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Cyprus Property News

Cyprus to turn into a true “Casino Economy”.

Date: 19/04/13

President of the Republic of Cyprus Nicos Anastasiades announced a raft of new measures designed to stimulate the economy that is expected to contract by at least 12% over the next year.


The resurrection plan for Cypriot economy must be carefully coordinated and implemented in a disciplined way. In order to avoid painful consequences Cyprus has also decided to sell a large percentage of its gold reserves and introduce a raft of tax raising measures including a increasing of cooperation tax to 12.5% up from the current 10%. Central to the plans is new legislation plans to allow legal operations of casinos as well as job creation programs in the tourism and energy sectors.

For many years building of casinos had been vetted by the influential Othodox Church, but now it seems that roulette wheels and blackjack tables will devour some of the cash that would usually find its way onto Sunday morning collection plates. With an initial study to be completed by the next month we hope that Paphos as the main tourist town in the west of the island will be given permission to build at least one casino.

Exciting times for Paphos indeed!

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