Cyprus, as an island community and as a thriving Mediterranean economy, is going through a strange mix of boom times for some, and hard times for others. We are not alone in that, many of our EU neighbours have been through or are experiencing a similar economic shift, however, our rather small and unique economy reacts differently in Cyprus. Our size, fairly modern and nimble economic footprint, provides us the opportunity to change the script, throw out the rule book and use our current economic health to advantage. We must build a more sustainable ecosystem for homegrown local talent and the businesses that will grow up around the large international corporations that relocate here.
RELOCATION, RELOCATION, RELOCATION
Relocating to Cyprus is something that a lot of companies are doing right now. This means the Migration Department reports circa 12,000 relocations of staff working for international companies. This is reflected in our economic growth – GDP is forecast to grow by around 6% in 2023. Property prices have risen faster than GDP on average over the last 5 years. Despite a slowdown in property investment since the abolition of the so-called Golden Passport route to citizenship last year, in 2022 the government introduced more favourable tax benefits for overseas companies to set up their headquarters in Cyprus and have also introduced “The Digital Nomad Scheme”, enabling people to enjoy our beautiful weather and quality of life, while working for companies operating outside the country. The scheme aims to transform our business ecosystem by attracting talented individuals and entrepreneurs.
LOCAL YOUTH SKILLS ARE NOT FIT TO SUPPORT THE TECH AND IT INDUSTRY
We are nothing like the economies of Bulgaria or Latvia who are struggling to fill jobs because of a brain drain, we have a work culture challenge ahead. We have the 7th lowest Gender Pay Gap in the EU, we rank 9th for purchasing power in the EU, and we pay the 5th highest average monthly salaries in the EU. There is a myth in the minds of young people, a hangover from growing up during the economic crisis and high employment years of the last decade, that there are not enough well-paid graduate jobs in Cyprus.
There is no evidence to support that view. Young Cypriots are struggling not because of lack of jobs; they are struggling as their skills are not fit to support the vast vacancies in the Tech and IT industry, created from the government campaign to attract more foreign organisations setting up their headquarters here in Cyprus within these industries. CEOs from these companies have voiced this issue at major technology conferences on the island. They want to support the Cyprus economy and hire local talent, however, the lack of talent, has pushed them to hire overseas professionals. The education system, with the support of these organisations, has to form a closer partnership. We must build joint industry-government forums to evangelize STEM careers and conduct regular visits to schools to talk to young pupils to get them excited about technology as a career path, rather than following the traditional route of becoming accountants, doctors and lawyers. This is the way to increase productivity and raise wages in line with inflation.
SAFE, WELL-PAID JOB FOR LIFE? NOT ANYMORE
Another issue, young professionals are facing is the culture. Young Cypriots want careers in large organisations such as Google or Apple, not their uncle’s shipping company, the local solicitor firm, or a holiday resort. The differentiators are decidedly unCypriot workplace benefits like talent coaching, continuing professional development and flexible working.
This is a major issue; Cypriot professionals are facing within the culture. Traditional Cypriot businesses work on close-knit networks, links between education and local industries, and family connections. You are expected to work-your-way-up, wait your turn for promotion, and stick in the same role for years. That tradition rewards loyalty with security, however this is a fast-moving, digital age where young talent is highly skilled, highly mobile and puts opportunity and experience beyond security. In the rest of the world, as LinkedIn figures remind us, graduates and emerging professionals are hopping jobs faster than ever before – moving for promotion, moving for pay, moving to finance a year of travelling, moving to explore their options. They do not want to settle down in a safe, well-paid job for life – which is closer to the traditional Cypriot way – they want to explore the career world, just like their American, and EU counterparts.
GOALS FOR CYPRUS – SUSTAINABILITY AND INCLUSION
In this coming decade, we know that GDP will decline, inflation will rise, and the all-important drivers of our island economy – tourism, professional services and shipping – will slow down further, paying off pandemic debts and suffering from predicted global recession ahead. This is a recipe for conditions at home that could see Cypriot talent exit these shores – unless we do something about it now. And there are a great many things we should be doing to build a resilient, sustainable workplace ecosystem for young Cypriots. Why? Because everyone knows growth for a relatively small island economy like ours is driven by domestic household consumption as much as tourism. If we want to grow our household consumption, we need population growth (statistics are showing that currently Cyprus is at 25-year low birth rate), young families, affordable housing and well-paid, high-quality jobs beyond professional services, tourism and shipping.
This objective sets out two clear goals for industry leaders in Cyprus – sustainability and inclusion at work.
SUSTAINABILITY AT WORK
Firstly, company leaders need to focus on sustainability, which really means talent acquisition and retention. Retaining talent is a huge win for reducing costs, reducing the recruitment costs of replacing job-hopping young professionals, and extracting more value from the training new hires receive. It is a boost for your bottom line, and a boost for productivity as well. It is also not rocket science to achieve better talent retention, however, it has a price – a cultural one as much as financial. It means considering employment in terms of engagement programmes.
We are all familiar with the concept of onboarding new staff. However, once they are bedded in, what’s next? How do you keep them engaged? The smart money – and companies your young executives will leave you for – will re-onboard staff at regular intervals. Re-onboarding takes the form of 30-, 60- and 90-day programmes for all workforce, assigning short term goals for the teams, awarding badges for performance, and celebrating wins as they go.
It is also a well-known statistic that training, and coaching reduces staff turnover dramatically (studies show 30-50%) – so coaching for emerging Cypriot professionals should help to encourage them to build careers here, not leave for destinations where rents are cheaper to make their wages go further.
INCLUSION IN THE WORKPLACE
Secondly, if we want our young people to benefit from these opportunities, they need to feel included. Inclusion – often paired with Diversity – is by far the most important of those two popular terms. Inclusion means feeling part of the team, feeling listened to, feeling psychologically safe to speak your mind and contribute. Although, every manager hopes their team feels included, there are numerous ways where most teams can improve on that front.
A re-onboarding programme will help to build a sense of inclusion; however, it must go further than that. Celebrating team successes and goals, again, will help. But to really achieve a sense of purpose and belonging, you need to take things up a notch. Reverse mentoring is a great way to build a more inclusive workplace, pairing new hires with senior key stakeholders to help the old hands become more familiar with modern workplace culture – video chats, office Yammer networks, messaging tools – building digital tools into the workplace from top to bottom. Similarly, having younger execs representing their views at board meetings, or holding regular town halls to seek out opinions of emerging talent can be effective.
In Cyprus innovation in the workplace can be very slow in industries that are well established – like professional services or shipping – however, innovation in terms of working processes, flexible working, training, and coaching for new hires to keep them engaged and motivated to stay longer in their roles, is something every business can do, right now, and feel the benefits. Competitive salaries help, but in the modern workplace, it is all about the extras. Training, coaching and wellbeing benefits will transform your workplace, and your bottom line.
THE FUTURE FOR CYPRUS
There is a joke you might know about a big shot from Silicon Valley who complains about an Italian restaurant in Rome for opening 5 minutes late. The angry millionaire tells the owner “The USA dominates the world because we always open on time!” and the restaurant owner replies “So what? We Romans used to dominate the world, but then we learned what was really important. If you make tomato sauce like mama, the world waits for you to open.” The moral of the story is quality and high performance do not mean dumping your culture and heritage for someone else’s corporate culture. It is about finding your own path.
Cyprus has proven to be hugely resilient through the financial crisis and the pandemic, and although we face headwinds like the rest of the EU, from energy prices to paying off debts, we remain in a strong position to succeed and grow, we need to learn from their workplace culture.
Sophia Petrides
Talent Retention and Executive Leadership Coach
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https://linkedin.com/in/sophiapetrides
Гармонизированный индекс потребительских цен показал годовое изменение на 7,6% в декабре 2022 года, увеличившись по сравнению с тем же месяцем 2021 года.
Наибольшие изменения по сравнению с декабрем 2021 года произошли в категориях «жилье, водоснабжение, электроэнергия и сжиженный природный газ» (17,2%) и «продукты питания и безалкогольные напитки» (12,6%).
По сравнению с ноябрем 2022 года индекс зафиксировал снижение на 0,8%. Наибольшее снижение цен было зафиксировано в категории «продукты питания и безалкогольные напитки» (-2,9%).
За период с января по декабрь 2022 года, согласно данным Статистической службы, индекс потребительских цен увеличился на 8,1% по сравнению с аналогичным периодом 2021 года.
Сильнее всего подорожали окна из ПВХ
Индекс цен на строительные материалы увеличился на 17,2% за период с января по декабрь 2022 года. Согласно статистике, индекс за декабрь 2022 года составил 133,62 единиц (за 100 принимаются показатели 2015 года), зафиксировав рост на 11,67% по сравнению с соответствующим месяцем 2021 года.
По сравнению с ноябрем 2022 года индекс цен на стройматериалы зафиксировал снижение на 0,24%. Увеличение было зафиксировано в категориях «полезные ископаемые» (13,43%), «продукция из полезных ископаемых» (12,18%), «древесина, изоляционные, химические и пластмассовые изделия» (11,57%), «металлические изделия» (11,21%) и «электромеханические товары» (10,25%). В категориях строительной продукции больше всего подорожали двери и окна из ПВХ (45,41%).
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Взлеты и падения цен в декабре
На сколько подорожала недвижимость
Реальная производительность кипрских работников увеличилась на 6,4% в 2021 году. Об этом говорится в свежем выпуске отчета о производительности, составленного Центром экономических исследований Университета Кипра. Центр приводит этот показатель как пример эффективности удаленной работы.
Дело в том, что повышение производительности произошло только в секторах с возможностью дистанционной работы. Там, где требовалось физическое присутствие на рабочем месте, производительность, наоборот, ухудшилась.
В 2021 году производительность труда в большинстве секторов продолжала расти, за исключением секторов недвижимости, образовательной и научно-технической деятельности, административных и вспомогательных услуг, сектора искусства, развлечений, досуга, сферы сельского хозяйства.
Пандемия COVID-19 привела к значительным сдвигам в индексе производительности труда. Так, вскоре после первого карантина выросла (+24,8%) производительность в финансовой и страховой деятельности, а также в информационно-коммуникационном секторе. Увеличение связано с возможностью удаленной работы, поскольку компаниям в этих секторах удалось использовать новые цифровые и онлайн-решения. С другой стороны, в секторах, основанных на физическом присутствии, где удаленная работа не могла быть использована, наблюдалось снижение производительности, причем наибольшее падение — на 19,1% — было зафиксировано в секторе оптовой торговли и гостиничного бизнеса. В сфере искусства, развлечений и досуга наблюдался спад на 7%, а в строительном секторе – на 3%.
В индексе общей факторной производительности наибольший рост за период 2015-2021 годов был зафиксирован в секторе информации и коммуникаций (+5,59%), а наибольшее снижение — в секторе оптовой торговли и гостиничного бизнеса (-0,44%). За тот же период производительность в секторе недвижимости и финансово-страховом секторах упала на 7,1% и 5,2% соответственно.
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В пять раз увеличилось количество работающих удаленно
Во всех регионах Кипра в 2022 году жители отдавали предпочтение покупке квартир, в то время как приобретение домов отставало со значительным отрывом. Среди причин эксперты отмечают неопределенность из-за геополитической ситуации, повышение процентных ставок, высокую стоимость строительства и беспрецедентную инфляцию.
Совет по регистрации агентов недвижимости обработал данные Кадастрового департамента и описал основные тенденции на рынке недвижимости в 2022 году.
Общее количество сделок по купле-продаже домов составило 2175. Около трети от них пришлось на регион Пафоса. В категории купли-продажи квартир было заключено 5568 сделок, большинство – в Никосии и Лимассоле.
Наибольший объём операций по купле-продаже земельных участков под строительство пришелся на регион Лимассола, за ним следуют Никосия и Ларнака.
В регионе Никосии общее количество сделок по покупке домов составило 365, квартир – 1917, земельных участков – 1237, сельхозполей – 1792.
В регионе Лимассола самыми популярными объектами для купли-продажи оказались сельхозугодья (2441 объекта), за ними следуют земельные участки (1343 сделки), квартиры (1073 сделки). Последними по популярности на рынке недвижимости в Лимассоле оказались дома (436 сделок).
В регионе Пафоса в 2022 году было продано 1073 квартиры, 938 сельхозполей, 771 дом, 451 земельный участок.
В регионе Ларнаки популярнее всего из объектов недвижимости оказались земельные участки (1195 объектов), квартиры (940 объектов), сельхозугодья ( 875 объектов) и дома ( 325 объектов).
Наконец, в регионе Фамагусты по сравнению с остальными регионами сделок с недвижимостью было меньше всего. На первом месте по популярности у покупателей оказались сельскохозяйственные поля (512 сделок), затем следуют квартиры (311 сделок), дома (278 сделок) и, наконец, земельные участки (71 сделка).
В общей сложности число сделок о купле-продаже недвижимости всех типов составило 22 129, а объём средств, который они привлекли – 5,85 млрд евро. Наибольший объём продаж зафиксирован в Лимассоле, где зарегистрировали 6945 сделок с недвижимостью на сумму 2,86 млрд евро. За Лимассолом следует Никосия с 6237 операциями общей стоимостью 1,2 млрд евро.
Четвертый квартал стал лучшим в 2022 году. Тогда было продано 5883 объектов недвижимости на сумму 1,7 млрд евро. Напомним, в первом квартале того же года денежный эквивалент операций по купле-продаже недвижимости составил 1,3 млрд евро, во втором – 1,2 млрд евро, в третьем – 1,65 млрд евро.
Qatar Airways and Hermes Airports came together to celebrate the airline’s 25th anniversary along with a very successful 2022 and its continued operations in Cyprus on January 18th 2023. Hermes Airports and Qatar Airways welcomed key stakeholders with speeches from Hermes Airports Chief Executive Officer Mrs. Eleni Kaloyirou and Mr. Mate Hoffmann, Qatar Airways Regional Manager Southern Europe.
Qatar Airways celebrated a successful year in 2022 as the airline reached 25 years of operations. Beyond this important milestone, Qatar Airways was also the official airline for the FIFA World Cup Qatar 2022, which was held in Qatar for the first time in the Middle East. In 2022, Qatar Airways continued to strengthen its global presence reaching over 150 destinations worldwide. The airline also continued its award-winning service and won the “Airline of the Year” for a record-breaking seventh time by the Skytrax World Airline Awards 2022 along with Hamad International Airport winning “Best Airport in the World” for a second time in a row.
At the event at Larnaka International Airport, key stakeholders gathered to recognize Qatar Airways’ 25th anniversary and other accomplishments in 2022, but also the continued success of flight operations out of Cyprus. Qatar Airways has flown out of Larnaka since 2014 reaching double daily service before the pandemic and currently servicing Cyprus with a daily flight.
Qatar Airways has also shared the new European Cluster commercial reorganization unveiled in 2022 during the event. This reorganization ensures the World’s Best Airline delivers the highest quality of service to passengers and trade partners.
Under the new model, Europe is divided into five regions with a hub servicing multiple countries. Italy will serve as the hub for the Southern Europe region. Cyprus will be covered under this structure in Southern Europe. Key roles have been elevated to oversee the strategy and commercial priorities of the company at a regional level, not only a country level. Lastly, sales teams will have additional support across several countries within the region as opposed to on an individual country basis. These changes will further enhance and streamline efforts to connect Europe throughout the world via Qatar Airways.
With the new reorganization, key roles in Southern Europe have been added.
• Mr. Mate Hoffmann will serve as the Regional Manager for Southern Europe.
• Mr. Sandro Magnetta will serve as the Sales Manager – Corporate for Southern Europe.
• Mr. Angelo Bartolini will serve as the Sales Manager – Leisure for Southern Europe.
• Mr. Mario Testa will serve as Sales Operations Specialists for Southern Europe.
The editors of Successful Business approached Andrei Yarantsau – investor and CEO of Melsoft Games – to talk about his career and future. Andrei is ready to invest in new games, so we asked him about the criteria for selecting projects and what he considers important when creating a new game.
Andrei, what sparked your interest in investing in the games industry? Tell us about your career journey and the experiences that got you where you are today.
It all started in 2008. I built a decent career in the IT before I started thinking about other opportunities. I almost went into investment banking, however, I decided to accept an offer from Nival Network gaming company, and the rest is history!
It was a time of tremendous expansion of online game publishers. We operated high-quality foreign games and built our own gaming social network – ZZima – while developing the online game Prime World. In just three years, we managed to build a business with a dozen games and approximately 2 million customers.
A new chapter in my work began in 2011, when I joined Wargaming. The company couldn’t find a publisher for World of Tanks. It is hard to believe now, but back then no-one thought that an online game with tanks would be popular, so the company asked me to be their game publisher. In the next four years, we released several new games, opened offices in more than 15 countries and held hundreds of events and tournaments around the world.
You’ve said 2014 was a turning point for you, what happened?
I learned about ambidextrous organizations in the LCOR course at Stanford. These companies are efficiently running huge operations, and at the same time they are exploring new directions via independent innovative structures. I wanted to apply this idea to mobile gaming in Wargaming and figure out how to create a game that becomes a hit and gets into the top grossing of mobile platforms.
Is Melsoft your most recent business venture?
Yes, Wargaming signed a deal with Melsoft in 2015, and that was the start of one of the most interesting times in my life. Over the next few years, we relaunched the Toy Defense game series, released My Cafe (the best restaurant business simulator on the market), and brought out our biggest hit Family Island (farming game with expeditions). The company has been constantly growing in terms of revenue and audience. As a result, in 2020, Melsoft was sold to an Israeli strategic investor for almost 200 times its initial valuation. This was a great achievement, something to be proud of for all leadership at Melsoft.
What projects are you working on today?
In 2022 the Melsoft’s lock-up period ends and I – along with my colleague and partner, Alex Shilyaev – are in the process of figuring out our next move. Casual and mid-core mobile games are what we are interested in, however, we don’t want to limit ourselves in any way.
When making an investment decision, there are a few things we pay close attention to:
• The game should start with casual mechanics and drag players to mid-core
• Long tail economics should be present
• The game should be able to set goals and sell “fun”
• The genre and game setting should be “evergreen”
• The game should not try to radically change the habits of the audience • The market niche for the game should be big
By the way, we would love to talk to people in the gaming industry who have similar interests. Especially, if there is already a game or a prototype that needs a little help to skyrocket. Please find us and connect via social networks!
What do you think is important for creating a successful game?
From a CEO’s point of view, it is important to choose the right business partner, build a strong leadership team, have a clear vision and strategy in place and regularly check on your KPIs to ensure you are on track.
I would like to share a few thoughts about choosing the right business partner. Firstly, I think the “captain’s deck” needs two partners. One person is too few to debate new ideas, while three is too many. Two is perfect.
Secondly, look for someone who is a part of the team but also has their own vision, broadening the overall picture.
Thirdly, your partner should be able to self-restore psychological stability and accept the imperfection of the world and the people around them.
Finally, you and your partner should share the same values, be curious with an open-mind and positive outlook and promote innovation by listening to your teams and their ideas.
It is known that many gaming specialists have relocated or are planning to relocate to Cyprus, but they also move away quite frequently. What drives their decision to move here, and what needs to be done to entice them to stay?
Over the past few years, I have often had to deal with relocation issues. Single employees and couples without kids are in the risk zone. In my experience, 20–30% of such employees may return home in two years’ time. I see two factors that influence their decision making. The first issue is a spouse/partner not being able to find a job and adapt to their environment. Fortunately, Cyprus has recently started giving work permits to spouses of relocated employees.
The second issue is the social pressure from family and relatives, who did not move. It is vital to include the possibility of also moving grandparents. However, it can be a challenge due to their age, health and language barrier, collecting the required documents, opening a bank account and dealing with the immigration processes. To continue building a successful gaming industry in Cyprus, I really hope the government takes into consideration streamlining the immigration system and supporting the smooth relocation of elderly family members. This will be one of the strongest stabilizing factors for relocated professionals.
Согласно официальной статистике, доходы сектора достигли почти 90% от доходов 2019 года. Об этом заявил глава Подминистерства туризма Саввас Пердиос. Глава туристического ведомства обозначил основные положения среднесрочного плана действий на 2023-2025 годы.
Выступая на ежегодном общем собрании Кипрской ассоциации гостиничных менеджеров (ПАСИДИКСЕ), прошедшем в Лимассоле, Пердиос рассказал, что Подминистерство туризма активизирует свои усилия по продвижению кипрского туристического продукта в рамках среднесрочного плана действий на 2023-2025 годы.
Полис Хрисохус в центре внимания
Планы, в том числе, касаются повышения квалификации персонала, поддержки отдаленных районов и сельской местности. Особый акцент будет сделан на город Полис Хрисохус и район Тиллирия. «У нас есть конкретный план для этих мест, которые раньше были забыты, но теперь снова в сфере внимания», — отметил Пердиос.
По его словам, среди основных элементов плана действий — вопросы доступности северо-западного района Кипра и поддержание его окружающей среды. Для их решения подминистерство готовит конкретные программы по улучшению качества предоставляемых услуг. Например, разрабатывает новые сертификаты качества: «тематические пляжи», «отдых на природе» и «оздоровительные направления».
Более трёх миллионов туристов
Саввас Пердиос подчеркнул, что в последние годы была проделана очень важная работа в области воздушного сообщения. На 2023 год планируется 56 рейсов в неделю из Израиля, по 45 из Германии и из скандинавских стран, 34 из Польши, по 25 из Австрии, Италии и Франции, по 20 из Швейцарии и Сербии.
Число прибывших туристов в декабре 2022 года достигло 110 041. Это на 13,5% больше, чем в декабре 2021 года, когда Кипр посетило 96 928 человек.
За период с января по декабрь 2022 года общее число туристов на Кипре составило 3 201 080. Это количество близко к показателям 2019 года, когда было зарегистрировано 3 976 777 туристов. В годы пандемии этот показатель выглядел существенно скромнее: 631 609 в 2020 году и 1 936 931 в 2021.
Откуда гости?
Граждане Великобритании оставались основным источником туризма в декабре 2022 года, поскольку они составили 24,3% (26 708 человек) от общего турпотока. На втором месте закрепился Израиль (17,1% или 18 801 турист), далее следуют Греция (11% или 12 055 человек), Польша (8,5% или 9316 человек), Германия (4,5% или 4976 человек).
Целью путешествия в декабре 2022 года для 61,9% гостей был отпуск, для 27,4% — посещение друзей или родственников, для 10,4% — работа.
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С 2015 по 2021 год Кипр увеличил долю возобновляемых источников энергии (ВИЭ) на 5,2%. Аналогичный показатель для ЕС составил 3,7%. Об этом рассказал генеральный директор Министерства энергетики Мариос Панайидис в своем выступлении на XIII генеральной ассамблее Международного агентства по ВИЭ (IRENA) в Абу-Даби.
Докладчик подчеркнул важность энергетической инфраструктуры для развития ВИЭ на Кипре и приветствовал инициативы по долгосрочному энергетическому планированию. В своем выступлении Мариос Панайидис также упомянул действия и возможности лицензирования возобновляемых источников энергии, предлагаемые Кипром в рамках нового законодательства.
На генеральной ассамблее Международного агентства по возобновляемым источникам энергии были представлены такие темы, как реструктуризация электроэнергетической системы для перехода к «зеленой» энергетике и предотвращение следующего кризиса цен на электроэнергию.
Кипр принял участие в официальной церемонии открытия проекта Организации Объединенных Наций и Международного агентства по возобновляемым источникам энергии, направленной на расширение использования ВИЭ на объектах миротворческих миссий ООН по всему миру. Например, Вооруженные силы ООН на Кипре уже установили возобновляемые источники энергии мощностью 600 кВт для нужд миротворческой миссии и намерены продолжать инвестиции в ВИЭ. Это позволит добиться того, чтобы 80% необходимой им энергии производилось из возобновляемых источников.
Делегаты от Кипра имели возможность принять участие в двусторонних встречах с руководством IRENA, представителями ООН и миротворческого контингента на острове. Предложение Кипра о проведении в стране совместной конференции следующей осенью было принято как Международном агентством по возобновляемым источникам энергии, так и Организацией Объединенных Наций.
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Насколько выгодно устанавливать солнечные панели?
Citizenship by Investment Programs (CBI or CIP for short) are not new. They’ve been around for almost four decades. Yet over the last ten to fifteen years, they started gaining traction and attracting thousands of high-net-worth individuals, wealthy entrepreneurs and investors from around the world for a variety of different reasons. Fayez Hwalla, Managing Partner of PASSWORLD LTD, in his article talks in detail about these programs and their benefits.
Nowadays, given the developments on the global geopolitical scene and the resulting uncertainties, demand for such programs is sky rocketing. For some it’s an immediate necessity to ensure they have undisrupted access to business, education, healthcare, or lifestyle choices. For others, it’s an insurance policy or a Plan B to mitigate future risks whether on the global front, or specific to their country of origin. Accordingly, CBI has become an integral part of the toolkit of wealth managers and financial advisors when structuring clients’ global presence. Like investment diversification, the concept is rapidly evolving towards advising for citizenship and residency portfolios to ensure that clients can develop, enjoy and sustain a Global Citizen status.
WHICH COUNTRIES CURRENTLY OFFER CBI PROGRAMS?
Many countries have relevant legislation for citizenship or residency through investment programs. Not all are active and out of those that are, few can be considered successful. Our experience when it comes to CBI specifically, the five East Caribbean programs (Grenada, Dominica, St. Kitts, Antigua and St. Lucia) have a proven track record and a very good reputation. From an EU standpoint, the two most prominent are Malta and Portugal, neither of which offers typical CBI programs. Malta has an exceptional investor naturalization program with more requirements, higher investment and longer lead time. Portugal has a residency program with a pathway to permanent residency or citizenship application in five years’ time. Every month we learn about a new country ratifying legislation for new programs, yet such programs need time to evolve and prove they have the right transparency, infrastructure, and track record before we can recommend these options to our clients.
WHICH NATIONALITIES ARE TYPICALLY INTERESTED IN CIP?
Interest is picking up globally, driven by many reasons such as geopolitical conflicts and their implications, regulatory and tax reforms in certain countries taking into consideration worldwide income taxation, or successful business leaders who don’t want to be bound by the restrictions imposed by their home countries. In some cases, applicants are renouncing their original citizenship (which they don’t have to) to break free from arguably unjust treatment or reforms imposed by their governments.
WHAT ARE THE BENEFITS OF CARIBBEAN CBI PROGRAMS?
Benefits are subject to how effectively features are put to use. These features fall into three main categories: Mobility with visa-free travel to 130+ countries including UK, EU Schengen Area, Singapore, Hong Kong and even China in the case of Grenada; Wealth Preservation through diversification and legal tax optimization strategies; and Lifestyle options like access to highly rated universities in Grenada and St. Kitts, or option to reside indefinitely in any of the 13 CARICOM countries including the Bahamas.
Important to note that there is no requirement to reside or even visit the host country (with the exception of Antigua which requires a 5-day visit) – the whole process is managed remotely and even certificates and passports are couriered to the applicant’s chosen address.
One specific feature worth highlighting, is exclusive to Grenada citizens. Grenada has an E-2 Treaty with the United States, thus allowing its citizens to apply for an E-2 investor visa.
WHAT IS E-2 INVESTOR VISA AND WHAT ARE ITS BENEFITS?
The treaty investor visa is a nonimmigrant classification that allows a national of a US treaty country to travel and reside in the United States for up to five years for the purpose of investing a substantial amount of capital in an approved US commercial enterprise. E-2 is highly sought after by foreign nationals and investors given its substantial benefits and privileges to the visa holder and family members.
Some of these key benefits are:
• Free education in US public schools
• More affordable, in-state tuition costs at US universities
• Spouses have the right to work anywhere in the United States
• Visa can be renewed indefinitely, provided the business maintains operations
• Visa holder can spend up to 120 days in the US without being subject to worldwide income taxation
• Visa holder can sponsor specialized employees from their nation (non-family members) to work for their business.
PATHWAY TO CITIZENSHIP
In general, all Caribbean programs have two paths, either investment in a government approved real estate project (typically hospitality projects to boost tourism) or a direct nonrefundable contribution to a specific economic development fund. In the real estate option, we normally expect a 2 to 4% ROI, always depending on project performance. CBI investors are required to hold their investment for 5 years (7 in the case of St. Kitts), and then they can resell their shares to another applicant while retaining their full citizenship status and features.
PROCESS, DUE DILIGENCE, AND TIMELINE
Application processes have been well streamlined to clarify all required documents and application forms. The documents required generally revolve around personal information, criminal records, some medical exams, and source of funds. Our processing team support the client during the document preparation phase and review each document to ensure right first-time submission. Once submitted, the CBI unit of the host country start their detailed due diligence process which includes checks against international crime databases and key intelligence agencies. Such thorough due diligence is critical, to ensure program reputation and integrity which in turn protects both investor and host country in the long term. Timeline spans between five and eight months, with some delays recently due to high volumes. CBI units are increasing capacity to cope with high demand.
WHAT’S THE INVESTMENT MAGNITUDE?
In this part of the world, CBI is perceived as a multi-million investment. This is not the case for the Caribbean. Investment depends on the program, pathway and number of dependents and their ages. To give you an example, a family of four applying for Grenada citizenship through the real estate path costs around $300k to $320k.
LAST THOUGHTS
Any successful business leader, owner, investor or entrepreneur, should take a step back from their busy schedules, and rethink their global presence and risk mitigation strategies during such volatile times and the prevailing grim global outlook. We’re one call away and look forward to extending our support on CBI and beyond.
Fayez Hwalla
Cert.IM
Managing Partner
PassWorld Ltd
+357 96 670 700
+357 25 011 700, 77 770 700
www.passworld-cbi.com
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Начался период скидок, что положительно сказывается на показателях розничной торговли. Однако эксперты утверждают, что система скидок без законодательного регулирования в долгосрочной перспективе может негативно сказаться на торговле. Служба защиты прав потребителей и Кипрская ассоциация потребителей пристально следит за рынком в этот период, чтобы избежать явлений, вводящих потребителей в заблуждение.
Сотрудник отдела по торговле и промышленности Министерства торговли Саввас Савва рассказал изданию StockWatch, что, хотя периоды скидок не регламентированы, большинство магазинов объявляет акции на одежду и обувь сразу после рождественских и новогодних праздников. Поэтому именно в этот период служба проводит по всей стране контроль рынка.
Генеральный секретарь Ассоциации розничной торговли Мариос Антониу выразил удовлетворение изменениями на рынке, отметив, что на этот раз скидки в основном касаются одежды и обуви, а не электротоваров, акции на которые пришлись в основном на Черную пятницу. «Рынок восстановился, и это нашло отражение в обороте магазинов, который составил 85% от оборота 2019 года», — сказал Антониу, добавив, что «если бы зима не была такой теплой, продажи чисто зимних товаров, безусловно, увеличились бы». Однако и без этого товарооборот приближается к уровням 2019 года.
Нужен закон о скидках
Генеральный секретарь Кипрской ассоциации владельцев мелких магазинов (ПОВЕК) Стефанос Курсарис раскритиковал существующую на Кипре практику, когда скидки не регламентированы и магазины могут объявлять их в любое время. По его словам, это «подрывает институт скидочных акций». Он пояснил, что поскольку скидки не регулируются законодательно, на рынке царит анархия: каждый владелец магазина объявляет распродажу, когда считает нужным, в результате чего возникает путаница среди потребителей. Комментируя ситуацию на рынке, он сказал, что предложения очень заманчивы практически во всех сегментах рынка, во многих случаях скидки превышают 75% от цены товара.
Будьте бдительны!
Служба защиты прав потребителей настоятельно призывает потребителей заранее получать информацию о политике магазина в вопросе возврата и замены товара, чтобы заранее было известно, можно ли будет вернуть неудачную покупку и на каких условиях. Важно также внимательно проверять, от какой цены делается скидка.
Сотрудники Кипрской ассоциации потребителей уже начали проверки торговых точек на наличие вводящей в заблуждение рекламы или фиктивных скидочных предложений.
Черная пятница не вызывала ажиотаж
Минторговли будет бороться с фальшивыми скидками
