Chinese investors have reportedly shown an interest in investing in Paphos, according to Chairman of the Paphos Chamber, Andreas Demetriades.
This interest follows the completion of a visit made by a delegation from the Chamber and Paphos Municipality to China, where they hosted presentations regarding the investment potential of the town.
“Paphos is drawing attention from Chinese investors, particularly regarding house purchases, permanent residency and the acquisition of a passport,” Demetriades said.
Several Chinese businesses have also made inquiries regarding the registration of companies on the island, he added, with the intention of using Cyprus as a location through which to promote their business elsewhere within the European Union.
However, EU quota restrictions on Chinese imports and high tariffs are among the issues potential investors will face, leading Chinese nationals to consider the possibility of importing dismantled products which would then be re-assembled in Cyprus so as to minimize fees.
As part of its presentation of Paphos’ investment potential, the Chamber discussed the promotion of the town as a possible location for a casino resort, a proposition which reportedly garnered particular interest.
“We presented the relative advantage Paphos would have in this area… it would be a particularly large project worth between 400 and 500 million euros,” Demetriades commented.
Relevant Chinese companies are subsequently planning to conduct their own feasibility studies on the matter, he concluded.