How To Operate A Hotel In Cyprus
How To Operate A Hotel In Cyprus: Cyprus, is a jewel in the East Mediterranean. It is on the migration path between Europe, Middle East, Asia and Africa. It offers 340 sunny days per year. Visitors consider Cyprus as one of the most highly reputable holiday destinations.
The island is also well known for its breath-taking natural beauty. It has fascinating remains of history that one can easily visit all-round-year. It also has 57 Blue Flag beaches. Cyprus has an enviable lifestyle with advanced and modern infrastructure. Also a highly safe environment and high education standards.
Apart from being a not-to-miss destination for leisure purposes, Cyprus is also an opportunity for investors in the tourist sector. Investors have filed more than 30 applications recently in the hotel sector. We estimate that over half a billion euro is to be invested over the following years.
What licenses are required?
How to operate a hotel in Cyprus: The law regulating the hospitality industry of the island is the Hotels and Tourist Establishments Laws 1969 – 2014. According to the latter, Cyprus Tourism Organization (C.T.O.) is the competent authority. It must ensure that hotels and tourist establishments keep the necessary quality standards.
Below, you can find a note of what you require to obtain prior to beginning of a hotel’s operation and by which respective authority:
License by the C.T.O.
- The C.T.O. will grant a licence for operating a hotel.
- A Procurement Suitability Certificate is necessary too. It declares the suitability of the plot in which you will build your hotel.
- The C.T.O. will also approve the architectural plans of the hotel.
- The hotel’s operator must apply for classification and issue of an operating licence.
- If you want to operate a restaurant in the hotel you must obtain a separate license.
- You can find further information and details by visiting the following link. It gives you a description of all mandatory steps and proceedings: http://www.businessincyprus.gov.cy/mcit/psc/psc.nsf/0/60fa8d723d3b431bc225786a0035c015?OpenDocument
License by the Municipality:
- The Municipality will issue a Town Planning Permit to approve the building.
- If you want to operate bars offering alcoholic drinks, you have to obtain a separate retailer’s licence.
Classification according to the relevant Law:
In accordance with the law, hotels are classified into classes of one to five stars so long as they comply with the prescribed conditions. These conditions include the building, equipment, the services and amenities provided. Equally, location, number of beds, furniture, equipment, number of staff are some of the defining factors.
Cyprus Economic Climate:
Recent economic developments have been encouraging. More specifically, IMF forecasts Cyprus GDP to exceed the Euro area growth rate in 2018. Many credit rating agencies worldwide, such as Standard & Poor’s, Fitch, and Moody’s have recently upgraded Cyprus rating to ‘stable-to-positive’.
How we can help:
Our highly qualified personnel have the necessary knowledge and proper expertise to assist you. They can help you obtain the necessary licenses. Also to fulfill all the aforementioned prerequisites and establish a successful business in Cyprus. To request more details or any other advice, do not hesitate to contact us at: [email protected]
Click the link if you are interested for a Cyprus Company Registration.