Doing Business in Cyprus (UAE Edition)

DOING BUSINESS C YPRUS
24
UNITED ARAB EMIRATES EDITION
other European schemes, most of which restrict benefits to income from patents and
supplementary patent certificates.
2022 saw more global names invest in Cyprus, with European digital neobanking
platform Revolut, valued at US$33 billion, becoming the first entity to receive approval
as a crypto-asset service provider from the Cyprus regulator. The authorisation
will enable Revolut to offer crypto services to its 17 million customers in the EEA
out of a new crypto-asset hub in Cyprus. Revolut said its choice was down to the
sophisticated regulatory regime of the country, which has already attracted the likes
of Crypto.com, eToro and BitPanda. A leading US consumer services and applications
software provider, TangoMe, also announced plans to launch offices in Cyprus. The
internationally renowned tech company, with an annual revenue of around US$350
million, will establish a strong presence in Limassol with a sizeable number of
employees relocating to Cyprus.
Another project set to bolster Cyprus’ efforts to become a regional telecoms and data
hub and attract more investment, was Cyprus’ leading telecoms provider Cyta signing
a €850 million venture with Greece and Saudi Arabia for the construction of the East
Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,
the modernisation of state infrastructure and speeding up the adoption of cloud
services in Cyprus were key targets of the signing of a Memorandum of Understanding
with Amazon Web Services (AWS) in 2022, a collaboration that will open up a new era
of opportunities.
INVESTING IN EDUCATION
Cyprus is developing into a regional
education and knowledge hub with
the rapid expansion of tertiary education
and its universities steadily climbing up
global rankings. The country has already
established synergies with international
universities, most notably the University
of Nicosia launching the island’s first degree
programme in medicine in collaboration
with St George’s Medical School at
the University of London, and University
of Central Lancashire – Cyprus (UCLan),
IThe number of foreign
students choosing Cyprus
for their studies has almost
tripled in the last five years,
representing over 60 different
countries and supporting the
growth of Cyprus into a true
global educational centre