Doing Business Cyprus (USA Edition)

TheProfilerGroup 

DOING BUSINESS 

CYPRUS 

UNITED STATES OF AMERICA EDITION

DOING BUSINESS C YPRUS 

2 

USA EDITION 


The Profiler Group is a specialist publisher of country information that assists 

corporations managing operations across national borders with trade, investment 

and relocation decisions. The Profiler Group is recognised by senior business 

executives, government representatives, institutions and global organisations 

as a leading provider of informative and insightful country intelligence. 

Kristina Ernst 

Director 

ernst@theprofilergroup.com 

Heidi Marttinen 

Editor 

marttinen@theprofilergroup.com 

Victoria Vasiliou 

Administrative Manager 

vasiliou@theprofilergroup.com 

EUROPE 

16, Elia Papakyriakou, Suite 101, 

Engomi, 2415 Nicosia, Cyprus 

cyprus@theprofilergroup.com 

www.theprofilergroup.com 

www.cyprusprofile.com 

NORTH AMERICA 

21-2123 Walkers Line, 

Burlington Ontario, L7M 4Z9, Canada 

RESEARCH & CONTRIBUTIONS 

The Profiler Group staff 

PUBLICATION DATE 

September 2022 

The information included in this publication is 

for information purposes only and is subject 

to change. With regard to the licensing of a 

business, income generation or any other legal 

or accounting matters, the Publisher strongly 

recommends that the reader seeks the advice 

of an appropriately licensed professional. 

All rights reserved. Reproduction in whole or part 

is strictly prohibited without written permission. 

Opinions expressed in this publication are not 

necessarily those of the editor or publisher. All 

reasonable care is taken to ensure truth and 

accuracy, but the editor and publishers cannot 

be held responsible for errors or omissions in 

articles, advertising, photographs or illustrations. 

COOPERATION PARTNERS

The New Equation 

The New Equation is a community of solvers coming together 

in unexpected ways. It’s human-led and tech-powered. 

It’s how we build trust for today and tomorrow. 

Learn more at www.pwc.com.cy/en/the-new-equation.html


4 


Contents 

06 

10 

18 

22 

34 

36 

42 

46 

53 

56 

58 

64 

69 

75 

CYPRUS AT A GLANCE 

Key Facts & Figures 

COUNTRY OVERVIEW 

Cyprus: Work-Life Balance 

INSIGHT 

Minister of Energy, Commerce, and Industry Natasa Pilides 

FOREIGN DIRECT INVESTMENT 

Investment Gateway 

INSIGHT 

Minister of Foreign Affairs Ioannis Kasoulides 

INTERVIEW 

Ambassador of the United States of America to the Republic of Cyprus 

Judith Garber 

INTERVIEW 

Ambassador of the Republic of Cyprus to the United States of America 

Marios Lysiotis 

SPOTLIGHT 

Cyprus Real Estate 

PROPERTY SHOWCASE 

Leading Developments in Cyprus 

INSIGHT 

CEO of Invest Cyprus George Campanellas 

INCENTIVES 

New Government Action Plan 

BUSINESS OPERATING ENVIRONMENT 

Business operating environment guide including taxation, business 

costs, commercial and residential property, and salary survey 

TAXATION 

Tax and Regulatory Regime of Cyprus 

WHO’S WHO IN CYPRUS 

The definitive guide to Cyprus’ leading companies, 

executives, and professional advisors

There are new 

competitors with a 

fresh vision. 

Is your company agile enough 

to outpace them? 

Using innovative tools, thinking and 

frameworks, KPMG can help adapt your 

business in the face of constant disruption. 

Learn more at kpmg.com.cy 

©2022 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG 

International Limited, a private English company limited by guarantee. All rights reserved. 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.


6 


Cyprus at a Glance 

Lying at the crossroads of Europe, Asia and Africa, Cyprus has long served as a 

major eastern trading post. It is a small country, but the third largest island in 

the Mediterranean Sea and shares a maritime border with Egypt 300km to the 

south, Lebanon 108km to the east and Turkey 71km to the north, while mainland 

Greece lies 800km to the north-west. With 10,000 years of history, the island’s 

strategic location has long made it a jewel in the crown of the powers of the day. 

PAPHOS 

(Pafos) 

101,900 

Paphos 

International 

Airport 

LIMASSOL 

(Lemesos) 

258,900 

NICOSIA 

(Lefkosia) 

351,600 

Larnaca 

International 

Airport 

LARNACA 

(Larnaka) 

154,200 

35ºN 

33ºE 

FAMAGUSTA 

(Ammochostos) 

51,500


7 


CYPRUS 

DATA 

MEMBERSHIPS 

EU & Eurozone 

World Trade 

Organization 

United Nations 

Council of Europe 

Commonwealth 

World Bank & IMF 

RELIGION 

89.1% 

Greek Orthodox 

2.9% Roman Catholic 

2.0% Protestant/Anglican 

1.8% Muslim 

1.7% Unknown/Atheist 

1.0% Buddhist 

1.5% Other 

TOTAL POPULATION 

918,100 

Republic of Cyprus 

79% 

Cypriot 

21% 

Non-Cypriot 

OFFICIAL LANGUAGES 

Greek & 

Turkish 

(business generally 

conducted in English) 

TIME 

+2 Hours 

ahead of GMT 

SUNSHINE 

340 days 

of sunshine/year 

AREA & SIZE 

9,251 km 2 

(3,355 km 2 in the 

occupied area) 

POPULATION DENSITY 

132 

(persons per km 2 ) 

MEDIAN AGE 

38 

CURRENCY 

Euro (€) 

RAINFALL 

503 mm 

average annual 

AVERAGE TEMPERATURE 

+13ºC 

Winter 

+34ºC 

Summer 

MAIN MEDIA 

Cyprus Mail 

Phileleftheros 

Politis 

CyBC


8 


CYPRUS 

BUSINESS 

FIGURES 

TOTAL GDP 

€23.4 

billion 

(2021) 

GDP PER CAPITA 

€26,031 

(2021) 

12.3% 

Taxes & Subsidies 

5.4% 

Construction 

7.5% 

Mining, manufacturing, 

electricity & water 

GDP 

BY SECTOR 

73.1% 

Services 

1.8% 

Agriculture, 

forestry & fishing 

UNEMPLOYMENT 

7.5% 

(2021) 

GDP GROWTH 

5.5% 

(2021) 

INFLATION 

2.3% 

(2021) 

INTERNATIONAL RANKINGS 

Standard & Poor’s 

BBB 

CORPORATE 

TAX RATE 

12.5% 

TIME TO START 

UP A BUSINESS 

1.3 days 

ACCOUNTING 

STANDARD 

IFRS 

Fitch 

BBB- Moody’s 

Ba1 

(September 2022) 

MAIN TRADING PARTNERS 

UK 

Germany 

Italy 

France 

Israel 

Greece 

China 

CRIME 

0.9 per 

100 persons 

Cyprus is the safest 

country in the world for 

young people out of 

184 countries across 

the globe.

Aboveall 

Your ultimate destination 

Visit our show apartments or contact us 

for more information on our properties. 

Prime location & design 

Right on the seafront, in the city centre. 

The only place to live, work and play 

in Cyprus, with sea view apartments, 

offices and first-class amenities. 

Unrivalled facilities & services 

Indoor leisure retreats, an outdoor oasis, 

and a thriving plaza with restaurants, 

bars and shops. All complemented with 

on-site management, concierge 

and rental services. 

Renowned credibility 

Reputable local and international 

experts in high-rise development with 

a proven history and track record. 

We deliver on our promise! 

Excellent value 

The best product, at the best price 

in Limassol. Financing secured, all 

permits issued and delivery scheduled 

for the end of the year. 

Cyprus +357 8000 50 30 

TR I LOGYLI MAS S O L .COM 

SHOW APARTMENT


10 


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


11 


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


12 


crisis in 2013, Cyprus undertook a major 

reform agenda and while still facing 

some economic challenges, the small 

EU nation has demonstrated resilience 

and an ability to bounce back to growth. 

The year 2015 signalled a sooner-thanexpected 

exit from recession and a rapid 

economic turnaround followed, with 2017 

recording almost 4% growth – earning 

Cyprus praise as an economic success 

story. Cyprus’ resilience in the face of the 

pandemic was once again evident with 

GDP growth reaching a strong 5.5% in 

2021, although the European Commission 

forecasts a downturn to 3.2% growth in 

2022. Consistent credit rating upgrades 

have further boosted confidence and 

foreign direct investment has been 

flowing into all key sectors. Cyprus has 

retained and strengthened its status as an 

attractive investment gateway to the EU 

and other high-growth markets, as well 

as a secure base to tap into opportunities 

in the Middle East. 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. 

GROWING INVESTMENT FUND SECTOR 

Cyprus has big ambitions in the 

investment funds sector to establish 

itself as a contender in the global asset 

management industry. The steady growth 

in both Assets under Management and in 

the number of fund structures licensed 

and active in Cyprus have underlined 

the strength and appeal of the novice 

domicile. Assets under Management 

(AuM) have seen a formidable increase 

from €2.7 billion in 2016 to €11.1 billion in 

the first quarter of 2022, showing that it is 

not the sector’s size but its fast growth that 

has impressed, and is being recognised 

by the global asset management and 

investor community. Investment funds 

CYPRUS FACTS 

& FIGURES 

EU Member since 2004, 

Eurozone member since 2008 

Cyprus’ maritime sector accounts 

for €1 billion in annual revenue and 

is around 7% of the island’s GDP 

Cyprus is an established 

international business and service 

centre for shipping, financial 

services and commerce, and is 

classified by the World Bank as 

a high-income country 

Investment funds have already 

invested more than €2 billion 

in several sectors of the Cypriot 

economy, such as shipping, 

hospitality, education, healthcare, 

and renewable energy


13 


have already invested more than €2 billion in several sectors of the Cypriot economy, 

such as shipping, hospitality, education, healthcare, and renewable energy. Cyprus 

offers both EU-regulated Undertakings of Collective Investment in Transferable 

Securities (UCITS) and Alternative Investment Funds (AIFs). In July 2018, the country 

upgraded its AIF framework and introduced Registered AIFs (RAIFs), which do not 

require authorisation by the supervising Cyprus Securities and Exchange Commission 

(CySEC) to commence operations provided they are externally managed by an 

Alternative Investment Fund Manager (AIFM) based in Cyprus or another EU country. 

The upgraded legislation has been hailed ‘ground-breaking’ and offers a significantly 

more time- and cost-efficient means of establishing AIFs in Cyprus. Today, the majority 

of alternative investment funds in Cyprus are of a small and medium size and focus 

on debt and equity securities, real estate and private equity. However, Cyprus has also 

attracted larger funds including one with assets of €500 million under management. 

The number of alternative investment funds has more than doubled in the last five 

years and foreign UCITS are now widely marketed in Cyprus, including ones promoted 

by international financial institutions such as JP Morgan, UBS and Julius Baer. 

GLOBAL SHIPPING HUB 

major success story for Cyprus has been the maritime sector, which accounts for 

A around €1 billion in annual revenue and approximately 7% of the island’s GDP 

– and of this figure, shipmanagement alone accounts for 5%. Apart from offering 

shipmanagement and business services to the industry, the Cyprus Registry is 

classified as the third largest merchant fleet in the European Union and the 11 th largest 

in the world. The country is also the EU’s largest shipmanagement centre and amongst 

the top three in the world. The sector has seen growth in the past few years and Cyprus 

is currently looking at restructuring the commercial shipping sector to strengthen its 

competitive edge. Since introducing an advantageous EU-approved tonnage tax system 

in 2010, the island has continued to attract increasing numbers of shipping companies 

from across the world. The country’s maritime capital, Limassol, is home to some of the 

most influential names in shipping today managing around 20% of the world’s thirdparty 

managed fleet. 

I 

Apart from offering shipmanagement and 

business services to the industry, the 

Cyprus Registry is classified as the third 

largest merchant fleet in the European 

Union and the 11th largest in the world.


14 


Apart from the sun and the sea, 

Cyprus has few natural resources 

and has been dependent on oil imports 

to satisfy its energy demands. However, 

the substantial discovery of natural gas 

and potential oil deposits in Cyprus’ 

Exclusive Economic Zone (EEZ) in 

the Mediterranean Sea is expected to 

change all this. Exploratory drillings by 

global energy giants have confirmed 

natural gas reserves that could meet 

Cyprus’ domestic gas demand for over 

EAST MED ENERGY CENTRE 

IThe country’s top-tier 

universities and research 

institutes are also playing a 

pivotal part in these efforts 

to create a more sustainable 

energy mix through innovation 

in smart tech and research in 

ways to battle climate change 

100 years, and a surplus for export. The 

hydrocarbons race in Cyprus’ waters has attracted international energy heavyweights, 

such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s 

waters for new discoveries and multiple auxiliary services companies have set up 

to support these efforts. With 340 days of sunshine to harness, solar energy has also 

become a bit of a boom segment for Cyprus recently. The government is placing strong 

focus on renewable energy and working towards achieving a zero-carbon economy. 

The country’s top-tier universities and research institutes are also playing a pivotal role 

in these efforts to create a more sustainable energy mix through innovation in smart 

tech and research in ways to battle climate change. 

TECH AND INNOVATION TAKING THE LEAD 

The technology space in Cyprus is seeing a fresh boost with more state support to the 

sector, the launch of new national strategies to integrate innovative tech, and fresh 

incentives to attract more digital nomads, IT start-ups and regional headquarters. With 

its new focus on long-term development outcomes, Cyprus is determined to diversify 

and harness growth with a technology-driven economy. The biggest spender by far on 

IT in Cyprus is the financial sector, followed by the telecoms providers and the public 

service. Albeit one of the smallest EU member states, research and development is an 

area where Cyprus punches well above its weight. Unprecedented investment into the 

sector and ground-breaking projects are establishing this small island, not only as an 

innovation and research hub, but as a regional centre of excellence providing strong 

links with the global scientific and technical innovation community. 

POPULAR TOURISM DESTINATION 

Tourism has been a key driving force of the Cypriot economy for decades, and pre- 

Covid the country saw consecutive years of record-breaking numbers of tourist 

arrivals and revenue. Although the pandemic temporarily stifled the thriving sector, 

tourist arrival figures are rebounding and new projects currently underway are 

set to strengthen and upgrade Cyprus’ tourism product and encourage more yearround 

visitors, a strategy Cyprus is fully committed to. These projects range from the 

construction of new golf courses, luxury marina developments and the upgrading of 

the island’s wellness and medical tourism product. A new and exciting prospect is the


15 


Kourion 

current construction of the Republic’s first-ever luxury casino resort. The €600 million 

integrated resort, run by a consortium with renowned Hong Kong player Melco, will 

exceed five-star status and open a whole new market for niche tourism on the island. 

ATTRACTIVE REAL ESTATE 

The Cyprus real estate sector was showing strong market performance straight 

through to 2019, but 2020 marked a turning point as the pandemic hit worldwide. 

However, by October 2021, sales to the European market increased 68% and 2022 

has shown dynamic momentum in sales so far. Cyprus’ appeal has remained strong 

amongst international investors, expats and retirees thanks to its Mediterranean 

climate, high quality of life and safety, as well as its status as an EU member state 

conveniently located between three continents. Cyprus has one of the highest home 

ownership rates in Europe and also has a longstanding market for second homes and 

holiday villas, making the economy heavily reliant on the sector. With new up-market 

developments, increased foreign investment in top hotels and major infrastructure 

projects springing up, Cyprus’ attractiveness as a property investment location is set to 

grow in the coming years. 

Limassol Marina


16 


FDI APPEAL 

Cyprus’ FDI appeal has been on an upward trajectory thanks to a robust economy. 

Real GDP growth averaged 4.6% in 2015-19 and in 2021 the economy showed 

strong performance with 5.5% growth, regaining lost ground from the height of the 

Covid-19 pandemic. For the last several years, Cyprus has been a hive of activity with 

several notable projects already implemented or in the pipeline, strengthening the 

country’s image and appeal. Foreign investment flows have been significant. In the 

ten-year period 2011-2020, cumulative net FDI reached €22.2 billion. This investment 

was driven by equity, with the shipping/shipping finance and real estate sectors 

playing a significant role, while investment in communications is now also beginning 

to gain importance. Ongoing improvements in the macroeconomic and financial 

environment have also revived international interest in around 30 major development 

projects on the island. Investment opportunities in Cyprus’ large-scale projects span 

various sectors, including high-value tourism and housing developments, projects with 

a special focus on golf courses and luxury marinas, as well as education, energy, and 

more recently the international film sector. The growth performance of Cyprus over 

the last five years has been exceptional and even exceeded international expectations, 

while successive credit rating upgrades and new incentives have attracted billions in 

foreign investment since 2015, with significant inflows from the US, Asia, Russia and the 

Middle East. Cyprus’ liberalised Foreign Direct Investment Policy, both for EU citizens 

and investors from third countries, along with its favourable tax regime makes it one of 

the most attractive centres for FDI in Europe. 

Parklane Limassol 

A DIVERSIFIED FUTURE 

Offering a professional yet relaxed atmosphere that makes doing business 

pleasurable as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily 

with a cutting-edge international business hub, allowing investors to enjoy the best of 

both worlds: a safe and comfortable environment for family life and a sophisticated 

infrastructure from which to grow and develop business. Cyprus combines numerous 

advantages as a business base with its EU-approved tax regime, competitive 12.5% 

corporate tax rate and tax breaks for high earners, its pro-business government 

and highly skilled workforce – as well as promising growth and development across 

numerous economic sectors. With Cyprus’ prospects on the rise, the country has all the 

right elements firmly in place to strengthen its reputation as an international centre of 

business excellence in one of Europe’s most interesting investment locations. n

THERE IS A PLACE WHERE… 

you have a local partner 

on the ground. 

As the national investment authority, Invest 

Cyprus acts as a single point of contact and one 

stop shop for existing and potential investors. 

Our dedicated team provides after care and 

facilitation services, including supporting you in 

site selection, setting up offices, staff immigration 

and relocation procedures while continuing to 

grow its extensive portfolio of available 

projects and investment opportunities. 

www.investcyprus.org.cy


18 


INSIGHT 

Minister of Energy, Commerce and Industry 

Natasa Pilides


19 


Cyprus and the US have a strong partnership 

and longstanding cooperation in multiple areas. 

Which sectors are providing the most investment 

potential at the moment, and how can Cyprus attract 

more business and investment from the USA? 

As an EU Member State since 2004 and Eurozone Member since 2008, Cyprus 

has been steadily improving its economic performance over the past years, 

evolving into a modern, cosmopolitan, and transparent business centre and offering 

opportunities for investment across a wide range of sectors. 

In recent years, the island has been attracting a fast-growing number of international 

companies operating in the areas of technology, shipping and financial services. 

Cyprus can serve as an ideal business and trade hub for American companies, as well 

as a welcoming destination for those interested in expanding their regional operations 

or entering the European Market. Cyprus, through its 67 double taxation agreements – 

including with the US – and enjoying the benefits afforded by more than 40 EU trade 

agreements with third countries, provides US multinationals a gateway to the European 

Union and a portal for investment outside the EU, namely into the Middle East, India 

and North Africa. This holds especially true following Brexit, as Cyprus is now one of the 

very few Common Law jurisdictions in the EU. 

The country is also fast becoming one of the top emerging investment fund centres 

in Europe, in part due to its continuous efforts to upgrade its legislative and regulatory 

framework, which is backed by an attractive tax regime and a strong network of financial 

and professional services providers. Cyprus has developed into a key regional and costefficient 

domicile for investment funds, private equity firms and asset managers, with 

its many advantages beginning to attract notable interest from the US. 

We have confidence in our country’s existing dynamic investment portfolio, and we 

are positive that there is great potential in investing in even more sectors of strategic 

importance for the Government, such as research and innovation, information and 

communication technology, hospitality and tourism, healthcare, education and 

renewable energy. 

A case in point is Cyprus’ energy sector, with the discovery of significant hydrocarbon 

deposits in the Exclusive Economic 

Zone (EEZ) of the Republic having 

driven major FDI by US multinationals 

has developed into a 

in recent years. Cyprus’ commitment 

key regional and cost-efficient 

to the green transition, combined 

with the development of the EuroAsia domicile for investment funds, 

Interconnector and the liberalisation 

private equity firms and asset 

of the electricity market, creates new 

opportunities for US investment in managers, with its many 

infrastructure, especially for power 

advantages beginning to attract 

generation from Renewable Energy 

Sources (RES) and for energy storage.ICyprus 

notable interest from the US.


20 


IOur growing ICT innovation and 

Additionally, our growing ICT 

innovation and research sector, which 

is able to serve the entire Eastern research sector, which is able 

Mediterranean while bridging Europe, 

to serve the entire Eastern 

the Middle East, and North Africa, has 

transformed Cyprus into a promising Mediterranean while bridging 

location for high-technology businesses. 

Europe, the Middle East, and 

Well-known global technology companies 

such as Amdocs, NCR, Wargaming, eToro North Africa, has transformed 

and 3CX, have already established their 

Cyprus into a promising location 

presence on the island. 

A number of Government initiatives for high-technology businesses. 

have paved the way for a vibrant 

technology ecosystem in Cyprus, where tech companies have the opportunity to 

grow and expand in today’s ever-changing global market. According to the European 

Innovation Scoreboard of 2022, Cyprus is a strong innovator, ranked 10 th in the EU, 

performing above the Union’s average and labelled as the most improved across Europe 

in the period since 2015. 

The Government has also introduced a new strategy for attracting both high-skilled 

talent and international businesses that wish to set up, relocate or expand their 

activities in Cyprus. Furthermore, the existing investment policy has been radically 

reviewed, broadened and simplified to 

include a series of actions and reforms, 

has been radically reviewed, which aim at enhancing Cyprus’ position 

as an international high-growth business 

broadened and simplified to 

centre. 

include a series of actions 

A big part of our new Strategy has been 

the launch of the Business Facilitation 

and reforms, which aim at 

Unit, as of 1 st January 2022, that operates 

enhancing Cyprus’ position 

under the auspices of the Ministry 

of Energy, Commerce and Industry, 

as an international high- 

providing fast-track business setup to 

international companies. n 

IThe existing investment policy 

growth business centre.

asgleasing.cy 

FOCUS 

ON WHAT 

MATTERS* 

*FOCUS ON DEVELOPING YOUR BUSINESS, 

NOT MANAGING YOUR FLEET. 

by


22 


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.


23 


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


24 


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


25 


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.


26 


PORTS AND SHIPPING 

The 2017 commercialisation of the country’s largest port in Limassol marked a new 

era for Cyprus as a commercial hub. The port privatisation came in the context of 

the first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading 

terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation 

deal with Eurogate International GmbH and leading Emirati logistics giant DP World 

Limited is expected to boost state coffers with €2 billion over the next 25 years, while 

the new port operators have injected millions in upgrading services and infrastructure. 

The more recent contract for the Larnaca 

port and marina was signed with 

a Cypriot-Israeli consortium, Eldeman 

Holding BV and Alexandrou Corporate 

Services Ltd, in late 2020 and is expected 

to attract around €1.2 billion in construction 

and real estate development – making 

it one of the biggest infrastructure investments 

to date in Cyprus. 

One of Cyprus’ most successful export 

services has been the maritime industry. 

The growth of Cyprus’ resident shipping 

sector over the past 50 years has developed 

IThere has been a fivefold 

increase in the number of 

shipping companies that have 

registered with Cyprus’ 

specialised shipping 

taxation system 

boosting the sector’s 

revenue by around 25% 

a strong maritime cluster that caters to the 

needs of Cyprus-based companies, including banking, professional services, insurance 

and IT. The cluster is consistently attracting more quality tonnage and shipping-related 

companies to its shores. Between 2010 – when the Cyprus tonnage tax system was 

approved by the European Commission – and 2021, there has been a fivefold increase 

in the number of shipping companies that have registered with Cyprus’ specialised 

shipping taxation system, boosting the sector’s revenue by around 25%.


27 


Some examples include the decision in 2018 by leading London ship insurer P&I Club 

to open a post-Brexit EU subsidiary in Cyprus, reaffirming the island’s position as one 

of the top global hubs for shipping. Another triumph came in early 2019, when British 

shipping firm P&O Ferries decided to register its English Channel operating fleet 

under the Cyprus flag to take advantage of the benefits and security it provides. Two 

of the industry’s most highly respected privately-owned shipmanagement companies, 

Columbia Shipmanagement and Marlow Navigation – both based in Cyprus – merged 

in 2017 to form Columbia Marlow, creating one of the world’s largest ship and crewmanagement 

companies. Another transaction constituting FDI was the 2018 buyout 

of Limassol-based Songa Offshore SE by Transocean Ltd, the world’s largest offshore 

drilling contractor for oil and gas wells, in a deal worth US$3.4 billion. In addition, 

natural gas finds within Cyprus’ Exclusive Economic Zone (EEZ) and efforts to exploit 

it in cooperation with neighbouring countries have expanded opportunities for the 

island’s already thriving shipping sector. 

DEVELOPING AN ENERGY HUB 

Cyprus’ hydrocarbons discoveries captured the attention of global energy 

heavyweights when US company Noble Energy, now acquired by US giant Chevron, 

made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic 

feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and Total 

have all secured exploration licences and conducted exploratory drilling. ExxonMobil 

announced the discovery of an estimated 5 to 8 tcf in Block 10 in early 2019, while ENI 

confirmed a discovery in Block 6 – which it operates with Total – of around 2.5 tcf in 

August 2022. Further discoveries could be announced within the next year. 

In 2019 Cyprus agreed to build a subsea pipeline connecting Aphrodite to Egypt’s 

liquefaction plants and concluded a production-sharing deal with Noble Energy 

(now Chevron) and its partners over the Aphrodite gas reservoir. The development of 

ENI, Kogas, ExxonMobil, 

Royal Dutch Shell, 

and Total have all 

secured exploration 

licences and conducted 

exploratory drilling


28 


Aphrodite is now expected in 2026. Since the start of the pandemic, activity and works 

worth US$200 million have been completed in Cyprus’ EEZ by oil and gas companies, 

underlining their continued commitment to Cyprus. 

In addition to offshore discoveries in the last decade, a range of other new energy 

opportunities have come to the fore. In December 2019, Cyprus signed a landmark 

deal with a Chinese-led consortium to build a €290 million LNG import terminal at 

Vassilikos. The consortium constructing the project includes China Petroleum Pipeline 

Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen 

Ship Management. The terminal will include a floating storage and regasification unit 

(FSRU), a jetty for mooring the FSRU and related infrastructure at Vassilikos. The FSRU, 

expected to be completed in 2023, attracted €150 million in finance from the European 

Investment Bank (EIB), €80 million from the European Bank for Reconstruction and 

Development (EBRD), €101 million from the EU’s Connecting Europe Facility as well as 

an equity contribution of €43 million from the Electricity Authority of Cyprus (EAC). 

Parallel to this, Cyprus has been ramping up its renewables capacity, with support 

from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The renewable energy 

sector could be one of the most attractive areas for investment and joint ventures 

with other countries. For example, Israel has been interested in cooperating with its 

Cypriot counterparts in establishing pilot projects where new Israeli tech could be 

tested in Cyprus. Also, the UAE and Saudi Arabia have been pioneers in clean energy, 

especially in the field of hydrogen, and are keen to export its RES know-how and create 

synergies. For example, Saudi Arabia – dubbed to become one of the biggest producers 

of clean energy – could support the EU’s 

hydrogen strategy through Cyprus as 

ICyprus has been ramping 

up its renewables capacity, 

with support from the EU’s 

€1.2 billion Recovery and 

Resilience Facility (RFF) 

an interconnector to Saudi’s biggest 

hydrogen production plant currently 

under construction. The long-awaited full 

liberalisation of the electricity production 

market in Cyprus has seen many delays, 

but once this materialises it would


29 


allow a fresh inflow of new private players operating in both renewables and gas to 

compete in the local market – and in a broader regional market thanks to the EuroAsia 

Interconnector project to connect Cyprus, Israel and Greece via submarine electricity 

cable and the related EuroAfrica Interconnector to connect Egypt. 

STABLE BANKING SECTOR AND GROWING INVESTMENT FUNDS 

Today, Cyprus banks maintain high levels of capital adequacy and liquidity but 

continue to grapple with managing their non-performing loan (NPL) portfolios. 

The restructuring of the banking sector after 2013 attracted important international 

institutional investors and fresh foreign capital and encouraged accelerated sales of 

NPLs. These developments substantially 

reduced risk and enabled the financial 

system to operate on a healthier basis. 

The island also hosts a thriving forex 

industry with many global giants basing 

their operational headquarters in Cyprus. 

In addition, the investment funds sector 

has grown exponentially in the last few 

years with Assets under Management 

(AuM) seeing a staggering increase from 

€2.7 billion in 2016 to €11.1 billion in the 

first quarter of 2022, proving Cyprus 

is being recognised by the global asset 

management community. Investment 

funds have already invested more than 

€2 billion in several sectors of the Cypriot 

economy, such as shipping, hospitality, 

education, healthcare, and renewable 

energy. 

IThe investment funds sector 

LUXURY TOURISM AND HIGH-END REAL ESTATE 

has grown exponentially in 

the last few years with Assets 

under Management (AuM) 

seeing a staggering increase 

from €2.7 billion in 2016 to 

€11.1 billion 

in the first quarter of 2022, 

proving Cyprus is being 

recognised by the global asset 

management community 

Cyprus continues to be on the top of the list for investors, holiday-home seekers, expats 

and retirees. Tourism and real estate have always been robust sectors of the Cypriot 

economy, and a concerted effort to diversify the Cyprus offering in recent years has paid 

off. The number of foreign investors closing multimillion-euro deals in the last several 

years underlines the fact that tourism-related real estate and infrastructure continues 

to be one of the most attractive investment opportunities in Cyprus. Pre-pandemic years 

of record-breaking tourism numbers saw the island attract new interest in conference, 

sports, health and wellness tourism. The construction and investment in multipurpose 

projects and mixed-use developments such as luxury marinas, golf courses and more 

recently the island’s first-ever and only integrated luxury casino resort, are all part of 

the ongoing strategy to upgrade Cyprus’ tourism product. The new casino resort, City 

of Dreams Mediterranean, will have extensive facilities and five-star status. The casino 

resort is Hong Kong-based Melco’s first expansion outside of Asia and will be the biggest 

casino of its kind in Europe, with the investment for this mega project at €600 million. 

Spurred by this unique development, Cyprus garnered another landmark investment 

deal in 2022 with Israeli business magnate Gilad Shabtai investing in over 130,000 m 2


30 


Artist Impression: City of Dreams Mediterranean 

Artist Impression: Grand Hyatt Limassol 

Artist Impression: Ritz-Carlton Residences 

IMajor investments have also 

of land for development surrounding the 

new integrated casino resort in Limassol. 

been made in the hospitality 

The destination and value of the area are 

set to be elevated by this key real estate 

industry with acquisitions 

investment. 

and the construction of new 

Proposals include the development 

of exclusive seven-star facilities 

luxury hotels by renowned 

providing bespoke services for owners 

hotel management chains 

and investors. Plans are also in place 

for additional investment by the former 

majority shareholder of telecoms start-up Viber into the further expansion of the area 

in the future – which is a solid vote of confidence in the vast growth potential of Cyprus. 

Following the success of Limassol Marina, more investment has flowed into marina 

developments on the Cypriot coast. The €300 million luxury Ayia Napa Marina is under 

construction with berthing facilities and a commercial village now fully operational. 

The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of


31 


luxury villas, apartments and facilities. With significant Egyptian investment backing 

the innovative project and the seafront residences are expected to be completed by 

2023. In addition, the €110 million Paralimni Marina project is set to be completed in 

2024, while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting 

Engineers SA for a luxury marina in Paphos. 

Major investments have also been made in the hospitality industry with acquisitions 

and the construction of new luxury hotels by renowned hotel management chains. The 

Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world, 

has big plans to grow its existing portfolio in the country to six hotels and almost 1,000 

rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach 

resort by the Radisson Hotel Group worldwide. 

In 2019, the Luxury Collection, part of Marriott International, opened the Parklane 

Luxury Collection Resort & Spa resort in Limassol, marking Marriott International’s 

entry into Cyprus. In July 2020, Hyatt Hotels Corporation announced a management 

agreement with Anolia Holdings Limited for the launch of the first Hyatt hotel in Cyprus. 

The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. The 

new beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury 

development, comprised of residential apartments and private villas totalling more 

than 80,000 m 2 . One of the latest projects is the Sofitel Resort & Spa, a joint venture 

between Singapore-headquartered Oxley Holdings and Planetvision on the Limassol 

beachfront. The project will be the first Sofitel Resort with branded residences in 

Europe and is expected to be completed by 2023. 

Following global trends and faced with an aging population, investing in health and 

wellness developments as well as rehabilitation and bespoke retirement villages has 

enormous potential. An early example of this is the Eden Seniors Resort in Larnaca 

which opened its doors in 2018. Paphos is due to see the first dedicated retirement 

village in Cyprus. The €16 million retirement village, branded Lazaris Mill, will consist 

of 82 individual apartments, ranging from studios to larger flats and a small 24- 

room hotel, and provide bespoke facilities. The first residents are expected in spring 

2023. Another upcoming project in Paphos is Cypress Park, a new luxury residential 

development turning retirement into a five-star resort stay. 

FOCUS ON INVESTOR SUPPORT 

Not one to rest on its laurels, Cyprus has been steadily sharpening its competitive 

edge by streamlining processes to better cater to investors and by strengthening 

new sectors to support its already more established industries. 

Investment opportunities in Cyprus’ large-scale projects span various sectors, 

including high-value tourism and housing developments, projects with a special focus 

on golf courses and luxury marinas, as well as education, energy, and more lately, the 

international film sector. 

Special schemes and incentives are 

in place to facilitate headquartering, 

which covers the sectors of technology, 

asset management, investment funds, 

550 COMPANIES 

shipping and higher education, and 

‘Olivewood’ for the international film that have relocated or expanded 

industry. A new government Action 

their activities in Cyprus 

Plan launched in 2021 also provides 

Ithe BFU has catered to more than


32 


new incentives to attract non-EU talent 

and companies to establish operations 

in Cyprus. The recent introduction of a 

Business Facilitation Unit (BFU) promises 

to be a gamechanger for ease of setting 

up in Cyprus. The BFU specialises in fasttracking 

business setup, permitting and 

licensing for companies, their employees 

and families, and in less than two years of 

operation, the BFU has catered to more 

than 550 companies that have relocated 

or expanded their activities in Cyprus. 

To better facilitate FDI, the country’s 

investment promotion agency, Invest 

Cyprus, has also developed an online 

investment matchmaking platform 

branded the Project Bank, to help 

investors identify the right market 

opportunities for projects based in 

Cyprus. In addition, Invest Cyprus hosts 

the annual International Investment 

Awards, where it honoured seven companies in 2022 for their contributions to Cyprus, 

namely BrainRocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and 

SYKES. 

LOCATION, LOCATION, LOCATION 

Cyprus’ liberalised FDI Policy, both for EU citizens and investors from third countries, 

along with its favourable tax regime makes it one of the most attractive investment 

targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the most competitive in 

the EU and new tax-neutral reforms that are on the way will simplify and modernise 

the tax system further. The country’s extensive network of double taxation treaties 

with 67 countries have strengthened its position as a business gateway and a preferred 

location for corporate headquarters. The country’s skilled talent, low cost of doing 

business, top-tier professional services, and high quality of life renders Cyprus not only 

a wise business and investment choice but also a great relocation destination. n 

With solid and continuous interest in the tourism sector, Invest 

Cyprus has set up a dedicated and specialised unit, TourInvest, to 

promote investment opportunities in the tourism and hospitality 

sector. In cooperation with the Deputy Ministry of Tourism and 

other stakeholders, the unit focuses on attracting multimillioneuro 

investment into large-scale infrastructure projects


33 


CYPRUS-US RELATIONS 

T 

he Republic of Cyprus and the United States of America share friendly ties and 

have been close allies for decades in building a strategic partnership covering 

multiple areas. Cyprus’ geographic location, long-term diplomatic relations in the 

region, and its EU membership have established it as a reliable strategic partner 

for the US. In addition, Cyprus’ political stability, commitment to democracy and 

its Western alignment, has made it a dependable ally in the region. 

Traditionally, the cooperation between the two nations has been more focused 

on fields such as defence and regional security, but in recent years the island 

nation has seen more US investment pour into sectors such as banking, energy, 

communications and technology. 

Since 2019, the Eastern Mediterranean Security and Energy Partnership Act 

(East Med Act) has served as the cornerstone to facilitate and enhance both US- 

Cyprus relations and regional collaboration. This growing cooperation between 

Cyprus and the United States in areas such as, cybersecurity, maritime/port 

security, border security, customs, counterterrorism, and hybrid threats, is 

reflected by the inauguration of CYCLOPS (Cyprus Centre for Land, Open-Seas and 

Port Security). CYCLOPS is a state-of-the-art training facility enhancing security 

capacity building in Cyprus, the EU and the wider Eastern Mediterranean and 

Middle East regions. 

The United States also participates as an observer on cooperation platforms 

such as the Eastern Mediterranean Energy Forum (EMGF), and in the successful 

example of the 3+1 cooperation format together with Cyprus, Greece and Israel, 

which is fostering regional cooperation and stability. 

Cyprus’ growing ICT innovation and research sector, which is able to serve the 

entire Eastern Mediterranean while bridging Europe, the Middle East, and North 

Africa, has transformed the country into a promising location and headquartering 

destination for high-technology business. Recognising these developments, the 

two countries recently signed a Science and Technology Agreement to create 

an even more attractive information and communications ecosystem and a 

business environment that will attract additional investments in the sector. The 

cooperation aims to promote and facilitate research and innovation, and business 

partnerships in fields such as energy, climate change, marine waste, space, ICT, 

security, education and health. 

With relations between the two countries being strengthened on both a 

political and economic level, Cyprus can serve as an ideal business and trade hub 

for American companies, as well as a welcoming destination for those interested 

in expanding their regional operations or entering the European Market. Cyprus, 

through its 67 double taxation agreements – including with the US – and enjoying 

the benefits afforded by more than 40 EU trade agreements with third countries, 

provides US multinationals a gateway to the European Union and a portal for 

investment outside the EU, namely into the Middle East, India and North Africa. 

In addition, the potential inclusion of Cyprus to the US Visa Waiver Program 

would positively impact people-to-people contacts, as well as business and 

economic collaborations. The wider Eastern Mediterranean is a region of growing 

geopolitical importance and a coherent strategic space for both the EU and the 

US with enormous positive influence potential for economic growth and shared 

interests in fields like energy diversification, addressing asymmetric threats, 

environmental sustainability, high-tech business ventures, and science and 

technology joint projects. n


34 


INSIGHT 

Minister of Foreign Affairs 

Ioannis Kasoulides 

The US is a strategic ally for Cyprus in the 

Eastern Mediterranean region, and the two 

nations enjoy strong political cooperation. What 

are the key pillars that form this diplomatic 

relationship and how do you see this bilateral 

partnership developing in the future?


35 


In recent years the bilateral relationship between Cyprus and the United States 

has been a timeline of success. The substantial cooperation spans across security, 

defence, energy, science and archaeology, to mention a few. Our partnership has 

evolved into one of strategic depth, working together on issues of global concern on a 

regional and international level. 

Our joint commitment, among others, in the fight against terrorism, illegal drugs, 

and the proliferation of weapons of mass destruction has made our region safer, 

fairer, and better. This is tangibly manifested through our endeavour in setting up the 

CYCLOPS training centre on security matters, which is already operating successfully. 

We are pleased for the concrete contribution of the US to this major development as 

well as this year’s decision for the complete lifting of the arms embargo. 

During my recent visit to the US and the meeting with Secretary of State Mr Blinken, 

we had the opportunity to go through all major aspects of our cooperation and agree 

on further synergies. We are vigorously working on building beneficial economic and 

investment relations and the US and Cyprus are in a dialogue addressing issues of 

economic cooperation, particularly as regards to US investments in Cyprus, where we 

have already seen significant increase, with an aim to facilitate even more. 

In the field of energy, the presence 

and involvement of American companies 

in Cyprus’ Exclusive Economic Zone 

for the exploitation of hydrocarbons 

is a trademark of trust to the reliable, 

predictable and stabilising role we have 

assumed in our volatile region, and to 

our efforts to substantially contribute 

to energy security for our country, our 

neighbourhood and the European Union. 

We are committed to transforming 

the Eastern Mediterranean into an 

energy hub that would contribute to the 

region’s stability, inter alia, through the 

diversification of energy sources and 

IWe are vigorously working on 

building beneficial economic and 

investment relations and the 

US and Cyprus are in a dialogue 

addressing issues of economic 

cooperation, particularly as 

regards to US investments in 

Cyprus, where we have already 

seen significant increase, with 

an aim to facilitate even more. 

routes. 

We welcome the support of the United States on cooperation platforms such as the 

Eastern Mediterranean Energy Forum, in which the US participates as an observer, as 

well as the successful example of the 3+1 cooperation format to which the United States 

participates together with Cyprus, Greece and Israel, which is fostering cooperation 

and stability. 

There is of course much space for the relationship to develop further. With 

the proactivity of the United States Embassy in Nicosia and the readiness of our 

government, we wish to see an even more results-oriented period ahead. For example, 

facilitating travel through an improved visa regime will enhance people-to-people 

contact, bringing our two nations closer. 

I wish to reiterate the importance the Government attaches to our partnership 

with the United States and our aim remains none other than to maintain the current 

momentum and to continue working on a positive agenda to further reinforce this 

mutually beneficial relationship. n


36 


INTERVIEW 

Ambassador of the United States of 

America to the Republic of Cyprus 

Judith Garber 

The excellent relationship between the United States 

and Cyprus has set solid foundations to widen the 

scope of collaboration between the two countries 

and promote more trade and investment between 

the two nations, says Ambassador Judith Garber.


37 


How would you describe the current bilateral 

relations between the United States and Cyprus? 

Relations between the United States and the Republic of Cyprus have never been 

better. We continue to deepen our engagement across the board, in economic, 

social, and security spheres. Ensuring our trading partners are prosperous, stable, and 

secure remains a priority for the United States, and we are committed to working with 

the Republic of Cyprus and its business community to achieve our common goals. 

What significant key projects are there between 

the United States and Cyprus at the moment? 

We have many projects of various types and scale, but I will focus on two that 

are ‘key’ right now. First, the free world is focused on responding to Russia’s 

continued illegal war against the Ukrainian people, and the Republic of Cyprus is a 

strong partner with us, and with other partners and allies around the world, to counter 

Russia’s unprovoked aggression. Sanctions are having an impact, imposing costs on 

Russia. Secondly, the United States remains committed to a resolution of the tragic 

division of the island and regards the status quo in Cyprus as unacceptable. We support 

United Nations-facilitated, Cypriot-led efforts to reach a comprehensive settlement to 

reunify the island as a bizonal, bicommunal federation. 

Cyprus has been an attractive base for international 

business for decades, in your view what factors have 

contributed to the appeal of Cyprus as a jurisdiction? 

C 

ontributing factors are that Cyprus has a talented, highly educated, Englishspeaking 

workforce, professional services at competitive prices compared with the 

EU average, a low corporate tax rate, and a liberal investment regime with 67 double 

taxation treaties, including with the United States. Recent incentives and initiatives to 

further expand the information and communications technology sector, support the 

entrepreneurship and start-up ecosystem, promote the digital transformation of both 

the public and private sectors, and turn Cyprus into an innovation hub will also make 

Cyprus more attractive to investors. Investors from the United States and elsewhere 

look for predictable, stable environments, with assurances that agreements and 

contracts will be honoured, backed by secure financial institutions to manage income 

and expenses, and have efficient dispute resolution systems.


38 


What kind of opportunities does Cyprus offer US 

business or investment at the moment, and vice versa? 

The Republic of Cyprus offers a 

wide variety of opportunities, 

spanning multiple sectors, including 

energy, legal, and business services; 

transportation; tourism infrastructure 

projects; education; and banking 

and finance, to name a few. Major US 

energy companies’ interest for further 

exploration and potential development 

of their licensed blocks in the Republic 

of Cyprus Exclusive Economic Zone 

(EEZ) remains solid. I have also seen 

increasing interest from US companies 

in the Republic of Cyprus’ information 

and communications technology sector, 

ICyprus has a talented, highly 

educated, English-speaking 

workforce, professional 

services at competitive 

prices compared with the EU 

average, a low corporate tax 

rate, and a liberal investment 

regime with 67 double 

taxation treaties, including 

with the United States. 

where US companies are leading the 

island’s digital transformation efforts. The United States is an attractive environment 

for Cypriot businesses and investors. The upcoming SelectUSA Investment Summit 

(www.selectusasummit.us) in May 2023 provides another opportunity to advance and 

enrich US-Cypriot business ties, and our commercial team at the US Embassy Nicosia 

provides ongoing support to further deepen US-Cypriot business relations.


39 


What type of collaboration 

could be fostered in the 

future between the two 

countries to deepen 

economic relations? 

The selection of the United States as 

the partner of choice for the Ministry 

of Foreign Affairs’ Economic Diplomacy 

department for its first Integrated 

Strategy Action Plan laid a great 

framework for future collaboration. 

Tackling a market the size of the 

United States, and building economic 

bridges, requires perseverance and an 

organised and collaborative approach. 

The Action Plan helps lay some of that 

IMajor US energy companies’ 

interest for further exploration 

and potential development of 

their licensed blocks in the 

Republic of Cyprus Exclusive 

Economic Zone (EEZ) remains 

solid. I have also seen 

increasing interest from US 

companies in the Republic 

of Cyprus’ information and 

communications technology 

sector, where US companies 

are leading the island’s digital 

transformation efforts. 

groundwork. The stakeholders in the 

Plan include the business community as 

well as government entities, and I look forward to seeing everyone work together to 

contribute to its implementation. 

Moreover, we can now implement projects under the recently signed Science 

and Technology Agreement between the United States and the Republic of Cyprus


40 


within the span of the next decade. We have a US information and communications 

technology team working with Cyprus to create an even more attractive information 

and communications ecosystem and a business environment that will attract 

additional investments in the sector, but also to help with required digital skilling and 

re-skilling of the public and private sectors. We are also collaborating with the Digital 

Security Authority and the Office of the Commissioner of Electronic Communications 

to strengthen cybersecurity – an important aspect for US companies. 

The United States has been an important ally 

for Cyprus; how do you see the relationship of 

the two countries developing in the future? 

W 

e look forward to the continued deepening of the bilateral relationship between 

the United States and the Republic of Cyprus, particularly as we deepen our 

partnership with the European Union, our partner of ‘first resort’. One of the most 

important aspects of our relationship is continued work towards the reunification of 

the island under the long-standing principles of a bizonal, bicommunal federation. 

After that, I see almost unlimited opportunities for our two countries to cooperate in 

security, economic, and people-to-people connections. n


42 


INTERVIEW 

Ambassador of the Republic of Cyprus 

to the United States of America 

Marios Lysiotis 

Strategic cooperation in sectors such as 

energy and security has forged a strong 

partnership between the US and Cyprus, 

and bilateral ties between the two countries 

are set to expand even further with growing 

prospects for US investment in the tech 

sector, says Ambassador Lysiotis.


43 


How would you describe the current 

relationship between Cyprus and the US? 

Cyprus-US relations have never been stronger, and we are encouraged by the solid 

bipartisan effort in supporting, through tangible ways, the further fostering of this 

relationship. 

The signing in November 2018 of the Statement of Intent catalysed the already 

significant progress in US-Cyprus relations. It signalled the evolution of the US-Cyprus 

relationship into a strategic partnership, setting a framework for operationalising 

cooperation. The remarkable leaps made both in the bilateral relationship – in areas 

such as regional security and defence, energy, and anti-terrorism – as well as in the 

regional context, including with the growing trilateral nexus of regional synergies and 

in the 3+1 format with Greece and Israel, are evident. 

Cyprus’ geographic location, long-ICyprusterm diplomatic relationships in the 

geographic location, long- 

region, and EU membership make Cyprus 

term diplomatic relationships in 

a reliable strategic partner for the US. 

Cyprus’ political stability, commitment the region, and EU membership 

to democracy, human rights and the 

make Cyprus a reliable 

rule of law, and its Western orientation, 

with shared values and principles, make strategic partner for the US 

Cyprus both more predictable and 

dependable than other traditional partners in the region. This partnership has already 

proven to be of mutual benefit, contributing to peace and regional stability, and still has 

significant room for growth. 

Cyprus and the US are close allies and partners, what 

key projects are there between the two countries 

at the moment, and what kind of cooperation 

would you like to see developed in the future? 

Since 2019, the Eastern Mediterranean Security and Energy Partnership Act (East 

Med Act), has served as the cornerstone for the facilitation and enhancement of 

US-Cyprus relations, as well as for regional cooperation. 

The growing cooperation between Cyprus and the United States in areas such as, 

cybersecurity, maritime/port security, border security, customs, counterterrorism, 

and hybrid threats, is reflected by the inauguration of CYCLOPS (Cyprus Centre for 

Land, Open-Seas and Port Security). CYCLOPS is a state-of-the-art training facility 

enhancing security capacity building in Cyprus, the EU and the wider Eastern 

Mediterranean and Middle East regions. 

Acknowledging the prospects of further enhancing the bilateral relations of 

Cyprus and the USA, our two countries have signed an agreement to strengthen 

their cooperation in science and technology to promote and facilitate research and 

innovation, and business partnerships in fields such as energy, climate change, marine


44 


ISignificant US direct investment 

waste, space, ICT, security, education 

and health. Furthermore, the potential 

inclusion of Cyprus to the US Visa Waiver has flowed into the banking 

Program would positively impact peopleto-people 

contacts, as well as business 

and energy sectors and 

and economic collaborations. 

more recently we are seeing 

The stated intention of the US for a 

investments in the tech sector 

more active engagement in our region is 

a welcome development. In line with this approach, the US has joined the Eastern 

Mediterranean Gas Forum (EMFG) as an observer. At the same time US energy 

companies are operating in Cyprus’ Exclusive Economic Zone. Moreover, the provision 

of the East Med Act 2019 on the establishment of a Joint US-Eastern Mediterranean 

Energy Centre is a welcome development that we are ready to cooperate on. Moving 

ahead with this initiative would create an additional platform for our 3+1 cooperation, 

which we wish to see further enhanced, including in areas such as climate change 

and blue economy. Security, including energy security, is a core component of the 

positive agenda driven by trilateral cooperation mechanisms Cyprus and Greece 

have launched in recent years with countries in the region, including Israel, Jordan, 

and Egypt. 

Taking stock of existing cooperation, and cognizant of the strategic importance of 

strengthening synergies, there are numerous areas on which work has been initiated 

and on which Cyprus and the US can work together to further advance them. 

These developments are a solid product of our common appreciation of the value of 

our bilateral relations and of the understanding that the wider Eastern Mediterranean 

is a region of growing geopolitical importance and a coherent strategic space for both 

the EU and the US with enormous positive influence potential for economic growth 

and shared interests in fields like energy diversification, addressing asymmetric 

threats, environmental sustainability, high-tech business ventures, science and 

technology joint projects. 

Cyprus is an established and stable international 

business centre, what advantages and opportunities 

can the country offer specifically to US business? 

ICT and innovation are considered key growth drivers, receiving increased support 

from the government in the form of national strategies to integrate innovative tech, 

as well as incentives to attract IT companies, datacentres, shared service centres, and 

regional headquarters. 

Cyprus offers wide access to markets due to its geostrategic location to serve Southeastern 

Europe, the Mediterranean, Mid and Near East and North African markets. 

Positioned as a gateway into and out of the EU, it acts as a regional base for delivery of 

a wide range of high-tech services – a sandbox for new emerging technologies such 

as blockchain, AI, and big data and it is emerging as a prime location for the fintech 

industry, cryptocurrency and blockchain technology.


45 


What kind of US foreign direct investment has 

flowed into Cyprus and into what sectors? 

Cyprus and the US have a strong partnership and longstanding cooperation in 

multiple areas. According to the Bureau of Economic Analysis US Department of 

Commerce, US direct investment position in Cyprus as of 2021 was US$6.7 billion, 

an increase of 10.8% from 2020. Over the years, significant US direct investment 

has flowed into the banking and energy sectors and more recently we are seeing 

investments in the tech sector among others. In terms of trade, 2021 imports from 

Cyprus were US$1.7 billion, up 42.1% from 2020, most notably in the services sector in 

ICT and financial services. 

What kind of US know-how or expertise could be applied 

and attracted to Cyprus, and into what sectors? 

Cyprus already features a fast-growing ecosystem of ICT companies, who have 

chosen it as their regional or global base, as well as a strong and skilled talent pool 

to support their activities and growth. Cyprus has unique strengths that can position it 

as a key regional and global tech hub. Increased engagement from the US would be a 

win-win for both. 

What new prospects are on the horizon that 

could help strengthen the bilateral and trade 

relations between the US and Cyprus? 

T 

he green transition offers major opportunities for US investment in green tech, clean 

tech and renewable energy sectors in Cyprus and major infrastructure projects, 

such as the Eurasia Interconnector which contributes to regional and European energy 

security, could also result in opportunities of US investment. n


46 


SPOTLIGHT 

Cyprus 

Real Estate 

The Cyprus real estate industry has proven its resilience 

with 2022 so far exhibiting dynamic momentum in the 

sector underlining strong confidence of both Cypriot 

and foreign property buyers. First quarter sales reached 

€1.3 billion, with coastal business hub Limassol and 

capital city Nicosia taking the lion’s share of contracts.


47 


C 

yprus has long been a firm favourite for property buyers worldwide thanks to its 

high quality of life, safe environment and Mediterranean climate. In addition, the 

country’s EU membership, its thriving international business centre and strategic 

position at the crossroads of three continents remain key pull-factors for residential 

buyers, relocating companies and investors alike. 

Property sales have bounced back post-pandemic and have remained strong in the 

last year. In the second quarter of 2022 real estate sales in Cyprus rose year on year by a 

robust 29.3%. This was slower than the 51.6% recorded in the first quarter and analysts 

say this is likely related to the end of lending subsidies for first-time buyers. In terms of 

absolute volume, the largest increase in sales was in Limassol, where sales rose by 293 

to 1,130, marking a year-on-year increase of 35%. However, the fastest pace of growth 

was in Paphos, where sales rose by 229 or 54.1% to 652. 

Sales to Cypriots continue to dominate, accounting for 58.5% of the total in the 

second quarter of 2022 and 58% on average in the first half of 2022. This was lower 

than in 2020-21, when sales to Cypriots averaged 65%. However, the years 2021-22 

were somewhat unusual given pandemic-related travel restrictions. In 2018-19 the 

proportion of sales to Cypriots was 55%, therefore closer to the average in the first half 

of 2022. Sales to Cypriots are driven both by the abovementioned subsidies but also 

growth in population size. According to the latest Labour Force Survey the number of 

private households rose year on year by 1.4% in the first quarter of 2022 to 347,650. 

REAL ESTATE SALES BY REGION 

Contracts of sale unless otherwise indicated 

2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 

Nicosia 690 632 856 673 705 

% change year on year 118.4 4.8 37.8 4.2 2.2 

Limassol 837 825 1,118 1,019 1,130 


Larnaca 396 422 541 512 610 


Famagusta 170 181 211 152 157 

% change year on year 80.9 14.6 8.8 16.9 -7.6 

Paphos 423 442 618 653 652 


All Cyprus 2,516 2,502 3,344 3,009 3,254 


Source: Department of Lands and Surveys. © Sapienta Economics Ltd.


48 


CYPRIOT AND NON-CYPRIOT PROPERTY SALES 

Number of contracts 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 

Cypriot contracts 1,663 1,602 1,992 1,732 1,903 

EU contracts 421 459 696 628 625 

Non-EU contracts 432 441 656 649 726 

Total contracts 2,516 2,502 3,344 3,009 3,254 

% change over same period of previous year 

Cypriot contracts 117.7 10.9 20.1 23.8 14.4 

EU contracts 182.6 35.8 89.6 141.5 48.5 

Non-EU contracts 17.4 13.1 31.5 99.1 68.1 

Total contracts 96.4 15.2 32.5 51.6 29.3 

Source: Department of Lands and Surveys. © Sapienta Economics Ltd. 

PROPERTY PRICE INDICATORS SHOW INCREASE IN PRICES 

G 

iven the strength of sales, it is not surprising that the various indices for 

residential property prices point to rising property prices, even though the 

degree of increase differs depending on the index. The Central Bank of Cyprus index, 

which is based on a large sample of valuations, reports a year-on-year increase in 

prices of 3.2% in the first quarter of 2022, compared with 2.6% in the fourth quarter 

of 2021. This is the fastest pace of growth since 2008 according to the Central Bank 

index. 

The index prepared by the Statistical Service, Cystat, which is based on a smaller 

sample of actual sales, reports an increase in prices of 1.1% in the first quarter of 2022, 

compared with a fairly sharp decline of 5.1% in the previous quarter. According to the 

Central Bank index, apartment prices are clearly rising faster than those of houses, 

rising by 6.8% compared with an increase of 1.5% for houses in the first quarter. This 

probably also underlines the importance of the local residential market in property 

purchases, especially after the withdrawal of the Cyprus Investment Programme in 

2020. 

However, the Central Bank index shows a fairly large discrepancy by district. While 

apartment prices in Paphos rose by 4.0%, thanks to the abovementioned strength 

of sales, apartment prices in Nicosia actually declined by 0.2%. Nicosia was the only 

district that saw a decline in apartment prices according to this index.


49 


All residential property 

PROPERTY PRICE INDICATORS 

% change over the same period of the previous year 

2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 

Cystat 

(hedonic, based on actual sales) -5.8 -4.8 2.5 -5.2 1.1 

Central Bank of Cyprus 

(hedonic, based on valuations) 0.9 0.3 1.2 2.6 3.2 

Houses 


(hedonic, based on valuations) 0.2 -1.0 -0.3 1.0 1.5 

WiRE FS residential houses 

(proprietary methodology) 1.5 1.7 0.1 -0.5 n/a 

Apartments 


(hedonic, based on valuations) 2.5 3.3 4.5 6.3 6.8 

WiRE FS residential apartments 

(proprietary methodology) 0.5 0.3 0.7 2.2 n/a 

Other 

WiRE FS holiday houses 

(proprietary methodology) -3.2 -3.8 -4.3 -3.7 n/a 

Land Registry: average unit 

value of parcel transfers (a) -20.5 -3.9 -21.6 17.9 31.2 

(a) Parcels may vary in size; Sapienta Economics calculations. 

Sources: Cystat; Central Bank of Cyprus; WireFS; Department of Lands and Surveys. © Sapienta Economics Ltd.


50 


PROPERTY-PRICE INDICES 

CYPRUS PROPERTY-PRICE INDICES 

There are three regular property-price 

indices produced in Cyprus and one which 

Sapienta calculates from parcel transfers. 

u The Cystat index is hedonic (adjusted for changes in quality) and is based 

on actual sales. The Cystat index does not give a breakdown by region or 

by property type. 

u The Central Bank of Cyprus index is also hedonic but is based on bank 

valuations, as opposed to current sales, although recent sales are also 

considered in valuations. The Central Bank of Cyprus index gives a 

breakdown by region and by property type (apartments and houses). 

u The WiRE FS index, which is a fairly new index largely based on actual 

sales prices but also adjusted to consider “thin trading and an inherent 

lag in price recording” in Cyprus. It gives a breakdown by region and 

property type, including commercial property (retail, warehouses and 

offices). It also distinguishes between residential and holiday houses/ 

apartments. 

u Sapienta Economics also uses data from the Department of Lands and 

Surveys (Land Registry) to calculate the average price per unit of parcel 

transfers. This is not a market price, as it will include, for example, debtfor-property 

swaps by banks, and parcels may also vary in size. However, 

it can be an indicator of forced acquisitions. 

The three public indices give different results because of their different 

focus. Out of the three the Central Bank probably lags the most, as 

property valuations tend to be made on the basis of sales in the previous 

period. However, it has the advantage of being based on a larger data set 

than the Cystat index, especially in periods when sales are stagnant.


53 


PROPERTY 

SHOWCASE 

Leading 

Developments 

in Cyprus 

LARNACA 

Blue Sky Villas 

Perivolia, 

Larnaca 

Type: Luxury Villas 

Price: Upon Request 

Developer: Quality Group 

Contact: (+357) 24 821 855 

info@qualitydevelopments.com 

qualitygroupcyprus.com 

Watch: Property Video 

Download: Brochure


54 


PROPERTY SHOWCASE: Leading Developments in Cyprus 

LARNACA 

Habitat Residences 

Mall Area, 

Larnaca 

Type: 1,2,3 bedroom apartments 

Price: Upon Request 

Developer: Quality Group 

Contact: (+357) 24 821 855 

info@qualitydevelopments.com 

qualitygroupcyprus.com 


Download: Brochure 

LIMASSOL 

Trilogy Limassol Seafront 

Limassol 

Type: 1 to 5-bedroom 

apartments and penthouses 

Price: €510,000 - €10,500,000 

Developer: Cybarco 

Development Ltd 

Contact: (+357) 25 362 800 

info@trilogylimassol.com 

Trilogylimassol.com 


Download: Brochure 

PAPHOS 

Akamas Bay Villas 

Latchi, 

Paphos 

Type: 3 and 4-bedroom 

beachfront villas 

Price: €1,390,000 - €3,000,000 

Developer: Cybarco 

Development Ltd 

Contact: (+357) 25 820 511 

info@cybarco.com 

Akamasbay.com 


Download: Brochure


55 


PROPERTY SHOWCASE: Leading Developments in Cyprus 

PAPHOS 

Cap St Georges Hotel & Resort 

Akamas, 

Paphos 

Type: Villas, 3, 4, 5 and 

6-bedroom villas 

Price: From €1,800,000 + 

Developer: Korantina Homes 

info@korantinahomes.com 

www.korantinahomes.com 

PAPHOS 

SOHO Resort 

Tourist Area, 

Paphos 

Type: Apartments on 

15-floor tower and Villas 

Price: €1,200,000 – 6,000,000 

Developer: Korantina Homes 



PAPHOS 

Topos Residence – Alto Design 

Minthis, 

Paphos 

Type: 2-bedroom suites and 

duplexes, 3-bedroom villas, 

3, 4 and 5+ bedroom residences 

Price: From €783,000 

Developer: Pafilia 

Property Developers 

Contact: (+357) 26 848 800 

info@pafilia.com 

www.minthisresort.com 


Watch: Resort Video


56 


INSIGHT 

CEO, Invest Cyprus 

George Campanellas 

Cyprus and the US have excellent bilateral relations 

and the two countries have been fostering 

opportunities for more trade and cooperation. 

What kind of US investment has Cyprus seen 

in recent years, and what type of FDI would 

you like to see from the US in the future?


57 


Invest Cyprus is committed to strengthening the economic and business ties between 

Cyprus and the United States, a country recognised as a traditional strategic ally. 

Especially in recent years, the bilateral partnership has grown exponentially in sectors 

of common interest, such as energy, technology, and trade. Other US investments are 

observed in the financial services, tourism, education, logistics, and consumer goods 

sectors. There may be additional opportunities for investment in Cyprus’ growing 

energy sector, including regional energy services, domestic renewable energy, and 

energy storage technologies. 

Cyprus, an EU member state, is strategically positioned at the crossroads of three 

continents. It is an ideal destination for US companies as it offers a modern and 

transparent legal and regulatory framework combined with low set-up costs and a 

highly skilled workforce. Equally important is the fact that Cyprus is a safe place to live, 

also providing a high standard of living. 

In the last couple of years, a significant number of international companies have 

set up regional headquarters in Cyprus, taking advantage of the business-friendly 

environment and targeted governmental incentives. Amongst them are many USbased 

tech multinationals, like IBM, Microsoft, NCR, Oracle, Kyndryl, and TSYS, to 

name a few. We are confident that Cyprus can become a primary option for American 

organisations in search of a jurisdiction through which they can develop their regional 

and international activities. What is more, at Invest Cyprus, we maintain a continually 

updated portfolio of greenfield projects in various sectors, and our team regularly 

presents those investment opportunities to US investors. 

The ability of the Cypriot economy to show unique resilience and maintain a positive 

momentum despite major disruptive exogenous shocks has been proven several times 

in the past. The IMF has upgraded its forecast on the growth rate of the Cypriot economy 

in 2022 to 3.5% of the GDP from 2.1% expected in April 2022. While it downgraded its 

estimation for the 2023 growth rate from 3.5% to 2.5%, we remain optimistic that, once 

again, we can surprise them positively. 

What is more, Cyprus has achieved a 

50-place improvement and climbed to 

18th place in the latest global ranking 

of the 7th Greenfield FDI Performance 

Index, by FDI Intelligence, for 2021. The 

increase in software and IT investments 

is also impressive, reaching 600% in 

the first half of 2022 compared to 2019, 

confirming that the country has become 

an emerging technology hub. In recent 

years, we have witnessed a steady increase 

in the number of mainly technology and 

Ithe bilateral partnership has 

grown exponentially in sectors 

of common interest, such as 

energy, technology, and trade. 

Other US investments are 

observed in the financial services, 

tourism, education, logistics, 

and consumer goods sectors. 

financial companies selecting Cyprus as 

a preferred location to establish their next European office. There is also an excellent 

investment momentum in greenfield projects in several sectors, mainly commercial 

and residential real estate projects. As evident from our discussions with those investors, 

they acknowledge the huge steps taken in the last few years that have enhanced the 

ability of Cyprus to attract foreign investment. They also recognise the opportunities 

that arise from the country’s Recovery and Resilience Plan and the implementation of 

the recently adopted long-term growth strategy ‘Cyprus Vision 2035’. n


58 


INCENTIVES 

New Government 

Action Plan 

Cyprus has launched a new action plan to attract foreign businesses 

to establish or expand their activities on the island. Cyprus already 

provides many competitive advantages, but this new set of incentives 

is geared to ramp up interest for companies to set up headquarters 

in the country. The plan has taken into account the best practices 

from other European countries, with emphasis on domains related 

to technology, shipping, innovation, research and development, 

biogenetics and biotechnology, without excluding any other 

companies that choose Cyprus as their place of business. The new 

strategy which aims to promote foreign investment and stimulate 

economic activity was implemented on January 1, 2022. 

The Presidential Palace 

THE BUSINESS FACILITATION UNIT 

The previous Fast Track Business Activation mechanism for companies of foreign 

interest has been transformed into a Business Facilitation Unit for foreign 

companies operating in Cyprus or for foreign companies that wish to expand their 

operations in the country. The new Unit is responsible for the various services required 

for the establishment of corporate entities: 

• new company name approval and registration 

• registration with Social Insurance and VAT authorities, and with Income Tax 

authorities 

• guidance in relation to the establishment, licensing and operations of companies 

• issuance and renewal of residence and employment permits for staff employed by 

foreign companies


59 


RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED 

THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF 

The government has revised the policy for the employment of highly skilled 

personnel from third countries employed by companies of foreign interests, as well 

as for those employed by Cypriot companies which give added value to the economy 

and the local workforce. 

ELIGIBLE COMPANIES: 

• companies operating in Cyprus and are of foreign interest/shareholding and 

maintain fully fledged offices 

• Cyprus shipping companies 

• Cyprus companies involved in innovation and technology 

• Cyprus pharmaceutical companies or companies that operate in the fields of 

biogenetics or biotechnology 

ELIGIBLE COMPANIES CAN EMPLOY HIGHLY SKILLED THIRD COUNTRY 

NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET: 

• a minimum monthly gross salary of €2,500 

• candidate must hold a university degree or equivalent, or have a minimum 2 years’ 

relevant experience 

• minimum two-year contract 

• work permits will be issued within a one-month period and will be valid for three 

years 

• a work permit can also be granted to the spouse of the eligible individual that 

obtains a visa with this scheme 

There is a maximum number of third country nationals that may be employed under 

this policy. Only 70% of the total number of all employees may be employed under it 

in a period of five years from the date of 

joining the Business Facilitation Unit. 

Wargaming Headquarters, Nicosia 

In case five years have passed and it is 

not possible to employ 30% of Cypriot 

workers, it will be re-examined on a caseby-case 

basis. 

Eligible companies will also be allowed 

to employ third-country nationals as 

support staff with a gross monthly salary 

less than €2,500. The employment of 

third-country nationals as support staff 

is allowed, provided that it does not 

exceed 30% of the total support staff and 

provided that the third country nationals 

and the employers have entered into an 

employment contract approved by the 

relevant authority in accordance with 

the applicable law. The amount of their 

salary is to be determined by the current 

legislation.


60 


CASE STUDY 

THREE-STEP 

COMPANY 

REGISTRATION 

Company registration in Cyprus is simple and 

efficient. This is an example of the required 

steps for a simple and straightforward set up in 

Cyprus for a small or medium sized company. 

THREE EASY STEPS: 

1REGISTRATION OF THE COMPANY 

Registration must be done at the Department of Registrar of Companies 

and Intellectual Property. It is advised to seek professional advice and 

once your lawyer has filed for registration, it can be expedited and 

completed in one (1) business day. The administrative cost is €395, lawyer’s 

or administrative service provider’s fees not included. 

2SUBMIT A ‘LETTER OF INTENT’ 

A ‘Letter of Intent’ must be submitted along with the supportive 

documents required through email to the Business Facilitation Unit 

(BFU) to register the company as Company with Foreign Interests. 

This takes no more than seven (7) business days. 

3BOOK AN APPOINTMENT 

Finally, you must book an appointment to register the company’s 

employees with the Civil Registry & Migration Department (CRMD). 

Only 3-5 employees per appointment, administrative cost is 

€330 per employee, lawyer’s or administrative service provider’s fees not 

included. Once you book an appointment, the licence of the employee for 

temporary residence and employment takes 40 days to be issued. 

• Simply visit the booking website. Select a convenient language 

option and choose: Town (Nicosia)→ Third-country nationals→ 

Companies registered at the Business Facilitation Unit and select a date. 

• Regarding the stipulations for ‘Employing Third-Country 

Nationals’ please visit this webpage of the CRMD’s website and have a 

look at the documents and fees.


61 


FAMILY REUNIFICATION RIGHTS 

Family reunification rights are granted to third-country nationals employed by this 

revised policy and regulated by the Business Facilitation Unit. Direct and free access 

to the labour market as paid employees is granted to spouses of the third-country 

nationals who have obtained a residence and work permit in Cyprus, through this 

revised policy and who receive a minimum gross monthly salary of €2,500. This right 

does not extend to supporting staff who receive a monthly salary of less than €2,500. 

SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E 

The action plan provides for the simplification and acceleration of the process of 

granting immigration and work permits under Category E – Long-Term Resident Status 

to persons who have been offered permanent employment and whose employment 

does not create undue local competition. 

DIGITAL NOMAD VISA 

Significantly the new Action Plan provides for the introduction and the issuing of Digital 

Nomad Visas with a maximum initial limit of 100 beneficiaries. 

WHO IS ELIGIBLE: 

Third-country nationals who are either self-employed or are employees who work 

remotely using information and communication technologies to communicate with 

their clients or employers who must be outside Cyprus. 

WHAT RIGHTS DO YOU GET: 

• right to stay in the country for up to one year, with the right to renew their visas for 

another two years 

• can be accompanied by family members, to whom a residence permit is granted 

upon request, which will expire at the same time as that of the main applicant 

• during their stay in Cyprus, the spouse or partner and the minor members of the 

main applicant’s family are not allowed to engage in any kind of economic activity 

in the country 

WHAT ARE THE CONDITIONS: 

• must show evidence of sufficient resources at a fixed income level of a minimum 

€3,500/month to cover living expenses during their stay without burdening the 

national and welfare system (the amount is increased by 20% in case they have a 

wife/husband/partner and another 10% per child) 

• must have insurance coverage and a clean criminal record 

• the aforementioned prerequisites are indicative and additional requirements are 

applicable 

In the event that the holders of Digital Nomad Visas reside in the Republic for one or more 

periods that in total exceed 183 days within the same tax year, then they are considered 

tax residents of Cyprus provided they are not tax residents in any other state.


62 


NEW TAX INCENTIVES 

The new Action Plan also includes the introduction of new tax benefits and tax 

breaks which were submitted to the House of Representatives in 2021. 

NEW INCENTIVES: 

• a 50% tax exemption to be granted to new residents/employees who receive an 

annual income from their employment of €55,000 

• extension of the tax exemption applicable to eligible employees in Cyprus who 

have an income below €100,000 from 10 years to 17 years provided they were not 

domiciled in the Republic for a period of 17 years prior to the commencement of 

their employment 

• beneficiaries of this tax benefit with an income of €55,000-€100,000 should be 

entitled to benefit from this exemption for the remaining period of the 17 years 

• extension of the 50% tax exemption for investment in certified innovative 

companies to corporate investors. The regime that was in force until the end of 

June 2021 allowed the tax exemption only to natural persons 

• a 120% capital allowance on expenses that relate to R&D 

View from 360, Cyfield 

NATURALISATION 

The government has introduced the right to submit an application for naturalisation 

after five years of residency and employment in Cyprus instead of the former sevenyear 

rule or a further reduction to four years if the potential applicants meet the 

criteria of holding a recognised certificate of very good knowledge of the Greek 

language. n

Flavours 

oF 

Cyprus 

ts@meci.gov.cy 

www.meci.gov.cy


64 


BUSINESS OPERATING ENVIRONMENT 

DOING 

BUSINESS 

INCYPRUS 

€ 

Cyprus’ business-friendly infrastructure and cando 

attitude has brought it worldwide recognition 

as an international business centre. The country 

offers a winning package for both international 

entrepreneurs and investors with its sophisticated 

business environment, highly skilled workforce 

and cost-effective, yet high quality of life.


65 


BUSINESS CULTURE 

Respect, hospitality and personal trust are the cornerstones of the Cypriot business 

environment. An island nation with a long history of dealing with foreign traders 

and businesses, Cypriot businesspeople are international in their outlook and astute 

and knowledgeable in their negotiations. Punctuality is expected, business dress is 

formal for both men and women, especially at the beginning of a business relationship, 

and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone 

conferences or written communications, which are regarded as too impersonal, and 

place great importance on building personal relationships with business partners or 

connections. Trust is the key to successful business dealings in Cyprus. 

LANGUAGE 

Greek and Turkish are the official languages of Cyprus. However, English, the 

legacy of the British who ruled Cyprus from 1878 to 1960, is widely spoken and is 

the language of business. Many Cypriots also speak French, German or Russian. 

BUSINESS HOURS 

Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to 

Friday. Although in summer some offices take a longer lunch break or finish early. 

Nicosia


66 


BUSINESS COSTS 

An EU base within the eurozone, Cyprus remains one of the few international 

business centres offering low operational costs and a high standard of living. 

Office space and residential property in Nicosia, the capital and major business 

centre, is relatively inexpensive when compared to other European capitals. 

In terms of cost of living, Cyprus remains one of the most advantageous places to 

live, with cost of living lower than in most Western European countries. At the same 

time, residents of Cyprus enjoy a high standard of living and exceptional quality of 

life, as the balmy climate and low crime rate offer both comfort and peace of mind. 

Business Costs Cyprus EU27 Average 

Labour (business sector) €18.30 €29.10 

Communications (services & equipment)* 109 100 

Electricity (households) €0.2204/kWh €0.2369/kWh 

Electricity (non-households) €0.1946/kWh €0.1445/kWh 

* EU average is set to equal 100 

Source: Eurostat (2021) 

Limassol Marina 

COMMERCIAL AND RESIDENTIAL PROPERTY 

Cyprus offers a full range of properties for both commercial and residential use 

situated in key locations across the island. While the exclusive, top-level market 

is currently the most sought after, the island has a good stock of properties available, 

from townhouses and apartments, to villas and seaside bungalows in five-star gated 

developments. Nicosia and Limassol are the main business centres. Office space 

is available in purpose-built office blocks, in converted houses or flats. A number of 

business centres also offer ready-to-move-into offices. They usually include fully 

equipped offices that are available on demand with flexible terms, meeting rooms 

and a receptionist service. Overall, rentals are around two-thirds of those charged 

for comparable commercial spaces in continental Europe, and offices, retail or other 

commercial space is widely available for purchase or for rent.


67 


300 

200 

COMPARISON OF ESTIMATED AVERAGE RENT LEVELS 

FOR FLATS, 2021 (BRUSSELS = 100) 

European 

Union 

Europe 

(others) 

100 

0 

225 

216 

199 

199 

197 

171 

134 

128 

122 

122 

119 

109 

104 

100 

99 

99 

Dublin 

Copenhagen 

Paris 

Luxembourg 

Stockholm 

Helsinki 

Berlin 

The Hague 

Madrid 

Vienna 

Lisbon 

Rome 

Vilnius 

Brussels 

Valletta 

Ljubljana 

Budapest 

Tallinn 

Athens 

Prague 

Zagreb 

Riga 

Bratislava 

Warsaw 

Bucharest 

Nicosia 

Sofia 

London 

Geneva 

Rejkjavik 

Oslo 

Podgorica 

98 

98 

98 

96 

94 

84 

81 

74 

71 

64 

46 

278 

227 

188 

178 

54 

Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2021. 

Source: Eurostat 

OFFICE SPACE 

In terms of office rental and sales prices, Limassol continues to be the most expensive 

region followed by Nicosia, Larnaca, Paphos and Famagusta respectively. 

OFFICE SALE AND RENTAL PRICES PER CITY (2022) 

Sale Prices (per m 2 ) Rental Prices (per m 2 ) 

Famagusta €1,300-€1,500 €6-€10 

Larnaca €1,800-€2,500 €8-€10 

LImassol €4,500-€6,500 €20-€40 

Nicosia €3,500-€4,500 €12-€22 

Paphos €1,400-€2,000 €7-€10 

Source: Danos International Property Consultants 

HUMAN RESOURCES 

Well-trained and versatile, the Cypriot workforce is one of the island’s most 

valuable resources, offering high standards of productivity, technical expertise 

and professional excellence at reasonable costs to businesses. 

According to the Statistical Service in Cyprus, the country records the most higher 

education graduates per capita (age 30-34) in the European Union. 

The Cypriot labour force amounted to 482,385 persons or 65.1% of the population 

(males 71.2%, females 59.5%) in the Q2 of 2022. The biggest percentage of employed 

persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture 

(2.5%).


68 


SALARY SURVEY 2022 Source: GRS Recruitment 

JOB TITLE LOW (€) MID (€) HIGH (€) 

Management CEO 60,000 100,000 150,000 

Executive Director 60,000 100,000 140,000 

CFO 65,000 80,000 120,000 

Accounting & Finance Financial Controller 55,000 60,000 75,000 

Finance Manager / Senior Accountant 40,000 55,000 65,000 

Accountant / Auditor (Qualified) 34,000 38,000 45,000 

Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000 

Account Assistant 16,000 22,000 25,000 

HR Department Head of HR / Group of HRM 55,000 80,000 120,000 

HR Manager 40,000 50,000 60,000 

HR Executive 18,000 21,000 24,000 

Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000 

Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000 

Legal Assistant / Paralegal / None Qualified Lawyer 18,000 20,000 24,000 

Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000 

Laundering (AML), Counter - Compliance / AML / CTF / Manager 42,000 46,000 52,000 

Terrorist Financing (CTF) Compliance / AML / CTF / Officer 26,000 32,000 40,000 

Dealing Room Chief Dealer 45,000 52,000 60,000 

Dealer 24,000 33,000 45,000 

Junior Dealer 18,000 20,000 22,000 

IT Development Head of IT / CTO 60,000 80,000 140,000 

IT Manager / Development Manager 50,000 60,000 80,000 

Quality Assurance (QA) / Tester 26,000 36,000 46,000 

IT Technician 20,000 24,000 36,000 

Developer* 28,000 42,000 60,000 

Marketing Department Head of Marketing 42,000 50,000 72,000 

Marketing Officer 24,000 30,000 36,000 

Digital Marketing Specialist (Social, PPC / SEO) 26,000 34,000 42,000 

Marketing Executive 18,000 22,000 24,000 

Graphic Designer 24,000 30,000 36,000 

Content Writer 24,000 32,000 40,000 

Sales Department Head of Sales 42,000 60,000 75,000 

FX Sales* 20,000 24,000 30,000 

Sales Executive (Industries other than FX / Fintech) 18,000 22,000 26,000 

Administration Office Manager / PA / EA 18,000 28,000 39,000 

Administator / Receptionist 17,000 20,000 24,000 

Corporate Administrator 20,000 28,000 36,000


69 


Taxation 

Cyprus offers one of the most attractive tax regimes 

in Europe. A member of the European Union since 

2004, Cyprus’ regulatory regime is in full compliance 

with the requirements of the EU and OECD. Cyprus has 

one of the lowest EU corporate tax rates at 12.5%. The 

island’s advantageous tax rate coupled with an extensive 

list of double tax treaties places it high on the list of 

preferred jurisdictions for international tax planners. 

CORPORATION TAX 

The Corporation Tax Rate in Cyprus is 12.5%. 

BASIS OF TAXATION 

All companies that are tax residents of Cyprus are taxed on their income accrued or 

derived from all sources in Cyprus and abroad. A non-Cyprus tax resident company 

is taxed on income accrued or derived from a business activity which is carried out 

through a permanent establishment in Cyprus and on certain income arising from 

sources in Cyprus. A company is considered tax resident of Cyprus if it is managed and 

controlled from Cyprus. 

Trilogy, Limassol


70 


SPECIAL TYPES OF COMPANIES 

SHIPPING COMPANIES 

The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption 

from all direct taxes and taxation under tonnage tax regime. The merchant shipping 

legislation applies to qualifying shipowners, charterers and ship managers, which 

are involved with the operation of qualifying community ships (ships under a CY flag 

or a flag of an EU member state or of a country in the European Economic Area) and 

foreign (non-community) ships (under conditions) and provided that they engage in 

qualifying activities. The legislation allows non community vessels to enter the tonnage 

tax regime provided the fleet is composed by at least 60% community vessels. If this 

requirement is not met, then non community vessels can still qualify if certain criteria 

are met. Exemption is also given in relation to the salaries of officers and crew aboard 

a Cyprus ship. 

INSURANCE COMPANIES 

Profits of insurance companies are liable to corporation tax similar to all other 

companies except in the case where the corporation tax payable on taxable profit of life 

insurance business is less than 1.5% of the gross premium. In this case the difference is 

paid as additional corporation tax. 

ADMINISTRATION AND COMPLIANCE 

The tax year is the calendar year. The accounts of a company may be closed on a date 

different from 31 st of December, in which case taxable profits are apportioned on a time 

basis relevant to the tax years. 

CONSOLIDATED RETURNS 

Taxation on a consolidated basis is not permitted and each company is required to 

submit a separate standalone tax return. A set-off of group losses is possible provided 

there is a 75% parent subsidiary relationship, including subsidiaries under 75% control 

of a common parent company. Group loss relief is available only between resident 

companies (and EU-based companies/companies with which Cyprus has concluded a 

double tax treaty, provided that they have exhausted all options to utilise the losses in 

their country of residence). 

FILING REQUIREMENTS 

Corporate tax returns must be filed electronically by the 31 st of March of the year following 

the year under consideration (i.e. 15 months from the year-end). Companies are required 

to pay provisional tax in two equal instalments by 31 st of July and 31 st of December of the 

year under consideration. Any underpayment is due to be settled via self-assessment by 

1 st of August of the following year. If the income declared for the payment of the provisional 

tax is lower than 75% of the actual income as finally determined, an additional tax equal 

to 10% of the difference between the final and provisional tax is payable.


71 


PERSONAL INCOME TAX 

BASIS OF TAXATION 

All Cyprus tax residents are taxed in Cyprus on all income accrued or derived from 

all sources in Cyprus and abroad such as employment income, rental income etc. (i.e. 

worldwide income). 

Individuals who are not tax residents of Cyprus are taxed on income accrued or 

derived from sources in Cyprus. 

An individual is tax resident in Cyprus if one of the following conditions are met: 

• he/she spends physically in Cyprus over 183 days during the relevant tax year, or 

• he/she does not remain in any other state for one or more periods which altogether 

exceed 183 days in the same tax year and he/she is not tax resident in any other 

state for the same tax year and all the following conditions are cumulatively met: 

• he/she should remain in Cyprus for at least 60 days during the tax year 

• he/she should pursue any business in Cyprus and/or to work in Cyprus and/or to be 

a director in a company tax resident in Cyprus at any time during the tax year 

• he/she should maintain a permanent residence in Cyprus, which can be either 

owned or rented by him/her 

The personal income tax rates that apply to individuals are as follows: 

Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€) 

0-19,500 0 0 0 

19,501- 28,000 20 1,700 1,700 

28,001-36,300 25 2,075 3,775 

36,301-60,000 30 7,110 10,885 

60,001 and over 35


72 


TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS: 

The individuals who were non-Cypriot tax residents prior to the commencement of 

their employment, but become Cypriot tax residents afterwards, are eligible for a 50% 

exemption from income tax if all the following conditions are met: 

• their remuneration from the employment exercised in Cyprus is over €55,000 per 

annum; and 

• they were not tax residents of Cyprus for 10 consecutive years prior to the 

commencement of their employment; and 

• the exemption is available from 1 January 2022, it is granted from the first year of 

employment and it can be enjoyed for a period of 17 years 

• individuals with annual remuneration below €55,000 who were non-Cypriot 

tax residents in the 3 years preceding their employment, are eligible for a 20% 

exemption from income tax (maximum exempt amount is €8,550 per year) 

The exemption is available from the 1 st of January following the year of commencement 

of the employment and can be enjoyed for a period of 7 years. 

It is important to note that the above provisions were recently introduced (published 

in the Official Gazette of the Republic on 26/07/2022 ) as amendments to the previous 

rules that were applicable until the publication date. The amended provisions also 

include certain transitional provisions that may enable the individuals that claimed 

the exemptions based on the previous rules to enjoy the exemptions based on the 

provisions included in the new rules. Furthermore, the individuals that do not fall within 

the transitional provisions, are eligible to continue claiming the exemption based on the 

previous rules for the remaining years, without being affected by the new rules.


73 


SUBMISSION OF TAX RETURNS 

The tax year is the calendar year. Tax on employment income is withheld by the 

employer under the PAYE system and remitted to the tax authorities. 

Self-employed individuals pay tax through the provisional and self-assessment 

systems. Tax returns must be filed electronically by 31 st of July following the tax year for 

employees, 30 th of September for self-employed persons who are not required to file 

audited/reviewed financial statements and 31 st of March of the year following the year 

under consideration (i.e. 15 months from the year-end) for self-employed persons whose 

returns are accompanied by audited/reviewed financial statements. Sole proprietors with 

an annual turnover of more than €70,000 are obliged to prepare financial statements 

that are either audited or are subject to a review by a statutory auditor (in case their 

net turnover does not exceed the amount of €200,000 and the total value of the assets 

without deducting liabilities does not exceed the amount of €500,000). 

Limassol Seafront 

VALUE ADDED TAX (VAT) 

Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services 

in Cyprus, on the acquisition of goods from other Member States and on the importation 

of goods from third countries. The standard rate of 19% applies to the supplies of all 

goods and services in Cyprus which are not subject to the zero rate, the reduced rates 

(5% and 9%) or are not exempt. Cyprus constitutes an attractive EU VAT jurisdiction 

applying several options permissible by the EU Directive among others a flexible VAT 

Grouping. As long as the pre-requisite links are satisfied, and governmental revenues 

are not put into jeopardy, related entities can form a VAT group disregarding intragroup 

transactions and having a representative member submitting a single VAT 

return. Even such entities not incorporated in Cyprus can form a VAT Group in case 

they are tax resident or possessing an establishment in Cyprus. 

SPECIAL CONTRIBUTION FOR DEFENCE 

Special contribution for defence (SDC) is imposed on the dividend, interest and rental 

income earned by Cypriot tax resident and domiciled individuals. Non-domiciled 

Cypriot tax residents are exempt from SDC.


74 


KEY FEATURES OF THE CYPRUS TAX SYSTEM 

Simple, transparent and EU harmonised tax system following recommended 

OECD practices. 

Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive, Merger 

Directive and Interest and Royalties Directive). 

Extensive Tax Treaty network with 67 countries. 

A corporate income tax rate of 12.5%, one of the lowest within the EU with 

possibility to enjoy a much lower effective tax rate. 

Availability of a Notional Interest Deduction for companies receiving new equity 

funding. The tax deduction can reach up to 80% of the taxable income generated 

by the new equity. 

IP Box regime based on the nexus approach which allows 80% deemed deduction 

on qualifying profits from the business use of qualifying IP. 

Increased deduction of 20% on the actual expenditure incurred for scientific 

research as well as research and development, subject to conditions. 

Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers. 

Attractive tax jurisdiction for funds and attractive tax regime for fund managers. 

Capital gains are exempt from tax (except for capital gains arising from the 

disposal of immovable property located in Cyprus). 

Profits of a foreign Permanent Establishment exempt from tax. 

Gains from trading in securities (shares, bonds and certain other financial 

instruments) are exempt from tax. 

Unilateral credit relief for foreign taxes. 

No withholding tax on dividend, interest or royalty payments (for use of royalties 

outside of Cyprus) made abroad. 

No taxes on entry and on qualifying reorganisations. 

Carry forward of tax losses for five years. 

Tax incentives for expatriate employees taking up employment in Cyprus 

(20%/50% exemption). 

Dividend income and interest income are exempt from SDC for non-domiciled 

individuals taking up tax residency in Cyprus. 

Possibility to obtain Cyprus tax residency by spending only 60-days in Cyprus 

(subject to conditions). 

No inheritance tax. 

No immovable property tax.


75 


WHO’S 

WHO 

CYPRUS BUSINESS DIRECTORY 

The definitive guide 

to Cyprus’ leading 

companies, executives 

and professional advisers.


76 


ACCOUNTING & AUDITING 

A. Zemenides & Co Ltd......................................................................................................................................79 

Baker Tilly South East Europe.......................................................................................................................79 

Deloitte Cyprus.....................................................................................................................................................79 

Demetriou & Associates Business Advisers Ltd (DBA).....................................................................79 

Joannides + Co Ltd..............................................................................................................................................80 

KPMG........................................................................................................................................................................80 

PwC Cyprus............................................................................................................................................................80 

ServPro Accountants & Consultants........................................................................................................80 

ASSOCIATIONS 

Association of Cyprus Banks.........................................................................................................................81 

Cyprus Cannabis Association (CYCA)........................................................................................................81 

Cyprus Chamber of Commerce and Industry......................................................................................81 

Cyprus Fiduciary Association.......................................................................................................................81 

Cyprus Healthcare Tourism (CHT)............................................................................................................. 82 

Cyprus Hotel Association............................................................................................................................... 82 

Cyprus International Business Association (CIBA).......................................................................... 82 

Cyprus Investment Funds Association (CIFA)..................................................................................... 82 

Cyprus Shipping Chamber............................................................................................................................ 83 

Cyprus Union of Shipowners (CUS).......................................................................................................... 83 

Insurance Association of Cyprus............................................................................................................... 83 

Society of Trust and Estate Practitioners (STEP) ............................................................................... 83 

The Cyprus Employers & Industrialists Federation (OEB)............................................................84 

The Cyprus Tech Association.......................................................................................................................84 

The Institute of Certified Public Accountants of Cyprus (ICPAC)..............................................84 

BANKING 

Bank of Cyprus PLC............................................................................................................................................84 

cdbbank (The Cyprus Development Bank Public Company Ltd)................................................ 85 

Societe Generale Bank – Cyprus................................................................................................................ 85 

CONSULTING 

e-CNHC – E-C Natural Hydrocarbons Company Ltd....................................................................... 85 

PIVOT Consultants (Cyprus) Limited........................................................................................................ 85


77 


CORPORATE SERVICES 

Alter Domus (Cyprus) Ltd...............................................................................................................................86 

Andersen.................................................................................................................................................................86 

Aspen Trust Group.............................................................................................................................................86 

ATG Corporate Services...................................................................................................................................86 

Executive Business Constultants Ltd....................................................................................................... 87 

GFSC Global........................................................................................................................................................... 87 

KENDRIS (Cyprus) Limited............................................................................................................................ 87 

Pagecorp Group................................................................................................................................................... 87 

Sovereign Group – Cyprus.............................................................................................................................88 

Trident Trust Company (Cyprus) Limited..............................................................................................88 

Vistra (Cyprus) Ltd..............................................................................................................................................88 

ECONOMIC ANALYSIS 

Sapienta Economics Ltd..................................................................................................................................88 

ENERGY 

Cyprus Hydrocarbons Company (CHC)...................................................................................................89 

EXECUTIVE EDUCATION 

European Institute of Management and Finance (EIMF)..............................................................89 

FINANCIAL ADVISORY 

MAP S.Platis Group............................................................................................................................................89 

FUND ADMINISTRATION 

ATG Fund Services.............................................................................................................................................89 

FUND MANAGEMENT 

Inveqo Fund Management Ltd.....................................................................................................................90 

Leon MFO Investments Ltd............................................................................................................................90 

Wealth Fund Services Ltd...............................................................................................................................90 

INVESTMENT PROMOTION 

Invest Cyprus........................................................................................................................................................90


78 


LAW FIRMS 

A.G. Paphitis & Co LLC........................................................................................................................................91 

Agni Livera LLC.....................................................................................................................................................91 

Andreas Th.Sofokleous LLC............................................................................................................................91 

Antonis Paschalides & Co LLC.......................................................................................................................91 

Areti Charidemou & Associates LLC......................................................................................................... 92 

E. Tzioni & Associates LLC.............................................................................................................................. 92 

Elias Neocleous & Co LLC................................................................................................................................ 92 

George Z. Georgiou & Associates LLC...................................................................................................... 92 

N. Xenofontos LLC Law Firm......................................................................................................................... 93 

Patrikios Pavlou & Associates LLC............................................................................................................. 93 

Pourgoura & Aspri LLC..................................................................................................................................... 93 

Stelios Americanos & Co LLC........................................................................................................................ 93 

NON PROFIT 

Cyprus Seeds......................................................................................................................................................... 94 

REAL ESTATE 

Cybarco Development Ltd.............................................................................................................................. 94 

Korantina Homes............................................................................................................................................... 94 

Pafilia Property Developers Ltd................................................................................................................... 94 

Trilogy Limassol Seafront ............................................................................................................................. 95 

RECRUITMENT 

CareerFinders Recruitment Services Limited.................................................................................... 95 

GRS Recruitment ............................................................................................................................................... 95 

RESEARCH INSTITUTION 

The Cyprus Institute ......................................................................................................................................... 95 

WEB DEVELOPMENT 

Ideaseven Digital................................................................................................................................................ 96


79 



AFXENTIS ZEMENIDES 

MANAGING DIRECTOR 

A. ZEMENIDES & CO LTD 

A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants, 

tax consultants and business advisors based in Limassol, Cyprus. 

We aim to provide excellent service in a professional manner and 

of the highest standards to our clients, both local and international. 

We aim to act as one-stop-shop for our clients providing them a 

full range of services. The boutique nature of our firm ensures that 

the clients enjoy personalized attention. Through our participation 

in the international network of associates IR GLOBAL we provide 

solutions to corporate and individual clients worldwide. Our 

objective is to assist our clients to achieve their goals. 

Omirou Street 61, Joanna Court, 

3rd Floor, 3091 Limassol - Cyprus 

Contact: Afxentis Zemenides 

- Managing Director 

(+357) 25 745 800 

azemenides@zemenides.com.cy 

www.zemenides.com.cy 


MARIOS A. KLITOU 

CHIEF EXECUTIVE OFFICER 

BAKER TILLY SOUTH EAST EUROPE 

Baker Tilly South East Europe is a full-service accounting 

and advisory firm, that offers industry specialised services 

in assurance, tax and advisory. Every day, more than 500 

professionals located in 16 offices throughout South East Europe 

(Cyprus, Greece, Romania, Bulgaria and Moldova) share their 

expertise to accelerate your business growth, by operating under a 

unified structure, directed by a single, central management team 

of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s 

challenges. We believe in the power of great relationships, by 

leading and listening to great conversations. Baker Tilly South East 

Europe is an independent member of Baker Tilly International, one 

of the world’s leading networks, uniting independent companies 

to provide top-quality professional services in both international 

and regional markets. 

Corner C Hatzopoulou & 30 

Griva Digheni Avenue, 

1066 Nicosia, Cyprus P.O.Box 

27783, 2433 Nicosia - Cyprus 

Contact: Marios A. Klitou - 

Chief Executive Officer 

(+357) 22 458 500 

info@bakertilly.com.cy 

www.bakertilly.com.cy 


PIERIS MARKOU 

CEO, DELOITTE CYPRUS 

DELOITTE CYPRUS 

Deloitte Limited is among the leading professional services firms 

in Cyprus, providing audit & assurance, consulting, financial 

advisory, risk advisory, tax and related services, as well as a 

complete range of services to international business, through 

over 750 people in Nicosia and Limassol. Deloitte Limited, is the 

sub-licensed affiliate for Cyprus of Deloitte NSE LLP. As part 

of the Deloitte global network, with more than 345,000 people 

in over 150 countries and territories, Deloitte Limited has the 

advantage of global sharing of knowledge with local adaptation 

and personal approach, built on the solid foundations of over 60 

years of successful operations on the island. 

24 Spyrou Kyprianou Avenue, 

CY 1075, Nicosia - Cyprus 

Contact: Michelle Karaolides - 

Head of Marketing & Communications 

(+357) 22 360 300 

infonicosia@deloitte.com 

www.deloitte.com/cy 


ELIAS DEMETRIOU 

DIRECTOR 

DEMETRIOU & ASSOCIATES BUSINESS ADVISERS LTD (DBA) 

dba was established in 2017 by a team with more than 30 years 

experience in the professional financial services industry. 

The company provides an extensive range of services on most 

financial matters including auditing, accounting, taxation, 

financial and business consulting. We also specialise in the 

formation and management of companies, liquidation and 

dissolution of companies, the creation and administration 

of trusts and estates, IT consulting, and much more. dba 

comprises of 3 directors and more than 20 members of staff. 

Our commitment is to provide exceptional quality services to 

our clients, tailored to all their needs. dba is passionate about 

ideas, innovation, and always adopts a forward-looking proactive 

approach. The firm is a member of DFK International, the 

number 6 Association in the world. 

1 Salaminos Avenue, 1045 Nicosia - Cyprus 

Contact: Elias Demetriou – Director 

(+357) 22 799 900 

e.demetriou@dbacy.com 

www.dbacy.com


80 



DAVINIA JOANNIDOU 

DIRECTOR 

JOANNIDES + CO LTD 

Joannides + Co. Ltd is a leading firm of accountants and 

management consultants established in Cyprus for over 40 

years providing audit and assurance, taxation, business support 

services and management consulting to international companies 

and private clients. The firm has offices in Nicosia, Limassol 

and Larnaca offering its services with the utmost integrity, 

independence and objectivity with the aim to add significant 

value to its clients’ business performance. Joannides + Co. Ltd 

is a member of AGN International Ltd, a worldwide association 

of independent accounting and consulting firms operating in 

85 countries, is an approved training centre of the professional 

accounting institutes ICAEW and ACCA and in 2010 was awarded 

the quality award certification from the Institute of Certified 

Public Accountants of Cyprus. 

13, Agiou Prokopiou Str. 2406 

Egkomi, Nicosia - Cyprus 

P.O.Box 25411, Nicosia 1309 - Cyprus 

Contact: Davinia Joannidou - Director 

(+357) 22 556 556 

cy@joannides.com.cy 

www.joannides.com.cy 


CHRISTOS V. VASILIOU 


KPMG 

KPMG is a global organisation of independent professional services 

firms providing Audit, Tax and Advisory services. KPMG operates 

in 144 countries and territories and has approximately 236.000 

people working in member firms around the world. KPMG has 

been operating in Cyprus since 1948 and currently employs more 

than 850 professionals working from 6 offices across the island 

(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous). 

By utilising the whole spectrum of KPMG International services 

and the deep knowledge in all major industries, KPMG provides its 

clients with solutions which address their unique characteristics. 

Clients look to KPMG for a consistent standard of service based 

on high-order professional capabilities, industry insight, local 

knowledge and expertise. 

14 Esperidon Street, 1087, Nicosia - Cyprus 

Contact: Maria A. Papacosta - 

Board Member, Head of Clients and Markets 

(+357) 22 209 000 

maria.papacosta@kpmg.com.cy 

www.kpmg.com.cy 


PHILIPPOS SOSEILOS 

CEO, PwC CYPRUS 

PWC CYPRUS 

In a world that is constantly evolving, our aim at PwC Cyprus is to 

find the right solutions to complex problems. We focus on quality 

and build strong relationships based on trust, creating value for 

our clients, stakeholders and society. Based on PwC’s new global 

strategy, “The New Equation”, we look at problems from different 

angles and present innovative solutions that make a difference 

and lead to sustained outcomes. More than 1,000 people in Cyprus 

join forces with 327,000 professionals of our global network in 

155 countries and create an experienced team that combines 

intelligent approaches, experience and technological innovation. 

www.pwc.com.cy 

PwC Central, 43 Demostheni Severi Avenue, 

CY-1080 Nicosia - Cyprus 

Contact: Konstantina Logotheti - 

Director, Marketing & Communications 

(+357) 22 555 000 

konstantina.logotheti@pwc.com 

www.pwc.com.cy 


PETROS THEODOTOU 

FCCA 

FOUNDER & CEO 

SERVPRO ACCOUNTANTS & CONSULTANTS 

ServPRO is a team of accountants, auditors, lawyers and 

consultants. A practicing member of ICPAC and ACCA, a National 

Member of Auditaxes International, an ACCA Approved Employer, 

an ISO 9001:2015 and an ISO 27001:2013 Certified Company. 

Our areas of expertise are Accounting & Finance, Advisory & 

Consulting, Audit & Assurance, Corporate & Legal, Economic 

Substance and Taxation. We have a stellar track record in 

delivering practical solutions to corporate and individual clients 

with a spherical, solution-driven and detail-oriented approach, 

while demonstrating an aptitude of professionalism, integrity and 

commercial acumen. During the remarkable year of 2021, we have 

celebrated 10 years of delivering an impeccable quality of services 

and practical solutions across a diversified range of industries to a 

growing multinational clientele. 

Accountants & Consultants 

1 Kinyra Street, Kinyras Tower, 

3rd Floor, 1102 Nicosia - Cyprus 

Contact: Petros Theodotou FCCA - 

Founder & CEO 

(+357) 22 021 100 

info@servpro.com.cy 

www.servpro.com.cy


81 


ASSOCIATION 

DR. MICHAEL KAMMAS 

DIRECTOR GENERAL 

ASSOCIATION OF CYPRUS BANKS 

Through its representation of ten member banks that hold more 

than 95% market share, the Association of Cyprus Banks (ACB) 

is the voice of the local banking system. Its primary target is to 

promote best practices for the interest of the banking sector 

and the local economy. The ACB is a non-profit organization 

through which common positions are formulated and promoted 

on banking and financial issues when local legislative and 

governmental policies are determined. Through its more than 

53 years of operations, the ACB has gained the reputation of a 

prudent, reliable and consistent partner for various policy makers, 

organizations, media, institutions and the local society. 

15 Demetriou Karatasou Str, Office 401, 

P.O. Box 16113, 2086 Nicosia - Cyprus 

Contact: Dr. Michael Kammas 

- Director General 

(+357) 22 664 293 

info@acb.com.cy 

www.acb.com.cy 

ASSOCIATION 

ANDRIA ANDREOU 

PRESIDENT 

CYPRUS CANNABIS ASSOCIATION (CYCA) 

CYCA was formed in October 2019 under the auspices of Cyprus 

Chamber of Commerce & Industry. We are leading the collective of 

individuals and businesses that will build the legal Cannabis Ecosystem 

in Cyprus, and advancing the interests of a responsible, 

compliant, transparent and high-quality industry. As global 

recognition of the benefits of legal Cannabis increases with 

governments around the world steadily moving to full legalization, 

there is a burgeoning need for high-quality products with known 

components; cultivated at large scale for consistent, reliable supply 

to users. Cyprus is primely positioned as an attractive center of 

excellence for production; research; genetics, and intellectual 

property from which the legal Cannabis industry can flourish. 

38 Grivas Dhigenis Ave. & 3 Deligiogis 

1066 Nicosia - Cyprus 

Contact: Andria Andreou - President 

(+357) 99 672 366 

a.andreou@cy-ca.org 

www.cy-ca.org 

ASSOCIATION 

CHRISTODOULOS E. 

ANGASTINIOTIS 

PRESIDENT 

CYPRUS CHAMBER OF COMMERCE AND INDUSTRY 

The Cyprus Chamber of Commerce and Industry (CCCI) membership 

exceeds 10.000 enterprises representing over 95% of the local 

business community. 160 Professional Associations are affiliated 

to the CCCI including 41 Bilateral Associations. Its wide range of 

services include advisory, provision of business information, 

foreign trade exhibitions, trade missions & business fora abroad, 

business training courses & seminars, advice on European Union 

issues, labour relations matters, issue of Certificates of Origin and 

ATA-CARNETS and participation in EU programmes. CCCI is a full 

member of 12 International organizations including Eurochambers, 

the International Chamber of Commerce, SME United, 

Eurocommerce, GS1 and many other international organisations. 

Follow us on twitter @ccci_cyprus. 

38, Grivas Digenis Ave. & 

3 Deligiorgis Str. Chamber Building - Cyprus 

Contact: Marios Tsiakkis - Secretary General 

(+357) 22 660 066 

secgen@ccci.org.cy 

www.ccci.org.cy 

ASSOCIATION 

CHRIS KOUTOUROUSSIS 

PRESIDENT 

CYPRUS FIDUCIARY ASSOCIATION 

The Cyprus Fiduciary Association (CYFA), established in 2011, 

is the representative body of regulated Administrative Service 

Providers (ASP’s) in Cyprus. With a vision to assist in forming a 

solid international business sector in Cyprus operating on high 

professional standards, ethics and integrity, the Association aims 

to serve industry providers by promoting their interests, raising 

sector awareness, supporting their operations, contributing to 

new legislations and delivering valuable training to professionals. 

The Association’s commitment to its purpose has established it 

among the most reputable and recognised organisations within 

the country, before public and regulatory authorities, other 

associations, as well as the business community in Cyprus and 

overseas. 

6, Emmanuel Roide Street, Fourth floor, 

Office 402, 1095, Nicosia - Cyprus 

(+357) 22 256 263 

info@cyfa.org.cy 

www.cyfa.org.cy


82 


ASSOCIATION 

YIOTA SKITINI- 

FLOURENTZOU 

PRESIDENT 

CYPRUS HEALTHCARE TOURISM (CHT) 

The Cyprus Healthcare Tourism (CHT) is a non-profit organization 

that was founded in November 2006 after an initiative taken by 

the Cyprus Chamber of Commerce and Industry (CCCI) aiming 

to develop and promote Cyprus as a high quality Health Tourism 

destination. The CHT currently has more than 80 members who 

are actively involved in the Cyprus Health Tourism Industry. These 

vary from state-of-the-art hospitals and clinics to specialized 

travel agencies, wellness and rehabilitation centres as well as 

consulting firms. Most of the largest and best equipped hospitals 

are members of the CHT and they are all licensed by the Cyprus 

Government and comply with EU regulations. Some of them have 

moved a step ahead towards gaining international accreditations. 

38 Grivas Dighenis & 3 Deligiorgis 

Street, Nicosia - Cyprus 

Contact: Polis Peratikos - Executive Secretary 

+357) 22 889 744 

cyprushealth@ccci.org.cy 

www.cyhealthservices.com 

ASSOCIATION 

HARIS LOIZIDES 

PRESIDENT 

CYPRUS HOTEL ASSOCIATION 

The Cyprus Hotel Association is the Hoteliers National Trade 

Union. The history of its foundation goes back to the beginning of 

the 1930s. Today the vast majority of all hotel establishments and 

other licensed tourist accommodation units, all over Cyprus, are 

members of the Cyprus Hotel Association. The most important 

aims of the Association are as follows: The protection and 

promotion of the interests of the hoteliers as employers and as 

professionals, as well as of the interests of Cyprus in general; The 

promotion and upgrading of the Cyprus tourism development; The 

upgrading and development of the hotel establishments in Cyprus 

and the improvement of the professional level of the hoteliers; The 

solidarity between its members. 

Andreas Araouzos Str., No 12, 

Hesperides Building, 1076 Nicosia - Cyprus 

Contact: Philokypros Roussounides 

- Director General 

(+357) 22 452 820 

cha@cyprushotelassociation.org 

www.cyprushotelassociation.org 

ASSOCIATION 

DOXIA NIKIA 

HADJIVASSILIOU 

PRESIDENT 

CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION 

CIBA is a non-governmental, fully independent association, 

financed by membership fees only. Its activities and initiatives are 

organised and carried out by its General Secretary and Executive 

Committee of (max.) 12 persons. CIBA represents and safeguards 

the interests of the international businesses, their shareholders, 

managers and staff. The authorities recognize that CIBA 

represents the whole of the international business community 

in Cyprus and that it is instrumental in finding compromises 

between the required EU-driven legislation and international 

business requirements. CIBA annually awards the prestigious 

CIBA Excellence award to a member company that fulfils the 

specific criteria as set out by the Association. 

10 Pikionis Street, Highsight House 

3075 Limassol - Cyprus 

Contact: Andreas Pishias - General Secretary 

(+357) 25 583 400 

ciba@ciba-cy.org 

www.ciba-cy.org 

ASSOCIATION 

ANDREAS YIASEMIDES 

PRESIDENT 

CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA) 

CIFA is the Association of professionals, businesses, and 

organizations involved in the Investment Funds and Asset 

Management Sector in Cyprus. CIFA has nearly 400 members, legal 

and physical. The Mission of CIFA is to: Help its members capitalize 

on industry trends; Shape regulation; Enhance professionalism, 

integrity, and quality and Promote the Cyprus Investment Fund 

Industry. The Board is comprised of highly reputable industry 

professionals experienced in all aspects of the industry. CIFA is 

a full member of the European Funds and Asset Management 

Association and the International Investment Funds Association. 

The fund industry in Cyprus has been on a continuous increase, 

with Assets under Management exceeding €11 billion. 

Severis Building, 9 Makarios III Ave., 

4th Floor, Lefkosia 1065 - Cyprus 

Contact: Maria Panayiotou - Board Secretary 

(+357) 22 441 133 

info@cifacyprus.org 

www.cifacyprus.org


83 


ASSOCIATION 

THOMAS A. KAZAKOS 

DIRECTOR GENERAL 

CYPRUS SHIPPING CHAMBER 

The Cyprus Shipping Chamber is the trade association of the 

Shipping Industry in Cyprus. The main purpose of the Chamber 

is to promote the interests of Cyprus Shipping and to further 

the reputation of the Cyprus flag. The Chamber also acts as a 

lobbying group for the promotion and safeguard of the legitimate 

interests of its Member-companies, at national and international 

level. On the local front, the Chamber co-operates very closely 

with the Government in all shipping related matters. Moreover, 

the Chamber operates as a roving ambassador of Cyprus 

Shipping through its membership and active participation at 

the International Chamber of Shipping (ICS) and the European 

Community Shipowners’ Associations (ECSA). 

City Chambers, 6 Regas Fereos Str. 

P.O.Box 56607, 3309, Limassol - Cyprus 

Contact: Thomas A. Kazakos 

– Director General 

(+357) 25 360 717 

csc@csc-cy.org 

www.csc-cy.org 

ASSOCIATION 

MICHAEL FILIPPOU 

CEO 

CYPRUS UNION OF SHIPOWNERS (CUS) 

Cyprus Union of Shipowners, as the major representative 

Organization of the Cyprus Flag vessels, is committed to the firm 

growth of our National Registry and the establishment of Limassol 

as a world-class Maritime Centre. The cooperation between 

our Union, the Shipping Deputy Ministry and the Ministry of 

Finance resulted to an exceptional Framework that induced 

prominent Shipping Companies, P&I Clubs and other Shipping 

related Service Providers to establish management offices in 

Cyprus. Moreover, the solidification of the global reach of our 

Union and its institutional status has curved our participation in 

IMO Committees, as Government Consultants, both mandatory 

and effective. 

17, Gordonos Str., Suite 301, 


Contact: Katerina Michael - PR Manager 

(+357) 25 818 161 

cus@cus.com.cy 

www.cus.com.cy 

ASSOCIATION 

EVANGELOS 

ANASTASIADES 

CHAIRMAN 

INSURANCE ASSOCIATION OF CYPRUS 

The Insurance Association of Cyprus is the accredited and 

representative body of the Cypriot insurance industry, with 29 

member insurance companies operating in Cyprus, accounting 

for approximately 98% of total gross written premiums. As 

the leading and united voice of the Cyprus insurance market 

its mission is to promote the industry’s views and positions to 

policymakers and legislators. It is also particularly active with 

respect to work aiming at the modernization of the sector, the 

continuous improvement of the level and quality of service to the 

public, the enhancement of consumers’ trust and confidence in 

insurance products and their providers, and the strengthening of 

the institution of insurance. 

23, Zenon Sozos str., 1st floor 


Contact: Andreas Athanasiades 

– Director General 

(+357) 22 452 990 

info@iac.org.cy 

www.iac.org.cy 

ASSOCIATION 

STELLA KAMMITSI 

STEP CYPRUS CHAIRWOMAN 

SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP) 

STEP is the global professional association for practitioners who 

specialise in family inheritance and succession planning. STEP 

works to improve public understanding of the issues families 

face in this area and promotes education and high professional 

standards among its members. STEP members help families 

plan for their futures, from drafting a will to advising on issues 

concerning international families, protection of the vulnerable, 

family businesses and philanthropic giving. Today STEP has 

more than 20,000 members across 96 countries from a range of 

professions, including lawyers, accountants and other specialists. 

The Cyprus branch of STEP numbers over 185 experienced 

professionals from all over Cyprus, and is active in the spread of 

industry related knowledge, through regular conferences and 

presentations. 

P.O.Box 24789, 1303 Nicosia - Cyprus 

itsi - STEP Cyprus Chairwoman 

(+357) 22 777 787 

Contact: Stella Kammitsi 

skammitsi@raza.com.cy 

www.step.org


84 


ASSOCIATION 

ANTONIS ANTONIOU 

CHAIRMAN 

THE CYPRUS EMPLOYERS AND 

INDUSTRIALISTS FEDERATION (OEB) 

The Cyprus Employers and Industrialists Federation (OEB) was 

founded in 1960. Today, its members are active in all sectors of 

the economy and employ more than 60% of the private sector’s 

workforce. OEB is a pancyprian independent organisation 

comprising of more than 100 of the main professional / sectoral 

Associations, as well as hundreds of companies from the 

Agricultural, Manufacturing, Construction, Commercial and 

Services Sectors. In total, OEB has more than 10.000 Members 

/ Enterprises. OEB is established as a dynamic force in Cyprus’ 

socio - economic development and welfare and acts as the main 

advocate and representative of the business community. 

` 

years 

4, Cyprus Employers & Industrialists 

Federation Street, 2000 Nicosia / 

P.O.Box 21657, 1511 Nicosia - Cyprus 

Contact: Michalis Antoniou - Director General 

(+357) 22 643 000 

info@oeb.org.cy 

www.oeb.org.cy 

ASSOCIATION 

KYRIAKOS KYRIAKOU 

PRESIDENT 

THE CYPRUS TECH ASSOCIATION 

The Cyprus Tech Association, a non-for-profit entity, aspires 

to provide a dynamic platform for all tech professionals and 

international ICT companies established in Cyprus to discuss, 

promote, and address common challenges. It also provides a 

formal representation to all its members to forums, public and 

private entities, as well as offers direction on key strategic issues, 

including the economic importance of the ICT sector and policy 

advocacy. 

Makariou III Avenue, 

4th Floor, 1065 Nicosia - Cyprus 

(+357) 22 441 133 

info@techcyprus.org.cy 

www.cyprustechassociation.org.cy 

ASSOCIATION 

KYRIAKOS IORDANOU 

GENERAL MANAGER 

THE INSTITUTE OF CERTIFIED PUBLIC 

ACCOUNTANTS OF CYPRUS (ICPAC) 

The Institute of Certified Public Accountants of Cyprus (ICPAC) is the 

competent authority for regulating the accounting profession and the 

sole recognised body of Auditors by the state in Cyprus. Established in 

1961, ICPAC currently has more than 5.500 professional accountants 

as members and 3.500 students. ICPAC houses all professional 

accountants, supports and promotes the activities and interests of the 

accountancy profession, safeguards the reputation of the profession 

and adherence to the Code of Ethics, as well as provides for the 

continuous professional development and updating of members. In 

addition, ICPAC is also a competent authority under the Anti-Money 

Laundering law, the laws on the Regulation of Enterprises Providing 

Administrative Services and the Insolvency Practitioners Law, as well 

as one of the primary stakeholders of the economy of the country. 

11 Byron Avenue, CY-1096, Nicosia - Cyprus 

Contact: Kyriakos Iordanou 

– General Manager 

(+357) 22 870 030 

info@icpac.org.cy 

www.icpac.org.cy 

BANKING 

PANICOS NICOLAOU 


BANK OF CYPRUS PLC 

Established in 1899, Bank of Cyprus is currently the leading 

banking and financial services Group in Cyprus, operating 64 

branches in Cyprus and representative offices in Russia, Ukraine 

an China. The Bank is the only financial institution in the region 

that is concurrently regulated by three different corporate 

governance codes (UK Corporate Governance Code, Cyprus 

Stock Exchange Corporate Governance Code and Central Bank 

of Cyprus Internal Governance Directive) and in four different 

European jurisdictions (Cyprus, Ireland, the UK and the EU). 

Through the Wealth Services Division we offer a wide range of 

investment products and specialized services, including Private 

Banking, Affluent Banking, Institutional Wealth & Custody, 

Brokerage & Asset Management as well as Investment Banking. 

51 Stassinou, 2002 Strovolos, 

Nicosia - Cyprus 

Contact: Emilios Tannousis - 

Manager Wealth Management 

(+357) 22 128 000 

info@bankofcyprus.com 

www.bankofcyprus.com


85 


BANKING 

LOUCAS MARANGOS 

CEO 

CDBBANK (THE CYPRUS DEVELOPMENT 

BANK PUBLIC COMPANY LTD) 

Founded in 1963, cdbbank (Cyprus Development Bank) is today one 

of the country’s leading niche financial institutions dedicated to 

satisfying the needs of domestic and international clients. cdbbank 

offers a wide range of specialised financial services and products, 

designed to accommodate the sophisticated requirements of its 

clientele which consists of corporate and institutional clients and 

high net worth individuals. The Bank’s vision is to be the reference 

Bank for businesspeople. Relying on its long-term experience and 

high level of expertise, cdbbank aspires to establish long-term 

relationships of trust with its clients, always delivering excellence 

and value. 

50 Arch. Makarios III Ave., 


Contact: Liza Philippou - Head, Network 

Business and Communication 

(+357) 22 846 500 

info@cdb.com.cy 

www.cdb.com.cy 

BANKING 

KHALIL LETAYF 

CEO 

SOCIETE GENERALE BANK – CYPRUS 

Societe General Bank – Cyprus (SGBCy) draws on more than thirty 

years of accumulated experience in global banking in Cyprus as 

well as all the advantages of being part of an international Group. 

The bank is present in the most important big cities in Cyprus: 

Nicosia, Limassol and Larnaca. SGBCy activities are organized 

around private banking, corporate banking and international 

businesses. Banking services encompass a wide range of 

diversified, standard and tailor-made services that are conceived 

to answer the broadest range of customers’ needs. The bank 

pursues long-term relationships with its high net worth and 

corporate customers in order to meet fully their expectations. 

88 Dighenis Akritas & 36 Kypranoros 

Street, 1061 Nicosia - Cyprus 

Contact: Hovik Arslanian - 

Assistant General Manager 

(+357) 80 007 777 

Hovik.Arslanian@sgbcy.com 

www.sgcyprus.com 

CONSULTING 

CHARLES ELLINAS 

CEO 

E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD 

The company provides advisory, project management and 

consultancy services in the oil & gas and energy sectors and aims 

to contribute to the successful development of these Sectors for 

the future of Cyprus. The CEO has over 35-years international 

experience in promoting and developing oil & gas business and 

projects spanning Europe, Asia and Africa. We can assist our clients 

in developing their business in Cyprus, evaluating opportunities 

and providing in depth professional advice and support. 

11 Tyrtaiou Street, 1087 Nicosia - Cyprus 

Contact: Dr Charles Ellinas - CEO 

(+357) 97 705 060 

Charles.ellinas@yahoo.com 

www.e-cnhc.com 

CONSULTING 

PANAYIOTIS GREGORIADES 

CEO & DIRECTOR 

PIVOT CONSULTANTS (CYPRUS) LIMITED 

We are a leading contributor of simplified, nimble integrated, 

customized solutions, Cross-border Business transactions and 

strategies in Asia and Europe. Deep well recognized local expertise 

with Global connectivity and vision form part of the solutions 

we deliver to entrepreneurs and Government clients looking 

for substance in Financial services Industry, Capital markets, 

Taxation, Corporate advisory and Investment funds Industry. Our 

insights assist you to be more proactive, effective and profitable 

especially in fast growing India, Greece and Cyprus. We are 

committed to providing best in class service, compliant and 

transparent solutions, with increased focus on localization and 

developing local markets. 

 

 

PIVOT, member of TSSAG 

 

88 Markarios III Avenue 


Contact: Panayiotis Gregoriades 

The - CEO & Director 

(+357) 22 731 002 

The Securities Services Advisory Group 

pgregoriades@pivotcyprus.com 

www.pivotcyprus.com


86 



EVDOKIA STAVRAKI 

DIRECTOR 

ALTER DOMUS (CYPRUS) LTD 

Alter Domus is a fully integrated service provider dedicated to 

private equity, infrastructure, real asset, and debt capital markets 

sectors. Our 3,600 employees across more than 35 offices in 20 

countries provide end-to-end solutions to alternative investment 

managers, freeing up time for them to focus on their core activities 

of sourcing capital and executing deals. Our local team in Cyprus 

works diligently to help clients meet their growing regulatory 

obligations and keep up with increasing investor demands. 

Offering fund administration, corporate services, transfer pricing, 

and domiciliation services, you can rely on our on-the-ground 

expertise to help you take advantage of opportunities as they arise. 

11 Limassol Avenue, Galatariotis Building, 

2112, PO Box 27282, 1643 Nicosia - Cyprus 

Contact: Evdokia Stavraki - Director 

(+357) 22 465 151 

Evdokia.Stavraki-Stephanou@ 

alterdomus.com 

www.alterdomus.com 


NAKIS KYPRIANOU 

MANAGING PARTNER 

ANDERSEN 

Andersen in Cyprus is the Cypriot member firm of Andersen 

Global®, an international association of member firms comprised 

of tax and legal professionals worldwide. Andersen Cy is a 

regulated accounting firm based in Nicosia providing a wide range 

of professional services mainly to international clients. The firm 

is a member of the Institute of Certified Public Accountants of 

Cyprus and the Cyprus VAT Association. With worldwide presence 

through the member firms and collaborating firms of Andersen 

Global, client service and solutions are coordinated seamlessly 

between service lines and locations to ensure clients receive bestin‐class, 

comprehensive solutions. 

140 Athalassas Avenue, 


Contact: Nakis Kyprianou 

- Managing Partner 

(+357) 22 456 333 

nakis.kyprianou@cy.Andersen.com 

cy.Andersen.com 


MARINA ZEVEDEOU 

CO-FOUNDER AND CEO 

ASPEN TRUST GROUP 

The Aspen Trust Group is a leading corporate service and financial 

planning provider; established in 1998 and licensed by ICPAC, our 

Group provides International Structuring and Tax Management 

solutions to Corporates and High Net Worth Individuals. Specific 

services include entity setup and management, legal and 

administration support, banking and tax compliance, financial 

management and restructuring, re-domiciliation, patent 

registration, residency and citizenship, cross- border mergers, 

family office services and headquartering. We build long term, 

trusted relationships with clients and associates, aiming to add 

value to their businesses and be part of their success stories. Our 

team consists of qualified accountants, lawyers and MBA-holders 

who undergo rigorous training to provide tailor-made solutions. 

77 Limassol Avenue 

Elia House, Nicosia 2121 - Cyprus 

Contact: Marina Zevedeou - 

Co-founder and CEO 

(+357) 22 418 730 

marina.zevedeou@aspentrust.com 

www.aspentrust.com 


ANDREAS ATHINODOROU 

CEO 

ATG CORPORATE SERVICES 

‘Creating Protecting and Growing Wealth’: We offer a 

comprehensive range of services that include initial structuring 

advice, company/trust formation, corporate administration, legal 

and company secretarial, tax compliance, accounting and financial 

reporting. As our clients’ trusted service partner, we act as a single 

contact point for their structure’s needs and centrally coordinate 

all parties including the shareholders and directors, banks, legal 

advisers and others. Our Cyprus solutions include the IP box, EU 

headquartering, tech/crypto-asset solutions and international 

trusts/foundations. ATG Corporate Services is a member of the 

Athina Trust Group offering financial services that include Fund 

and Private Wealth services to high-net-worth individuals, fund 

managers/promoters. 

KEMA Bldg, 5th Floor East, 

21 Akademias Avenue, 2107, 


Contact: Andreas Athinodorou - CEO 

(+357) 22 057 560 

andreas.athinodorou@atgcorporate.com 

www.atgcorporate.com


87 



ANDREAS HADJIMICHAEL 

CEO 

EXECUTIVE BUSINESS CONSULTANTS LTD 

Executive Business Consultants Limited is an international 

Fiduciary and Family Office Service Firm based in, and operating 

out of, Larnaca, Cyprus. It is a fully independent and privately 

owned service firm having its roots established since 1987. EBC 

operates under a boutique style concept, providing specialized 

and tailor-made solutions and services to High-Net-Worth 

Individuals and their corporate structures. Since its existence 

EBC has managed to develop and build strong business links with 

both local and international Financial Institutions, and other 

professionals together creating a strong worldwide network of 

reputable and trusteed associates working together as a team 

to provide our clients the knowledge and expertise required for 

satisfying their needs. 

Simou Menardou 8, Ria Court 8, 4th Floor, 

Office 402, 6015 Larnaca - Cyprus 

PO. Box 42633, 6051 

Contact: Andreas Hadjimichael - CEO 

(+357) 24 823 999 

andreas@executive.com.cy 

www.executive.com.cy 


ISAVELLA EVRIPIDOU 

CEO/FOUNDER 

GFSC GLOBAL 

GFSC Global is a leading Corporate and Legal Group of Companies 

Licensed and Regulated Worldwide. Since our establishment, 

GFSC Global assists with a full range of corporate, legal, financial, 

licensing, gaming, crypto, ico/sto, blockchain, immigration, tax 

advice, accounting, banking and administration services across 

the world. Our services are offered in more than 70 jurisdictions, 

including advising, planning, formation and incorporation as 

well as management of international structures, full licensing 

and post-licensing supports. Through our Licensed Service 

Providers, professional Consultants and Tax Advisors, we assist in 

choosing the most convenient jurisdictions, subject to your needs, 

operations and business intentions. GFSC GLOBAL is a member 

with CYFA, CIA, ACAMs, IIA, CIFA and many other associations. 

Agias Zonis 22A, Iakovou center, 

Office 101, 3027, Limassol - Cyprus 

Isavella Evripidou – CEO/Founder 

(+357) 25 269 400 

Evripidou.i@gfscglobal.com 

www.gfscglobal.com, www.gciecorp.com 


SARA GUNNERVIK 


KENDRIS (CYPRUS) LIMITED 

KENDRIS is your Swiss partner in Cyprus for family office, 

trust and fiduciary services, international tax and legal advice, 

accounting, outsourcing, aviation advisory and art management. 

KENDRIS is fully owned and operated by its management and 

employees. KENDRIS Group employs around 180 specialists, 

and our clients comprise companies, individuals, and families 

as well as family offices, financial institutions, law firms and tax 

consultancies. We offer our clients tailored solutions to help them 

achieve their objectives. Our strong presence and our specific 

know-how in various sectors and markets make us an expert 

and reliable partner for corporate clients, private clients, and 

institutional clients. 

Spyrou Kyprianou 50, Irida 3 

12th Floor, Larnaca 6057 - Cyprus 

Contact: Sara Gunnervik – 

Office Managing Partner 

(+357) 24 631 300 

s.gunnervik@kendris.com 

www.kendris.com 


STAVROS PAVLOU 

CEO 

PAGECORP GROUP 

Pagecorp Group is a leading provider of corporate, 

administration, secretarial and other related services based 

in Cyprus, with a worldwide network of professional affiliates. 

Licensed by the Cyprus Securities and Exchange Commission 

(CySEC) and with over 20 years of experience in the fiduciary 

and corporate services sector, the Group advises major local 

and international organizations, institutions and groups, as 

well as start-ups and entrepreneurs on all aspects of their 

corporate needs, including relocating/headquartering in Cyprus. 

Furthermore, the legal consultants, company administrators, 

accountants and support staff of the Group can assist clients on 

all matters relating to Cyprus International Trusts, international 

tax planning, accounting, financial advisory, tax administration 

and other related services. 

334 Agiou Andreou & Eleftheriou Venizelou 

corner, Vashiotis Business Centre, Ground 

floor offices, 3035 Limassol - Cyprus 

Contact: Stavros Pavlou - CEO 

(+357) 25 878 866 

info@pagecorpgroup.com 

www.pagecorpgroup.com


88 



GEORGE AYIOMAMITIS 


SOVEREIGN GROUP - CYPRUS 

Sovereign is a leading independent provider of corporate, 

private client and retirement planning services. Currently 

managing over 20,000 structures for a wide variety of clients – 

companies, entrepreneurs, private investors or high net worth 

individuals (HNWIs) and their families – and have assets under 

administration in excess of £20 billion. As an international 

provider with a presence in over 20 jurisdictions around the 

world, Sovereign is dedicated to offering integrated advice, 

products and services to internationally mobile businesses 

and people that have sophisticated and often complex needs. 

Sovereign assist them to generate, structure and protect their 

income and assets in the most efficient way. 

16 Herodotou Street, 

Limassol, 3095 - Cyprus 

Contact: George Ayiomamitis 


(+357) 25 733 440 

cy@SovereignGroup.com 

www.SovereignGroup.com 


ANDREAS MERCOURI 


TRIDENT TRUST COMPANY (CYPRUS) LIMITED 

Founded in 1978, the Trident Trust Group is one of the largest 

independent global providers of corporate, trust, fund, marine and 

fiduciary services. With presence in more than 24 Jurisdictions 

ensures access to a range of services that extends from traditional 

corporate domicile representation to the administration 

of complex trust and fund structures. Trident Trust Cyprus 

established its presence over 25 years ago, is regulated by the 

Cyprus Securities and Exchange Commission, and is today one 

of the largest members of the local financial services industry, 

employing over 80 professionally qualified staff. 

Griva Digeni 115, Trident Centre 


Contact: Andreas Mercouri - 

Managing Director 

(+357) 25 820 650 

cyprus@tridenttrust.com 

www.tridenttrust.com 


NICK TERRY 


VISTRA (CYPRUS) LTD 

At Vistra, we believe your business and your people can make a 

difference in the world. That’s why our work is focused on helping 

our clients act with confidence and speed to seize opportunity 

wherever it arises. As a global corporate service provider and 

fund administrator with more than 5,000 professionals in over 45 

jurisdictions, we empower legal entities globally to work smarter, 

grow faster, act responsibly, protect capital and scale across 

borders — by doing what we do best: reducing risk and enhancing 

efficiency. Discover how we can help you and your business seize 

opportunity today by exploring our services at vistra.com. 

2nd Floor Sotiri Tofini 4 

Agios Athanasios, 4102 Limassol - Cyprus 

Contact: Nick Terry - Managing Director 

(+357) 25 817 411 

Nick.Terry@vistra.com 

www.vistra.com 

ECONOMIC ANALYSIS 

FIONA MULLEN 

DIRECTOR 

SAPIENTA ECONOMICS LTD 

Sapienta Economics is a Nicosia-based economic consultancy 

producing top-level analysis primarily on Cyprus for a range 

of prestigious clients, including banks, oil/gas majors, big four 

accounting firms and over a dozen embassies. Our services 

include bespoke consultancy and the monthly Sapienta Country 

Analysis Cyprus. Each month we take an in-depth look at prospects 

for political stability, government effectiveness, a resolution of the 

Cyprus problem, structural policies including natural gas, fiscal 

performance, debt sustainability, banking sector stability and the 

latest economic trends. No other organization offers such breadth 

and depth of inter-related issues. Sapienta Economics and its 

Director Fiona Mullen are independent, with no political ties in 

Cyprus or abroad and no investment in Cyprus shares or bonds. 

Tenedou 7, No 401, Lykavitos, 

CY1055 Nicosia - Cyprus 

Contact: Fiona Mullen - Director 

(+357) 99 338 224 

fiona.mullen@sapientaeconomics.com 

www.sapientaeconomics.com


89 


ENERGY 

DEMETRIS C. FESSAS 

ACTING DIRECTOR GENERAL 

CYPRUS HYDROCARBONS COMPANY (CHC) 

CHC is the National Oil and Gas Company of Cyprus. As a stateowned 

company, CHC undertakes the commercial management 

of the ownership rights of the Republic of Cyprus that arise from 

the contracts with which it has entered into with oil and gas 

companies within its Exclusive Economic Zone. The vision of 

CHC is aligned with that of the Government of Cyprus, which is 

to ensure the sustainable development of hydrocarbon resources 

present in the Exclusive Economic Zone of the Republic of Cyprus, 

in order to maximize the benefits for Cypriot society and future 

generations. 

53 Strovolou Avenue, Victory Building, 

2018 Strovolos, Nicosia - Cyprus 

Contact: Demetris Fessas – 

Acting Director General 

(+357) 22 203 880 

d.fessas@chc.com.cy 

www.chc.com.cy 

EXECUTIVE EDUCATION 

MARIOS SIATHAS 


EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF) 

The EIMF is an accredited and licensed Education Group that 

offers learning and development opportunities, including 

Global Qualifications, across an array of areas. EIMF possesses 

a strong concentration within the areas of financial and 

professional services (regulation, compliance, AML, banking, 

funds), accounting, legal, management, as well as Information- 

Technology through its New Horizons Computer Learning Centers. 

Knowledge is delivered by established subject-matter experts, 

through classroom, Live Online, eLearning and customized 

learning solutions. With a presence in London, Brussels, Frankfurt, 

Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and 

Bucharest and over 5,000 students annually, 330+ programmes, 

60+ instructors and 25 international Certifications, make the EIMF 

a leader in the field of vocational education in the wider region. 

25 Megaron Street, 2032 Strovolos 


Contact: Marios Siathas - 

Chief Executive Officer 

(+357) 22 274 470 

msiathas@eimf.eu 

www.eimf.eu 

FINANCIAL ADVISORY 

DEMETRIS TAXITARIS 


MAP S.PLATIS GROUP 

MAP S.Platis Group is a leading financial services consulting Group 

with clients that include regulators, banks, funds and fund managers, 

investment firms, brokers, fintech firms, insurance firms and payment 

and electronic money institutions. Our expert team, currently 

comprising over 400 high-calibre professionals, provides unique 

and tailored solutions in licensing, regulatory compliance, risk management, 

internal audit, human resources, regulatory technology, 

information technology, business resilience, information security 

including cybersecurity, governance, executive training and innovation 

consulting to financial and other firms in the UK, Cyprus and the 

EU. Thanks to our vast regulatory compliance experience, continued 

interaction with regulatory authorities, unparalleled track record, 

global network of associates and wealth of resources, our team can 

support any client’s regulatory needs efficiently and effectively. 

74 Archiepiskopou Makariou C, Floors 2-3, 

Mesa Geitonia, 4003, Limassol - Cyprus 

Contact: Herodotos Michael - Senior 

Manager, Authorisations and Regulatory 

Business Development (+357) 25 351 335 

info@mapsplatis.com 

www.mapsplatis.com 

FUND ADMINISTRATION 

ANDREAS ATHINODOROU 

CEO 

ATG FUND SERVICES 

‘Creating Protecting and Growing Wealth’: We offer a 

comprehensive range of services including initial fund structuring 

advice, licensing, fund set up, fund management support, fund 

administration/back-office, registrar transfer agent services, NAV 

and regulatory reporting. As our clients’ trusted service partner 

we act as a single contact point for their structures, centrally 

coordinating all fund parties including the fund manager, 

investors, depositary and the regulator. Our clients are Cyprus, 

Cayman Islands and BVI funds that invest in liquid securities, 

private equity, real estate, shipping and crypto assets. ATG Fund 

Services is a member of the Athina Trust Group offering financial 

services that include Corporate and Private Wealth services to 

high-net-worth individuals and corporates. 

KEMA Bldg, 5th Floor East, 

21 Akademias Avenue, 2107, 


Contact: Andreas Athinodorou - CEO 

(+357) 22 057 570 

andreas.athinodorou@atgfunds.com 

www.atgfunds.com


90 



NIKOLAS CHARALAMBOUS 

CEO 

INVEQO FUND MANAGEMENT LTD 

Inveqo Fund Management Ltd (INVEQO) is an Alternative 

Investment Fund Manager, authorised and supervised by the 

Cyprus Securities and Exchange Commission (CySEC) with 

license number AIFM32/56/2013. The team brings together 

several years of experience in fund and investment management 

services in various jurisdictions such as the United Kingdom, 

Malta, Luxembourg and Cyprus. INVEQO provides a range of 

services, including portfolio management, risk management, 

administration, fund set-up, licensing and registration, and 

other fund related services. Our mission is to create value for our 

investors, clients and associates by demonstrating principled 

industry leadership, offering high-quality services, and innovative 

solutions. 

16 Navarinou Street, Agios Andreas 

CY-1100, Nicosia - Cyprus 

Nikolas Charalambous - CEO 

(+357) 22 666 500 

info@inveqo.net 

www.inveqo.net 


ANDREY NARUTSKIY 

MANAGING DIRECTOR, CEO 

LEON MFO INVESTMENTS LTD 

Leon MFO Investments Ltd is an Alternative Investment Fund 

Manager authorized and regulated by CySEC (license number 

AIFM 37/56/2013). The firm provides discretionary portfolio 

management, fund management and investment advice. Total 

assets under management exceed $800mln. Recently, Leon 

launched two funds which are addressed to professional and wellinformed 

investors: a) LEON Income Fund RAIF VCIC PLC and b) 

LEON Global Hedge Fund RAIF VCIC PLC. 

37, Theklas Lisioti, Gemini House, 

Office 301, CY-3030, Limassol - Cyprus 

Contact: Andrey Narutskiy - 

Managing Director, CEO 

(+357) 25 268 120 

leonmfo@leonmfo.com 

www.leoninvestments.com.cy 


GEORGE W. SAMS 

CEO 

WEALTH FUND SERVICES LTD 

Wealth Fund Services Ltd is a global advisory and asset 

management company, based in Cyprus and licensed by 

CySEC (Cyprus Securities & Exchange Commission) as an AIFM 

management company with license No 6/78/2012. It operates 

in the field of setting-up, running and managing UCITS Mutual 

Fund, Registered Alternative Fund (RAIF) and Alternative 

Investment Fund (AIF) in line with the recent EU Directive which is 

implemented by the Cypriot legislation. It also offers Discretionary 

Asset management and Advisory services to HNI and Institutional 

clients. The primary goal of the Company is the protection of the 

assets under management remaining focused on achieving high 

return yields and providing top quality services to its investors. 

Kennedy 12-14, Kennedy Business Center 

Office 305, 1087, Nicosia - Cyprus 

Contact: George Sams - CEO 

(+357) 22 755 506-07 

info@wealthfs.com.cy 

www.wealthfs.com.cy 

INVESTMENT PROMOTION 

EVGENIOS EVGENIOU 

CHAIRMAN 

INVEST CYPRUS 

Invest Cyprus (Cyprus Investment Promotion Agency) is the 

investment authority of the Government of Cyprus dedicated to 

attract and facilitate foreign direct investment into the country. 

In close collaboration with all governmental authorities and 

public institutions, as well as the private sector, Invest Cyprus is 

the country’s lead agent in establishing Cyprus as a world-class 

destination for international business activity and investments. 

Invest Cyprus’ mandate is to raise awareness of Cyprus as a 

destination for FDI across the globe, providing certainty around all 

aspects of operating a business in Cyprus and supporting potential 

investors in developing their business case for investment into the 

country. 

9 Makariou III Avenue, 

4th Floor, 1065 Nicosia - Cyprus 

(+357) 22 441 133 

info@investcyprus.org.cy 

www.investcyprus.org.cy


91 


LAW FIRM 

ANGELOS G. PAPHITIS 


A.G.PAPHITIS & CO. LLC 

AGP & Co is a highly reputable, leading, dynamic and award 

winning Law Firm. Our reputation for excellence is recognized 

worldwide. Based in Cyprus with strong international presence 

and a full service office in the UAE, we serve our clients as a team, 

with a common focus on innovation, efficiency and agility. We 

provide full service Legal, Corporate, FS Advisory & Regulatory 

Compliance/AML, Crypto Licensing, Tax, Immigration, Relocation 

and Real Estate services. AGP & Co consists of the following main 

departments: Dispute Resolution; Corporate/Commercial; FS 

Advisory & Regulatory Compliance; Real Estate & Immigration; 

Tax-Accounting-Audit. Delivering excellent client service that 

benefits from long and lasting relationships, we are dedicated to 

providing our clients with superior results. 

“AGP Chambers”, 84 Spyrou 

Kyprianou Avenue, 


Postal Address: P.O.Box 58419, 


Contact: Angelos G. Paphitis 


(+357) 25 731 000 

angelos.paphitis@agplaw.com 

www.agplaw.com 

LAW FIRM 

AGNI LIVERA 


AGNI LIVERA LLC 

Agni Livera LLC is a highly experienced and fully serviced law firm, 

based in Nicosia, Cyprus. Agni Livera LLC offers a complete array 

of legal services specialising in the areas of Banking & Finance, 

Company law, Insurance law, Debt Collection, Employment law, 

Intellectual Property, Fund services, Regulatory and Compliance 

services as well as a full range of Fiduciary services. Following 

a client centric approach, the firms’ high-caliber lawyers are 

equipped to accommodate all your legal needs, offering the 

highest level of service and advice applicable in a fast and costefficient 

way, always operating with discretion, professionalism, 

integrity and transparency. 

1-3 Bouboulinas Street, Bouboulina 

Building, 3rd Floor, Office 34, 


Contact: Agni Livera – Managing Director 

(+357) 22 552 733 

agni@liveralaw.com 

www.liveralaw.com 

LAW FIRM 

LORENZO TOFFOLONI 

PARTNER 

ANDREAS TH. SOFOKLEOUS LLC 

With nearly 40 years of experience, Andreas Th. Sofokleous 

LLC is a dynamic and modern boutique law firm. Andreas Th. 

Sofokleous LLC has been ranked on top-notch legal directories 

(such as Chambers and Partners) and received accomplishments 

from different organizations. The firm specializes in private 

client matters and corporate law (including cross border 

transactions). It regularly advises high net worth individuals 

on a range of matters, including tax planning, inheritance and 

asset management. Two partners of the firm are graduates of 

the University of Chicago Law School and active members of its 

Alumni association. 

2, Agapinoros Street & Makariou III, 

IRIS TOWER, Offices 403-405, 

1076, Nicosia - Cyprus 

Contact: Lorenzo Toffoloni - Partner 

(+357) 22 763 601 

info@aslaw.eu 

www.aslaw.eu 

LAW FIRM 

ANTONIS PASCHALIDES 

SENIOR PARTNER: HEAD OF 

ENERGY LAW DEPARTMENT 

ANTONIS PASCHALIDES & CO LLC 

Antonis Paschalides & Co LLC is a boutique, medium-size law firm 

based in Nicosia that has provided legal services on a local and 

international level for over 40 years. The Firm has associates in 

UK, Russia, Greece and France. The trust of clients and associates 

in the high quality of work provided by the Firm is reflected on 

the projects in which it is involved, and which include some of 

the biggest investments ever made in Russia and Eastern Europe. 

Main areas of practice: Mergers & Acquisitions, Corporate Law, 

Banking, Civil & Commercial litigation, Family Law, Conveyance & 

Estate Planning. 

Makariou & Ayias Elenis 36, 

Galaxias Building, 5th floor, Office 

502, 1061 Nicosia - Cyprus 

Contact: Lila Kartelia, Head of 

Litigation Department 

(+357) 22 661 661 

l.kartelia@paschalides.com 

www.paschalides.com


92 


LAW FIRM 

ARETI CHARIDEMOU 

FOUNDER 

ARETI CHARIDEMOU & ASSOCIATES LLC 

Areti Charidemou & Associates LLC was established in 1990 with 

a vision of being committed to excellence while creating a wellrespected 

diverse portfolio of international clientele. Our areas 

of expertise range from Property Law to Trust Law, Company 

Law, Mergers and Acquisitions, Tax and Estate Law and Shipping 

Law. Our knowledgeable professionals provide legal services in 

a variety of issues including buying properties and investing in 

Cyprus or abroad, advice on the optimum tax structure based 

on the individual circumstances, incorporate companies in 

Cyprus or abroad, support the operation of the companies after 

the incorporation, provide nominee services if required, etc. 

Our objective is to ensure that our clients, whether these are 

individuals, small business entities or large organizations, benefit 

from the best of legal advice. 

Vasili Michailidi 21-23, 


Contact: Areti Charidemou - Founder 

(+357) 25 508 000 

info@aretilaw.com 

www.aretilaw.com 

LAW FIRM 

ELENI TZIONI 


E. TZIONI & ASSOCIATES LLC 

E. Tzioni & Associates LLC is a fastly growing boutique law firm 

based in Nicosia, Cyprus. With its innovative and flexible approach, 

E. Tzioni & Associates LLC delivers the most efficient, complete 

and optimum quality service available today. E. Tzioni & Associates 

LLC takes the pride of covering a wide area of knowledge and 

expertise possessing strong legal background and experience in 

corporate and commercial matters, with a special emphasis on 

mergers and acquisitions, banking and finance, joint ventures 

and international, cross-border transactions and start-ups as 

well as litigation matters. Our practice further possesses a robust 

background in alternative investment funds and other regulated 

entities, providing full services ranging from the set up to creation 

and functioning. 

7 Dositheou Street, Para Building, 

Block A, Office 001, 1071 Nicosia - Cyprus 

Contact: Eleni Tzioni - Managing Director 

(+357) 22 932 293 

info@tzionilaw.com.cy 

www.tzionilaw.com.cy 

LAW FIRM 

ELIAS NEOCLEOUS 


ELIAS NEOCLEOUS & CO LLC 

Award-winning Elias Neocleous & Co LLC is the largest law firm 

in Cyprus and one of the top law firms in south east Europe. With 

more than 150 lawyers and other professionals based in offices 

in Cyprus, Brussels, Budapest, Kiev and Prague we offer a valueadded 

service which is second to none. We are dedicated to 

diversity in recruitment and to retaining experienced specialists 

in every practice area. Combined with our investment in IT and 

knowledge management infrastructure, this means we are able 

to tackle the largest and most demanding national and crossborder 

assignments. Elias Neocleous and Co LLC is professional, 

responsive, innovative, and represents the legal practice of the 

future. 

Neocleous House, 195 Makarios Avenue, 

P O Box 50613, Limassol CY 3608 - Cyprus 

Contact: Elias Neocleous - Managing Partner 

(+357) 25 110 110 

info@neo.law 

www.neo.law 

LAW FIRM 

GEORGE Z. GEORGIOU 


GEORGE Z. GEORGIOU & ASSOCIATES LLC 

George Z. Georgiou & Associates LLC is a full-service Cypriot 

law firm with offices in Nicosia and Limassol. It consists of 

approx.70 lawyers, arbitrators, legal consultants and support 

staff and is ranked in the main international legal directories: 

Chambers & Partners, Legal 500 and Who’s Who Legal. The 

Firm’s specialist departments include: Arbitration • Banking & 

Finance • Commercial • Corporate (incl. M&A) • Data Protection • 

Employment & Pensions • Estate Planning • EU Law • Family Law • 

Intellectual Property & Media • Litigation (Cyprus & International) 

• Private Client • Probate • Property & Construction • Regulatory 

& Compliance • Tax • Tech. As the sole Cypriot member of the 

international law alliances Ius Laboris and GALA, it is able to 

provide any client with prompt, fully-coordinated, yet locally 

specific advice from countries across the globe. 

Head Office: 1 Iras Street, 


(+357) 22 763 340 

admin@gzg.com.cy 

www.gzg.com.cy


93 


LAW FIRM 

NICKY XENOFONTOS 

FOUNDER, MANAGING 

PARTNER 

N. XENOFONTOS LLC LAW FIRM 

N. Xenofontos LLC is a specialist, boutique business centric law 

firm, servicing both private clients and businesses. In providing 

our specialised services we deploy a collaborative workflow, 

resulting in efficient and solid advice, experience, with agility. 

Our specialist, tailored expertise ecompasses these core 

services: Corporate Advisory; Corporate Secretarial / Corporate 

Administration; Professional Fiduciary services; Trusts / Estate 

Planning / Establishment and administration; M&A / Joint Ventures; 

Intellectual Property; Insolvency, Bankruptcy and Restructuring; 

Contractual; Legal Opinions; Compliance, AML , Regulatory and 

Privacy law; Legal Training / Seminars / Webinars; Real Estate; 

Employment; Immigration & Migration. Our philosophy is simple: 

“Knowledge is of no use unless put into practice” - Anton Chekhov 

4 Promitheos Street, 

Executive Centre, 1st floor, office M01 


Contact: Nicky Xenofontos – 

Founder, Managing Partner 

(+357) 22 25 20 77 

nicky@xenofontosllc.com 

www.xenofontosllc.com 

LAW FIRM 

STAVROS PAVLOU 

SENIOR AND MANAGING 

PARTNER 

PATRIKIOS PAVLOU & ASSOCIATES LLC 

Patrikios Pavlou & Associates LLC is a leading law firm in Cyprus. 

With nearly 60 years of experience in the local and international 

legal market, the Firm has developed distinguished expertise 

in dispute resolution and ADR and a renowned legal consulting 

department. The legal teams are constantly involved in some of the 

largest cross-border banking, financial and corporate transactions 

and handle complex litigation, arbitration and mediation matters. 

In close cooperation with the associated Pagecorp Group, the 

Firm provides its clients with a comprehensive range of corporate 

and other related services. The Firm is highly recommended by 

prestigious legal directories worldwide for its distinctive legal 

services. 

Patrician Chambers, 332 

Agiou Andreou Street, 


Contact: Stavros Pavlou - Senior 

and Managing Partner 

(+357) 25 871 599 

spavlou@pavlaw.com 

www.pavlaw.com 

LAW FIRM 

CELIA POURGOURA 

PARTNER 

POURGOURA & ASPRI LLC 

We are a progressive commercial Law Firm, comprising of a team 

of dynamic and highly specialised lawyers with diverse academic 

and professional backgrounds. Our paramount objective is to offer 

the highest level of professional and personalised service to the 

client, yet in a quick, efficient and affordable manner. Our mission 

is to establish ongoing and long term relations with our clients 

through commitment, specialisation and by offering tailor made 

professional service by directing each client’s needs in a personal, 

individual way. By choosing to work with us you are assured to 

be provided with a complete all round solution regarding your 

business affairs, as we maintain close relations with a vast number 

of related disciplines in other cities and overseas. 

33 Klimentos Street, Office 401, 


Contact: Vasiliki Pourgoura 

(+357) 22 460 831 

celia.pourgoura@ca-advocates.com 

www.ca-advocates.com 

LAW FIRM 

STELIOS AMERICANOS 


STELIOS AMERICANOS & CO LLC 

Stelios Americanos & Co LLC is a full services, highly innovative 

law firm with headquarters based in Nicosia, Cyprus and a 

branch in Athens, Greece. It specializes in corporate, commercial 

and banking law, corporate and commercial litigation, real 

estate, financial advisory & regulation and blockchain legal 

advisory. Stelios Americanos & Co LLC provides its services to 

governmental organizations, international banking institutions, 

public companies and multinational corporations. Moreover 

Stelios Americanos & Co LLC has created close relationships with 

reputable international legal and consulting firms and is, thus, 

able to assist clients with their cross-border transactions and 

needs. Today, Stelios Americanos & Co LLC is considered one of the 

leading law firms in Cyprus in the areas of its specialty. 

12, Demostheni Severi Av. 

Office 601, 6th Floor 1080 Nicosia - Cyprus 

Contact: Stelios Americanos 


(+357) 22 465 500 

stelios@americanoslaw.com 

www.americanoslaw.com


94 


NON PROFIT 

MARIA MARKIDOU 

GEORGIADOU 


CYPRUS SEEDS 

Cyprus Seeds is a non-profit organization with the mission to 

support the commercialization of innovative academic research 

in Cyprus. To achieve its objectives, Cyprus Seeds offers an 

annual 12M program to a small number of scientific teams whose 

projects give breakthrough solutions to world problems from any 

area, including health, environment, and art. In addition to grants, 

it offers mentoring, business skills training, and networking 

with investors. Cyprus Seeds is funded through donations 

from Foundations, corporations, and individuals in Cyprus and 

abroad. Among the great achievements of Cyprus Seeds are the 

signing for two option-to-be licensing agreements, the creation 

of one start-up company, and the spinning out of the University 

of Cyprus a solar energy research project. 

Antinou 18, Strovolos, 

Nicosia, 2034 - Cyprus 

Contact: Maria Markidou Georgiadou 


(+357) 22 364 522 

maria@cyprusseeds.com 

www.cyprusseeds.com 

REAL ESTATE 

MICHALIS 

HADJIPANAYIOTOU 

CEO 

CYBARCO DEVELOPMENT LTD 

Cybarco is the leading luxury property developer in Cyprus. Part 

of the prestigious Lanitis Group, Cybarco is behind many of the 

island’s landmark projects, including Aphrodite Hills Golf Resort, 

Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Marina 

and Trilogy Limassol Seafront. Cybarco is also responsible for 

the exclusive sales of the luxury properties at Limassol Greens, 

the most anticipated new golf resort in Cyprus. With over 75 

years’ experience at the top of its industry, Cybarco has earned its 

reputation for outstanding quality and dedicated customer care by 

consistently delivering projects to the highest standards. 

10 Tefkrou Anthia Street, 

Dali Industrial Zone, 2540 Nicosia - Cyprus 

Contact: Michalis Hadjipanayiotou - CEO 

(+357) 22 741 300 

info@cybarco.com 

www.cybarco.com 

REAL ESTATE 

GEORGE IOANNOU 

CEO 

KORANTINA HOMES 

With over 30 years of experience in developing some of the most 

luxurious, high aesthetic, projects in Cyprus, Korantina Homes 

has become the most reputable name in the development of 

luxury and exclusive properties. Our company emphasizes 

establishing long-lasting relationships with our clients by offering 

personalized services. Our award-winning flagship luxury resorts, 

Cap St Georges, Coral Residences and Soho Resort have attracted 

exclusive clientele from every corner of the globe including several 

celebrities and internationally renowned jet setters. Our group has 

also expanded into the tourism & hospitality sector by developing 

the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star 

hotel located at Soho Resort. 

Trikomou Str. 32, 8560 

Pegeia Paphos, Cyprus 

Contact: Melina Rafti – Business 

Development Director 

(+357) 26 623 536 



REAL ESTATE 

EVANGELIA ELIADOU 

EXECUTIVE DIRECTOR 

PAFILIA PROPERTY DEVELOPERS LTD 

Pafilia is the largest privately-owned residential developer in 

Cyprus, dedicated to delivering the best in concept, design, 

quality and service. With a vast property portfolio and projects 

in enviable locations throughout Cyprus and Greece, we offer 

excellent investment opportunities and lifestyle orientated 

homes. Pafilia is also the developer behind three groundbreaking 

destination resorts, ONE – the tallest residential 

seafront tower in Europe, NEO – a unique development of 4 

towers on the Limassol seafront and Minthis - the islands most 

exclusive leisure and lifestyle resort conveniently located in the 

wine producing region of Paphos. 

Pafilia House, 

33 Nicodemou Mylona Street, 

P.O. Box 60159, 8101 Pafos - Cyprus 

Contact: Andrea Lindsay – 

Group Marketing Manager 

(+357) 26 848 800 

info@pafilia.com 

www.pafilia.com


95 


REAL ESTATE 

MICHALIS 

HADJIPANAYIOTOU 

EXECUTIVE DIRECTOR 

TRILOGY LIMASSOL SEAFRONT 

Brought to life by a world-class collaboration of architects, 

designers and developers, Trilogy is an exciting new beachfront 

development in the heart of Limassol. Three landmark buildings 

surrounding a bustling inner plaza, Trilogy is a place to live, work 

and play. Its luxury apartments blend the aspirational dream of 

high-end living, with the sophistication of urban cool. State-ofthe-art 

offices also enjoy first-class services and uninterrupted 

sea views from every window. Three distinct social areas offer 

resident-only facilities for secluded leisure and relaxation, as well 

as a lively public plaza that can be enjoyed and experienced by 

everyone. Your story begins here… 

341, 28th October Avenue 


Contact: Yiorgos Georghiou - Sales Director 

(+357) 25 362 800 

info@trilogylimassol.com 

www.trilogylimassol.com 

RECRUITMENT 

SOPHIE ARISTODEMOU 

CO-FOUNDER 

CAREERFINDERS RECRUITMENT SERVICES LIMITED 

CareerFinders Recruitment Services Limited is one of Cyprus’ 

most well-respected and established providers of tailor-made 

recruitment solutions to many of the largest and most well-known 

local and international companies operating across the Island. 

With offices in both Nicosia and Limassol, our highly experienced 

team of recruitment professionals have the knowledge and 

expertise to ensure that our clients receive the most suitable 

and well-qualified candidates to suit their recruitment needs. 

The industry sectors we service include Accounting/Audit, Legal, 

Corporate/Fiduciary, Information Technology, Shipping, Oil & Gas, 

Banking/Finance and many more. If you are a company seeking to 

recruit the very best talent in Cyprus, please contact us today. 

Head Office: 6th Floor, Athlos Building, 

28 Nikis Avenue, Nicosia 1086 - Cyprus 

Contact: Sophie Aristodemou - Director 

(+357) 22 002 285 

jobs@careerfinders.com.cy 

www.careerfinders.com.cy 

RECRUITMENT 

STEVE SLOCOMBE 

FOUNDER / DIRECTOR 

GRS RECRUITMENT 

With more than 17 years of presence and experience in Cyprus, 

our expertise in the provision of Recruitment, Payroll, HR, 

and Outplacements services is un-paralleled. By working in 

partnership with our clients, we provide tailored services based 

on a thorough understanding of each client’s circumstances 

and needs. We specialise in: Permanent Recruitment Search & 

Selection, Temporary Recruitment Services, Payroll Solutions, 

Recruitment Process Outsourcing, Salary Benchmarking, 

Outplacement and Psychometric Personality Assessment. 

Our team consists of a highly capable team with international 

experience and local knowledge. 

Head office: Agathangelou Business Centre, 

101 Gladstonos Street, 

Limassol, 3032 - Cyprus 

Contact: Steve Slocombe - Founder/Director 

(+357) 25 342 720 

jobs@grsrecruitment.com 

www.grsrecruitment.com 

RESEARCH INSTITUTION 

PROF. COSTAS N. 

PAPANICOLAS 

PRESIDENT 

THE CYPRUS INSTITUTE 

The Cyprus Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit 

research and educational institution with a strong scientific 

and technological orientation. It is a regional Center of Excellence, 

addressing issues of regional interest but of global significance, 

with an emphasis on cross-disciplinary research and international 

collaborations. Areas of research include Solar Thermal Energy 

and Energy Storage, Climate and Environmental Research, 

Technologies for Archaeology and Cultural Heritage, High- 

Performance Computing, Simulation and Hyper-infrastructures. 

CyI is also an accredited, degree-granting institution of higher 

education that offers unique, high-quality Master’s and PhD 

programs to select students from around the world, and provides 

training for future researchers and scholars in partnership with 

leading international universities. 

20 Konstantinou Kavafi 

2121 Aglantzia - Cyprus 

Contact: Dr. Nicolas Jarraud - Assistant 

Vice-President for Institute Affairs 

(+357) 22 208 700 

international.relations@cyi.ac.cy 

www.cyi.ac.cy


96 


WEB DEVELOPMENT 

ALEX CONSTANTI 


IDEASEVEN DIGITAL 

Ideaseven are a dynamic, enthusiastic online digital development 

agency with over 17 years of experience. We focus on providing 

global solutions in digital marketing, web & app development, 

branding and design services. At ideaseven, we understand 

that design and development requires continuous mutual 

communication with our clients. Together, we can provide a 

constantly productive and evolving project. We can help visualize 

even the craziest ideas, converting them into elegant, awesome 

experiences and catchy products. We have worked with a lot of 

prestigious brands and have delivered award winning projects 

throughout the years. 

Pentadactylou 2, office 104, 

6060, Larnaca - Cyprus 

Contact: Alex Constanti – Managing Director 

(+357) 24 823 832 

info@ideaseven.com 

www.ideaseven.com 

THE CYPRUS TRADE CENTER (CTC) 

The Cyprus Embassy Trade Center (CTC) in New York is the 

economic and commercial arm of Cyprus’ diplomatic representation 

covering North America and operates under the auspices 

of the Ministry of Energy, Commerce, and Industry. 

Under the direction of the Trade Commissioner, Hon. Aristos A. Constantine, 

its primary role is that of strengthening and expanding the trade and 

economic relationship between the Republic of Cyprus and North America. 

The activities of the Trade Center include promoting, facilitating, and 

attracting investment and fostering the expansion of exports of Cyprus’ goods 

and services, in addition to monitoring related market and policy issues. 

CONTACT INFORMATION 

13 East 40th Street 

New York, NY 10016 • USA 

T: +1 212-213-9100 

W: https://www.cyprustradeny.org


97 



16, Elia Papakyriakou, Suite 101, 

Engomi, 2415 Nicosia, Cyprus 

cyprus@theprofilergroup.com 

www.theprofilergroup.com 

www.cyprusprofile.com

Doing Business Cyprus (USA Edition)

Transform your PDFs into Flipbooks and boost your revenue!

Delete template?

Save as template ?