Doing Business in Cyprus (Saudi edition)

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DOING BUSINESS C YPRUS 22 SAUDI ARABIA EDITION FOREIGN DIRECT INVESTMENT Investment Gateway Cyprus has attracted formidable foreign investment from around the world with billions flowing into new projects in multiple sectors, proving the island nation continues to have a strong pull factor with global investors. Cyprus has been a hive of activity in recent years, with several notable projects already implemented or in the pipeline, strengthening the country’s image and foreign direct investment (FDI) appeal. Large-scale real estate projects, luxury marinas and tourism infrastructure, coupled with developing opportunities in the energy, asset management and shipping sectors have all reinforced Cyprus’ status as an interesting investment destination. An added benefit of Cyprus is its geostrategic location and secure and stable EU environment in an often-turbulent region. These factors coupled with the introduction of new incentives are encouraging increasing numbers of companies from across the world to set up headquarters on the island, solidifying its position as an attractive gateway to both established and developing markets. More recently, Cyprus has also started to gain serious traction in attracting more innovative high-tech organisations to set up on its shores – rebranding itself as an emerging tech hub.
DOING BUSINESS C YPRUS 23 SAUDI ARABIA EDITION EXCEEDING EXPECTATIONS Successive credit rating upgrades over the years and the continuous introduction of new incentives have attracted billions in foreign investment to Cyprus, with substantial inflows from the US, Asia, the Middle East and Eastern Europe. The sectors that have seen the most significant FDI so far are: finance, most notably in shipping; real estate in new luxury developments and infrastructure projects; information and communication; retail trade; and professional services, in particular head-office activities. Although having faced some serious economic shocks over the last ten years, the resilience and growth performance of Cyprus has been exceptional and even exceeded international expectations. Real GDP growth averaged 5.3% in 2015- 19, and while 2020 marked a critical downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth bouncing back to 5.5%. Foreign investment flows have been significant. In the tenyear period 2012-2021, net inflows reached almost €18 billion. This investment was driven by equity, with the shipping/shipping finance and real estate sectors playing an important role. GROWING TECH INVESTMENT The technology and communications sector in Cyprus has become fiercely competitive, with a number of players deploying cutting edge solutions to both increase their local market share and generate growth through the launch of new technology and products. 5G was rolled out in 2021, making Cyprus the first EU state to achieve 100% 5G coverage. Cyprus is already home to a number of major tech firms, such as NCR, Amdocs, Wargaming, 3CX, Exness, Bolt, Thomson Reuters, Melsoft Games, and Nexters, and has gained ground in successfully attracting investment capital in blockchain. The country’s startup community has also grown stronger with more than 200 enterprises and 4,000 entrepreneurs, fostering more opportunities for business angels and venture capitalists looking to invest risk capital in exchange for equity in promising business ideas. In addition, a key attraction for high-tech companies is the Cyprus Intellectual IP Box Regime, I5G was rolled out in 2021, making Cyprus the first EU state to achieve 100% coverage IIn the ten-year period 2012-2021, net inflows reached almost €18 billion which provides a competitive maximum tax rate of 2.5% on income earned from IP assets. Cyprus’ regime also applies to a wider range of income compared to
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