Doing Business in Cyprus (UAE Edition)

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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
DOING BUSINESS C YPRUS 25 UNITED ARAB EMIRATES EDITION 18th á 50 PLACES Cyprus ranked in 18th place in the 2021 Greenfield FDI Performance Index, climbing 50 places compared to the year before á150% Greenfield investments in Cyprus rose by 150% in the first half of 2022 from the same period of 2019 Top 10 Cyprus is in the top10 ranking of countries that stand out for the post-pandemic investment recovery á600% increase in software and IT investments in Cyprus between 2019 and 2022 Source: FDI Intelligence Source: FDI Intelligence CUMULATIVE FDI LIABILITIES (INVESTMENTS) BY SECTOR 2016-2020 Sector €/Billion Finance & Insurance 41.7 Real Estate 4.8 Information & Communication 1.4 Professional Scientific & Technical 1.3 Total (including others) 52.7 being the first British university to establish a campus on the island. This has since been followed by the announcement of the American University of Beirut (AUB) to establish a €29 million campus in Paphos in 2023 – branded the American University of Beirut-Mediterraneo. The aim is to accommodate over 2,000 students in the coming years. Cyprus hosts an impressive and fast-growing R&I ecosystem, featuring high quality academic and research institutions and six Centres of Excellence (CoE). The Cyprus Institute has established itself as a significant research institute with global networks of excellence supported by significant EU funding. The number ICyprus hosts an impressive and fast-growing R&I ecosystem, featuring high quality academic and research institutions and six Centres of Excellence (CoE) 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. This fact underlines the great opportunities that exist in Cyprus for the establishment of new universities, colleges and institutes.
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Doing Business in Cyprus (UAE Edition)

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