Britain to review Cyprus military bases

Nigel Howarth
-
15

BRITAIN has two extensive sovereign base areas on the Mediterranean island, occupying 254 sq km or about 3% of its territory, which it retained when Cyprus won independence in 1960.

About 2,880 military personnel and 1,610 civilians work at the bases, which support Britain’s troops in Afghanistan and provide a platform for other operations in an unstable region.

Cyprus opposed use of the bases to enforce a no-fly zone over Libya, and Britain said it is not using them for that purpose.

A Ministry of Defence spokeswoman said the review would cover “what we have, how we use it, if we can use it better”, but did not say whether a base could be closed.

The year-old government has already carried out a strategic defence review, which has led to sharp cuts in military personnel and equipment as the government seeks an 8% real-terms cut in defence spending over four years.

In November 2009, the United Nations said Britain had offered to hand over almost half of its sovereign territory in Cyprus to facilitate a peace deal between the island’s divided Greek and Turkish Cypriots.

Earlier this afternoon, the Ministry of Defence announced that Lord Ashcroft will lead review and will work alongside Patrick Mercer MP.

They will report by the end of the year.

Claim back Cypriot VAT on property purchase

Nigel Howarth
-
12

SEVERAL people have contacted me who have purchased property on the Island asking if they are eligible to apply for the special grant from the government.

Cyprus VAT grant scheme

In 2006, the Cypriot government enacted the Special Grant for Purchasing or Building a Residence, Law N.91(I)/2006 to help lower-income families afford a home in the face of ever-increasing house prices. The scheme enables first-time buyers who qualify under this scheme to a grant of two-thirds of the VAT they paid for their new home.

The scheme applies to EU citizens who are permanent residents of Cyprus. VAT grants are available under the following criteria:

  • The purchased property is the sole main residence of the applicant.
  • The applicant does not own any other property in Cyprus that is used as a main residence.
  • The applicant should be at least 18 years of age and must be an EU citizen.
  • The applicant must be permanently residing in Cyprus.

People may only claim the grant if they can prove that they are permanent residents and the authorities will check their usage of water and electricity, their source of income etc., to ensure that they are actually living on the Island permanently.

Limitations

  • On receipt of the grant, the beneficiary is required to use the property as their main and permanent residence for minimum period of ten years.
  • If the beneficiary ceases to use the residence as their main and permanent residence before the end of the ten-year period, they are required to inform the Ministry of Finance and return a proportion of the grant. (Note: This condition does not apply if the beneficiary transfers ownership of the property to their children or in the event of their death.)
  • If the beneficiary decides to buy or build a new residence before the expiry of the ten-year period they may apply again for the special grant. If approved, they will be able to set off with the amount of the grant eligible to receive for the new property.

For more information on the Cyprus VAT grant scheme for first time buyers, visit Cyprus Value Added Tax laws relating to property

Cabinet approves Qatar real estate deal

Stefanos Evripidou
-
8

GOVERNMENT spokesman Stefanos Stefanou announced the government’s “great satisfaction” over the completion of negotiations with Qatar, after months of back and forth, contested land valuations and a fair amount of criticism from opposition parties.

Three months ago, sources close to the negotiations told the Cyprus Mail that the two sides looked far from a deal, following the turmoil in the Arab world. Troubles in Egypt, Libya and Bahrain, Qatar’s close neighbour created major upset and uncertainty in all Arab governments, making the prospect of agreement slim.

However, yesterday’s cabinet approval of the deal agreed last week with Qatar opens the door for the joint venture to develop luxury real estate opposite the Hilton hotel in Nicosia.

According to Stefanou, a six-member council comprising three members from each country will run the venture. The three Cypriot members are former finance minister Christos Mavrellis, Andreas Pittas and Pambos Papageorgiou. Mavrellis will be president of the company.

“The investment includes construction of a luxury hotel, apartments, shops and offices which will be available to Cypriot and foreign investors. This form of mixed investment is based on successful international models that increase the value of the investment,” he said.

“The Qatari investment is a vote of confidence in the Cypriot economy which opens up great prospects. It directly strengthens the economy by pouring money into state coffers, giving new impetus to growth, creating hundreds of new jobs, upgrading and enriching the tourist product of Nicosia and of all free Cyprus, opening up huge possibilities for new investments in Cyprus from Qatar and other countries,” he added.

Stefanou refused to be drawn into the details of the deal, saying only that Qatar will contribute directly by paying money for the land earmarked for development and through the sale of properties built on it.

“Through the formula we have reached in the agreement, the value of the land as it has been evaluated will be fully covered and more.”

The formula discussed by the two sides before final agreement was reached centred on the government offering the state-owned land at a value of €50 million, instead of €145 million as it had been valued by the Land Registry Office and €135 million by a private land surveyor appointed by the state. In return, Cyprus could pocket any profits above the reference price the Qataris believe the completed real estate could sell for.

Stefanou noted that Qatar was one of the biggest investors in the world at the moment. Its investment in Cyprus would open up prospects for new investments and for the economy.

“This agreement opens opportunities for Qatar to be a very significant economic partner of Cyprus. It’s already known that relations between Cyprus and Qatar are developing rapidly,” he said.

He added that the next step was to start work on construction as soon as possible.

Asked whether the timing of the announcement had anything to do with Sunday’s election, Stefanou said the two sides only reached the final stage last week when the finance minister visited Qatar and completed negotiations. The three council members then had to be informed before cabinet could give the final nod.

Opposition DISY wasted no time in releasing a statement noting that the government announced unilaterally that a deal had been reached on the eve of elections.

“Citizens can decide whether there are electoral expediencies here. Universal practice teaches us that agreements are only brought into effect with the signature of both parties,” said the DISY statement.

Stefanou responded with a stinger: “Even at the end of the election period, DISY continues to distort reality and misinform. The agreement between Cyprus and Qatar has been signed by both sides and is final. Everything else DISY says belongs in the realm of fantasy.”

Paschalides ready to sign Ayia Napa marina deal

Nigel Howarth
-
6

COMMERCE Minister Antonis Paschalides announced that he is ready to sign a deal for the construction of a marina in Ayia Napa.

However, Mr Paschalides spoke of two preconditions which will have to be fulfilled by the businessmen involved before a deal is signed.

The deal has been on the back-burner for the past four months and a deal for the construction of a state of the art marina in Paphos is also in limbo. Paschalides urged Paphos businessmen involved to solve the legal issues surrounding the project so that a deal can be found.

He also said that the Island expects a surge in tourist arrivals and urged the local councils and communities to take extra care with issues of tidiness and cleanliness as well as infrastructure to be addressed ahead of the arrival of tourists.

Paschalides also warned hoteliers against firing Cypriot workers as they represent a part of Cyprus’ renowned hospitality.

FIABCI world congress gets underway in Paphos

Nigel Howarth
-
14

THE theme of the five-day congress is the influence of culture and civilization on real estate and business leaders from the global real estate sector will exchange views on how to realize sustainable development and assess risks and market confidence.

In a written message to the Congress, Cypriot President Demetris Christofias hoped that the international event will provide numerous opportunities for business development and networking.

Addressing the meeting Cypriot Interior Minister Neoclis Sylikiotis said that the Congress is unprecedented for Cyprus as the island plays a very important role in real estate transactions.

In his address, Mr Sylikiotis recalled that the Parliament has approved four bills reforming the legal framework governing the licensing of development projects and the issue of Title Deeds. These developments will restore Cyprus’ good name internationally and will give a new boost to development and the real estate market, creating healthy and secure conditions for future customers, both local and foreign.

He said that the mechanisms incorporated in the bill have allowed the issue of approximately 25,000 Title Deeds since June 2009, while the town planning authorities have managed to issue town planning licenses for normal scale developments within three months.

Mr Sylikiotis also noted that a review of the town planning zones in progress and that this will create a new environment regarding development and real estate market throughout Cyprus.

FIABCI President Dinos Michaelides said “We are all very honoured by the awarding of the annual World Congress in our small country” adding that it will not only highlight Cyprus but would attract further investment from the delegates, who have invested in Congress host countries in the past.

The FIABCI World Congress will continue until 21st May.

Ambitious plans to change the face of Larnaca

Sinead Kelly
-
10

MULTI-MILLION plans involving 15 ambitious development projects, which promise to change the face of Larnaca are in the works over the next five years, the town’s tourism board announced yesterday.

“Over the next five years Larnaca will acquire a new upscale image, making it as a very significant tourist destination with excellent infrastructure, superstructure and quality services with facilities for locals and tourists,” said Larnaca Tourism Board chief Dinos Lefkaritis, who is also president of the Larnaca Chamber of Commerce.

“These projects are expected to create a new dynamic,” Lefkaritis however stressed the need for project deadlines to be kept for the huge five-year undertaking to be achieved.

Larnaca has for years been in many respects ‘tourism‘s underdog’ as most tourists saw it simply as the town where the airport was located rather than a tourist destination in its own right.

But the tourism board which is made up of interested parties such as the Chamber of Commerce, the Cyprus Tourism Organisation, the Cyprus Hotels Association and the Association of Cyprus Travel Agents among others, yesterday launched a the new brochure setting out 15 new projects that will be implemented over the next five years.

“Although Larnaca has always offered plenty to both its residents and visitors, this is being further enhanced with a host of changes the town has recently undergone and will undergo,” the board said in its announcement.

“Big investments such as the new international airport and the creation of three town squares – amongst others – have been a welcome addition, but Larnaca has even bigger plans. Thanks to these changes, Larnaca’s future has never looked brighter.”

The projects include such well-known developments as the new marina with some lesser known projects such as the revamp of Piale Pashia, a walkway between Pyla and Voroklini and an environmental centre at the Salt Lake,

A spokesman at the board was yesterday reluctant to put a figure on the total cost of the 15 developments. “Some are just approximate budgets and for others the budget has not been worked out yet,” the spokesman said. However it is known that the marina project alone could come in at over €80 million.

The Larnaca Tourism Board was established in 2008 to promote Larnaca as a tourist destination and to offer new initiatives to attract visitors. “The Larnaca Tourism Board has been working tirelessly to upgrade Larnaca and its services since its inception, and with so many positive changes on the way, it won’t be long before this already-popular destination becomes a firm favourite for all,” the board said.

The 15 projects are:

Marina: Expansion to accommodate up to 900 berths, luxury villas, a 5-star hotel and commercial and recreation areas with plazas, shops, dining, promenades and parks.
Completion Phase 1– 2015, Full – 2020

Piale Pasha:  The coastal road from the Medieval Castle towards McKenzie), will become more pedestrian friendly and attractive with a cycle lane, walkways, new lighting and a green area.
Completion 2013

Olympic shooting range in Klavdia village: Four combined Olympic trap-skeet-double trap, one separate skeet, one separate trapdoubletrap layout and 10 – 12 layouts for sporting and kompak shooting, hosting  major competitions  and European training.
Completion 2011

Golf course at Tersefanou: International standard, 18-hole par 71 golf course will have water features and will boast Cyprus’ only PGA. The Academy will provide state-of-the-art technologies and instruction. It will also boast an elevated clubhouse, spa and banqueting and conference facilities.
Completion 2014

Removal of Oil Refineries: The road from Larnaca city centre to the tourist region of the Larnaca-Dhekeleia Road will undergo regeneration with the removal of the oil refineries and new area upgrades that will provide an extra 3km of beach.
Completion 2014

Completion of Larnaca-Dekeleia Road: Phases C and D of roadworks along the Larnaca-Dekeleia Road will see the roads in the areas of Voroklini and Pyla completed. The road will be modernised with the creation of walkways, cycle paths and green spaces.
Completion 2014

Excavations at ancient Kition: The tennis courts will be relocated so that further excavations can commence and the site will become an archaeological park along with the archaeological museum.
Completion 2013

McKenzie Sports Complex: An attractive and convenient place for training sessions and matches for both local teams/athletes and those from abroad. Facilities will include a football and track field, three football pitches, 10 tennis courts, a café and changing rooms with showers and toilets.
Completion Phase 1– 2012, Full 2015

Alethriko Tennis & Sports Centre: New sports village whose focal point will be a 5,000-seater professional tennis court – as approved by the International Tennis Federation for world-class tennis tournaments like the ATP 500 and the WTA. There will also be a tennis academy and facilities for hockey, basketball, mini football, volleyball, boxing, Olympic standard gymnastics and ice-skating.
Completion 2014

Pedestrian walkway Pyla-Voroklini. The two tourist areas will be seamlessly joined with a single 5.5 km seafront walkway for pedestrians to enjoy a scenic stroll right alongside the sea, spanning the distance from Mer Bleu to Larnaca city limits.
Completion 2013

Voroklini open-air amphitheatre: A traditional open-air amphitheatre to host all types of events and entertainment. Built at the foot of the mountain, it will seat 1,100 spectators.
Completion 2014

Lefkara conference centre:  To be built in the traditional architectural style of the village, the centre will serve as a multi-purpose venue with the capacity for 300 people.
Completion 2012

Environmental centre, Salt Lake: The new information centre will provide visitors with information on the different types of flora and fauna that live in the salt marshes and wetlands, and will help to preserve the importance of this natural treasure.
Completion 2013

Skarinou environmental education centre: Based in the hillside village, the centre will educate and inform visitors about Larnaca district’s mountainous villages and their natural beauty. It will also promote visits to these areas and ensure their protection by making people aware of their significance.
Completion 2013

Larnaca Cultural Walk: Larnaca will offer tourists three new walks that take in the town’s various attractions, all with comprehensive signage.
Completion 2011

Postscript

The PGA terminated its relationship with MedGolf Properties in January 2014.

1...530531532...695Page 531 of 695