This will be the first marina of Cyprus with capacity of 1,000 berths. The project will also include residential properties, shopping areas, bars and restaurants as well as conference facilities. The territory of marina will be surrounded by landscaped gardens, while the architecture will reflect the traditional features of old Limassol.

A representative of Lemesos Marina Ltd said that the finance of the project has been secured but it will take three months until the funds are released. It is estimated that the construction of the project will be finalized in three years, while the total cost of the project is expected to reach €350 million.

Limassol Marina Ltd comprises J&P Avax A.E., Cybarco PLC, Fraggoudi & Stefanou, Ioannou & Paraskevaidi, Athena ATE, Cads, Holding Ltd and the Limassol Chamber of Commerce and Industry (EBEL) through the Limassol Marina Development Company.

Interior minister Neoclis Sylikiotis was quoted by the Financial Mirror saying: "property investment is much safer in Cyprus than anywhere else”.

He added that although the island’s neighbours are struggling and the world economy is in recession, "the estate market in Cyprus is quite healthy and still in positive growth rate.”

Mr Sylikiotis made his comments in response to what he perceived was unduly negative coverage of issues of regulation in the property industry.

He stated that the market is "stable and secure" now, while noting that new legislation is in progress to tighten up rules on planning and registration further.

Last month, the Cypriot state statistical service produced a report suggesting the country stood out above all other European Union nations as a property investment destination.

It based this claim on the fact that Cyprus is the only one of the 27 members not to be in recession, with growth of 1.2 per cent in the 12 months to the end of the first quarter of 2009.

The Blue Flags have been awarded to 53 beaches on the island in recognition of their quality and safety - the highest ever number.

In beaches located throughout the island with new beaches to join the list in 2009 including 'Miami Beach' in Agios Athanasios near Limassol and 'Spyros Beach' near Larnaca airport.

In addition, Cyprus has been rated the top spot in Europe for bathing water quality with 98.2 per cent of its beaches complying with all obligatory standards on beach water quality in the annual report published by the European Commission and European Environmental Agency Commission.

These bodies monitor the quality and cleanliness of beaches in the 27 member countries.

The prestigious environmental 'Blue Flag' is awarded to beaches that pass strict criteria covering water quality, environmental education and information, environmental management, safety and other services.

The 'Blue Flag' is only awarded for one season at a time, which ensures local authorities constantly strive to meet the criteria.

Source:travelbite.co.uk

We are delighted to inform you of the recent circular from the Ministry of Interior dated 07/05/2009 by which the following policies have been established in Cyprus:


According to the new procedure, established by the Minister of Interior, any Third Countries citizens (i.e. other than the European Union) who purchases property in Cyprus of a value exceeding €300,000- with the intention of using this property as their main residence, will qualify for ‘favorable treatment’ when applying for a Permanente Residence Permit. Provided that certain minimum requirements for the Immigration Authorities i.e. sufficient income generated from sources outside Cyprus  will be satisfied.

 
Basically, according to the Minister’s decision, our Government is simplifying the procedure as the holders of these Permanent Residence Permits are exempt from the lengthy immigration procedures which apply in the case of other categories of Third Country Nationals such as re entry visas, etc.

Source: Ministry of Interior

In a private interview to one of the local newspapers Minister of Interior Neoclis Silikiotis has commented on the coming changes in legislation.

According to the new regulations the purchase of a property valued over 300.000 euro will facilitate acquiring the Green Card (5 year Residency Permit). The minister mentioned the there has already been a step forwards regarding Russian visitors, as the Embassy of Cyprus was instructed to issue 3 year multi-visas which allow to visit Cyprus unlimited amount of times.

The Minister has pointed out that every owner of property in Cyprus has a legal right to apply for a Pink Slip, which is renewed annually. It is intended to issue Russian citizens with a prolonged Residency Permit as long as the purchased property is used as permanent residence.
 

A FINANCE Ministry bill for the hiring of 28 additional police officers to man passport control points at the island’s two airports will go to the vote at the plenum today.

It’s part of a scheme intended to simplify travel procedures and attract as many tourists—and much-needed foreign cash—as possible. Under the plan, Cypriot consular services in Russia will issue ‘pre-approved’ visas to Russian nationals wishing to come to the island. Visa application forms will be filled out online on a Cyprus government website and the information submitted to the consular services.

Once the Cypriot consulate determines that everything is in order and that the applicant is not on any stop list, it will ‘pre-approve’ a visa and send it to the applicant via email.

Russian holders of these e-visas will then have them validated on arrival at Paphos or Larnaca airport, and pass through passport control quickly and without hassle.

Currently, tourist visas issues issued to Russian and Ukrainian nationals are valid up to three years, but travelers are not allowed to stay on the island for more than 90 days over a period of six months.

Now, nationals of these countries will be able to get three-year, multiple-entry visas.

The proposal is one of several proposed by a ‘task force’ set up by the government to come up with ideas to stem the economic slowdown and an anticipated drop in tourist arrivals. Another idea has been that holders of Schengen visas (valid in the country of issue) should be allowed to pass through passport control without the need for a national visa.

The application forms you can find on the website of Embassy of Cyprus in Moscow:
http://www.mfa.gov.cy/mfa/Embassies/MoscowEmbassy.nsf/DMLindex_en/DMLindex_en?OpenDocument

or Consulate General of Cyprus in St.Petersburg:

http://www.mfa.gov.cy/mfa/consulate/consulate_spb.nsf/dmlindex_en/dmlindex_en?opendocument

Source: Cyprus Mail 2009

Britons who bought holiday homes in Northern Cyprus may be forced to pay thousands of pounds in damages to the original Greek Cypriot owners of the land, following a ruling by the European Court of Justice in Luxembourg. The judgment, expected later this year, will conclude a case that began in 2005, when a Cypriot court ordered a British couple, Linda and David Orams, to demolish their villa to pay compensation to Meledis Apostolides — the Greek Cypriot legal owner of the land. Like many other Britons, the Orams bought the land from Turkish Cypriots who took ownership illegally following the Turkish invasion of 1974, when an estimated 170,000 Greek Cypriots fled their homes. The case was referred to the EU court after the Orams opposed the ruling. The Advocate General, whose opinion is usually followed, has backed the Greek Cypriots. If this opinion is upheld, damages to the dispossessed population could be enforced against any assets owned elsewhere in the EU by non-Greek property owners.
(Source: Timesonline)

Sitting at the crossroads of three continents, the eastern most Mediterranean island of Cyprus not only enjoys an enviably long summer, but draws a rich mix of buyers.

Closer to Moscow than London, it's popular with Russians as well as Middle Eastern buyers, for whom Beirut is a mere 20-minute flight away.
What's more, since Norway's richest man, John Fredriksen, took Cypriot citizenship in 2006, the flow of his fellow countrymen has increased, too, with investors taking advantage of the lowest income tax in Europe and minimal crime rates.

So, although Britain's 80,000 property owners in southern Cyprus - as opposed to the northern section, which is a separate entity - might be suffering under the strong euro, a global medley of wealthy speculators has been helping it through the downturn.

A Royal Institution of Chartered Surveyors (RICS) report last year described Cyprus as 'a rare case of a country shrugging off the gloom', after it saw price rises of 15 per cent in 2007.

But price growth slowed to 2.8 per cent in 2008, according to Knight Frank's Global Index.

A new marina in Coral Bay, due for completion in 2011, will further boost the area, but high rollers still favour Limassol, the island's answer to St Tropez.

Although much of the high-end development has been focused in the Paphos region, building starts next month on Limassol's new marina, with luxury apartments and more designer shopping.


Source: dailymail.co.uk

Starting March 2009 the Council of Ministers of the Republic of Cyprus made a decision that the Russian citizens, holders of the valid Schengen visa (category C, one, double or multiple entry) who have already visited Schengen area according to the requirements for issue Schengen visa which they hold, can enter Cyprus without national Cyprus visa and stay there for the period equal to the remainder of the duration of stay provided by Schengen visa and leave Cyprus before the date of Schengen visa expiry at the latest.
Please note that the Cyprus visa keeps its national status and doesn't give to its holder a right to use it for entering Schengen zone.

Source: Consulate General of The Republic of Cyprus in St.Petersburg