Money talks: business expected to sidestep any restrictions in united Cyprus

BUSINESSES are expected to get round any restrictions contained in the final version of the Annan Plan for the settlement of the Cyprus problem, the weekly Financial Mirror reported yesterday.

The paper said one Greek Cypriot franchise owner was already known to be making exploratory visits to the north with outlet sites in mind.

The preferred route is expected to be the use of “EU-based” front companies from which to invest in the north, or ‘silent’ partnerships with Turkish Cypriots, where any Greek Cypriot investment is concealed.

The moves are being made on the assumption that the Annan plan contains restrictions on doing business — in particular, severe restrictions on Greek Cypriots doing business in what will be the Turkish Cypriot Constituent State. These assumptions are wrong, the paper said, but the Turkish Cypriot side is seeking such derogations from EU norms for the movement of persons, goods and services, and capital. They fear their economy being swamped by the wealthier Greek Cypriots, with more money to invest.

“However, if there is one thing that all Cypriot entrepreneurs have in common, it is the willingness to get round problems in order to do business,” the paper said. “Since Greek and Turkish Cypriots are already talking and in some cases doing business, we should expect a lot companies to make use of joint ventures, partnerships and above all, front companies to do business all over the island.”

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.