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Cyprus Overview
Tourism is one of Cyprus' most robust economic sectors, contributing significantly to the country's GDP.
New investments and multi-million projects are underway to boost further the tourist industry, ranging from marinas and golf courses to improving medical, wellness and conference tourism, thus enhancing and encouraging year-round visitors.
Cyprus is amongst the top five safest countries in the world according to Valuepenguin 107 countries analysis. The research included seven separate categories of assessments: CO2 emissions, life expectancy and populations, and the number per 100.000 people of traffic deaths, thefts, assaults and national police personnel.
Moreover, the country attracts increasing numbers of visitors from Russia, Germany, Greece, Israel, the United Kingdom, Austria, France, the Netherlands, and the Middle East.
Projections of international tourist arrivals are overwhelming, reaching 4 million per year by 2025 and generating revenues of more than €30bn over ten years span.
Cyprus is famous for its hospitality and its excellent quality of life, backed by numerous prestigious international awards.
On top of that, Cyprus is listed amongst the three best countries in the world to live in.
In addition to that, Cyprus ranks at the top places of the EU countries for its crystal clear waters. 57 of its beaches received the blue flag award, which corresponds to almost every beach on the island. Hence, Cyprus acquired three significant records:
- the most Blue Flags per capita in the world,
- the densest concentration of Blue Flag beaches,
- the most Blue Flag beaches per coastline.
As a matter of fact, Cyprus is the first country in the EU to comply 100% with the criteria for water quality.
However, Cyprus is not only sandy beaches and 300+ sunny days per year; it is much more than that. Sports, culture, conferences and medical tourism are on the rise, offering travellers a wide range of choices to satisfy every taste and budget.
A key growth segment is Agrotourism, giving a unique opportunity for someone to enjoy and experience authentic and traditional village lifestyle.
Moreover, Investments in Tourism have been attracting investors from around the globe in recent years. The construction of multipurpose projects such as golf courses, luxury marinas and hotels, along with the further development of accessible weddings, pilgrim, wellness, nautical and sports tourism, plays a crucial role in extending the touristic season promoting Cyprus as a year-round destination to travellers.
Furthermore, the development of the luxury casino resort in Limassol is nowadays one of the major investment magnets for real estate investors. Following the success of the Limassol Marina and the Ayia Napa luxury marina, the Larnaca marina project is just about to start at the beginning of 2022. While at the same time, the Paphos marina project is at a public procurement stage.
These significant developments are part of a plan to upgrade the country's tourism industry and serve as a pole of attraction to investors and business entrepreneurs.
How our financial team of specialists can help you
Our team of specialists has the experience and knowledge to support companies across the sector in every step of their economic lifecycle by providing customized solutions that fully comply with their business requirements, objectives, and targets.
We provide audit, accounting, taxation, and business advising services to a wide range of companies in the tourism and hospitality sector, from small to large chain-owned businesses. For more details, you can contact us via email or phone.