonymous Peletico is one of the most important and pioneering industries of Cyprus. The company with salt, while exports have been steadily growing to 18 different countries, processes industrial minerals and mainly produces construction materials and paints. Having built including major markets such as UK, Sweden and Russia. a quality and reliability reputation beyond Cyprus, the company massively exports Gypsum and The prize was received by Mr Paraskevas Theodorou. Pentonite. The prize was received by Mr Nicos Kalogirou. Lisko Ltd Lisko was founded on 1984 by George and Kyriakos Mbiros. Producing Prokopis Gavrielides Ltd a wide range of foodstuff, the company is mainly known for its dry The company was created on 1976 by Mr Procopis Gavrielides and is dealing with the product range, focusing on Mediterranean dishes, and frozen manufacturing of game and sporting cartridges with the brand name “Olympia”. Today the products, mainly Pasta and Pastry. Lisko covers the local market company is a leading household name in the local market and exports to 24 countries. and exports mainly to the Gulf States. In 2013 the company was The prize was received by Mr Yiannis Gavrielides. honored with the European Union excellence Award. The prize was received by Mr George Mbiros.

In today’s competitive global environment, local Larnaka Region companies have responded to the challenge with quality - value propositions.

26 27 Larnaka 2017 Business Agenda Larnaka Chamber of Commerce and Industry ACTIVITIES

Minister of Transport and Communication visit to LCCI Offices The preparation of the tender for the project of the Port & Marina project was the main subject of the meeting between Minister of transport and communication Mr Demetriades and Larnaka Chamber of Commerce and Industry. The Larnaka Chamber considers the project of Port and Marina as the project that will positively influence almost all parts of the local economy. The port is very important to facilitate the exports of Larnaka and free area of Famagusta as well as the imports, offering lower cost for the transport compared to the port of Limassol. A part of the Port will used from the cruise ships. Although there is a decrease of the cruise passengers for Larnaka and Limassol, it is still very important for Cyprus Tourism, as we expect that when political turbulence in the Eastern Mediterranean ceases, the cruise industry will again show growth. It is also well known that the Marina of Larnaka is the best located Marina in Cyprus and as such we expect it will attract a great number of visitors.

Chinese Consulting Firm visit to the Larnaka Chamber of Commerce and Industry A representation of a Chinese consulting company, visited Larnaka and the offices of the Chamber of Commerce. The Chinese firm, after evaluating Larnaka and the district as an ideal business field for investments, will again be visiting Larnaka for further evaluation. The President of LCCI Mr. Othonas Theodoulou welcomed the Chinese consultants and pointed out the advantages of Cyprus, and especially Larnaka, for investments. He explained also the importance of key projects like the relocation of petroleum and gas depots the project of Marina and Port and the repurposing of the former terminals of Larnaka Airport.

28 29 Larnaka 2017 Business Agenda Larnaka Chamber of Commerce and Industry ACTIVITIES

The Co-Operative Bank meets the business European Programme Aradippou Smart City. community of Larnaka at LCCI premises Investment Axis: Clean energy The central administration of the Co-Operative bank The Municipality of Aradippou, the Larnaka Chamber of Commerce and Industry, the in co-operation with Larnaka Chamber of Commerce Co-Operative Bank of Cyprus, the Electricity Authority and other organisations participate in the European project industry organised a meeting with the business “Smart City Aradippou”. It kicks off with a pilot program for the promotion of the installation of Photovoltaic community of Larnaka and the customers of the bank. systems in 100 houses of Aradippou Municipality, providing loans with more favorable terms for these installations of photovoltaic systems in houses. The general manager of Co-Operative banks Mr. Hadjiyiannis explained the new plans of the bank to The combined efforts of Aradippou Municipality, Larnaka Chamber of Commerce, enhance the Cyprus economy. He pointed out the Co-Operative Bank and Electricity Authority managed to connect it with European investment funds, aiming importance of Co-Operative banks in the development at social welfare and economic development and environmental protection. Following the successful of the Cyprus economy going back to the 60’s. He implementation of this pilot programme the consortium will apply to receive additional funding from European encouraged the business community of Larnaka and investment funds that will exceed the amount of 50 million euros. district to visit the executives and the managers of Co- Operative banks to discuss their business plans, using the financing tools of the bank. This pilot The newly elected local members of Parliament programme meet the Larnaka business community is aiming at The newly elected members of the Cyprus Parliament, additional EU representing the Larnaka district, shortly after their election Funds for social participated in a meeting at Larnaka Chamber of Commerce welfare, economic premises with members of the Chamber and local unions, in development and order to discuss local developments and issues. environmental protection. The meeting was constructive as it coordinated the elected parliament representatives of Larnaka with the local business community. At the end of the meeting the members of Parliament and the businessmen of Larnaka confirmed their willingness to co- operate closely in order to efficiently promote local agendas.

30 31 Larnaka 2017 Business Agenda Larnaka Chamber of Commerce and Industry

ACTIVITIES The Larnaka Chamber of Commerce & Since 1962 Industry in brief Proposals for development zones for the petroleum and gas deposits areas our business is The decision for the relocation of the depots of petroleum and gas from the northern coast of Larnaka to Vasiliko industrial area, created the need helping your business for a new local plan which will establish new development zones for the whole area, but especially for the 2,5 miles of the northern coast of Larnaka. THE COUNCIL Former Presidents: Larnaka Chamber of Commerce commissioned, along with the five petroleum companies, a study in co-operation President: Othonas Theodoulou Nicos Demetriou †(1962-67), Stelios Demetriou with the British company Arup and the consultants Mrs Maria Kaltsa and Mr Nikos Triantafyllopoulos. The purpose Im.Past President: Dinos Lefkaritis †(1967-74), Annivas Francis †(1974-86), Andreas of the study is to propose to the government the suggestions of Larnaka regarding the new development zones, Mouskos (1986-93), Iacovos Demetriou (1993-99), which will create one of the most important development fields of Cyprus. VICE-PRESIDENTS Andreas Louroutziatis (1999-2005), Dinos Lefkaritis The study has already been submitted to the town planning Council (Ministry of Interior) and we believe that very Commerce: George Skordellis (2005-2011). soon the Ministry of Interior and the Government will evaluate positively the proposal, opening the door for the Industry: Zenonas Apostolou Honourary Presidents: development of the area. Kypros Oikonomides, Andreas Mouskos, Iacovos Services: Costas Demetriou Demetriou, Kritonas Georghiadis, Nicos Kosmas, Tourism: Angelos Mylonas †Kallis Lefkaritis, Kikis Kyriakides. Economy: Tasos Christoforou Involvement in Committees: Hon. Secretary: Kikis Georgiou Larnaka Development Committee, Larnaka Salt Lake Secretary/Director: George Psaras Protection Committee, Committee of Tourist Areas, Members: Nakis Antoniou, Foulis Demetriou, Vera Labour Committee of Port Authorities, involvement Dianellou, George Hasapis, Andreas Lefkaritis , Loukas in Parliament committees, Labour Court, Larnaka Louka, Evangelos Mouscos, Stavros Stavrou, Stefanos Tourism Board etc. Stefani, Sophoclis Philiastides, Riakos Serafim , Costakis Tofarides, Floros Voniatis Local Business Associations: Hon. Members: George Papanastasiou, Developmental Association of Gold and Silversmith, Maria Miliotou Association of Larnaka Land Developers, Larnaka Tourism Board, Marinaman Ltd

32 33 Larnaka 2017 Business Agenda Business Telephony

Telephony OntheGo

Activate Telephony OntheGo facility, download We address every communication need of your business! the app to your smartphone, tablet (Android or iOS) or PC and take your fixed telephone number Free unlimited intra company with you anywhere. Simple Total solutions for the Up to 25% off calls between fixed and communication and operational The app can be activated simultaneously on up needs of every business. monthly charges mobile numbers to 3 devices so you can use your fixed telephone

Smart Full control of the account, for all number anywhere you are, in Cyprus or abroad, services. and enjoy the low Cyprus fixed telephony calling With the Business Telephony service, you have the features You can have free unlimited intra company calls between all fixed charges. Flexible Services that adapt ή Services of a traditional PBX and save on your company’s expenses on and mobile number registered to Business Telephony service, with adapted to every company’s actual purchase and maintenance of the PBX. a 24 month commitment of the RED mobile numbers registered to communication needs. the service. Improve your staff’s communication and your company’s Cost effective Savings from company’s expenses productivity levels, utilizing the new reduced Business Telephony The monthly subscription charge of the intra company calls package Business Call Center: 150 on purchasing equipment and charges. for RED mobiles is now reduced from €5 to €2 and offers unlimited www.cyta.com.cy/bbt-business-telephony/en infrastructure maintenance. calls between fixed and mobile numbers. Cyta Business Consultants Reliable Support from experienced, Note that you can include mobile numbers under Business Telephony highly skilled and knowledgeable service that are not registered in the name of the company. personnel 24/7.

34 Larnaka 2017 Welcome to one of the longest continuously inhabited cities of the world. Larnaka Throughout its long history, Larnaka has always remained charming, open and cosmopolitan, making visitors feel at home. A cosmopolitan city and region that Today, after a quiet period, it is entering a new period of development that in perfectly blends business and leisure the long term will positively transform its future.

36 37 Larnaka 2017 Business Agenda Larnaka: A history of mixing business with pleasure

he city of Larnaka, capital of the district of last years of Turkish rule, Larnaka was at its height and Important Development Works which have been the same name, which is situated in the boasted the greatest Greek and foreign commercial implemented in the last 30 years, and other which south east of Cyprus between Limassol, offices, banks, financial organisations and agencies, are in the pipeline, promise to maintain and increase Nicosia and Famagusta, is by popular as well as the consulates of the Great Powers. In 1841, the development potential of Larnaka in the future. admissionT one of the most beautiful cities of Cyprus. with a population over 13,000, it was larger than Such works, which have a substantial role in the It is distinguished by its own particular style, with Nicosia and, as it was a commercial centre and major development of the region, are among others, the strong characteristics of its past nobility perfectly connection for all the Middle East, maintaining a following: harmonized with the elements of its present day cosmopolitan character unique in Cyprus at that time. The International Airport: Larnaka has the major dynamism. This commercial prosperity continued for a number of international airport in Cyprus, which is becoming a Larnaka has a long, colourful and rich history. years after the British occupation until 1905, when at regional hub with increasing daily flights to and from Hundreds of years of contrasting civilizations, the decision of the British Administration, the railway the main commercial centres of the Middle East and architecture and culture have left their mark line linking Nicosia with Evrychou and Famagusta Europe. apartments will overlook pleasure boats and marine on what has always been one of Cyprus’ most was built. After this watershed date the commercial The Port: The development of Larnaka has activities important regions. One of the few places in Cyprus prosperity was transferred to Famagusta, where a new always been connected with the corresponding Redevelopment around the Port Area: More than that can evidence life during the Pre-Neolithic large port was constructed, while Larnaka was left development and progress of its port. The existing 200.000 square metres around the port and marina period, it is one of the oldest continuously inhabited aside and began to languish. Gradually it declined to port has played an important role to the progress third and fourth position in degree of importance. Its will be designed to give a new impulse to the Cyprus cities in the world. From the Vetetian period until the of Larnaka and the new plans are expected to rate of population growth, too, was for many years residential market with excellent design and strong contribute substantially to its further development. less than the average of the other faster growing branding using sustainable environmental practices. The Government of Cyprus launched a new commercial centres of Cyprus. This development, along with the relocation of the tendering procedure for a unified project that It all changed in 1974 when, with the Turkish oil industry from the area, will transform Larnaka into includes the port and marina. Strategic investors are invasion and the forcing of thousands of Greek a unique town to live and work in, with the longest expected to tender for this major redevelopment. Cypriots to abandon their homes, 35.000 refugees uninterrupted beaches on the island. settled in the town of Larnaka and the surrounding The Marina: For many years, Larnaka was hosting Industrial Estates and Zones: A good number area. This fact in spite of its tragic nature, gave a the first and only Marina in Cyprus. Appreciating its of industrial estates and zones are available around significant impetus to the development of the town, contribution to the development of the maritime Larnaka capable of hosting new industries which allowed it to achieve rates of development tourism in the area, the Cyprus Government Education: Larnaka hosts some of the most historic not only much higher than usual for Larnaka, but has began a new tendering procedure for the English speaking high schools which established also higher than those of the other urban centres of redevelopment and expansion of the Marina to Larnaka as a centre of high school education. Larnaka, Cyprus. Two years after the invasion its commercial- accommodate 1,000 berths. The Marina is included in is nowadays rapidly developing as a leading education industrial installations had increased by 25% and its the unified project of Larnaka Port and Marina. hub, since very important educational institutions economically active population by 30%, figures which The ambition of this large scale undertaking is already established in Larnaka, increasingly attract local greatly surpass the corresponding statistics of the to go beyond the operation of a normal Marina, and foreign students. other towns and show by themselves the economic creating fun for all ages in a vibrant area within the Other major Projects: With Cyprus optimistically dynamism of the town and district of Larnaka, as it has backdrop of an attractive waterfront, where shops, exiting the recent financial crisis, large scale projects developed recently. dining opportunities, park promenades, plazas and which had been on hold, will further enhance

38 39 Larnaka 2017 Business Agenda Larnaka: A history of mixing business with pleasure

Larnaka’s development when they materialise. Many new Hotels are scheduled to commence operation during 2017 and 2018 adding to Larnaka’s bed capacity. The four phases of the Larnaka - Dekeleia Road, with two already completed, will significantly improve infrastructure alongside the recently completed Piale Pasha in the old city quarter. All these works, in combination with the excellent communications, the educated workforce and the geographical position of Larnaka, both within Cyprus and the Middle East, promise to consolidate the recent achievements of Larnaka and accelerate its economic progress in the future. In parallel with the above infrastructure works and the noted development in commerce and industry, Larnaka has taken on new dimensions in the development of tourism. Larnaka, more than any other town in Cyprus, still preserves its unique original character which, in combination with the beauty of its landscape, is a magnet for visitors. Key actions towards enhancing Larnaka’s growing reputation as an all year round quality destination is the development of special interest forms of tourism, such as sports tourism, cycling, beach sports and agrotourism. In conclusion, one could say that all the indications are favourable for Larnaka and bode well for the future. The above advantages, in combination with the industrious spirit, high education standard and productivity of the local population, promise to consolidate all its acquired advantages and increase its economic activities to the benefit both of the town and district and of Cyprus as a whole.

40 41 Larnaka 2017 Business Agenda Larnaka Tourism Business Larnaka Interview with Larnaka Tourism Board Chairman Reaching Dinos Lefkaritis the next level In a recent interview, Mr Dinos Lefkaritis, industry. As a Board we are constantly struggling Chairman of the Larnaka Tourism Board, outlined to solve these problems directly with the relevant the vision and actions that define Larnaka authorities. However, the citizens of Larnaka as Region’s identity and future development in a well as our partners abroad need to focus on period of optimism shared by all stakeholders. the current positive aspects and the competitive advantages of the destination. This way, they will 1. In your latest speech you shifted from how start appreciating it more, which is the beginning to tackle the negatives to focusing on the of reaching the next level with regards to our positives for Larnaka as a Tourism Destination. goals for Larnaka’s tourism industry. And now it’s Despite the fact that this has been a good year for the appropriate time to enforce it. tourism in Larnaka and Cyprus in general, there are 2. This momentum is reflected by the new still various issues to tackle in order to achieve our hotels and some noteworthy distinctions. goal which is to transform Larnaka into a sustainable tourist destination. In our latest annual meeting we It is a fact that Larnaka’s popularity is gradually introduced a more positive approach as we tried rising. Sixteen new city and boutique hotels as to emphasize a very realistic vision on how Larnaka well as agrotourist establishments of the region should be from now on. For the first time, we did have started their operation over the last three not present images of major infrastructural plans, years. At least six more hotels will open within but taking a more humble approach, we suggested the next two years. This is a remarkable fact for innovative but simple ways to improve the face of Larnaka which has been suffering from reduced Larnaka. hotel accommodation capacities. Undoubtedly, there are numerous plans on the way We are also thrilled that Larnaka has enjoyed very which were on halt due to the economic situation positive press for the 2016 tourist season thanks in Cyprus - and also plenty of matters to solve in our to praise and recognition through various foreign

Photo by CJP Photography 43 Larnaka 2017 Business Agenda Larnaka: Reaching the next level

to praise and recognition through various foreign the island, at 60%. The new look includes the slogan until April and offers a jam-packed timetable media outlets that have recommended a holiday to ‘they always come back’, and utilises the flamingo with something different every day of the week, the region. The general reflection is that both travel as a fun and bright character enjoying the different including guided tours, excursions in picturesque media and tour operators describe Larnaka as a experiences of the region - which is continued villages, halloumi making demonstrations, a visit region which was underestimated for a long time, through cut-outs, banners, giveaways and new to the camel-park as well as birdwatching and but has now turned into the island’s most attractive advertising, all of which direct visitors to the updated basketweaving sessions. and trendy area. and overhauled website with the tagline ‘follow the The region is also very popular for sports flamingo at www.larnakaregion.com’. Larnaka has also gained some worldwide tournaments and training practised during the distinctions, namely: (a) Included in Telegraph’s 4. Today’s holidaymakers are becoming winter such as cycling, football, tennis and shooting list as one of the 16 most ancient continuously increasingly educated in their selection. and therefore athletic tourism is high in our agenda. inhabited cities in Europe and amongst the 20 What do we propose to them as Larnaka’s key 6. Does Agrotourism continue to be a major oldest in the world, (b) One of the best areas in the differentiations? part of Larnaka’s developing Tourism Product? Eastern Mediterranean for sea sports such as sailing, kitesurfing and windsurfing, (c) In Larnaka’s seas lies The region has charm, soul and character, which is Agrotourism is most definitely an important the famous Zenobia, which is included in the world’s evident from its old architecture and historic sights element of Larnaka’s tourism, not only in terms five best wreck dive sites. to natural beauty spots and coastlines. This unique of diversifying our tourism product but also with Larnaka essence is what differentiates the region from regards to increasing entrepreneurship in our rural 3. You also presented the new Larnaka Tourism other destinations. Plus, the fact that Larnaka has an areas. Larnaka region has the highest number of Campaign. Does it represent the philosophy of unbeatable location and a conveniently compact size. agrotourist beds on the island at 43%, as well as the region’s strategy? We are also proud of Larnaka’s diversity, rich cultural some of the most picturesque traditional villages, InThere today’s is no doubtcompetitive that Larnaka region has entered a history and the fact that it is a region for all seasons including Lefkara, Tochni, Kato Drys and Skarinou, involved; local authorities, the public as well as the environment,new era in terms local of touristic development; the recent with a plethora of things to see and do. amongst others. There is an excellent basis of private sector. We propose the following simple to agrotourism with regards to accommodation implement actions: distinctions of Larnaka and the increase of our hotel 5. Has the Board taken any initiatives to battle companies have offered together with things to do in the villages. accommodation capacity alone are testament to this. the problem of seasonality? The adoption of a uniform design of signage We believe, however, that the “rural experience” • respondedSo in light to theof this progress, refreshing our marketing system. Entrepreneurs and the Local Authorities Larnaka is an all year round destination. The excellent should be further enhanced by encouraging and strategy has been imperative, and we wanted to should undertake an initiative to implement specific climate, the numerous attractions and the fact that supporting the locals to be involved in showcasing challengesteer with away quality from the - generic “tourist destination” designs of signs, appropriate for each area. This the majority of the region’s hotels remain open, make local produce and traditional crafts. promotion and create a more inspirational campaign will help in alleviating visual pollution and create a value propositions Larnaka an ideal winter destination. To further enrich that clearly differentiates Larnaka. special character for our city as well as the villages. visitors’ stay during the winter, the Larnaka Tourism 7. You touched issues such as deserted The new campaign takes the element of the Board has introduced an initiative entitled “Larnaka buildings and the visual pollution of anti- • Covering of abandoned buildings. As the flamingo returning to the region year, after year as Winter Experiences”. This is a programme which the aesthetic signs. Is it time to do something demolition of derelict buildings is usually difficult to a metaphor for visitors who also return to Larnaka. Board has been running successfully over the last four about this? be legally implemented, we propose covering such This is in reference to the region’s status for retaining years with complimentary activities for Larnaka region Much work needs to be done to improve the buildings in touristic areas with banners presenting the most repeat visitors amongst seaside areas on hotel guests. The programme applies from November image of our region. Everyone though has to be images of Larnaka.

44 45 Larnaka 2017 Business Agenda Larnaka: Reaching the next level

• Planting in streets, squares, promenades as much Looking ahead, which are the major infra-structure as possible. One of the best ways to hide our concrete projects in the pipeline? cities and drastically improve the image of the There are numerous forthcoming projects, but destination and its environmental quality, is to make if I had to narrow them down to the three most our areas greener. important ones which have an impact on tourism, • Greening our beaches. Larnaka has long, clean and these are: safe sandy beaches, but in order to differentiate from • The regeneration of the ex-refinery area which will other resorts, planting endemic trees would be an be transformed into a magnificent quality touristic, excellent option for beautifying our seaside areas. residential and entertainment area, • Renovation and utilization of listed buildings. We • The construction of the Larnaka-Dekeleia Road in are delighted that the “old Larnaka area” has started the areas of Pyla and Voroklini, gaining its previous glory with the opening of new • The unification of the entire coastal front of establishments. We envisage the preservation of the Larnaka through the creation of a common walkway listed mansions in this area and their transformation from Pyla up to Zygi. This plan is coming to life with into boutique hotels, art workshops and alternative the extension of the sea path in Voroklini and the culinary shops. This will also contribute towards the recent completion of a new one in Pervolia. conservation of our architectural heritage. So is Larnaka giving them even more reasons to 8. How do you see the role of the Larnaka always come back? Tourism Board and the local Authorities? I personally believe that the future of Larnaka has The Board is striving to upgrade Larnaka’s tourism never looked brighter. We already have a good product and improve the image of the destination. tourism product but with the new additions in the When I refer to the Board, of course I mean all near future, it is not an exaggeration to say that our the stakeholders under its umbrella, namely, the region will become one of the most beautiful in the Larnaka Chamber of Commerce and Industry, the Mediterranean. And yes, as per visitor’s feedback, Cyprus Tourism Organisation, the Municipality of who claim that they always come back for the Larnaka and other Local Authorities of the region, friendly locals, the excellent weather and the historic the local Hoteliers’ and Travel Agents’ Associations, charm of Larnaka, we need to create more reasons to the Larnaka District Development Agency and the make them want to return time after time. So, that is Cyprus Agrotourism Company. Only through this kind what our Board has been doing since its inception: of collaboration - which is an excellent example of creating new and innovative initiatives on an annual public and private partnership - can our destination basis to enrich the tourism product in order to turn progress in the tourism sector. Larnaka’s visitors into “Larnaka’s Loyal Friends”.

46 47 Larnaka 2017 Business Agenda At Quality Group Headquarters, you have a great opportunity to meet business people from all around the world. This goes well with Savvas Kakos vision of ADDING QUALITY a multi-cultural community living and working together towards Larnaka’s redevelopment. TO LARNAKA! Quality Group’s President and Ceo, Savvas Kakos shares his vision of Larnaka’s future.

ositive Energy! From the very first moment you enter Quality Group’s Headquarters in Larnaka, everyone goes the ‘extra-mile’ in order for you to feel positive and relaxed at the office. Savvas Kakos, Founder President and CEO of Quality Group, warmly welcomes you to his office, and the stories begin. PIn a sequence of quick introductions we meet some of his clients and associates: Chinese, Lebanese, South Africans, British, Russian and Dutch, all seemingly to be friends with Savvas. The interview that follows is candid and unstructured, based on both business issues and life in general. Savvas shares his opinion on some innovative ideas providing an interesting reading for anyone who When Larnaka wins, wants to be enlightened we all win!. about Quality Group and Larnaka’s future. The bigger picture is that all who venture in this beautiful region should move ahead by sharing a common vision, guided by some collective strategic directions.

48 49 Larnaka 2017 Business Agenda Adding Quality to Larnaka

Moving Fast Forward suited than Cyprus to create this.” Savvas, buzzing with ideas, with a deep Savvas feels that the city’s growth is limited by the understanding of how Larnaka and business size of its population. “Larnaka can only be developed industry are shaping, shares pioneering insights on by encouraging the new expatriate communities, his philosophy, not only in the Real Estate field but who would love to set up their second home here. also on Larnaka’s redevelopment. He admits: “I have Moreover, non-permanent residents who spend half made mistakes, but I have learned from them! And of their time in Larnaka can change dramatically the now it is a good time to put this knowledge in use!”. situation because they bring relatives and guests to Savvas feels that Larnaka is on the brink of taking join them for long periods. Most of them are well off and to maximize this potential, regional decision educated high-net worth individuals who can also makers should work together with local businesses. contribute to the local economy”. ‘I believe in a shared vision and that the possibilities are too good to be missed.’ Adding Landmarks To Larnaka “Every memorable place has become famous because Larnaka’s Identity of its unique landmarks. Larnaka has its fair share with “Although Larnaka is less developed than Nicosia the trademark of Finikoudes Promenade, the Salt Lake and Limassol, we have chosen to live and work here and Saint Lazarus Church. It is now in our hands to but sometimes we tend to forget the true reasons create some more!” for loving this place. To realize its true potential, we First of all, we should replace the negative landmark first have to grasp what makes this place unique of the Petrol Depots and recreate the whole area and what should be done to differentiate even into something really special. The frustrating years more”. He continues by adding that Cyprus has a of delay in relocating the Petroleum Facilities could strategic geographical location that allows tourism prove to be a blessing in disguise, as we now have the and business industry growth. ‘Larnaka, while in golden opportunity to go ahead with an ingenious the epicenter of action, has 75 km coastline and a regeneration plan to create a continuous seafront on multi-cultural heritage, that can shape our future both sides of Larnaka, adding 4km of coastline. identity, as a cosmopolitan hub of global citizens. We have heard that investors are planning to build Chinese Hospitality in Larnaka! Larnaka is considered to be the city with the most two new shopping malls and some are considering potential of growth; to increase its value, we should the option for re-developing the old Airport area. For In recent years, Quality Group has been at the forefront provide better quality services in all aspects.’ me, the most exciting prospect is when I think of the of building a strong business relationship between Salt Lake and what we can do to improve it. Did you Cyprus and China. On a personal level, Savvas has many Building Achievement Together know that the perimeter extends to over 20 km? This “I have a vision of a thriving multi- national includes the Military Camp, which should be relocated Chinese associates who have become more than community with double of today’s population in in order to merge this area with Pattichion Park and friends. Mr Peng, a retired Chinese entrepreneur who the near future. A blend of offshore companies, to create a larger, greener and protected area, in a spends most of his time in Larnaka, made us feel at expatriates, students and pensioners, alongside theme appropriate to Salt Lake. Landmarks like these home by treating us to a selection of traditional with the growing number of tourists. There is no add value to Larnaka’s appeal and leave a mark in our other place in the Eastern Mediterranean better island’s history’. Chinese teas.

50 51 Larnaka 2017 Business Agenda Delivering quality beyond construction in residential, commercial, health- care, leisure and tourism related developments for the past 25 years. Atlantis Seafront Villas Olympia Sports Resort Projects like Q City Centre, Kition and the visionary plans for Olympia Sports Resort are some of the projects showcasing the innovation and leadership of Quality Group. Q City Centre, in the heart of Larnaka, has added a different flavour to the Group’s portfolio. China Garden Residences, Livadia UCLan ‘Cyprus Halls’

Our Blue will look better with more Green once we build trust with each other. And these are exactly combine all the amenities of a modern lifestyle with “The endless stretch of beaches that constitutes Larnaka’s the foundations on which we have built our unique luxurious accommodation, just 500 metres from the coastline is the dominant blue part of our identity. Long, relationship with our Chinese customers, ‘Quality & Trust’. famous Finikoudes Seafront. clean and sandy beaches, many of them are proudly Today 70% of our clientele comes from the Chinese Radisson Blu Hotel & Residence situated in the old awarded the Blue Flag for cleanliness and safety. So, with market -These are people who enjoy their residences in port area of Larnaka, is now under construction and aims this blue part of our image well established, we should Larnaka and the benefits that come along by acquiring to become a new and alternative leisure choice. now work harder on the green part. We have some a property in Cyprus. Mr Peng, whose politeness and Kition will be another major project for us. The existing beautiful isolated green areas, but they are not enough. I hospitality captivated us, even before this interview multi-storey building is currently being demolished, and am determined to do something about it. I have already began, loves Larnaka for the same reasons as we do. will be replaced with a new multi-use complex of twenty proposed a methodical and collective “Green Larnaka” floors minimum. Radisson Blu, the Pearl of Larnaca initiative that can be financially supported by the local Vision Becomes Reality China Garden Residence a cluster of 20 luxury business community. My vision is that soon, on one of my We differentiate by developing unique projects. We have residences, creates a unique landscape setting flights back to Larnaka, I will look down from my window previously mentioned Larnaka’s need for new landmarks. resembling to Chinese gardens. cooperate again. Our strong and repeated business is and see this beautiful blue Mediterranean Sea combined In our industry, we always aim to make the difference Olympia Sports Resort will be the ultimate leisure, evident with over 30% of clients, from more than 35 by an equally endless stretch of green land.” by turning vision into reality. Innovation and design nature and sports resort, equipped with state of-the-art countries, purchasing additional property from us. channeled towards high value property developments facilities, including internal bicycle routes. It will feature Finally, I would like to highlight that even if not so many China - A Tradition Of Trust focused around exclusive lifestyle concepts. We take pride a 5-Star hotel with panoramic sea views among other people around the world know about us, the ones who Although we are thousands of miles away, and raised in in everything that we produce and deliver: luxurious facilities. do get to know us, really appreciate us! That means totally different cultures, you cannot imagine how much Q City Centre in the heart of Larnaka is exquisitely What makes us proud is when our clients are fully we are doing some things right, and we have all the Cypriot and Chinese business people have in common, designed to the finest detail, and has managed to satisfied, and this will obviously make them want to resources to satisfy our clientele.’

52 53 Larnaka 2017 Business Agenda LES ETOILES COCKTAIL BAR Larnaka enjoyed all year round!

he charming coastal region of Larnaka is New and modern Larnaka harmoniously intertwines truly the Mediterranean destination for all with the elements of ancient Kition and offers the seasons. Larnaka is included in the world’s 20 cosmopolitan visitor beautiful sandy beaches, bustling oldest cities. With a history dating back 10.000 promenades lined with cafes and restaurants, brand- years,T Larnaka is the gateway to Cyprus and a magical name shopping, advanced infrastructure and every blend of old and new. From its traditional architecture, conceivable amenity. authentic taverns and local handicrafts to its cultural sites With almost guaranteed sunshine every day and a mild and religious monuments, old Larnaka is an evocative climate all year round, Larnaka is an all season destination glimpse into a centuries old Cyprus past. The unique as its hotels remain open throughout the year. The reason thing about Larnaka is that, throughout its history being for that is that Larnaka offers an enriched tourism product the crossroad of many civilizations, it still combines with various cultural events, a plethora of attractions, a mixture of eastern and western culture, a heritage activities and leisure options which are all very compactly evident all across the region. close to each other.

54 55 POOL AREA CONFERENCES Larnaka 2017 Business Agenda The best thing about Larnaka: Larnaka Allenjoyed Seasons all yearGo! round! Larnaka region is the multitude of things to do and see in such LEISURE & ENTERTAINMENT to visit and enjoy the view from the top roof. The a compact area, with The Palm Trees Promenade (Foinikoudes) is the most Larnaka Salt Lake is a stunning protected area which beautiful and cosmopolitan seafront area in Cyprus. is home to migratory birds and especially vast flocks everything so The charming palm-lined avenue is bordered by the of flamingos each winter. A walk in the nature trail easy to reach. Marina, the Larnaka Medieval Castle, a popular sandy around the Salt Lake is a must to enjoy not only the beach awarded with the EU Blue Flag and a line of exceptional natural habitat but the famous ultra-red busy cafes and restaurants. The Mckenzie beach strip romantic sunsets! is now the hottest spot in Cyprus. This trendy place Museums can be found in literally in every corner. is vibrant, buzzing with local residents and tourists However, a visit to the Pierides Museum and the throughout the day, into the night and early hours. Larnaka District Archaeological Museum are highly recommended in order to get a glimpse through MAIN CITY ATTRACTIONS time. Both museums house fascinating collections of St. Lazarus church is one of the most important Cypriot antiquities, some covering 9000 years. surviving Byzantine monuments in the whole of Cyprus. This stone build church in the town centre BEACHES was built in the 9th century on the resting place of Larnaka is known for its long clean sandy beaches St. Lazarus whose tomb lies under the sanctuary and most of which are awarded with the prestigious EU can be visited. The Larnaka Medieval Castle which was Blue Flag. The sea in Larnaka is very safe, shallow founded in the 12th century is an interesting place and the waters are warm. Each beach has its own identity: the exotic Kastella, the trendy Mckenzie, the cosmopolitan Foinikoudes, the green Yiannades, the sportive CTO Pyla beach and the serene Faros Beach. WATERSPORTS The stunning Mediterranean Sea surrounding Larnaka is also a paradise for all sorts of watersports EATING OUT TIPS such as windsurfing, kitesurfing, jet-skiing, banana It is not an exaggeration to say that Larnaka is the Every Wednesday and Friday at 10 am, a two-hour rides, pedalo, canoes and the new flyboard. gastronomic capital of the island. As such, it has a walking tour with a professional guide is offered for great selection of value for money seafood restaurants, DIVING free in the city centre and in the pottery workshop traditional taverns, international cuisine and beach bars. Larnaka’s tranquil and clear waters are ideal for both area respectively. beginner and experienced scuba divers. In Larnaka’s RURAL VILLAGES Furthermore, a range of activities are offered sea lie six wrecks including the well-known immense Away from the tourist areas, Larnaka district has a complimentary by the Larnaka Tourism Board every Zenobia wreck which is an astounding protected diverse wealth of its own, where one can experience the artificial reef. authentic village life. Larnaka is dotted with picturesque winter (November- April) such as beach gymnastics, Today the Zenobia is considered to be one of the traditional villages with stone houses in narrow streets excursions in villages, guided tours, visit to the Camel world’s best wreck dive sites. for instance Lefkara, Tochni, Skarinou and Kato Drys. Park and halloumi making.

56 57 Larnaka 2017 Business Agenda By Nana Asmeni Pavlou Larnaka Tourism Board

With the new season comes a hot new campaign for Larnaka tourism, and our most loyal repeat visitors star in the leading role, showing everyone why Larnaka is such a great lifetime experience destination. We are of course referring to Larnaka’s mascot, the Flamingo, who is a very big fan of Larnaka during the winter season. Just as the bird visits in its flocks, year after year, so do tourists, who favour all the diversity and authenticity of the region. The new slogan ‘They always come back’ plays on the flamingos year after year arrival to Larnaka, and how the region has the highest percentage of repeat visitors amongst the seaside areas of the island at 60% - testament to its broad appeal, which embraces a number of unique features, including Discover why many traditional Cypriot experiences. THEY ALWAYS COME BACK!

Our friendly flamingos are more than happy to lead you to all the information on Larnaka – including our newly revamped website. All you have to do is ‘follow the flamingo’… not only to the website and social media pages, but also around Larnaka, where you will find several fun photo booths at some of the popular areas. Having unveiled the new campaign at the last LTB AGM, the flamingos will now be appearing frequently in the promotion of Larnaka, so as they say, follow them - and discover why they can’t get enough of the region!

Photo by Piotr Labno 58 59 Larnaka 2017 Business Agenda Larnaka: Discover why They Always Come Back Upgrading Larnaka’s Tourist Product

Artificial Reef. Creating a World-Class Diving Recent Developments Destination Pervolia Upgrades Progressing Perfectly! With Larnaka boasting one of the top 10 wreck dives in the world – the famous Zenobia wreck, the region is The lovely coastal village of Pervolia will soon be Phase two will see the walkway extend to Meneou already on the global map of premier destinations for unveiling its finished enhancements, including a village – another tranquil coastal area of greater underwater sports… a reputation that is soon set to pretty and modern new coastal walkway that is set to Larnaka, and will soon be underway, making the be given an exciting new boost! impress both locals and visitors alike. completed path a highly anticipated future asset to This autumn will see the creation of an artificial reef Construction on the walkway began last year, and the region. in Voroklini area, along with an additional, dedicated the conclusion of the first phase from the iconic In addition to the walkway, six breakwaters are also in snorkelling area, further cementing Larnaka’s status for Lighthouse (Faros) to ‘Journalist’s Village’ (a holiday the making to ensure that coastal erosion does not having some of the best seas for discovering vibrant retreat) has finished, and now the final touches threaten Pervolia’s pristine beaches, with the project underwater worlds. remain. The walk offers stunning, unobstructed sea estimated to be completed in May 2018, whilst an Although this will be Larnaka’s first officially designed views, incorporating cycle lanes, lighting, green areas, outdoor stage is due to open this year, as well as artificial reef, others have been successfully deployed kiosks and parking at various points. plans for a new Folk Art Museum. on the island since 2009, quickly increasing marine life and enriching the island’s waters through the organised sinking of various vessels, some of which are then designated as protected marine-life areas. We are very pleased that our existing wrecks will be joined by a further attraction for diving fans – both old and new – making Larnaka a significant diving destination worldwide. Several of Larnaka’s coasts are already highly popular for snorkelling, especially the Meneou-Kiti area, which is considered to be one of the richest areas in terms of marine biodiversity due to the abundance of Posidonia Oceanica. Commonly known as Neptune Grass or Mediterranean tapeweed, Posidonia Oceanica is a seagrass species endemic to the Mediterranean Sea, and is a very important part of the ecosystem. Larnaka’s seas are ideal for children to snorkel too, thanks to the shallow, clear waters that reveal many varieties of sea life just below the water’s surface.

Pervolia...... The Mckenzie area has become a leisure hot-spot for locals and visitors a like. 60 61 Larnaka 2017 Business Agenda Larnaka: Discover why They Always Come Back

A stylish new generation of hotels are transforming and Introducing… Your Home Away From Home! • Damianou House – Odou ugrading the historical As Larnaka’s popularity continues to rise, so do the • Modus Vivendi - Loullaki - Psematismenos centre of Larnaka. options in accommodation within the region, from • Diamanto’s House - Psematismenos quirky boutique and city hotels to quaint, traditional • Nature House - Vavla lodgings in the mountainous villages. City and Boutique… The new hotels that have opened their doors to chic accommodation in the heart of it all travellers in recent years were officially welcomed • Hotel Opera - Agios Lazaros to the region at the last LTB AGM, where they were presented with an ornament to adorn their premises, • Lokal - Agios Lazaros symbolising their services and quality - and the • Rise - Town Centre unique accommodation they offer visitors. • The Josephine Boutique Hotel - Town Centre The new hotels are: • St Elena Boutique Hotel - Town Centre Agrotouristic… Seaside… panoramic views of sand and sea nestled in beautiful mountainous villages • Constantiana Beach Hotel Apts - MckenzieBeach • Palatakia Village Houses - Kato Drys • The Ciao Stelio Deluxe Hotel - Mckenzie Beach • Charalambos Holiday Cottages - Kalavassos • Lefkara View - Lefkara Whichever one of the region’s many hotels, holiday • Ample Places - Lefkara apartments or villas you choose, you are sure to find • Our House - Odou a warm welcome and easy access to Larnaka! Lokàl Hotel Opera Hotel

Josephine Hotel Ciao Stelio Hotel

62 63 Larnaka 2017 Business Agenda Larnaka: Discover why They Always Come Back

Full Speed Ahead for Larnaka’s New Campaign Since we launched our new slogan and The loveable campaign last season, it has been full speed flamingos have ahead for the LTB, and our flamingo mascots been chosen as the have been very busy, appearing on a large ideal mascot for variety of new materials! Larnaka’s branding. With the slogan ‘They always come back… Leaflets follow the flamingo’, our fresh new identity revolves around the annual return of the migrating flamingos to Larnaka’s lakes, which Banners is always a very distinctive and welcome sight. Our favourite pink feathered friends are enjoying all the attention so far, appearing on advertisements; our fantastic new website; novelty photo cut-outs; flyers; promotional bags; table stands at hotels; t-shirts; giveaways; roll-up banners, and new plaques for our ‘Larnaka’s Loyal Friends’ awards. And with the current love affair consumers are T-shirts enjoying with flamingo-inspired products in fashion and homeware, it appears we are Bags right on trend! Photo Booth Don’t forget to follow the flamingo to our new website for any information before or during your visit to Larnaka region, and keep an eye out for our fun cut-outs, as well as the opportunity to win promotional goods through our social media competitions. www.hellenicbank.com 8000 9999 Hellenic Bank Official @HellenicBank Hellenic Bank Hellenic Bank With their return to Larnaka around Paper Clips November, visitors to the region during autumn (to the beginning of spring) can also enjoy meeting Larnaka’s flamingos in ‘person’!

64 65 Larnaka 2017 Business Agenda Larnaka: Discover why They Always Come Back LARNAKA WINTER EXPERIENCES! Tours - Activities - Gastronomy FREE!

Memorable Free Winter Experiences Notes: We love to hear feedback from our visitors 01. Bus transfers are not included. Public bus from Larnaka Main Station regarding our immensely popular Complimentary leaves at 09:55 (drop off outside Voroklini Lake Watchtower at 10:10). Winter Experiences Programme, and with this in Departs from Voroklini Lake Watchtower at 11:30 & 13:10 – mind, are pleased to be running the initiative for a Bus No. 419. sixth year. 02. Bus transfers are not included. Public bus from Larnaka Main Station Created by the LTB and the Cyprus Tourism leaves at 10:30. Departs from Mazotos at 12:40 & 15:40 – Bus No. 407 Organisation (CTO), the 2017 programme will 03. Bus transfers are not included. Public bus from Larnaka Main Station commence on November 1, and run until April leaves at 11:00. Departs from Athienou at 14:15 & 16:15 – Bus No. 415 30, 2018, offering guests of Larnaka region hotels 04. These activities apply only for guests staying in Larnaka Hotels a packed and varied programme of activities with 05. This excursion applies only to guests of specific Larnaka Hotels our compliments. which are participating in the Villages Excursion Scheme. For this season, the programme includes a trip to 06. Meals are not included in the excursions. Voroklini Lake on Monday morning, where visitors 07. Activities’ Sponsors: Larnaka Tourism Board, CTO, Municipalities of will be welcomed with traditional delicacies and Larnaka, Athienou and Lefkara, Voroklini Community Council, can enjoy bird watching with an expert on hand Mazotos Camel Park, Ktima Georgiadi, Ktima Christoudia, Restolake to answer any questions and a basket weaving 08. Zinonas puplic buses tel.80007744. Larnaka Main Station: parking session. On Tuesday, a full day out at the unique behind Social Insurances. Mazotos Camel Park will entertain all ages, whilst Weekly activities programme in Larnaka offered complimentary on Wednesday, a professional guide will take you for guests staying in hotels within the Larnaka region. on a fascinating walking tour of the old town. On Thursday, a trip to Athienou village includes a demonstration on traditional halloumi making, with the cheese, village bread and other local Larnaka Tourism Board produce offered to guests to sample. A second 12 Gr.Afxentiou ave., Skouros Court, guided tour on Friday explores Larnaka’s old P.O. Box 40287, 6302, Larnaka, Cyprus neighbourhoods where traditional crafts are T +357 24 657 070 | F +357 24 628 281 practised at the local workshops. The programme email: [email protected] then ends on Saturday with a full-day excursion to web: www.larnakaregion.com the three picturesque villages of Lefkara, Kato Drys facebook: /Larnaka Tourism and Skarinou, with each retaining its own special traditions and character! All the activities are free of charge upon presentation of a voucher issued by the hotels, Cyprus Tourism Organisation with prior booking only required for the two www.visitcyprus.com village excursions.

66 67 Larnaka 2017 Business Agenda Larnaka Tourism Board

The Larnaka Tourism Board was established Authorities of the Region, the local Hotel in 2008 to promote Larnaka as a tourist and Travel Agents Associations, the Larnaka destination, offer new initiatives to attract District Development Agency and the visitors to the region and solve any issues that Cyprus Agrotourism Company. may directly or indirectly impact on Larnaka The Larnaka Tourism Board has been and its potential as a holiday working tirelessly to upgrade destination. Larnaka and its services since The Board is a collaboration of all its inception, and with so many stakeholders of tourism in Larnaka, positive changes on the way, which include the Larnaka Chamber it won’t be long before this of Commerce and Industry, the already-popular destination Cyprus Tourism Organisation, Local becomes a firm favourite for all.

68 69 Larnaka 2017 Business Agenda TOP 10REASONS TO VISIT LARNAKA, CYPRUS

UNBEATABLE LOCATION RICH ANCIENT HISTORY FANTASTIC BEACHES UNFORGETTABLE LOCAL EXPERIENCES CONVENIENTLY COMPACT SOUL AND AUTHENTIC CHARACTER 1 Looking for a location that is easy 2 Imagine a place where an 3 Do you want to sink your toes in 4 Get off the beach and try something 5 Enjoy the ease of finding everything you 6 Can’t decide whether you want to to get to, as well as central for your astounding 10,000 years of warm sand or take a dip in crystal new and unique! Whilst the region want to see and do in close proximity, visit a modern European city, a sunny holiday? Larnaka is perfectly situated continued inhabitation can be felt Mediterranean waters? You will offers everything you would want for a holiday that can pack in multiple Mediterranean escape or an authentic for both! Thanks to its international and relived through beautifully be spoilt for choice with Larnaka’s from a sunshine and sea break, it also experiences in just one day! The main destination filled with tradition and local airport, port and marina, Larnaka is the maintained architecture and long coastline that is both beautiful encompasses so much more, and promenade, shopping centre, historic flavours? With the very special characteristic entry point of the island, with all its archaeological sites, and interesting and diverse. Comprised of popular Larnaka’s alternative holiday experiences sights and a vast selection of drinking of progressing with the times whilst accommodation and attractions just a monuments and museums. bustling beaches, organised coasts will see you beekeeping one day and and dining options are all within walking keeping its old soul and charm, Larnaka is short distance from its ports. Larnaka is Larnaka’s rich past is what gives with complete facilities and quiet fishing the next! From watching the distance of one another, making Larnaka a melting pot of modern infrastructure and also the most optimum place in Cyprus the region its wonderful traditions village beaches, no two beach production of traditional food and drink, easy to explore. And if you want to travel grand old architecture, sun-baked beaches for accessing and exploring the other and folkart. The influence of every experiences are the same! From to trying your hand at local crafts, you further afield, the region’s rural villages and first-rate sporting facilities and every regions, and links quickly and smoothly culture that has passed through is lounging lazily or building sandcastles will be amazed at how many interesting and mountainous areas are only a short cuisine imaginable, from local to exotic. to an advanced network of motorways not only abundantly evident but with the kids, to adrenaline-filled and authentic things there are to watch drive away, offering the opportunity Whether you prefer the relaxing or the that will see you in a different town also preserved and still thriving; water sports, you can choose your or take part in. to experience a variety of terrains and invigorating, the old or the new, Larnaka in just 30 minutes - two hours at the ready and waiting to be discovered! favourite - or enjoy them all! activities in a short space of time. offers visitors the best of all words. most.

70 71 Larnaka 2017 Business Agenda EXCITING FOR ALL SEASONS PICTURESQUE TRADITIONAL DIVERSE APPEAL WORLD’S BEST WRECK DIVE 7 Whatever the weather, Larnaka 8 VILLAGES 9 Feel the diversity and harmony 10 Would you like the experience caters for visitors all-year round Breathe in the crisp, clean air of in Larnaka where the region’s of diving at one of the top with seasonal activities that the mountains and countryside unique appeal embraces many 10 wreck dives in the world? make the most of all the region on an excursion or agrotouristic different worlds. From the Larnaka is home to the famous has to offer. Mild winters and the holiday to one of the many harmonious mingling of various Zenobia wreck, which attracts warm autumn are perfect for picturesque villages of the cultures and religions, to the divers all-year round thanks outdoor pursuits such as hiking, region. Amidst narrow, winding contrast in experiences there is to perfect sea conditions and sports and exploring on foot, cobbled roads of stone-built something for everyone. Take excellent visibility, along with and also bring bright flocks of houses, you will find a warm your pick from the buzzing the wealth of underwater pink flamingos to the Salt Lake. welcome from villagers who will town centre with its brand treasures waiting to be Spring is equally bright and delight in showing you the sights name shops or the tranquillity discovered amidst a whooping fragrant with carpets of flowers and unique customs of their of quaint mountainous villages; 174 metres length and 108 in bloom, whilst al fresco dining own little piece of Larnaka. From small, traditional taverns lorries! If you have never tried and savouring the region’s handmade food such as cheeses, or international gourmet diving before, put it on your delicious cuisine can enjoyed all sweets and cured meats, to restaurants; quiet nature trails or holiday list and find out why the year round! As for summer… see folkarts that include pottery, popular beaches; main cultural Zenobia is not only the island’s you on the beach! jewellery, lace and wood carving, events or the cosy workshops of most valuable artificial reef, but the villages are a time-capsule of artisans. With so much variety, no also so globally loved!. the island’s bygone times. two days are the same! Articles: Paula Manoli-Gray

72 Larnaka 2017 Marios Polyviou, on the right, after signing the agreement with Radisson Blu.

The innovative hospitality concept of the brand new Radisson Blu Hotel is set to change the face of Tourism in Larnaka, offering a completely PRIVATE ENTERPRISE different proposition. will drive Larnaka FORWARD! An interview with Marios Polyviou, Managing Director of Sunnyseeker Hotels Group

arios Polyviou, the driving force behind that Marios is a staunch believer of private some of Larnaka’s best hotels, is not enterprise and initiative, as the driving force of one to mince his words. As he heads putting Larnaka in the right direction. an operation of 6 hotels, with an iconic On Politics, Bureaucracy and the Private Sector Maddition in the Larnaka Port area, he gave us some “I know I should not generalise by criticising all time insight on Larnaka’s developments, especially in the consuming procedures we have to go through. tourism and hospitality sector. With his Sunnyseeker I understand the necessity of control, but it is time Hotels Group leading a renaissance in Larnaka, he for bureaucracy to be simplified. And it is time for is one of the best qualified sector leaders to give authorities to catch up with the pace of today’s opinion on what Larnaka needs to take advantage of business developments. this positive momentum. On the other hand, I am also challenging On Larnaka’s Emerging Identity entrepreneurs to stop complaining and stop “I feel that we are at the right time for Larnaka waiting for the Authorities to find solutions Region’s Identity to be shaped through a beyond their reach. I firmly believe that the private comprehensive Master Plan, which all stakeholders sector should lead collective initiatives and that if will co-develop and support. In this process there is professionals from key fields of the private sector no room for political parties or individual ambitions, sit together, we will find the solutions, and more and certainly no un-necessary bureaucratic obstacles.” important the fast-track mechanisms to implement As the conversation progresses it becomes obvious these solutions.

74 75 Larnaka 2017 Business Agenda contracting, marketing and First we must be seen as allies and not opponents Sleek, stylish, to Government and local Authorities. Our Group technical maintenance to for example, is not asking for help or subsidies, various other hotels. A recent sensational just faster, simpler, common sense procedures”. strategic partnership with and iconic. Quality Group has led to the The 17 level On Larnaka as a Tourist Destination creation of a new company, Radisson Blu “At last we are making real progress. And this Sunnyseeker Hospitality Ltd, with Hotel making a again is driven by initiatives from the private plans to expand the tourism and progressive high sector. New Hotels are increasing not only bed services market in Cyprus”. Princess Beach Hotel capacity but the value of our brand. We see an tech statement increase in numbers and many opportunities On Radisson Blue opening in in the Larnaka from markets like Iran, as more direct flights are Larnaka Port area. now available. “This will be the first In my opinion this momentum has been helped internationally branded hotel in by the closure of Cyprus Airways and the end Larnaka, and is set to change the of monopolies leading to more direct flights to face of Tourism in our city. An Larnaka from new destinations. And cheaper of innovative hospitality concept course. aspiring to offer something We have increase from Israel, Lebanon, Russia, completely different, it will be Ciao Stelio Hotel Poland and more recently Iran, mainly due to the operated by SunnySeeker Hotels and The Rezidor On Team Spirit and Attitude convenience of more fight options”. Hotel Group under a franchise agreement. We “Our company’s main focus is our people. The key target of the Human Resources Department is to maximise On Sunnyseeker Hotels Group will upgrade services offered to both tourists and “Sunnyseeker Hotels is a new company that is business travellers, who do not have their own employee performance and motivation, as we consider rapidly expanding. Established in 2012 it focuses space as regards convention centers, business them our greatest asset”. in the field of Hotel Management. We own the facilities combined with a luxurious place to stay”. Having built this successful team structure, Marios looks 4 star Princess Beach Hotel on a great beach As regards to what attracted this foreign ahead to new challenges based on the expertise and location in Larnaka Bay, with a total of 138 rooms investment, in the form of Carlson Rezidor’s commitment of his people. Despite the fact that in and bungalows, most with sea views. We also commitment to the project, the SunnySeeker tourism Larnaka is less developed than other areas of Group CEO noted that the optimal legal Cyprus, the Group plans for the future knowing that here Radisson Blu Hotel have full management of an additional 5 Hotels, all sharing the Group standards, strategies and environment and professional legislative lie big opportunities for growth. He ends the interview A beach hotel, a city hotel, a boutique hotel, and now philosophy. The Ciao Stelio Hotel, Sveltos Hotel, framework, as well as the stabilizing economic repeating the request for the Authorities to step up and become a real ally in bringing Larnaka to a new level. a unique business-leisure combination, making the Mikes Kanarium City Hotel, Sun N Blue Boutique situation of the island, have contributed to its appeal. “Things are getting better, as more stakeholders are SunnySeeker Hotel portfolio richer and more diverse. Hotel, and of course the much anticipated Radisson Blu. In addition, based on our vertical “We see the economic environment stabilising now beginning to understand what we have been focus and expertise in the hospitality sector, and there is great optimism for another bumper advocating for years. This is why we are investing with we offer consultancy services for budgeting, year in tourism”. confidence”.

76 77 Larnaka 2017 Business Agenda Larnaka A City with a Rich Industrial and Commercial History facing New Challenges

In the early 20th century Larnaka flourished as a trade arnaka is one of the oldest continuouslylink and safe movement of goods with lower cost. These inhabited cities in the world. A trade centre developments helped increase the number of foreign from the times of the ancient Phoenicians, merchant trade companies in the city. In direct with its long, colourful and rich history connection with commercial mobility, there was a Lof contrasting civilizations and cultures, Larnaka rise in insurance companies and banks. The latter developed a cosmopolitan character in many periods were unique to Larnaka for decades, and were linked of its 4000 year old history. to the economic network of eastern Mediterranean In the early 20th century Larnaka flourished as a trade link In more recent history, international, political and trading cities. economic developments between 1870 -1920, During this period two hotels, Grand Hotel and Hotel combined with the opening of the Suez Canal, Royal, opened in the renewed popular seafront formed the favorable climate in which trade and of Larnaka. These hotels also hosted private – industry were initiated in Larnaka. The economic commercial clubs, next to the ball rooms and the mobility was assisted by the new technologies of the theaters located in their ground floors. time, the telegraph as well as steam navigation. The Industries of raw material treatment operated in telegraphic communication lines, which operated in the city, intended both for export and for domestic Larnaka since 1871, helped accelerate the processing consumption, such as the gypsum processing of trade agreements, while regular services of production of the Sountia family, the leather steamboats gave local agents the capacity of timely processing factories of Valdaseridi and Dimitrios

78 79 Larnaka 2017 Business Agenda families (tanneries opened after 1930) and the umber industry for the economy of the city was that of soap processing plants of the Pierides family, Mantovani manufacturing, the most famous were those of the and Demetriou. In the same industrial category, we Pourtzi, Demetriou and Seraphim families. The variety should include the mills, the most famous of which of industrial activities in Larnaca also included dyeing belonged to the Sountia family, and the tobacco factories and yearn production, bakeries specialized processing plants. In Larnaka during this period there in hardtack preparation for ships, olive-oil mills and were two? tobacco factories: Dianellou, Demetriou agricultural products packaged for export. Also two and Zannetou. Besides the drying and blend well known distilleries bearing the names of their preparation of tobacco intended for export, the owners: Kontarini and Valdaseridi. above factories produced manufactured cigarettes Plenty of commercial agents were operating in as well. Particularly known in the Middle East were the importation of luxury goods from abroad, the products of Dianellou. Another important especially Europe. These agents had the exclusive

representation of many international companies island. Merchants and factory owners profoundly for the island of Cyprus, and they were distributing influenced not just the economic development of their imported goods in the whole of the island. the city, but also its social and political life. These commercial companies were settled in As economic history has shown, particular Larnaka city center. The range of import items moments at a specific place are more pertinent was huge, including a variety of products from oil than others for investments in various sectors. to hats, from bicycles to biscuits. The merchants The current historical moment, with its unique of Larnaca, in the above mentioned period economic climate, combined with the general consolidated their economic and social position political setting of the Eastern Mediterranean, could on the island. The trading houses passed from offer new and interesting opportunities for business father to son, adapting to the new opportunities in the island of Cyprus. And especially in the city of and needs of their time. Due to this, in the city of Larnaka, thanks to its position, long standing ties Larnaka we encounter a social stratification, peculiar with the region and the unique characteristics of its to the city with no matching in the rest of the location.

80 81 Larnaka 2017 Business Agenda meet the ARENA

12 July 2015 16 November 2016 12 August 2016 The first Zemco bulldozers start Inauguration Stone AEK Arena ready for use, with keys digging what was then an empty Ceremony by President Nikos given to AEK President Andreas field. Anastasiades. Karapatakis...... WARRIORS! ...... When AEK, the local Larnaka Football Club, played from the moment he took over the AEK presidency in Aris of Limassol on 17 October 2016, everyone inside difficult times for the club just a few years back. After AEK Arena was aware that this was a truly historic planning permits were acquired in November 2015 a occasion. company, Balltown Holdings (Public) Ltd was formed It was the first game in the brand new Football to undertake the task immediately. Stadium, which just 14 months earlier seemed The project united the people of Larnaka, who impossible to all, except the companies that massively showed their enthusiasm with their mass committed to deliver the Stadium in record time, participation. without compromise on the quality standards set. From that moment it was down to the companies who This was the vision of Andreas Karapatakis, the bold were assigned the task and undertook to deliver. The but always calculated Larnaka businessman, following pages tell their memorable story...... TAKIS SOPHOCLEOUS ARCHITECTS ......

AKRITAS CONSULTING ENGINEERS

CRE A T I V E MARKETING ID E AS Kalsedia Engineering . ACES CY . Formula Fire Protection . Security & Beyond . P.G.S. Lighting . Cytavision . Telediexodos . Green Tech 82 83 Larnaka 2017 Business Agenda meet the ARENA WARRIORS! TAKIS SOPHOCLEOUS ARCHITECTS ...... TAKIS SOPHOCLEOUS ARCHITECTS AWARD WINNING Tel: +357 24 624 988 Email: [email protected] PEDIGREE Web: www.sophocleous.net Some of Takis Sophocleous Architects projects CUTTING EDGE DESIGN have won prestigious International Awards. CNBC AWARDS FOR EVERYDAY HUMAN NEEDS In 2009 the beachfront complex Elysian Gardens, by Nice Day Development, was It all started with the concept and the right “This is not a usual client and this is certainly not a architectural solution. Although Takis Sophocleous usual business. The common denominator with all awarded the international CNBC awards Architects, founded by Takis Sophocleous in 1976, have involved can be summed up in one word: Passion. of 2009 as the best Cyprus and European completed hundreds of studies and constructed projects, The determination and dedication of AEK President Development. for Takis Sophocleous, born in Larnaka, the AEK Arena Andros Karapatakis and his project team made all the MIES VAN DE ROHE AWARD project holds a special sentimental value. This is clearly difference”. In 2014 White Walls building in Nicosia, of evident when he starts talking about the project:“Among With the smooth cooperation of all parties involved AEK many notable projects in recent years, AEK Arena has Arena was designed and licensed in order to fulfil UEFA Nice Day Development, was a Nominee a special place in our portfolio, and our hearts! The stadium category 4. The stadium is now at the planning for Mies Van De Rohe European Union fact that it was designed, licensed and constructed in a stage for the next phase. Prize for Contemporary Architecture 2015. very short period of time took nothing away from the Takis Sophocleous Architects was established in 1976 Takis Sophocleous Architects designed, uncompromising standards of the end result”. by Takis Sophocleous with offices in Larnaca and Nicosia. tendered and completed this building as Demetris Sophocleous, who developed the Studies The firm’s multidisciplinary approach also includes local architects, in collaboration with Jean and oversaw Construction, stresses the importance of the MSLA, an award winning studio for urban design and Nouvel - Ateliers Jean Nouvel of Paris. combined team effort, starting with the passion of the landscape architecture founded in 2009 by landscape AEK people. architect Marilena Sophocleous. MSLA has a leading CTBUH BEST TALL BUILDING IN design role in urban, tourism and resort EUROPE destinations.The practice is strongly The White Walls has also been named as focused on exceptional design ideas and Best Tall Building of Europe 2016, by the From father to son. Takis solutions though the creative blending of Council of Tall Buildings and Urban Habitat and Demetris Sophocleous human need, environmental stewardship (CTBUH). Subsequently White Walls was with AEK President and sustainability, value creation, science nominated for the Best Tall Building 2016 Andros Karapatakis at the and art. by CTBUH. AEK Arena Inauguration Company Projects include all scales and all Ceremony. sectors, from interior design, custom design, AEK ARENA PROJECT LEADERS Also posing is Demetris son listed buildings and private houses to large Concept Design: scale projects such as residential complexes, Takis Sophocleous Chistos for whom it is too corporate, hotels, hospitals, master plans Studies and Construction: early to tell if he will follow and other projects. The impressive portfolio Demetris Sophocleous in their footsteps. consists of hundreds of studies and Architect: constructed projects. Anastasia Koumoulidou Landscape Architect: Marilena Sophocleous

84 85 Larnaka 2017 Business Agenda meet the

ARENA WARRIORS! Harmonious Team Performance combined A Team Accomplishment. Artemis goes ...... ZEMCO GROUP with expertise was the key out of his way to stress the great relationship Tel: +357 25 827 827 between all the teams involved: Architects, Email: [email protected] Success Factor Web: www.zemcogroup.com GSZ, the various specialist Companies and THE ABILITY TO GO of course the AEK project team, headed by Artemis Iacovou Andros Karapatakis who was the drive and THE EXTRA DISTANCE! Zemco Managing Director inspiration for all of us. The Deadline. Excavations and civil works In business, as in life the difference between good and them. Working with the right professionals is key to us. started on 9 September 2015. From that day exceptional is usually one’s ability to go the extra distance. Maintain the Edge. However big we grow I will ensure onwards it was a race against the clock, but Zemco Group, a diverse construction-based organisation we don’t lose sight of our roots. We will always stay sharp, without a single compromise. Planning and offering cutting edge building, engineering and electro- innovative, cost efficient and deliver on time. Engineering was, as always, as important as mechanical solutions, has grown dynamically both in volume Respect our Clients and Partners. When we are the construction. For example the terraces and respect because of this inherent culture that goes beyond trusted with a task, we see it as a responsibility not were pre-cast on site and lifted in place with capabilities, reputation and capacity. only to deliver but to continue offering our support in big cranes, a bit like putting in place pieces of Group Managing Director Artemis Iacovou although the future, building a business relationship based on a jigsaw puzzle. low-key and modest, exudes a combination of drive, commitment and reliability. knowledge, reliability and calm assurance. Born in 1978, he The interview ends with a question on future plans: The Nightshifts. For a long period the studied Automotive Engineering in London before working We are recognised by peers and clients as one of the concrete work was starting after midnight, as Workshop Manager for Iacovou Bros. In 2006 he took over leading Building and Civil Engineering Contractors in and went through the night. To plan safely George P. Zachariades, renaming it Zemco Construction. Cyprus. At our head office in Limassol, the Warehouses, we used to evaluate the weather forecasts Becoming a leading industry player in the years that followed, the Asphalt Plant at Parekiisia and at the various Project days in advance to avoid working under rain. Artemis’ focus is evident as he outlines the pillars on which the Sites, it is our people that make the difference. We now The Biggest Challenge. As a project type, Group’s growth is based: have the structure and capacity for the creation of an Our People is our greatest Asset. This is why we seek Overseas Projects Division that will focus on construction AEK Arena did not require any unusual innovative initiatives for developing, training and retaining opportunities outside Cyprus. solutions. What was very demanding was the late decision to include the fourth Stand, which was planned to finish at a future Industry Benchmark Solutions. phase. In just 3 months we managed From Design to Execution we to deliver this with the rest . should exceed client expectations. Looking at some of the numerous Zemco projects it is obvious that this promise becomes fact. Public works like Motorways and Water Dams, the Cement Factory at Vasiliko, Installations at Larnaka International Airport show the School Water Dam Motorway Group’s diversity.

86 87 Larnaka 2017 Business Agenda meet the ARENA WARRIORS! AKRITAS ...... AKRITAS CONSULTING ENGINEERS CONSULTING ENGINEERS Tel: 24818600 Email: [email protected] IMPROVING CYPRUS Web: www.akritas.eu THROUGH ENGINEERING! Akritas Consulting Engineers is a Larnaka based Group of Desalination Plants and prepared the Environmental Consulting Engineers, providing a complete service in design, Impact Assessment study for the Greater Nicosia Sanitary installation supervision and cost control for mechanical, Sewerage System. Other important projects that come to electrical, energy, public health, water and environmental mind are the Infrastructure study at river Cha, including engineering services. In a vibrant office environment, we the expansion and upgrade of the existing dam, the met Kyriakos Akritas, Founder and Managing Director of the Design and Supervision of Dhekelia military base Central company. He was in his usual hands-on mode, interrupting Pumping Station and all the external mechanical services briefly to give us a short outline. After his Honours Degree for Larnaka and Pafos International Airports. Other in Mechanical Engineering in London, Kyriakos worked in prestigious projects that come to mind are the expansion the field before starting the company in 1988. Despite his of the Mari Naval Base, the new military hospital, vast experience and credentials, he is as enthusiastic and the lighting of historical landmarks like St. Lazarous energetic as when he first started. Church and Rigena Tower, Four Lanterns, Larnaka port As the company’s diverse portfolio is too big to mention, roundabout and hotels such as Four Seasons, Amathus, he starts with just a few of the projects undertaken: Josephine, Princess, Otto Inn, King Jason, Sunrise Gardens, “Internationally we have cooperated with many Consulting Pernera, River Rock, Tasia Maris, Nicholas Colour and many Engineers on many demanding projects such as the more.” Paralimni and Ayia Napa sewerage projects. We were also Kyriakos is not one to talk too much or rest on the Consulting Engineers for the Larnaka and Vasilikos past success. He regards the company’s greatest asset the specialists that make up the team. With the office Kyriakos Akritas in Larnaka and another in Pafos, in association with George Akritas Andreas Katziis Managing Director Mourouzides Consulting Engineers, the Group offers Operational Manager Electrical Engineer first-hand local knowledge combined with adequate In 30 years we have manpower and resources for any project size. Facing daily so many It was an honour to provide the designed or supervised When the discussion comes to AEK Arena, Kyriakos unique challenges, it is Electrical Design and Supervision over 300 stimulating gets excited. “We have been part of bigger projects, essential to be above of AEK Arena. This included the projects. but this is special for us. AEK is part of our lives and we anything a TEAM, a bit like pitch lighting (by far the best in But being part of this share a sense that this signals a new phase in the club’s the AEK team. Individual Cyprus), CCTV, automation, fire historical moment in our history. Plus the fact that we met a very tight deadline. We expertise, efficiently fighting and sound systems , LED local club’s history is very designed and supervised the complete electromechanical managed to meet every scoreboard, etc, making it a true special for us. services, including pitch lighting, automations, security requirement. jewel of our island. and sound systems, display boards, CCTV, fire fighting, air conditioning, water and drainage systems.

88 89 Larnaka 2017 Business Agenda meet the ARENA WARRIORS!

...... CONCEPT CYPRUS CRE A T I V E MARKETING ID E AS Tel: 24 023180/1/2/3/4 BRAND WARRIORS Facebook: conceptcy IN A BIGGER ARENA Working for AEK Arena was not much different in • PR, Media Relations and Events Management approach than the everyday Marketing tasks for the global • Retail and Leisure Environments: Space Optimisation and local brands served by Concept Cyprus, a full service and Communications Marketing and Advertising Communications Company Design and Pre-Press based in Larnaka. Apart from the emotional bond of course. • Managing Director Stefanos Thompson sums it up by The Company’s Media Department uses AGB, Arianna saying that “some brands enjoy more loyalty than others, and other advanced Media Tools to analyze data and offer but for this brand loyalty borders on religion”. As a result, cost - efficient Media Planning Solutions. the branding and communications created for AEK Arena Creativity works harder than money. Based on this contributed to a stadium environment like no other in motto, business objectives are met with smart and cost Cyprus. effective marketing ideas which bring tangible results, Concept is the Cyprus Branch of Havas Worldwide, one of as demonstrated by a 30 year track record of multiple the world’s leading Advertising Networks with presence in success stories. 90 countries. Being the only full service Marketing and Advertising Communications Company in the Larnaka and free Famagusta area, and one of the leading companies in the field on the island, Concept blends the key components of today’s marketing mix: • Brand and Marketing Strategy including development of new Brands • Advertising: Creative-Production -Communication Plan • Media Strategy and Planning • Digital-Social Media Marketing utilising latest specialist Strategies and Tools • Sales Promotion: Strategies and Solutions for increasing Sales

Valentina Thompson Kika Kyprianou Liana Hadjicostari Stefanos Thompson Maria Hambi Christina Hadjiyianni Georgia Zachariade 90 91 Larnaka 2017 Business Agenda meet the ARENA WARRIORS! ...... HELLENIC TECHNICAL ENTERPRISES LTD Tel: 22875175 Email: [email protected] STATE OF THE ART Web: www.hte.com.cy ACCESS CONTROL On a typical match day at the AEK Arena, thousands compromising quality, the project had to be completed of spectators are channeled into and out of the venue in a short time, before the start of the season. within a short period of time. Hellenic Technical The Solution Enterprises Ltd, a Nicosia based Information and Hellenic Technical Enterprises Ltd implemented modern Communication Technology and Electromechanical technologies such as full-height turnstiles specifically services company, was challenged to design a state of the designed for sport facilities observing international art solution to include: Secure IP Network, Robust Access safety regulations, modern barcode/ RFID/ NFC Control System including Turnstiles, Surveillance System, validators and HD Surveillance Cameras powered by Hi-tech Control Room, Telephony System and Ticketing a secure IP Network, all monitored by a state of the System. art Control Center. The system focuses on tightening The right balance had to be found between security, security in two core areas – at the entry turnstiles efficiency and freedom of movement. And, without and inside the bowl of the stadium itself. A total of 70 new IP cameras were deployed covering the area immediately outside the ground as well. The ease-of-use, versatility and The new accuracy offered enables operators to System offers monitor multiple locations simultaneously, fast and secure zoom in when suspicious activities occur entry or exit. It and playback quickly to check incidents. We welcome you with a smile daily and we make sure that we provide you with everything you need at very low prices and with fantastic also gives us Entertainment without worry the ability to Access Control is linked to the Theasis offers. Strict quality control checks are conducted daily, so that you can extract wrongdoers from the ticketing system so visitors can move enjoy the best variety of products. Our trained staff are ready to assist crowd before they endanger quickly and smoothly into the venue. The you while you enjoy your shopping in a friendly environment. other football fans or commit Theasis Management Platform enables public order offences. a vast array of fan and venue services Welcome to including Digital Ticketing, Automated Demetris Nicolaou Access Control, Fan Engagement Programs. Hellenic Technical Enterprises Ltd The fully functional System was delivered Computer Division Manager in less than three months and within the specified tight time frame.

92 93 Larnaka 2017 Business Agenda 94 95 Larnaka 2017 Business Agenda The Cyprus Legal System is still heavily based on English Common Law in the sense that the fundamental principle of precedent applies. In 2004 Cyprus became a full member of the European Union and as a result European Law now supersedes Cyprus Law. THE CYPRUS LEGAL SYSTEM A brief outline of the Cyprus Legal and Regulatory Framework

he legal and regulatory framework in Cyprus and modernisation of the law. After the accession to the has always been considered as a competitive European Union in 2004, Cyprus harmonised its legal and advantage of the island, which enhanced regulatory framework with that of the European Union. confidence of international investors and Offering foreign business a familiar and reliable framework facilitatedT the financial development of Cyprus. Historically, within which to operate, the island’s legal and regulatory being a member of the Commonwealth, Cyprus adhered system is today considered to be one of the most to the English common law tradition. Since the declaration favourable in Europe, whilst at the same time being fully of its independence in 1960, elements of other legal compliant with the EU standards, the Financial Action Task backgrounds were injected in the legal order of Cyprus Force on Money Laundering (FATF), and the Organization and had a positive effect on the development, clarification for Economic Co-operation and Development (OECD).

96 97 Larnaka 2017 Business Agenda The Cyprus Legal System

Financial Institutions are regulated and supervised by insurance agents, insurance brokers, the Central Bank of Cyprus (CBC), which was established in insurance sub-agents, insurance 1963 and is responsible for the supervision of commercial advisors, and tied-insurance banks and, recently, co-operative societies as well. The advisors. All the powers of the banking and credit sector in Cyprus mainly consists of Insurance Services and other Related local banks, branches of foreign banks, and co-operative Issues Law are conferred upon credit institutions. The Central Bank’s main objectives are the Superintendent of Insurance to preserve the stability in the financial sector, maintain who is assisted by two Assistant price stability, foster economic growth, minimize systemic Superintendents of Insurance. The risk and protect depositors. In its supervisory role, the CBC Superintendent and the Assistant has always been guided by the recommendations of the Superintendents of Insurance are Basel Committee on Banking Supervision and implements public officers appointed by the the EU Directives on banking regulation. Additionally, Council of Ministers. the CBC monitors new developments and reviews and Capital Markets are regulated amends its policies. The legislation governing Cyprus’ by the Cyprus Securities and financial services sector underpins the island’s ambition Exchange Commission (CySEC). to become a leading international financial centre. CySEC was established in 2001 Insurance Companies are regulated by the Insurance and its responsibilities include to Company Control Service (ICCS) which is responsible monitor the operation of the Cyprus for the supervision of the operations of insurance Stock Exchange, to grant operation undertakings and the implementation of the Insurance licences to investment firms, to Services and other Related Issues Laws of 2002-2011 regulate companies which provide law and do not have a passport for sale to the public in and the Insurance Services and other Related Issues fiduciary and administration services and to administer other EU member states. The International Collective Regulations of 2002-2009. The said law and regulations sanctions and disciplinary penalties to listed companies, Investment Schemes Law of 1999 provides the current regulate the way insurance undertakings carry out their investment firms, fiduciary companies, and any other legislative framework for such funds. All stakeholders of the Cyprus Legal business and determine the way supervision is to be legal or natural persons who fall under the provisions System share a strong commitment exercised. Within the framework of its responsibilities, the of the relevant legislation. In the area of funds, the Money laundering regulation is entrusted to the to preserving and evolving a legal ICCS examines applications submitted by undertakings CySEC and the CBC share regulatory power. The CySEC Unit for Combating Money Laundering (MOKAS), with framework that made Cyprus a for the issue of their licence as insurers, examines and authorises and supervises investment managers and extensive investigative powers and manned by experts competitive and reliable international analyses the insurance undertakings’ financial statements UCITS, which are investment funds that have been in various fields, such as counsels from the Attorney in order to establish their solvency and their ability to General’s Office, police officers, customs officers and business centre. established in accordance with the EU directive on pay their debts, supervises insurance undertakings’ Undertakings of Collective Investment in Transferable financial analysts. The relevant law sets up important investments in approved assets, and generally establishes Securities (UCITS) and may be distributed across the duties to professionals for reporting suspicious that insurance undertakings operate on sound insurance EU. The Central Bank, on the other hand, regulates transactions and take appropriate preventive measures, principles. Moreover, the Service examines applications alternative funds, the so-called International Collective including identification of customers and record for the registration of insurance intermediaries, i.e Schemes which are established pursuant to domestic keeping. MOKAS may apply to Court and obtain freezing,

98 99 Larnaka 2017 Business Agenda The Cyprus Legal System

on environmental protection, health and safety. The European Union Directive on the conditions for granting and using authorizations for the prospection, exploration and production of hydrocarbons (Directive 94/22/EC) and other relevant EU legislation applies to oil and gas activities offshore Cyprus. In addition, the Republic of Cyprus ratified in 1988 the United Nations Convention on the Law of the Sea (UNCLOS ’82). A number of agreements have been signed between the Republic of Cyprus and its neighbouring countries. The Delimitation of the Exclusive Economic Zone of Cyprus has been agreed and signed with the Arab Republic of Egypt, based on the median-line principle and in accordance with the provisions of the UNCLOS ’82. Likewise, an agreement has been signed on a from the financial institutions which were directly Ministerial level with Lebanon and the State of Israel. affected, the recent developments did not affect the The Republic of Cyprus and the Arab Republic of Egypt regulatory environment and Cyprus maintains its have also signed a Framework Agreement concerning leading role as an international hub for investors to the development of cross-median line hydrocarbon conduct business. According to a recent evaluation confiscation, and disclosure orders as well as lift bank force as well as with the regulations and directives of resources. report by Moneyval, Cyprus ranks very high in the secrecy. There is close co-operation between financial the European Union, the Cyprus flag is undoubtedly Recently, the Eurozone crisis interrupted a long compliance list of the Financial Action Task Force institutions and MOKAS. turning into a flag of quality. period of growth for Cyprus and the financial sector (on Money Laundering) (FATF) than most other EU As far as Shipping matters are concerned, the The Hydrocarbon exploration map, after recent has suffered a significant blow. Banks were rescued countries and it remains on the Organisation for Department of Merchant Shipping is the authority discoveries, now includes Cyprus, and multi-national through “bail-in” solutions whereas temporary capital Economic Co-operation and Development (OECD) that regulates the relevant industry. Being a part of the conglomerates have shown active interest in the restrictions were put in place as a buffer zone that “white list”. Indeed, Cyprus seems determined Ministry of Communications and Works, the Department acquisition of exploration licences in offshore seeks to protect further blows in the economy. A to strengthen its regulatory regime and it has of Merchant Shipping deals with registration of ships, Cyprus. The relevant regulatory framework was Memorandum of Understanding (MoU) prepared already committed to further improve Anti-Money administration and enforcement of merchant shipping efficiently enacted and consists of the Hydrocarbon by the European Commission, the International Laundering (AML) measures and further consolidate legislation, control of shipping and enforcement of (Prospection, Exploration and Exploitation) Law of Monetary Fund, and the European Central Bank was all modern ramifications of the rule of law. This international shipping conventions. Maritime activities 2007 (No.4(I)/2007) and the Hydrocarbon (Prospection, adhered to by the Cyprus government, in an effort to approach of preservation and further enhancement are governed by the Merchant Shipping Laws which Exploration and Exploitation) Regulations. The legal implement measures aiming to restore the soundness of the legal and regulatory framework is conducive to are largely based on corresponding British legislation. framework applies to the territorial waters, the of the banking sector, to control public finances, and further advance the notions of justice, transparency, Impressively, Cyprus has the third largest fleet within the continental shelf and the Exclusive Economic Zone ensure sustainable growth. Nevertheless, the legal and and efficiency, which are essential elements of a European Union. Since the full harmonisation of local of the Republic of Cyprus. Hydrocarbon activities regulatory framework surrounding business activities competitive and reliable international business legislation with all international instruments currently in are subject to general Cypriot laws and regulations has remained fundamentally unchanged. Apart centre.

100 101 Larnaka 2017 Business Agenda Larnaka Owning a enjoys the best value prices in the Cyprus real estate market, PROPERTY with excellent properties at in Larnaka significantly lower Combining a superb lifestyle, real value, good prospects and some hidden advantages prices than the other cities. e often hear that there are 2 sides to with very small distances from Nicosia, Limassol a coin. This is very true in the case of and Famagusta free area. Very importantly it has 27 Cyprus, where the kilometres of continuous clean sandy beaches and recent financial crisis is leading to the lowest crime rate in Cyprus, making it ideal for a someW welcome changes to the system and other family as well as a company establishment. sectors. Larnaka’s development only just starting Especially for someone looking for a real estate Larnaka, having stayed behind in development up to bargain, the good news is that the new lower now, currently enjoys the best prices in the Cyprus prices present outstanding opportunities for some real estate market, with 20-30% lower prices than very desirable properties. And Larnaka in particular, the other cities. At the same time important planned away from the spotlight for the past decades, today projects like Port-Marina, Golf, Petroleum installations combines some unique advantages over other areas relocating will soon give a great momentum to the of Cyprus. city. Projects that are under construction as well as The perfect geographical location recently completed will soon add value to the real First and foremost, Larnaka is the gateway to Cyprus, estate property buyer’s investment. with the brand new International Airport just These factors make Larnaka the best property minutes away. Also it is centrally located in Cyprus, investment choice in Cyprus.

103 Larnaka 2017 Business Agenda Owning a property in Larnaka

approval for acquisition for commercial purposes In the long term upsurge of demand for property will if the particular project will enrich tourism and continue despite recent setbacks.This is attributed to employment. E.U. members are exempted from such many inherent factors, including the relatively low cost restrictions and are treated as locals as from the 1st of living and its high standard, not forgetting of course May 2004. the low crime rate. In addition, the unique hospitality The Cyprus Real Estate market has two main of the local population, the attractive climate, the demand sources. The local and the foreign market. increasingly important role of safety and security, The foreign market comprises by approximately 50% have played an important role. The recent measures by the British and 35% by Russians and the rest 15% for permanent residence permits and passports with by other nationals. These percentages tend to change estate acquisition will also drive demand from non in favour of the Russian market with a reducing British European citizens. for Immigration permit. Non-Cypriot Investors, demand due to the global economic situation. Cyprus Incentives are eligible to acquire the Cyprus Citizenship by Real Estate prices during the boom period of 2003- The property buyer in Cyprus enjoys the advantages Naturalization, following the fastest process in Legal Framework 2008 were increasing at an average rate of 12% - 18% of the low corporate tax (12,5%), the low city taxes Europe. Cypriots and E.U members (and companies) are p.a. depending on location, but the global economic and low taxation of real estate (6 per thousand with A single application provides CYPRUS EU allowed to purchase real estate property without recession has affected the local property market 1980 evaluation prices). Also in Cyprus one has the CITIZENSHIP & PASSPORTS for all the Family. This any restrictions. as well. Demand has been reduced causing local security of the very advanced state cadastre where includes the spouse of the applicant, children under Other foreigners and non - EU members (Aliens) property prices to fall. In general real estate prices in the procedures guarantee the buyer. Urbanely Cyprus 18 years, and adult dependent children up to 28 are only given permission to purchase one of the tourist area, have reduced by around 30%-35% is divided in local plans with zones, and the buyer years, without having to meet any financial criteria. thefollowing: and in residential areas by approximately 20%-25%. knows exactly the type of land he or she is buying: in a The total Investment amount has recently been • One apartment or Bargains are now evident and especially prices from residential area, in a tourism zone or agricultural plot - reduced to a combined (ie Property purchase • One house or resales, primarily offered by foreign buyers – mainly always with an accurate coefficient building rate. combined with other investment) 2 million euros. • A building plot or land up to three donums British are evident. The Cyprus Republic returns 5% of the tax to the first Each case is examined on its own merits depending (4.000m²) This state of the market is expected to continue over time buyers and buyers who spend at least €300.000 on the personal circumstances of the applicant. Offshore Entities may also acquire premises for the next few foreseeable years. After this period as for estate are granted with residence permit in Cyprus. To obtain long-term resident status, a third country their business (no limit on the extend) or for the supply is taken up so will prices begin to increase. Also, with real estate buying worth 5 million euro plus national must demonstrate the following attributes: residence of their foreign employees provided Cyprus has proved to be an increasingly popular private property worth at least €500.000, the buyer is - Stable and regular resources sufficient for himself the residence is registered on the employees’ place for doing business, retirement and/or for the granted Cypriot citizenship and his dependants to live in Cyprus without names. For the transfer of real estate on an alien’s acquisition of holiday homes by foreigners. Demand, EU Citizenship as a result of your Investment recourse to its social assistance system name, the permission of the Council of Ministers is which is continually increasing ( the current recession The Republic of Cyprus has implemented a fast - Sickness insurance which covers the risks usually required (now the District Officer). is regarded by real estate experts as temporary track procedure to acquire permanent residence covered by Cypriot insurance companies This Permission is obtainable by all bona fide disruption to this trend), is forthcoming mainly permit, a policy introduced by the Minister of Interior - He is not a threat to public order or public security cases, provided that the property is not intended from European Countries, mainly ex eastern block since 2009 which was revised in August 2012. The - His residence in the territory under Cypriot for commercial exploitation. In certain cases, countries, plus the recent signs of an emerging policy implements a favorable treatment for Third Government’s control has not been the result of however, the Council of Ministers will grant the demand from China. country nationals (i.e. non EU citizens) who apply deceit or misrepresentation.

104 105 Larnaka 2017 Business Agenda 1. a confidential identifiable legal arrangement created by a settlor; Cyprus 2. an equitable obligation or obligations; 3. binding trustees to deal with property (the trust assets); 4. to which the trustees hold the legal title but hold it International separately from the trustees’ own property; 5. for the benefit of beneficiaries (who may include settlors and trustees) and • who include a beneficiary or beneficiaries who hold equitable interests or rights in equity and • to whom the trustees owe fiduciary (and other fundamental) duties; 6. and/or for the benefit of a charitable object. The TRUSTS settlor places property or assets into a trust at its establishment and has the right to add more Wealth Protection for future generations property or assets at a later date. A settlor may also declare in the trust deed how the trust’s property and income should be used. The Cyprus International Trust The validity of a Cyprus international trust and the yprus is the third largest island of the Cyprus International Trusts In Cyprus, trust law is contained in both statute and disposition of property to the trust is protected Mediterranean Sea having the third highest A trust is an attractive and effective structure case law with many of the principles of equity and against claims brought for contravention of any percentage of foreign citizen residents in for wealth protection preservation for future English law that have a history of hundreds of years. foreign laws nor are they affected by the inheritance the EU 12.5%. It is widely acknowledged generations. Trust structures are also increasingly The primary law for Cyprus international trusts is the or succession laws of Cyprus or of any foreign asC a safe and pleasant place to live and well known used for commercial and charitable purposes. jurisdiction. International Trust Law of 1992-2012. for its hospitable people and business environment. The defining features of a trust comprise: The law defines a Cyprus international trust as a trust The procedure for establishing an international trust The island is especially popular for a second home where: in Cyprus is straight forward and can be arranged in a in the sun, and it ranked fifth in the recent Knight • the settlor is not a resident of Cyprus in the year relatively short period of time. Frank survey for the best place to live for wealthy preceding the year of settlement of the trust; Taxation of Trusts individuals. • the beneficiaries are not residents of Cyprus in the Cyprus international trusts enjoy a tax status that Cyprus is also a popular jurisdiction for tax reasons. year preceding the year of settlement of the trust; provides significant opportunities. Cyprus boasts a favourable tax regime, with relatively • at least one of the trustees is a permanent resident • non-resident beneficiaries are subject to tax in low income tax rates, capital gains is restricted to of Cyprus. Cyprus an income and profits of the trust derived disposal of immovable property situated in Cyprus, The settlor may retain or be granted powers, rights only from sources within Cyprus; there are no gift or inheritance taxes, no withholding and interests in the trust property allowing great • resident beneficiaries are subject to tax in Cyprus tax on investment income and an extensive double flexibility to adopt to changes in circumstances or an income and profits of the trust derived from tax treaty network. objectives. sources within and outside Cyprus.

107 Larnaka 2017 Business Agenda Article by Floros Voniatis Chair of the Council UCLan Cyprus UCLan Cyprus he rewarding experience of a mutually UCLan Cyprus. In addition, the Larnaka’s International supportive collaboration came into fruition Airport is only 15 minutes away. Furthermore, the The University that has placed Larnaka in 2012 when Cyprus welcomed its first nearest blue-flagged beach is just 1 kilometer away. In UK University, the University of Central September 2013, the new wing of the University was on the global educational map Lancashire,T Cyprus (UCLan Cyprus) on the island in completed, enabling the University to accommodate the city of Larnaka and the region of Famagusta. The more than 2500 students Ηistorically, the rapid growth and development of cities have been underpinned by the strategic advice local University is the first and only University in Larnaka Award-winning infrastructure with emphasis on universities provide through evidential-based research of local needs. The relationship between universities and and the Famagusta area. The University of Central technology local cities is a symbiotic one for both through a mutually supportive association; universities provide knowledge Lancashire (UCLan), the fourth largest University The Campus recently received an International Prize through higher education, contribute to continuous professional training, support local businesses and undertake in the UK and located in Preston, north west of for the quality of its IT and AV facilities: in January 2013 world-leading research, while cities are homes to workforces, students, researchers, academics and energetic England, through its recently developed strategy of UCLan Cyprus was awarded the InAVation Award as the communities, and attract international business investment. developing educational satellites around the globe, most innovative educational facility in Europe, Middle showed strong interest in choosing Cyprus as the East and Africa, presented in Amsterdam, Netherlands. first step in expanding its presence, primarily due to the geopolitical position and large local demand for The high quality and state of the art infrastructure of UK higher education in Cyprus. After researching the the University’s premises constitute part of the vision of best location for their branch campus and the local establishing UCLan Cyprus as the hub of the island’s procedures for setting up a University, UCLan chose knowledge dissemination (and creation), through Larnaka as the ideal strategic location to establish the international conferences, seminars, and other events first British University on the island. - linking the whole world with Larnaka and the University. The University campus which has expanded in the past four years to an area of around 70,000 square UCLan Cyprus as an Educator for local and meters, is located in Pyla, a culturally unique and international students peaceful village in the Larnaka district. The location Starting initially with 3 Schools, School of Business is distinctive due to its competitive advantages; it and Management, School of Law and School of has a direct access to the island’s main road network Sciences, UCLan Cyprus offers high-quality academic linking the main cities of Cyprus and especially its programmes of study, leading to the only unique capital, Nicosia, which is just 20 minutes away from academic qualifications on the island: double degrees

108 109 Larnaka 2017 Business Agenda UCLan Cyprus: The University that has placed Larnaka on the global educational map

which are automatically recognised, accredited and UCLan Cyprus as a Research Hub validated by both the Ministry of Education and UCLan Cyprus is committed to being innovative and Culture in Cyprus and the UK Quality Assurance entrepreneurial in its approach to teaching, training, Agency (QAA). In addition, the University’s degrees research and knowledge transfer, in order to enrich enjoy international and local professional body the University’s academic learning environment, accreditations. enable it to develop high value-added training While keeping true to the University’s mission and initiatives, advance in innovation and promote high values, we understand that these are challenging impact research investigations. This will allow the times for higher education, not only in Cyprus University to enhance its contribution to social, but globally. Therefore, besides the synergies and cultural and economic development, both locally opportunities, that are being constantly explored and internationally. between UCLan UK and UCLan Cyprus, flexibility As a research-led University, research and innovation must continue to be inherent in everything we is pursued via engagement with other research do. This must apply to our collaboration with institutions and universities, industry, professions, businesses and the industry; our approach to government agencies, social enterprises and third innovation and enterprise will continue to evolve sector stakeholders. to ensure the best fit with the society’s current and In line with the University’s commitment to expand developing needs. its research community and support early career The University is now in its 5th academic year researchers, UCLan Cyprus has appointed a number with almost 1000 registered students, and with UK of joint PhD scholars, who work with international education being the top preference of Cypriots and researchers in the University on joint collaborative many other international students, UCLan Cyprus research projects with UCLan UK and other is considered a favourable destination of study for universities nationally and across Europe. those who demand quality education while at the Leading our research, innovation and enterprise are same time depend on affordable tuition fees and three centres, namely: living expenses. The University currently boasts CEDAR - Centre for Entrepreneurial Development, around 200 international students from 35 different • Alliance and Research; countries. InSPIRE - Centre of Interdisciplinary Science Other than its reputation as the preferred university • Promotion & Innovative Research Exploration; and of choice for international students, UCLan Cyprus attracts both graduates and mature students from • ICLAIM - Interdisciplinary Centre for Law, industry who seek the necessary postgraduate Alternative and Innovative Methods qualifications required in heir industry in order for The University has already hosted a number of them to progress up the career ladder. international conferences on its campus and it aims

110 111 Larnaka 2017 Business Agenda for their studies due to the reputation of UCLan Cyprus, will have spent, just for this year alone, over €2 million in local businesses, generating a value-added contribution of more than €10 million, hence supporting hundreds of jobs in the city and the region. Visiting guests of the students and visitors to the University’s events, conferences and seminars have spent so far more than €1 million in the city. According to our records since 2009, due UCLan Cyprus as a neighbour to the tremendous amount of engagement activity The University’s facilities provide valuable benefits generated by UCLan Cyprus, the hotels in Larnaka to student, staff, and of course to the local had more than 2000 nights booked. community. The quality of the amenities offered UCLan Cyprus as an international gateway to cannot be matched in either the city or region. The Larnaka ultra modern and technologically advanced lobby and main theatre are used by the municipality, turn, buy from other suppliers who also buy, International students are the country’s best to become a significant venue by inviting key players communities and public schools for all their events. creating a rippling-out effect. ambassadors for the Education and Tourism sectors. from both the academic and the business sector, Indoor and outdoor sports facilities are used not Not only do they bring in external overseas income locally and internationally, for seminars, discussions, • Induced Effects: universities pay wages and salaries just by students and staff but also by community to the island through tuition fees, they also promote and other intellectual events. to employees who in turn spend this money on members. the University and Cyprus through recommendations The contribution of UCLan Cyprus to local and consumer goods and services. This creates a wage to encourage friends to attend the University and In addition to the exceptional facilities, the national economy income for employees in other sectors who also visit Cyprus for the holidays. university’s programmes and services contribute It is widely known that universities are valuable spend their income and so on, creating a ripple positively to the quality of life in the area. Our In addition, conferences held at the University contributors to local economies. Universities are effect throughout the economy as a whole. philosophy is always to be sensitive to how have generated significant academic and media institutions fairly resistant to fluctuations of the In just a few years of operations, the value-added local economy and citizens can benefit from interest and raised the international profile of the Economy allowing them to have steady presence. contribution of UCLan Cyprus to Larnaka and the a combination of our capital spending, the University and of course the city of Larna. The benefit The many economic impacts of UCLan Cyprus can employment opportunities that result from region has been significant. During the last years of of this exposure is the attraction of more students, be considered as either effects through knowledge University operational needs, and the many cultural, low economic growth in Cyprus and Larnaka, the academics and visitors to Cyprus especially Larnaca. creation, research and development, or as effects of educational, and social services delivered by effects of student and employee activity, much of it We have estimated that in the last few years, more the direct and indirect expenditures flowing into the University faculty, staff, and students. occurring after traditional business hours, have helped than 5,000 people attended conferences and events surrounding economy. to revitalize the economy through economic stimulus. at the University; a good percentage of them having UCLan Cyprus awards numerous scholarships to top In more economic terms, the ‘knock on’ or multiplier The University is one of the biggest employers in attended conferences of national or international ranked graduates from high schools nationwide and effects created by university operations in a city, the region with over 150 employees and an annual importance. Media coverage of these events has also grants many other bursaries to students based comprise of two types of economic interaction: payroll of €4 million plus. It is estimated that all the provided for the city and region a very good channel on family income or other proven achievements. • Indirect Effects: universities purchase goods and students which the university has attracted from other of promotion through which the University acts We are very proud of our commitment to the services from other sectors and these sectors, in cities or the locals who have remained in Larnaka proudly as an international gateway for Cyprus. community of Larnaka and to the nation.

112 113 Larnaka 2017 Business Agenda Larnaka Region Larnaka Municipality Contact Information

www.larnaka.org.cy 115 Larnaka 2017 Business Agenda