The outlook for Cyprus, its residents and its business community are now on the up after economic experts recently announced the country was out of a recession.
Owing to this news, the country is now looking to bolster its position and build a thriving economy through offshore investment. In fact, according to the head of the Cyprus Investment Promotion Agency (CIPA), Christodoulos Angastiniotis, the country should now look to leverage its position and seek to attract international business once again.
In an open letter to the government and media members, Angastiniotis suggested that a freshly stabilised economy and a gradual return by foreign investors should be built upon by Cypriot officials.
However, as with all countries in a state of change, Angastiniotis feels that the system governing foreign investment should be simplified. Calling for the elimination of "bureaucracy", the financial expert quoted figures from the World Bank's Doing Business Report (2015) which ranked the Cyprus economy as the 64th (out of 189) easiest country to do business with.
Although not a disastrous rating, the red tape surrounding much of the process is too restrictive and, therefore, limiting the number of potential investors looking to stake money in Cyprus. A similar argument has also been made against some of the Cypriot immigration policies. Although the rules for those in full-time employment are fairly lenient, anyone wanting to enter the country as a self-employed individual and set up a small business must have disposable income of £250,000+ in some instances.
For those with thriving enterprises in their respective countries, this amount might not represent too much of a problem. However, for smaller traders or those looking to set up a new venture and contribute to the Cypriot economy, this level of finance is hard to meet.
There is no doubt that the financial stability of Cyprus has improved dramatically over the last two years. However, if Angastiniotis and his supporters are to be believed, then the country's government needs to remove some of the boundaries currently keeping foreign money out.
The economy in Cyprus has done well to dig itself out of a financial hole in recent years, and foreign investment would not only make the country a more vibrant business hub, but a much stronger economy in years to come.