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Archived Articles
Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.
He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.
In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.
Global Real Estate Project
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Cyprus: From Offshore to RetirementThere is a growing number of Europeans near the age of retirement, looking for sunny and affordable places to pass their golden years. As many Americans and Canadians in the similar situation, these Europeans are looking for relocation in some southern countries, but not too far from their homeland. For the British, the Germans and for some other Western Europeans, the island of Cyprus (the third largest in the Mediterranean) has become the right place to settle and live. Even if the country doesn't offer huge bargains in terms of property prices, it provides the foreigners with many other benefits. The Island of Aphrodite in fact is divided into two administrative and ethnic areas - the Republic of Cyprus and the self-proclaimed Turkish Republic of Northern Cyprus (recognized only by Turkey). This division lasts for almost 3 decades and it seems that it could last even after the Republic of Cyprus enters the EU in 2004. The foreigners who want to settle in Cyprus prefer to do it in the Greek Cypriot area, which covers almost two thirds of the island. The recent talks between the two communities have failed to bring a lasting solution over how to unite the island. There is still hope that this could be made after the Greek area enters the EU. In any way the peaceful unification of the island stands as a main obstacle for the Turkish candidature for EU membership. The politics plays a significant role in the Cyprus life and the reunification is just one of the main political topics. The other of course is the EU membership expected to take place within a year. This membership imposes some economic and financial conditions for the Republic of Cyprus in order to meet the EU legislation in some sensitive areas such as money laundering and tax evasion. So far it seems that the Cypriot government is ready to meet the EU demands, which is good for the accession to the Union but bad for the companies that in the past had seek tax refuge on the island. This is also a bad news for so many Russian companies that used the island to escape the Russian tax authorities. A special agreement between the two governments will reveal undisclosed information about the actual holders of Cyprus offshore bank accounts to the Russian Federation authorities. Given the fact that up to one third of all offshore companies registered in Cyprus are of Russian origin, this represents a real blow against the financial underworld. Some of the Russian companies already left the island, the rest are expected to follow soon. Such massive withdraw may have some temporary negative effects on the commercial real estate market. Maybe the sun for the offshore business is taking some clouds but the attraction of the island as a paradise for the people whishing to retire is on the rise. The prices (usually between $100,000 and $250,000 for a 3-4BR house) aren't the main reason to relocate to Cyprus even if this seems a real bargain for some West Europeans. Other reasons for people from Northwest Europe to relocate to Cyprus is the climate (300+ sunny days a year, no winter), the low crime rates (15% of the average European levels) and also the clean environment. In some areas the prices are on the rise, which reflects the growing number of foreign settlers. To qualify for permanent residency the foreigner have to prove s/he has an annual income of at least CYP 3,800 per person plus CYP 1,800 per dependent*. Once the immigration permit is approved, the new resident isn't allowed to engage in any form of business activity. While settling into Cyprus, the foreigner should know that only one real estate could be bought and that the land in this deal is limited to approximately two thirds of an acre. The interest for relocation to Cyprus is growing but the land for residential development is limited. The local authorities have begun to tighten the construction regulations, limiting the density of the housing. This should be an alarm for those who plan to relocate to Cyprus not to wait until the country enters the EU. Country profile:
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See also the directory of companies providing real estate services in, and general real estate information of Cyprus.
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