Cyprus’s accession to the Schengen area is seen as a strategic step towards deepening the country’s European integration. This event will not only strengthen the country’s position within the EU, but will also become a powerful factor in attracting investment and increasing the trust of the international business environment.
Key benefits of integration
Joining the Schengen area means the abolition of internal border controls with other EU countries, which will simplify the movement of people and goods. This will directly improve the daily lives of citizens and businesses, as well as increase the competitiveness of the Cypriot economy.
For the European Union, the integration of Cyprus will mean strengthening its external borders and enhancing internal security. At the same time, new opportunities will open up for the country itself in the area of strategic partnerships, expanding exports and attracting capital.
Why do we need a national strategy?
Despite the obvious advantages, achieving stable growth requires the development of a comprehensive national strategy. It should provide for the creation of an attractive investment climate, stimulation of private initiatives and increased efficiency of government agencies.
Particular attention should be paid to:
- digitalization and development of electronic governance,
- the transition to a “green” economy and environmental projects,
- accelerating the issuance of permits for construction and investment projects,
- reform of the tax system,
- modernization of judicial and administrative procedures,
- solving the problem of shortage of qualified specialists.
Infrastructure and the residential real estate market
One of the key issues remains the issue of accessibility of residential real estate and creation of high-quality infrastructure. In order to successfully attract international companies, in addition to professional placement, a fund of residential premises and corresponding infrastructure, such as universities and foreign language schools, are necessary.
The State should, through specific and clearly defined incentive measures, encourage the construction of buildings for the benefit of foreign companies to accommodate workers and their families.
Possible solutions include stimulating construction by increasing the development coefficient in certain areas, as well as speeding up licensing procedures. This will expand the supply on the residential property market, stabilize prices, and provide comfortable living conditions for foreign specialists.
