Doing Business in Cyprus (UAE Edition)

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DOING BUSINESS C YPRUS 10 UNITED ARAB EMIRATES EDITION COUNTRY OVERVIEW Cyprus: Work-Life Balance Renowned since antiquity, Cyprus has reinvented itself multiple times and is going through another exciting transformation today. The island nation has big ambitions to diversify its economy by placing innovation at its core, while it continues to attract professional expats and foreign investors to its shores thanks to its relaxed lifestyle coupled with bourgeoning prospects in multiple sectors. L ocated in the eastern Mediterranean at the crossroads of Europe, the Middle East and Africa, Cyprus’ strategic position has always played a key role in shaping its 10,000-year history and in developing the island into a convenient centre for trade and international business. Despite being a country of less than a million people, the Republic of Cyprus has steadily built itself into a thriving business centre over the decades. An EU and eurozone member for over a decade, and with one of the highest educated populations in Europe, Cyprus has built a strong service-based economy. Its low-cost business environment with a wealth of support services, a sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an extensive network of double taxation agreements with 67 countries – has developed Cyprus into an important European and regional financial and business services hub. The country is also one of Europe’s favourite holiday destinations, enjoying 340 days of glorious sunshine a year and boasts a beautiful coastline teeming with
DOING BUSINESS C YPRUS 11 UNITED ARAB EMIRATES EDITION stretches of golden sand, secluded bays and rocky coves, all surrounded by some of the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms to exquisite Byzantine art and magnificent Venetian architecture. Add to this the vibrant and cosmopolitan lifestyle where East meets West, Cyprus offers the perfect balance between business and leisure. PEOPLE & CULTURE While the Republic of Cyprus is a Greek-speaking nation, English is almost universally spoken and is the language of international business. German, French and Russian speakers are also easily found, thanks to the high number of Cypriots with international degrees, the country’s commercial ties with the global business community, and the island’s popularity as a tourist destination. Cyprus is well known for its hospitality, a fact reflected in the Greek word, xenos, used for both stranger and guest. Life is meant to be enjoyed in Cyprus, which is renowned for its excellent quality of life. Cafe culture predominates, with both business and social meetings taking place over a leisurely frappe (iced coffee) in the numerous cafes in every town and city. As with most Mediterranean cultures, food also plays a vital role in family and social life. The famous Cyprus meze – a large selection of small, delectable dishes – is best enjoyed siga siga (slowly) and al fresco. Cyprus has a resilient economy that has time and time again proven its capacity to adjust to continuously changing conditions and bounce back from external shocks. Before its independence from the UK in 1960, the Cyprus economy was primarily based on agriculture and the export of minerals. However, in the last few decades the country has established itself as a serious international business and service centre for shipping, financial services and commerce, and is classified by the World Bank as a high-income country. The island’s accession to the EU in 2004 with I Offering a tax-efficient EU company domicile, the country is also emerging as a compelling destination for regional headquarters and a base for tech companies, as well as an increasingly attractive location for fund managers and promoters RESILIENT EU ECONOMY the subsequent adoption of the euro in 2008, was the catalyst for its transformation into a competitive financial and business services hub. Following the country’s financial
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Doing Business in Cyprus (UAE Edition)

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