By Mubarak Al-Hajeri
BEIRUT, Oct 6 (KUNA) -- There are plenty of investment opportunities available for Kuwaiti investors, said an official from the Cyprus Chamber of Commerce and Industry.
Cyprus is an attractive commercial center due to its low taxes, and high quality services, Secretary General at Cyprus Chamber of Commerce and Industry, Marios Tsiakkis told KUNA on the occasion of President Nicos Anastasiades's upcoming visit to Kuwait next Tuesday.
There are great opportunities available for investment in the fields of health, ports, telecommunications, tourism and education, as well as natural gas, he said, noting that there are also several facilities offered to the investors such as the exemptions of income taxes of all dividends and profits from overseas institutions and sales and the deduction tax of dividends and interest.
The investor can take advantage of the living facilities in Cyprus, such as obtaining citizenship for those who intend to own property worth a total of 300,000 euro, as well as the possibility of acquiring Cypriot citizenship for investors in state-owned companies or direct investment of five million euro, and the exemption of VAT of most international transactions and double taxation agreements signed with over 50 countries around the world.
Cyprus has taken several measures to overcome the economic crisis it previously experienced where it recapitalized the banking system, reduced the level of spending and increased the revenue, in addition to restructuring the economy and supporting economic development by attracting investors, added Tsiakkis.
He said that Cyprus has a simple system that is fully compatible with the laws and regulations of the European Union (EU) as he expected a gradual return of economic recovery from now until 2015.
Cyprus ranked 38th out of 185 countries as an economic hub by the World Bank classification in 2013.
It is also ranked 25th out of 144 countries last year as a high-income economy by Forbes Magazine.
The Cypriot president's visit to Kuwait on October 8 is expected to witness signing of several agreements and memorandums, as well as discussing the possibility of investing opportunities and establishing some new investment projects and businessmen partnerships from both countries as there will be a future joint economic forum between Kuwait and Cyprus. (end) mah.ba KUNA 061141 Oct 13NNNN