I agree with you to keep the restaurant option off the table, unless you have what it takes to create a world class restaurant that I think is needed or a one of a kind location with good food and service. A place like Cyprus (or shall I say Paphos as that is where I know) the population is small and tourism is also very, very slow during winter months. I was a restuarant owner for 15 years in the US and pondered doing it in Cyprus, I talked to a couple of restaurant owners and saw some stats on a busy restaurant in Kato Paphos and it would NOT be worth it at all when I took into consideration all the operating costs. Same would go for a bar. I am however, running my own business now (not a bar or restuarant), but I have had significant help, referrals and advice from my Cypriot father- in-law which I believe makes a big difference. Doing it randomly without any Cypriot connections would be very difficult.
You seem to have good business sense and are asking the right questions. I would come out for an extended period and investigate more, look around then see how you feel if you have the finances to do so of course and haven't done that already. There are very good locations available now that were not available before this crisis. If you have a good solid business plan (know your business, target market and marketing plan) and the ability to be patient and work things out right then I think any of the options you mentioned including the restaurant could possibly be lucrative.
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