Cyprus-Forum.com

[SKI-preo]

The Advice many people have given is not to expect to make a profit competing with locals if setting up a business. Set up a business offering something which is not available in Cyprus. Think of something Unique to where you are from. For example I know some people who returned to Cyprus and have a little plantation growing Australian exotic flowers for export and they claim to be going better than they anticipated.

I think Cyprus needs a Brewery experience where you can tour and taste test the variety of local micro breweries.

[Baggieboy]

what part of the world are you in now?

Apologies. We're in UK.

[Baggieboy]

The Advice many people have given is not to expect to make a profit competing with locals if setting up a business. Set up a business offering something which is not available in Cyprus. Think of something Unique to where you are from. For example I know some people who returned to Cyprus and have a little plantation growing Australian exotic flowers for export and they claim to be going better than they anticipated.

I think Cyprus needs a Brewery experience where you can tour and taste test the variety of local micro breweries.

No probs Ski-preo. We won't need to work. We may well do some charity work (Animal Shelters etc). One of our early plans some years ago was to open a chilli takeaway in Ayia Napa! Research soon changed our minds!

[Get Real!]

If you had one piece of advice...

Put your savings in the local Co-Op bank instead of the big fancy ones.

Don't take financial advice from Get Real...

How many co-ops will be left standing?

So what if they're closing some branches to reduce overheads?

They will not be closing branches. They will be closing entire co-ops, that is to say the entire legal entity. It is important to understand that each co-op is a separate legal entity and only some of the larger co-ops have more than one branch. Most only have one buiding. The plan is to chop the number of entities, possibly to one, probably leaving many of the buildings simply as branches as with the big fancy banks.

Like you mentioned they are independent and the big ones like Strovolos have other branches and I’m sure the one in Paralimni has no other branches.

Like I said… ours is having major renovations and that is a sign of wealth and prosperity.

[supporttheunderdog]

If you had one piece of advice...

So what if they're closing some branches to reduce overheads?

They will not be closing branches. They will be closing entire co-ops, that is to say the entire legal entity. It is important to understand that each co-op is a separate legal entity and only some of the larger co-ops have more than one branch. Most only have one buiding. The plan is to chop the number of entities, possibly to one, probably leaving many of the buildings simply as branches as with the big fancy banks.

Like you mentioned they are independent and the big ones like Strovolos have other branches and I’m sure the one in Paralimni has no other branches.

Like I said… ours is having major renovations and that is a sign of wealth and prosperity.

Don't bet on it. By many accounts there is collectively apparently a Eur 1.5 Billion hole in the co-ops. Are they spending the depositors' money, rather than profits from prudent lending ( other questions to ask are was the job put out to open competitive tender and is the builder connected in any way to the decision makers at that Coop? )

[Cap]

When in Rome....

Assimilate.
Please don't try settling over here with a superiority complex. It will never work.
I know people who have moved over develop a morbid resentment for everyone and everything Cypriot, simply because they think that where they came from is superior. The lifestyle, mentality and way of life they grew up with is subconsciously used as a measuring stick for everything they encounter over here.
just know that it's different, not inferior.
Don't fight it, embrace it, learn from it and get ahead.
Go with the flow and you'll be just fine.

[Baggieboy]

Thanks Cap. Good advice. Yes - I know what you mean. I can only say that we are embarrassed by such behaviour by ex-pats. We've seen it ourselves. I heard a story about some celebration or other in Paphos where an ex-pat said something like "Great to see the Union Jack flying over Cyprus again".

So many other things we've seen really have made us cringe (one guy was so offensive that I actually walked over and told him to shut up - won't go into details what it was about - but it was a very sensitive matter), and the restraint shown by Cypriots has always been more than commendable!

In our opinion Cyprus is a far better place than the UK anyway. Family is still respected, people are more friendly, there is a work ethic, and a tangible feeling of goodwill across the island. Ultimately we will be your guests and if anyone ever sees me behaving in such a boorish manner you have my official permission to shoot me!

[Maximus]

My advice is similar to Caps. Make an effort to fit in and you will do well.

Also learn Greek, you will have a better reception (even if your not fluent) and your status will increase amongst the locals.

Relax, take it easy, its different.

[Baggieboy]

Kalispera Maximus. Efkharisto! We're trying to learn - even if it's only conversational Greek (wifey wants to learn to read it too - something to do with washing labels). I just think it's rude not to learn the language of the country you live in.

A Cypriot once told me that a good way to pick it up is to sit in a coffee shop and listen. Do you think that's a good tip?

[Maximus]

Kalispera Maximus. Efkharisto! We're trying to learn - even if it's only conversational Greek (wifey wants to learn to read it too - something to do with washing labels). I just think it's rude not to learn the language of the country you live in.

A Cypriot once told me that a good way to pick it up is to sit in a coffee shop and listen. Do you think that's a good tip?

Yes, all kinds of interactions will help but you should start with the books in my opinion. You will not understand anything if you dont know what you are listening to.

Another piece of advice which I think you should take advantage of is to install solar power on your property if you can. Its a no brainer but many make the mistake of not taking advantage of an abundance of sun and scream about paying the most expensive electricity rates in Europe.