Nicosia – Emerald Coast Properties Ltd, the business interests of which are represented by Costas Tsielepis & Co Ltd, Chartered Certified Accountants, was honoured last night with the CIPA International Investment Award.

The award was presented to Emerald Coast Properties representative, Roman Nikitin, by Cyprus Minister of Finance, Haris Georgiades, in the presence of the president of the Republic, Nicos Anastasiades, at the gardens of the Presidential Palace in Nicosia.

The yearly awards are traditionally presented by the Cyprus Investment Promotion Agency (CIPA) to international individuals and organisations that have invested directly in Cyprus and contributed to the development of the island as an international business centre. In 2013, Emerald purchased the Le Meridien Limassol Spa & Resort in a deal worth tens of millions of euros and is now renovating and rebranding it.

In his acceptance speech, Nikitin told the more than 400 business leaders, politicians, foreign investors and professional service providers that attended the ceremony that he considered it an honour and a privilege to be presented with the CIPA International Investment Award, as is an honour and a privilege for him and his family to call Cyprus their home.

“We did not think twice before investing here, even when circumstances suggested otherwise,” he said, adding:

“I believe in Cyprus. I believe in what it has to offer and I believe in its potential.”

Nikitin revealed that “at the grounds of the Le Meridien in Limassol, we are now creating a unique jewel of the Mediterranean and this is only the beginning. There is much more in store for the future as I am here to stay.”

Alexis Tsielepis, Director and Head of Taxation of Costas Tsielepis & Co Ltd, who accompanied Nikitin to the ceremony, said the award to Emerald Coast was “well deserved.”

“The Le Meridien deal,” he commented, “was a win-win situation for everyone involved,” adding:

“With this investment, Cyprus received one the very first solid foreign investment since the financial crisis of March 2013, demonstrating that the island still offers strong and stable investment opportunities, and that confidence in our jurisdiction is regaining its well-deserved strength and momentum with foreign investors.”

“Our clients,” Tsielepis said, “kept their faith in Cyprus despite it all.”

In his address at the event, President Anastasiades declared that “the government has a duty not only to open the way, develop opportunities and establish incentives for business, but to create the ideal environment where business can flourish and maximise returns on investments.”

He added that “it is that the Government’s role is not to substitute entrepreneurship but instead to open the road by removing obstacles and distortions such as those posed by bureaucracy and high taxes.”

The president went on to announce that his cabinet had just approved a major tax reform which would render Cyprus’ tax system more fair, simple and competitive.

“At the same time, a number of incentives for new business and investment activity are introduced,” Anastasiades said.

The ceremony was also attended by Costas Tsielepis & Co’s Managing Director, George Tsielepis and Emerald Coast Properties’ legal advisor and close associate of Costas Tsielepis & Co, Constantinos Adamides, of Scordis, Papapetrou & Co LLC.

The awards ceremony was also addressed via a recorded message by renowned US investor and major Bank of Cyprus shareholder, Wilbur Ross, who declared that the “the outlook for Cyprus and for the Bank of Cyprus, is excellent.”

A total of nine CIPA Awards were offered this year as eight companies and one individual were honoured for their contribution to the economy and business reputation of Cyprus.

In addition to Emerald Coast Properties Ltd, Third Point, Noble Energy International Ltd, FML Ship Management Ltd , OSM, Marinopoulos S.A., SIB (Cyprus) Ltd and ΤSYS swept the eight company awards, while the late well-known Limassol lawyer, Chrysses Demetriades was named the recipient of the Honorary Lifetime Achievement Award.

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