The old town of Limassol

Read this article and find out what there is to see in the old town of Limassol.

Visit the old town: it will take you five minutes to walk from the old port to the old town where you can stroll around the narrow streets and admire the houses of the old Cypriot traditional architecture.

Medieval Castle : According to tradition the wedding of King of England, Richard the Lion Ηeart to Berengaria of Navarro was performed here in 1191. The castle may have been built during the 13th century; it has suffered repeated distraction by earthquakes and the attacks of the Mamelukes and Turks (it was blown up by the Venetians after it was seized by the Turks) as well as repeated restorations. The grant Gothic hall is quite impressive. The small rooms on the first floor - they were used until 1940 as prison cells - host Byzantine, Venetian and Frankish exhibits and exhibits of ceramics from the 4th to the 9th century. Among the other exhibits of the Medieval Museum of the castle are exhibits of magnificent wood-carvings, medieval objects including medieval armours, a cannon and iron cannon balls. Opening hours, Monday to Saturday 9:00 to 17:00,  and Sunday 10:00 to 13:00.

Continue you walk north to Agios Andreas Street where you can do some shopping at one of the many souvenir stores, visit some of the Μosaic, Pottery Workshops and Art Galleries and the 1989, Europa Nostra prize winner Folk Art Museum: the museum houses exhibits of artifacts from the last 200 years such as traditional Cypriot costumes, household items and furniture. The museum is on 253 Agios Andreas Street. It is open Monday, Tuesday, Wednesday and Friday June to September from 8:30 to 13:30 and then 16:00 to 18:30. Entrance fee: 0.85.

While you are in the old town, visit the bustling Municipal Market (it is open until 13:30) where you can pick up some fresh fruits or have a drink and something to eat at one of the restaurants around the market.

Reference: http://www.cypruslikethis.com

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“Cyprus -An International Business and Professional Centre”, in Yekaterinburg Russia

Address by the Minister of Commerce, Industry and Tourism Mr Antonis Paschalides at the Business Forum: “Cyprus -An International Business and Professional Centre”, in Yekaterinburg Russia

I am very pleased to be here in Yekaterinburg, a dynamic megalopolis and a vital industrial and economic centre, in the central part of the Russian Federation, and to address this Forum of distinguished decision-makers and business-people.
First and foremost, I would like to congratulate everyone involved in the organization of this Forum. Opportunities such as these strengthen even further the relations between Russia and Cyprus, which are based on long standing links across a range of historical and contemporary trade, cultural and economic ties. Our countries have many shared practices and common values that can shape the way we work.
This is the first significant business Forum we organize in your city, at the foot of the Urals, where Europe meets Asia. It is a reflection of the importance we place on the regions of the Russian Federation as economic and business partners. We are committed to strengthening the trade and investment, as well as the tourist relations between our countries. Our Government has much higher ambitions to deepen our relationship and with this visit we want to lay the foundation for making it even stronger in the future.
The presence here of so many leading economic representatives and business-people shows, I believe, how committed our countries are to making this relationship successful.
Despite the global financial and economic crisis, Cyprus’ economy experienced a higher than the EU average growth rate in the last years; inflation is currently low and unemployment in 2010 is expected to be at a low 7.1 per cent. Average per capita income, in terms of purchasing power, corresponds to almost 95% of the EU average.
I mention these figures to show you the strengths of the vibrant Cyprus economy, a place where business can be conducted without red tapes, high taxes and unhelpful attitudes.

What makes Cyprus a leading international Centre of business excellence, a place in which to invest, a country to trade with and a place that foreign enterprises can use as their hub to the Eastern Mediterranean region?
Strategically located at the crossroads of three continents and serving as a springboard for european products and investments in the lucrative Middle East, Asian and African markets, Cyprus has a favourable environment for all types of business. Among others, Cyprus features a stable economic environment which offers confidence, safety and security, a modern and transparent legal framework, a liberal foreign investment policy, low company set-up and operating costs, simple administrative procedures, a wide network of agreements for the avoidance of double taxation and a low corporate tax at 10%, which is the lowest in the whole of the EU.
The service sector plays a critical role in Cyprus’ economy. Service activities constitute the most dynamic and growing sector, which has surged since the mid-1990s, and now accounts for about 80% of the country’s Gross Domestic Product. Cyprus has a clear strength in the area of financial services, being the “Financial and Services Gateway” of the region. In addition, Cyprus offers high quality, value for money, consultancy services and support for professionals worldwide. Given the above, many companies have chosen Cyprus as a jurisdiction for establishing an international holding company.
The professional and business service sector has a comprehensive range of services to offer to Russian business-people, such as accounting, banking, legal, IT, business consulting, design, engineering, shipping, marketing, health care and education. These, in conjunction with the competitive fees charged and the professional attitude of Cypriot service providers, account for the transformation of the island into a highly reputable international and reliable business centre.
Ladies and Gentlemen,
The credibility Cyprus has earned amongst the international investment community is evident from its foreign direct investment track record. The value of Foreign Direct Investments in 2008 was €15.2 billion, continuing an upward trend. Attracting Direct Investments constitutes a major goal of our Government's policy. What Cyprus has to offer is one of the best and most productive investment climates anywhere in the world, with a liberal Foreign Direct Investment regime for both EU and non-EU nationals, allowing up to 100% foreign participation in most sectors of the economy.
In this respect, I wish to refer to two recent huge investments; a project from Qatar in the tourist sector and another project concerning the construction of a major oil import and distribution terminal in the industrial area of Vassiliko. These investments represent a solid vote of confidence in the Cyprus economy.
Russia is amongst the largest foreign investors in Cyprus. The value of Russian investments in Cyprus reached €2 billion in 2008, whereas the value of Cypriot investments in Russia during the same year was more than €1.5 billion. These investments are mainly in real estate and business activities, trade and repairs, financial intermediation, and manufacturing.
Exports of Cyprus products to Russia during the period 2005-2008 increased by 55%, despite the small decline in 2009 which is due to the recent economic crisis. Total imports from Russia are nearly double our exports. Nevertheless, there is a mutual recognition that bilateral trade volumes are below their full potential. Therefore, we seek the improvement of bilateral trade and invite Russian businessmen to expand their interest in the Cypriot market, where they can find appropriate business partners and engage in new business activities.
Our island is also an internationally renowned tourist centre, a place of destination for about two and a half million tourists a year. In 2009, 150.000 Russians visited Cyprus. Prospects for 2010 are looking extremely good as in the period January to July 2010, tourists from Russia reached 120.000. This figure, compared to the January-July figures of last year, represents an increase of about 42 per cent.
It is worth mentioning that a large number of Russians not only visit Cyprus as tourists, but also use our island as a pleasant place to reside and be actively involved in various businesses.
Russian companies can benefit from the numerous tax advantages and other incentives for establishing in Cyprus assembling or manufacturing operations for the supply of existing and newly emerging markets in the region. Cyprus is an ideal platform for both Russian companies and other international companies which are engaged in trade and marketing, targeted to serve the Middle East, Europe, Asia and Africa. Moreover, as a knowledge-based economy, Cyprus offers some of the most advanced infrastructure and a well educated talent pool. We invite businesses seeking to invest in Cyprus in knowledge activities to take advantage of this talent, at very competitive terms. Priority investment sectors include financial intermediary institutions, R&D, medical and educational services, ICT, professional and maritime services and energy.
Cyprus is a small, but important market in the financial sector. It reaches out to offshore financial centres and emerging markets in its vicinity. We offer significant benefits and a lot of niche opportunities to investors and this is the reason why our island attracts so many international companies.
What I have mentioned above is just a snapshot of the real business opportunities that Cyprus’ dynamic, growing economy offers to Russian companies. These opportunities could be explored and exploited in a fruitful cooperation with Cypriot business-people in successful business ventures. Today’s Forum provides the opportunity to discuss all these issues, as well as our business ambitions for the future. Let me assure you that companies from your region will be more than welcome to explore Cyprus and discover the advantages that it can offer. I also hope that Cypriot companies have the aspiration, contacts and the chance to operate and profit in Russia. These will undoubtedly help in creating jobs, business, and wealth in both our countries.

Reference: http://www.moi.gov.cy

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Five mistakes to avoid while taking a home loan

The festive season is a good time for the property market – buyers suddenly emerge on the scene, so do lenders and developers with attractive offers. Sure, you can keep your housewarming on an auspicious day, but make sure you avoid the common mistakes that most people make while taking a home loan.

Choosing the lender first

Most people want to know how much loan they will be eligible for before they finalise the property. Nothing wrong with that. But you don’t have to go to your lender just to get the eligible loan figure from him. If you are below 40 years, just multiply your (and your spouse’s) yearly gross income by four and that should be a rough and ready amount of loan that you should be able to get. The best way is to select your property and then find out if any other lender has funded for another flat in the same building. Also, if you approach lenders now, you are likely to get slightly better rates, as lenders reserve their best rates for immediate disbursement cases.

Miscalculating down payment

A lot of people buy property under construction, assuming they can pay the down payment amount proportionately while the bank disburses the rest. All lenders without exception insist on your bringing in the entire amount of the down payment before they will make the first disbursement on the property.

No Window Shopping

The mantra here is to bargain and bargain some more. You should shortlist four or five banks and get the short-listed banks to compete for your loan. The cost of your loan depends a lot on your ability to negotiate. Remember that all terms and conditions of a housing loan are negotiable. Interest rates offered by banks take your income and repayment profile into consideration, apart from, of course, your negotiation skills. Apart from interest rates, also check various charges like processing fees, pre-payment charges, legal fees, valuation fees and other hidden costs.

Falling for teaser loans

The State Bank home loan scheme (popularly called the 8% scheme) is an excellent scheme but definitely costs more than 8% — except in the first year. These days many lenders offer lower fixed rates of interest in the initial few years and shift to regular floating rate after the period. It is important to understand the impact on overall cost of such changes.

Not insuring your home loan

Do you want to pass on the home loan to your family? If the answer is no, then buy a life insurance and critical illness policy when you take a home loan. Life insurance policies provide monetary benefit on death of the borrower and ensure that the family members inherit the home, not the home loan. Critical illness policy will take care of the home loan liability if your income gets interrupted due to any major illnesses such as a stroke or organ failure.

(Harsh Roongta, CEO, Apnapaisa)

Reference: http://economictimes.indiatimes.com

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Occupied Cyprus and Illegal Property Development

To watch a British documentary on occupied Cyprus or so called "North Cyprus" click here

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The beautiful cosmopolitan city of Limassol

The south coast town of Limassol is the island's largest seaside resort. Acting as a magnificent backdrop to the city that spreads for ten miles along the coast are the Troodos mountains, in whose fertile foothills most of the country's grapes are grown. Since the Middle Ages when the Crusaders heid Cyprus under Richard the Lionheart, Limassol has been known to traders for its wine and sugar cane. Now, this second largest city of Cyprus, with a population of 228 000 is the centre of its wine-making industry, and an important commercial and tourist centre.

The town's carefree holiday atmosphere, with wide seafront promenade and bustling little shopping streets, is matched by the gaiety and lively character of its people. With its fun-loving reputation and the best nightlife on the island it is fitting that only Limassol stages some of the Island s best-known festivals: the annual Wine Festival in September, when the various wineries offer free samples of their products for ten days: the ten day pre-Lenten Carnival with masquerade parties balls and grand parades, the Limassol Festival in summer and the ancient Drama Festival at Kourion.

Concentrated chiefly on the eastern side of Limassol, all types of holiday accommodation have been built close to the sea These range from luxury hotels. to apartments and villas Near them are a wide range of tavernas pubs, discos and nightclubs There are numerous beaches to choose from. some very popular during midsummer with the convenience of changing rooms, showers, cafes and bars, others quite uncrowded, particularly those on the outskirts of town, such as the sandy beach Known as "Ladies Mlle', west of the new harbour. Limassol also has an attractive, newly-completed marina equipped with every facility for the yachtsman.

As a shopping centre Limassol offers the full gamut from ultra-modern to traditional and handmade. European wares have place alongside local produce, and as in other parts of the island, shoes and clothes can be made to measure in a matter of days. Busy St Andrews Street, not far from the seafront promenade, makes a fascinating trip with its quaint buildings and overhanging terraces, under which a cornucopia of small shops vie for attention on this narrow, jostling street. Another important shopping street is Makarios Avenue, where many prestigious boutiques and showrooms are located, as well as small shops of every type.

A tour to one of the wineries can easily be arranged in order to witness production and taste the final product. Down near the old port is Limassol Castle, where Richard the Lionheart allegedly married Queen Berengaria of Navarre in 1191 and crowned her Queen of England - the first Coronation and Royal Marriage to take place outside England. Its grounds house the Medieval Museum of Cyprus with interesting pottery and tombstones amongst its numerous exhibits. Limassol also has an Archaeological Museum, with fascinating statues and pottery finds, the municipal Art gallery as well as a FolkArt Museum where specially staged room-sets display the old clothes and utensils to their best. The Municipal Gardens with small zoo offer a pleasant stroll amidst lush trees plants and shrubs.

Click here for the Webpage of Limassol

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