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Tourism
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At the crossroads of three continents, the eastern Mediterranean island of Cyprus is among the world’s best loved holiday and retirement destinations. The island hosts more than 2.4 million tourists per year generating revenue of more than 1.7 billion euros and making a contribution to the GDP of about 15 - 20%. Although traditionally focusing on the Sun and Sea sector, the Cyprus Tourism Organizations’ New Tourism Strategy, which is being successfully implemented for the past three years, aims at also developing special interest tourism and creating a high quality tourist experience. The Cypriot tourism industry is a dynamic, forward-looking industry eager to cooperate with its other parties for the sustainable development of tourism on the island.
This presents numerous investment opportunities in the tourism sector in Cyprus. Some examples are:
- Sports Tourism: soccer fields, swimming pools, track and field, golf, cycling routes, biking centres etc
- Nautical Tourism, Water Sports, and Yachting: marine parks, marinas, fishing shelters, marine sport centres, diving parks, coastal cruises etc
- Conferences and Incentives Tourism: high-tech conference centres [both independent and inside hotel activities] for delegates and their families during their stay
- Wellbeing & Pampering: wellness centres [both independent and inside hotel units], make use of tradition of healing waters / exploit sites where these are available
- Medical Tourism: upscale medical centres, rehabilitation centres [exploiting the good climate]
- Rural Tourism: traditional houses, centres offering opportunities for leisure in rural areas; e.g. horse-riding, traditional cooking and gardening, traditional handicrafts, biking, yoga etc
Furthermore, the Strategy for Tourism aims at offering a Sun and Sea Plus multidimensional tourist experience, offering the visitor ample choices for things to see and do. Again, this poses many investment opportunities. For instance:
- Theme Parks: these will ideally present and promote aspects of the Cyprus culture and tradition
- Managed Attractions: themed museums, “mini theme parks” [e.g. parks exploiting and promoting the mining history of Cyprus, environmental parks, bird parks, sports parks etc]
- Others: museums, botanical gardens, routes [cultural, composite, themed], nature trails, information centres, national forest parks, exhibitions, events, organized tours, etc
In addition to the above special interest tourism projects, the focus of the Strategy for Tourism is on quality and sustainability. This can be further achieved by investing in a balanced way in sectors such as accommodation, infrastructure, transportation, catering, and trade. For example:
Accommodation
- Mixed use destination resorts
- Tourist villages
- 3 to 5 star hotels
- Small units of character, such as boutique hotels [e.g. making use of the older villas / houses]
- Agrotourist establishments as mentioned above
Transportation
- Shuttle service linking airports to tourist destinations [e.g. Larnaca Airport to Free Famagusta Area]
- Hop-on-hop-off city shuttle service
- Bus / Shuttle service linking towns and rural areas
- Ferry / hovercraft linkages to and from neighbouring destinations
The Cyprus Tourism Organization welcomes and supports investors though:
Incentives Offered
- Incentives Scheme for Attractor Tourism Projects and Ancillary Tourism Projects [to be introduced in January 2007]
- Incentives for the Development of Sports Facilities
- Incentives for Conducting Pre-Project Studies
- Incentives for Implementing Quality Standards
Technical Assistance
- Assisting investors with the required procedures, acting as a liaison between them and other government services
- Investigating new investment schemes, e.g. Public Private Partnerships
- Assisting in obtaining assistance through EU funds
With its unique combination of location and size, its all-year-round magnificent weather, landscapes, history, food, professionalism and so much more, Cyprus is a safe investment bet. Invest in the tourism sector in Cyprus – enjoy the country’s investment advantages, the support of the related governmental authorities, and build on a customer base that already exists and is continuously expanding. |
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