Doing Business in Cyprus (Saudi edition)
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DOING BUSINESS C YPRUS<br />
24<br />
SAUDI ARABIA EDITION<br />
other European schemes, most of which restrict benefits to <strong>in</strong>come from patents and<br />
supplementary patent certificates.<br />
2022 saw more global names <strong>in</strong>vest <strong>in</strong> <strong>Cyprus</strong>, with European digital neobank<strong>in</strong>g<br />
platform Revolut, valued at US$33 billion, becom<strong>in</strong>g the first entity to receive approval<br />
as a crypto-asset service provider from the <strong>Cyprus</strong> regulator. The authorisation<br />
will enable Revolut to offer crypto services to its 17 million customers <strong>in</strong> the EEA<br />
out of a new crypto-asset hub <strong>in</strong> <strong>Cyprus</strong>. Revolut said its choice was down to the<br />
sophisticated regulatory regime of the country, which has already attracted the likes<br />
of Crypto.com, eToro and BitPanda. A lead<strong>in</strong>g US consumer services and applications<br />
software provider, TangoMe, also announced plans to launch offices <strong>in</strong> <strong>Cyprus</strong>. The<br />
<strong>in</strong>ternationally renowned tech company, with an annual revenue of around US$350<br />
million, will establish a strong presence <strong>in</strong> Limassol with a sizeable number of<br />
employees relocat<strong>in</strong>g to <strong>Cyprus</strong>.<br />
Another project set to bolster <strong>Cyprus</strong>’ efforts to become a regional telecoms and data<br />
hub and attract more <strong>in</strong>vestment, was <strong>Cyprus</strong>’ lead<strong>in</strong>g telecoms provider Cyta sign<strong>in</strong>g<br />
a €850 million venture with Greece and <strong>Saudi</strong> Arabia for the construction of the East<br />
Med Corridor (EMC) for a global digital highway l<strong>in</strong>k<strong>in</strong>g Europe with Asia. In addition,<br />
the modernisation of state <strong>in</strong>frastructure and speed<strong>in</strong>g up the adoption of cloud<br />
services <strong>in</strong> <strong>Cyprus</strong> were key targets of the sign<strong>in</strong>g of a Memorandum of Understand<strong>in</strong>g<br />
with Amazon Web Services (AWS) <strong>in</strong> 2022, a collaboration that will open up a new era<br />
of opportunities.<br />
INVESTING IN EDUCATION<br />
<strong>Cyprus</strong> is develop<strong>in</strong>g <strong>in</strong>to a regional<br />
education and knowledge hub with<br />
the rapid expansion of tertiary education<br />
and its universities steadily climb<strong>in</strong>g up<br />
global rank<strong>in</strong>gs. The country has already<br />
established synergies with <strong>in</strong>ternational<br />
universities, most notably the University<br />
of Nicosia launch<strong>in</strong>g the island’s first degree<br />
programme <strong>in</strong> medic<strong>in</strong>e <strong>in</strong> collaboration<br />
with St George’s Medical School at<br />
the University of London, and University<br />
of Central Lancashire – <strong>Cyprus</strong> (UCLan),<br />
IThe number of foreign<br />
students choos<strong>in</strong>g <strong>Cyprus</strong><br />
for their studies has almost<br />
tripled <strong>in</strong> the last five years,<br />
represent<strong>in</strong>g over 60 different<br />
countries and support<strong>in</strong>g the<br />
growth of <strong>Cyprus</strong> <strong>in</strong>to a true<br />
global educational centre
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