2022-2023 Cyprus Country Report
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TheProfilerGroup<br />
Global Edition <strong>2022</strong><br />
cyprusprofile.com<br />
CYPRUS<br />
COUNTRY REPORT <strong>2022</strong><br />
HQ MAGNET:<br />
Increase in global companies migrating to <strong>Cyprus</strong><br />
ECONOMY • FOREIGN DIRECT INVESTMENT • BUSINESS OPERATING ENVIRONMENT • LIVING IN CYPRUS • BUSINESS DIRECTORY<br />
FDI <strong>Cyprus</strong> maintains<br />
strong pull factor with<br />
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SECTORS TO WATCH Energy,<br />
Investment Funds, ICT, Film,<br />
Research and Education<br />
WHO’S WHO Guide to <strong>Cyprus</strong>’<br />
leading companies,<br />
executives and advisors
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Contents<br />
CYPRUS AT A GLANCE<br />
Key Facts & Figures 6<br />
GOVERNMENT & POLITICS<br />
A Key Player in the East Med 10<br />
COUNTRY OVERVIEW<br />
A Diversified Future 14<br />
ECONOMY<br />
Growth Fuelled by Resilience 22<br />
FOREIGN DIRECT INVESTMENT<br />
EU Investment Destination 30<br />
INSIGHT<br />
Minister of Energy, Commerce, and Industry Natasa Pilides 42<br />
HEADQUARTERING<br />
HQ Magnet 44<br />
INCENTIVES<br />
Attracting Non-EU Business 50<br />
SECTOR PROFILES<br />
Find out more about the economic sectors of <strong>Cyprus</strong> 56<br />
BUSINESS OPERATING ENVIRONMENT<br />
Guide to doing business in <strong>Cyprus</strong> including business costs, commercial and<br />
residential property, and salary survey 58<br />
TAXATION<br />
Tax and Regulatory Regime of <strong>Cyprus</strong> 65<br />
TRAVEL & LIVING<br />
The Profiler Group Essential Expat Guide 72<br />
PROPERTY SHOWCASE<br />
Leading Developments in <strong>Cyprus</strong> 91<br />
WHO’S WHO IN CYPRUS<br />
The definitive guide to <strong>Cyprus</strong>’ leading companies, executives, and professional<br />
advisors 95<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CYPRUS<br />
AT A<br />
GLANCE<br />
Lying at the crossroads of Europe, Asia and Africa, <strong>Cyprus</strong> has long served as a<br />
major eastern trading post. It is a small country, but the third largest island in<br />
the Mediterranean Sea and shares a maritime border with Egypt 300km to the<br />
south, Lebanon 108km to the east and Turkey 71km to the north, while mainland<br />
Greece lies 800km to the north-west. With 10,000 years of history, the island’s<br />
strategic location has long made it a jewel in the crown of the powers of the day.<br />
PAPHOS<br />
(Pafos)<br />
101,900<br />
Paphos<br />
International<br />
Airport<br />
LIMASSOL<br />
(Lemesos)<br />
258,900<br />
NICOSIA<br />
(Lefkosia)<br />
351,600<br />
Larnaca<br />
International<br />
Airport<br />
LARNACA<br />
(Larnaka)<br />
154,200<br />
35ºN<br />
33ºE<br />
FAMAGUSTA<br />
(Ammochostos)<br />
51,500<br />
6
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CYPRUS<br />
DATA<br />
MEMBERSHIPS<br />
EU & Eurozone<br />
World Trade<br />
Organization<br />
United Nations<br />
Council of Europe<br />
Commonwealth<br />
World Bank & IMF<br />
RELIGION<br />
89.1%<br />
Greek Orthodox<br />
2.9% Roman Catholic<br />
2.0% Protestant/Anglican<br />
1.8% Muslim<br />
1.7% Unknown/Atheist<br />
1.0% Buddhist<br />
1.5% Other<br />
TOTAL POPULATION<br />
918,100<br />
Republic of <strong>Cyprus</strong><br />
79%<br />
Cypriot<br />
21%<br />
Non-Cypriot<br />
OFFICIAL LANGUAGES<br />
Greek &<br />
Turkish<br />
(business generally<br />
conducted in English)<br />
TIME<br />
+2 Hours<br />
ahead of GMT<br />
SUNSHINE<br />
340 days<br />
of sunshine/year<br />
AREA & SIZE<br />
9,251 km 2<br />
(3,355 km 2 in the<br />
occupied area)<br />
POPULATION DENSITY<br />
132<br />
(persons per km 2 )<br />
MEDIAN AGE<br />
38<br />
CURRENCY<br />
Euro (€)<br />
RAINFALL<br />
503 mm<br />
average annual<br />
AVERAGE TEMPERATURE<br />
+13ºC<br />
Winter<br />
+34ºC<br />
Summer<br />
MAIN MEDIA<br />
<strong>Cyprus</strong> Mail<br />
Phileleftheros<br />
Politis<br />
CyBC<br />
7
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CYPRUS<br />
BUSINESS<br />
FIGURES<br />
TOTAL GDP<br />
€23.4<br />
billion<br />
(2021)<br />
GDP PER CAPITA<br />
€26,031<br />
(2021)<br />
12.3%<br />
Taxes & Subsidies<br />
5.4%<br />
Construction<br />
7.5%<br />
Mining, manufacturing,<br />
electricity & water<br />
GDP<br />
BY SECTOR<br />
73.1%<br />
Services<br />
1.8%<br />
Agriculture,<br />
forestry & fishing<br />
UNEMPLOYMENT<br />
7.5%<br />
(2021)<br />
GDP GROWTH<br />
5.5%<br />
(2021)<br />
INFLATION<br />
2.3%<br />
(2021)<br />
INTERNATIONAL RANKINGS<br />
Standard & Poor’s<br />
BBB<br />
CORPORATE<br />
TAX RATE<br />
12.5%<br />
TIME TO START<br />
UP A BUSINESS<br />
1.3 days<br />
ACCOUNTING<br />
STANDARD<br />
IFRS<br />
Fitch<br />
BBB- Moody’s<br />
Ba1<br />
(September <strong>2022</strong>)<br />
MAIN TRADING PARTNERS<br />
UK<br />
Germany<br />
Italy<br />
France<br />
Israel<br />
Greece<br />
China<br />
CRIME<br />
0.9 per<br />
100 persons<br />
<strong>Cyprus</strong> is the safest<br />
country in the world for<br />
young people out of<br />
184 countries across<br />
the globe.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
GOVERNMENT & POLITICS<br />
A Key Player in<br />
the East Med<br />
The geostrategic location of <strong>Cyprus</strong> at the crossroads<br />
of three continents, and its friendly diplomatic<br />
relations with regional neighbours and beyond,<br />
have helped establish the island as an international<br />
business centre and key player in the East Med.<br />
T<br />
he Republic of <strong>Cyprus</strong> is a unitary presidential representative republic, where the<br />
President of <strong>Cyprus</strong> is both head of state and head of government, and executive<br />
power is exercised by the government. Legislative power is vested in both the<br />
government and the parliament, and the judiciary is independent of the executive and<br />
the legislature. The seventh president of the Republic of <strong>Cyprus</strong>, Nicos Anastasiades,<br />
was re-elected for another five-year term on 4 February 2018. The conservative<br />
candidate and head of the DISY party won his second term following a run-off<br />
presidential election with a majority of 55.99% of the vote. The next presidential<br />
elections in <strong>Cyprus</strong> will be held on 5 February <strong>2023</strong>. If no candidate receives a majority<br />
of the vote, a runoff will be held on 12 February <strong>2023</strong>. The incumbent president is not<br />
eligible to run due to the two-term limit.<br />
10
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
The division of <strong>Cyprus</strong> remains one of<br />
the most long-standing and prominent<br />
issues in the political arena. UN-brokered<br />
peace talks between the Greek and Turkish<br />
Cypriot leaderships, which first began in<br />
1968, are still ongoing. These negotiations<br />
are aimed at finding a sustainable solution<br />
to the ‘<strong>Cyprus</strong> Problem’, which led to the<br />
de facto division of the island between<br />
the mainly Greek-speaking south and the<br />
mainly Turkish-speaking north for over<br />
four decades. Anastasiades and Turkish<br />
Cypriot leader Ersin Tatar have been<br />
holding talks in a bid to reunify the island<br />
though this has proved to be challenging<br />
as Tatar openly supports a two-state<br />
solution. Efforts to resume the UN-led<br />
talks are underway, but rising tensions<br />
since 2020 between <strong>Cyprus</strong>, Greece and<br />
Turkey over hydrocarbons explorations<br />
in <strong>Cyprus</strong>’ Exclusive Economic Zone (EEZ)<br />
and the upcoming presidential elections<br />
have complicated the process further.<br />
CONSTITUTION,<br />
INSTITUTIONS AND<br />
ADMINISTRATION<br />
The 1960 constitution provided for power<br />
sharing between the Greek Cypriot and<br />
Turkish Cypriot communities. Votes<br />
on important issues required separate<br />
parliamentary majorities, and the<br />
Greek Cypriot president and the Turkish<br />
Cypriot vice president both had the right<br />
of veto on important decisions. The<br />
system of government is presidential,<br />
with the separation of powers between<br />
the executive and the legislature. The<br />
presidential term lasts five years, with the<br />
next presidential election due in February<br />
<strong>2023</strong>. Ministers, who are appointed by<br />
the president, cannot hold seats in the<br />
House of Representatives. The House of<br />
Representatives is elected by proportional<br />
representation. Its normal term is five years.<br />
DIVIDED ISLAND<br />
In 1960 <strong>Cyprus</strong> gained independence from Britain and became a unitary state of both<br />
Greek- and Turkish-Cypriots (respectively around 80% and 20% of the population). In<br />
July 1974, a right-wing coup backed by the military junta in power in Greece overturned<br />
the democratically elected government, forcing the Cypriot President Archbishop<br />
Makarios to flee. This prompted Turkey, one of the guarantor powers, which also include<br />
Greece and the UK, to send its troops into the island to support the Turkish Cypriot<br />
minority. Fierce fighting followed and the ensuing ceasefire line – known as the Green<br />
Line and patrolled by United Nations troops – has effectively partitioned the island<br />
ever since. However, visitors can safely access either side through various checkpoints<br />
along the Green Line. Today, Nicosia is the world’s last divided capital since the fall of<br />
the Berlin Wall. The population of the southern two-thirds of the island, controlled<br />
by the government of the Republic of <strong>Cyprus</strong>, is almost entirely Greek Cypriot, while<br />
the population of the northern third, controlled by the breakaway Turkish Republic of<br />
Northern <strong>Cyprus</strong> (recognised only by Turkey) comprises Turkish Cypriots, settlers from<br />
the Turkish mainland and around 42,000 Turkish troops.<br />
11
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
FROM FOREIGN RULE TO THE REPUBLIC OF CYPRUS<br />
Colonised by the ancient Greeks in 1400 BC, <strong>Cyprus</strong> has had a succession of foreign<br />
rulers through the centuries, including the Romans, the Byzantines, the Franks<br />
and the Venetians, whose 300-year rule ended in 1571 when the island became part<br />
of the Ottoman Empire. After almost 250 years of Ottoman rule, <strong>Cyprus</strong> was placed<br />
under British administration in 1878. The island finally became independent in 1960<br />
after a protracted and violent struggle against the colonial power between 1955 and<br />
1959. After lengthy negotiations, Britain, Greece and Turkey drafted a constitution for<br />
the new state, along with Treaties of Guarantee and Alliance. The Republic of <strong>Cyprus</strong><br />
came into being in August 1960. The constitution and the two accompanying treaties<br />
established a complex power-sharing structure between Greek and Turkish Cypriots,<br />
which precluded partition of the island, or union with Greece or Turkey. Both countries,<br />
along with Britain, were also designated guarantors of the independence, territorial<br />
integrity and security of the Republic. The constitution<br />
provided for a Greek Cypriot president and a Turkish<br />
Cypriot vice president, while the Turkish Cypriot<br />
community was granted three ministerial positions out<br />
of a total of 10, and 15 out of the 50 seats in the House of<br />
Representatives. After intercommunal strife between<br />
the two communities in 1963, Turkish Cypriots vacated<br />
their seats. Since then, ministerial positions have<br />
increased to 11, all duties carried out by Greek Cypriots<br />
and the number of parliamentary seats has extended to<br />
80 of which 30% (24) are allocated to Turkish Cypriots<br />
as per the constitution but remain vacant.<br />
Nicos Anastasiades<br />
President of the<br />
Republic of <strong>Cyprus</strong><br />
COUNCIL OF MINISTERS<br />
President of the Republic of <strong>Cyprus</strong> - Nicos Anastasiades<br />
Minister of Foreign Affairs - Ioannis Kasoulides<br />
Minister of Finance - Constantinos Petrides<br />
Minister of Interior – Nicos Nouris<br />
Minister of Defence – Charalambos Petrides<br />
Minister of Health - Michalis Hadjipantelas<br />
Minister of Education, Sport and Youth – Prodromos Prodromou<br />
Minister of Transport, Communications and Works – Yiannis Karousos<br />
Minister of Energy, Commerce and Industry – Natasa Pilides<br />
Minister of Agriculture, Rural Development and Environment - Costas Kadis<br />
Minister of Labour and Social Insurance - Kyriakos I. Koushos<br />
Minister of Justice and Public Order – Stephie Dracos<br />
Government Spokesman – Marios Pelekanos<br />
Shipping Deputy Minister – Vassilis Demetriades<br />
Deputy Minister of Tourism – Savvas Perdios<br />
Deputy Minister of Research, Innovation and Digital Policy – Kyriacos Kokkinos<br />
Deputy Minister of Social Welfare – Anastasia Anthousi<br />
Deputy Minister of Culture – Yiannis Toumazis<br />
12
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
INTERNATIONAL RELATIONS<br />
<strong>Cyprus</strong> joined the EU on 1 May 2004<br />
together with nine other European<br />
countries. Under the terms of its accession<br />
the entire island is considered technically<br />
to be a member of the European Union,<br />
despite its continued division and the<br />
fact that the government of the Republic<br />
has no effective authority in the northern<br />
part of the island. However, the terms<br />
of the acquis communautaire, the EU’s<br />
body of laws, have been suspended in the<br />
north. <strong>Cyprus</strong> has historically followed a<br />
non-aligned foreign policy, although it<br />
increasingly identifies with the West in<br />
its cultural affinities and trade patterns<br />
and maintains close relations with<br />
Greece. Turkey refuses to recognise the<br />
government of the Republic of <strong>Cyprus</strong>, The Presidential Palace<br />
arguing that the latter – as established by<br />
the Constitution of 1960 – ceased to exist when the intercommunal violence that broke<br />
out in December 1963 ended Turkish Cypriot participation in government. As a result,<br />
Turkey still refuses to allow Cypriot-flagged vessels access to its ports, despite pressure<br />
from the European Union. <strong>Cyprus</strong> is a member of the United Nations and most of<br />
its agencies, as well as the Commonwealth of Nations, World Bank, International<br />
Monetary Fund and Council of Europe. In addition, the country has signed the General<br />
Agreement on Tariffs and Trade (GATT) and the Multilateral Investment Guarantee<br />
Agency Agreement (MIGA).<br />
POLITICAL PARTIES<br />
Dominant<br />
Political Parties:<br />
Democratic Rally (DISY),<br />
a right-wing party<br />
Progressive Party of<br />
the Working People (AKEL),<br />
a left-wing party<br />
Democratic Party (DIKO),<br />
a centre-right party<br />
Smaller<br />
Political Parties:<br />
Movement of Social Democracy<br />
(EDEK), a social democratic party<br />
Ecologists Movement, also known<br />
as the <strong>Cyprus</strong> Green Party<br />
Democratic Front (DIPA), a<br />
centrist political party<br />
National People’s Front (E.L.A.M.),<br />
an ultranationalist party<br />
13
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
COUNTRY OVERVIEW<br />
A Diversified Future<br />
Renowned since antiquity, <strong>Cyprus</strong> has reinvented itself<br />
multiple times and is going through another exciting<br />
transformation today. The island nation has big ambitions<br />
to diversify its economy by placing innovation at its core,<br />
while it continues to attract professional expats and<br />
foreign investors to its shores thanks to its relaxed lifestyle<br />
coupled with bourgeoning prospects in multiple sectors.<br />
Located in the eastern Mediterranean at the crossroads of Europe, the Middle East<br />
and Africa, <strong>Cyprus</strong>’ strategic position has always played a key role in shaping its<br />
10,000-year history and in developing the island into a convenient centre for trade<br />
and international business. Despite being a country of less than a million people,<br />
the Republic of <strong>Cyprus</strong> has steadily built itself into a thriving business centre over<br />
the decades. An EU and eurozone member for over a decade, and with one of the<br />
highest educated populations in Europe, <strong>Cyprus</strong> has built a strong service-based<br />
economy. Its low-cost business environment with a wealth of support services, a<br />
sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an<br />
extensive network of double taxation agreements with 67 countries – has developed<br />
14
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
<strong>Cyprus</strong> into an important European and regional financial and business services<br />
hub. The country is also one of Europe’s favourite holiday destinations, enjoying<br />
340 days of glorious sunshine a year and boasts a beautiful coastline teeming with<br />
stretches of golden sand, secluded bays and rocky coves, all surrounded by some of<br />
the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted<br />
with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms<br />
to exquisite Byzantine art and magnificent Venetian architecture. Add to<br />
this the vibrant and cosmopolitan lifestyle where East meets West, <strong>Cyprus</strong> offers the<br />
perfect balance between business and leisure.<br />
PEOPLE & CULTURE<br />
While the Republic of <strong>Cyprus</strong> is a<br />
Greek-speaking nation, English<br />
is almost universally spoken and is the<br />
language of international business.<br />
German, French and Russian speakers<br />
are also easily found, thanks to the high<br />
number of Cypriots with international<br />
degrees, the country’s commercial ties<br />
with the global business community,<br />
and the island’s popularity as a tourist<br />
destination. <strong>Cyprus</strong> is well known for its<br />
hospitality, a fact reflected in the Greek word, xenos, used for both stranger and guest.<br />
Life is meant to be enjoyed in <strong>Cyprus</strong>, which is renowned for its excellent quality of<br />
life. Cafe culture predominates, with both business and social meetings taking place<br />
over a leisurely frappe (iced coffee) in the numerous cafes in every town and city. As<br />
with most Mediterranean cultures, food also plays a vital role in family and social<br />
life. The famous <strong>Cyprus</strong> meze – a large selection of small, delectable dishes – is best<br />
enjoyed siga siga (slowly) and al fresco.<br />
RESILIENT EU ECONOMY<br />
<strong>Cyprus</strong> has a resilient economy that has time and time again proven its capacity<br />
to adjust to continuously changing conditions and bounce back from external<br />
shocks. Before its independence from<br />
the UK in 1960, the <strong>Cyprus</strong> economy was<br />
primarily based on agriculture and the<br />
export of minerals. However, in the last<br />
few decades the country has established<br />
itself as a serious international business<br />
and service centre for shipping, financial<br />
services and commerce, and is classified<br />
by the World Bank as a high-income<br />
country. The island’s accession to the EU<br />
in 2004 with the subsequent adoption<br />
of the euro in 2008, was the catalyst for<br />
its transformation into a competitive<br />
financial and business services hub. I<br />
15<br />
Offering a tax-efficient<br />
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country is also emerging as<br />
a compelling destination for<br />
regional headquarters and<br />
a base for tech companies,<br />
as well as an increasingly<br />
attractive location for fund<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Following the country’s financial crisis<br />
in 2013, <strong>Cyprus</strong> undertook a major<br />
reform agenda and while still facing<br />
some economic challenges, the small<br />
EU nation has demonstrated resilience<br />
and an ability to bounce back to growth.<br />
The year 2015 signalled a sooner-thanexpected<br />
exit from recession and a rapid<br />
economic turnaround followed, with 2017<br />
recording almost 4% growth – earning<br />
<strong>Cyprus</strong> praise as an economic success<br />
story. <strong>Cyprus</strong>’ resilience in the face of the<br />
pandemic was once again evident with<br />
GDP growth reaching a strong 5.5% in<br />
2021, although the European Commission<br />
forecasts a downturn to 3.2% growth in<br />
<strong>2022</strong>. Consistent credit rating upgrades<br />
have further boosted confidence and<br />
foreign direct investment has been<br />
flowing into all key sectors. <strong>Cyprus</strong> has<br />
retained and strengthened its status as an<br />
attractive investment gateway to the EU<br />
and other high-growth markets, as well<br />
as a secure base to tap into opportunities<br />
in the Middle East. Offering a tax-efficient<br />
EU company domicile, the country is also<br />
emerging as a compelling destination<br />
for regional headquarters and a base for<br />
tech companies, as well as an increasingly<br />
attractive location for fund managers and<br />
promoters.<br />
GROWING INVESTMENT FUND SECTOR<br />
<strong>Cyprus</strong> has big ambitions in the<br />
investment funds sector to establish<br />
itself as a contender in the global asset<br />
management industry. The steady growth<br />
in both Assets under Management and in<br />
the number of fund structures licensed<br />
and active in <strong>Cyprus</strong> have underlined<br />
the strength and appeal of the novice<br />
domicile. Assets under Management<br />
(AuM) have seen a formidable increase<br />
from €2.7 billion in 2016 to €11.1 billion in<br />
the first quarter of <strong>2022</strong>, showing that it is<br />
not the sector’s size but its fast growth that<br />
has impressed, and is being recognised<br />
by the global asset management and<br />
CYPRUS FACTS<br />
& FIGURES<br />
EU Member since 2004,<br />
Eurozone member since 2008<br />
<strong>Cyprus</strong>’ maritime sector accounts<br />
for €1 billion in annual revenue and<br />
is around 7% of the island’s GDP<br />
<strong>Cyprus</strong> is an established<br />
international business and service<br />
centre for shipping, financial<br />
services and commerce, and is<br />
classified by the World Bank as<br />
a high-income country<br />
Investment funds have already<br />
invested more than €2 billion<br />
in several sectors of the Cypriot<br />
economy, such as shipping,<br />
hospitality, education, healthcare,<br />
and renewable energy<br />
16
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
investor community. Investment funds have already invested more than €2 billion<br />
in several sectors of the Cypriot economy, such as shipping, hospitality, education,<br />
healthcare, and renewable energy. <strong>Cyprus</strong> offers both EU-regulated Undertakings of<br />
Collective Investment in Transferable Securities (UCITS) and Alternative Investment<br />
Funds (AIFs). In July 2018, the country upgraded its AIF framework and introduced<br />
Registered AIFs (RAIFs), which do not require authorisation by the supervising <strong>Cyprus</strong><br />
Securities and Exchange Commission (CySEC) to commence operations provided they<br />
are externally managed by an Alternative Investment Fund Manager (AIFM) based<br />
in <strong>Cyprus</strong> or another EU country. The upgraded legislation has been hailed ‘groundbreaking’<br />
and offers a significantly more time- and cost-efficient means of establishing<br />
AIFs in <strong>Cyprus</strong>. Today, the majority of alternative investment funds in <strong>Cyprus</strong> are of a<br />
small and medium size and focus on debt and equity securities, real estate and private<br />
equity. However, <strong>Cyprus</strong> has also attracted larger funds including one with assets of<br />
€500 million under management. The number of alternative investment funds has<br />
more than doubled in the last five years and foreign UCITS are now widely marketed<br />
in <strong>Cyprus</strong>, including ones promoted by international financial institutions such as JP<br />
Morgan, UBS and Julius Baer.<br />
GLOBAL SHIPPING HUB<br />
A<br />
major success story for <strong>Cyprus</strong> has been the maritime sector, which accounts for<br />
around €1 billion in annual revenue and approximately 7% of the island’s GDP<br />
– and of this figure, shipmanagement alone accounts for 5%. Apart from offering<br />
shipmanagement and business services to the industry, the <strong>Cyprus</strong> Registry is<br />
classified as the third largest merchant fleet in the European Union and the 11 th largest<br />
in the world. The country is also the EU’s largest shipmanagement centre and amongst<br />
the top three in the world. The sector has seen growth in the past few years and <strong>Cyprus</strong><br />
is currently looking at restructuring the commercial shipping sector to strengthen its<br />
competitive edge. Since introducing an advantageous EU-approved tonnage tax system<br />
in 2010, the island has continued to attract increasing numbers of shipping companies<br />
from across the world. The country’s maritime capital, Limassol, is home to some of the<br />
most influential names in shipping today managing around 20% of the world’s thirdparty<br />
managed fleet.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Apart from the sun and the sea,<br />
<strong>Cyprus</strong> has few natural resources<br />
and has been dependent on oil imports<br />
to satisfy its energy demands. However,<br />
the substantial discovery of natural gas<br />
and potential oil deposits in <strong>Cyprus</strong>’<br />
Exclusive Economic Zone (EEZ) in<br />
the Mediterranean Sea is expected to<br />
change all this. Exploratory drillings by<br />
global energy giants have confirmed<br />
natural gas reserves that could meet<br />
<strong>Cyprus</strong>’ domestic gas demand for over<br />
EAST MED ENERGY CENTRE<br />
IThe country’s top-tier<br />
universities and research<br />
institutes are also playing a<br />
pivotal part in these efforts<br />
to create a more sustainable<br />
energy mix through innovation<br />
in smart tech and research in<br />
ways to battle climate change<br />
100 years, and a surplus for export. The<br />
hydrocarbons race in <strong>Cyprus</strong>’ waters has attracted international energy heavyweights,<br />
such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s<br />
waters for new discoveries and multiple auxiliary services companies have set up<br />
to support these efforts. With 340 days of sunshine to harness, solar energy has also<br />
become a bit of a boom segment for <strong>Cyprus</strong> recently. The government is placing strong<br />
focus on renewable energy and working towards achieving a zero-carbon economy.<br />
The country’s top-tier universities and research institutes are also playing a pivotal role<br />
in these efforts to create a more sustainable energy mix through innovation in smart<br />
tech and research in ways to battle climate change.<br />
TECH AND INNOVATION TAKING THE LEAD<br />
The technology space in <strong>Cyprus</strong> is seeing a fresh boost with more state support to the<br />
sector, the launch of new national strategies to integrate innovative tech, and fresh<br />
incentives to attract more digital nomads, IT start-ups and regional headquarters. With<br />
its new focus on long-term development outcomes, <strong>Cyprus</strong> is determined to diversify<br />
and harness growth with a technology-driven economy. The biggest spender by far on<br />
IT in <strong>Cyprus</strong> is the financial sector, followed by the telecoms providers and the public<br />
service. Albeit one of the smallest EU member states, research and development is an<br />
area where <strong>Cyprus</strong> punches well above its weight. Unprecedented investment into the<br />
sector and ground-breaking projects are establishing this small island, not only as an<br />
innovation and research hub, but as a regional centre of excellence providing strong<br />
links with the global scientific and technical innovation community.<br />
POPULAR TOURISM DESTINATION<br />
Tourism has been a key driving force of the Cypriot economy for decades, and pre-<br />
Covid the country saw consecutive years of record-breaking numbers of tourist<br />
arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,<br />
tourist arrival figures are rebounding and new projects currently underway are<br />
set to strengthen and upgrade <strong>Cyprus</strong>’ tourism product and encourage more yearround<br />
visitors, a strategy <strong>Cyprus</strong> is fully committed to. These projects range from the<br />
construction of new golf courses, luxury marina developments and the upgrading of<br />
the island’s wellness and medical tourism product. A new and exciting prospect is the<br />
18
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Kourion<br />
current construction of the Republic’s first-ever luxury casino resort. The €600 million<br />
integrated resort, run by a consortium with renowned Hong Kong player Melco, will<br />
exceed five-star status and open a whole new market for niche tourism on the island.<br />
ATTRACTIVE REAL ESTATE<br />
The <strong>Cyprus</strong> real estate sector was showing strong market performance straight<br />
through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.<br />
However, by October 2021, sales to the European market increased 68% and <strong>2022</strong><br />
has shown dynamic momentum in sales so far. <strong>Cyprus</strong>’ appeal has remained strong<br />
amongst international investors, expats and retirees thanks to its Mediterranean<br />
climate, high quality of life and safety, as well as its status as an EU member state<br />
conveniently located between three continents. <strong>Cyprus</strong> has one of the highest home<br />
ownership rates in Europe and also has a longstanding market for second homes and<br />
holiday villas, making the economy heavily reliant on the sector. With new up-market<br />
developments, increased foreign investment in top hotels and major infrastructure<br />
projects springing up, <strong>Cyprus</strong>’ attractiveness as a property investment location is set to<br />
grow in the coming years.<br />
Ayia Napa Marina<br />
19
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
FDI APPEAL<br />
<strong>Cyprus</strong>’ FDI appeal has been on an upward trajectory thanks to a robust economy.<br />
Real GDP growth averaged 4.6% in 2015-19 and in 2021 the economy showed<br />
strong performance with 5.5% growth, regaining lost ground from the height of the<br />
Covid-19 pandemic. For the last several years, <strong>Cyprus</strong> has been a hive of activity with<br />
several notable projects already implemented or in the pipeline, strengthening the<br />
country’s image and appeal. Foreign investment flows have been significant. In the<br />
ten-year period 2011-2020, cumulative net FDI reached €22.2 billion. This investment<br />
was driven by equity, with the shipping/shipping finance and real estate sectors<br />
playing a significant role, while investment in communications is now also beginning<br />
to gain importance. Ongoing improvements in the macroeconomic and financial<br />
environment have also revived international interest in around 30 major development<br />
projects on the island. Investment opportunities in <strong>Cyprus</strong>’ large-scale projects span<br />
various sectors, including high-value tourism and housing developments, projects with<br />
a special focus on golf courses and luxury marinas, as well as education, energy, and<br />
more recently the international film sector. The growth performance of <strong>Cyprus</strong> over<br />
the last five years has been exceptional and even exceeded international expectations,<br />
while successive credit rating upgrades and new incentives have attracted billions in<br />
foreign investment since 2015, with significant inflows from the US, Asia, Russia and the<br />
Middle East. <strong>Cyprus</strong>’ liberalised Foreign Direct Investment Policy, both for EU citizens<br />
and investors from third countries, along with its favourable tax regime makes it one of<br />
the most attractive centres for FDI in Europe.<br />
Parklane Limassol<br />
A DIVERSIFIED FUTURE<br />
Offering a professional yet relaxed atmosphere that makes doing business<br />
pleasurable as well as profitable, <strong>Cyprus</strong>’ Mediterranean lifestyle coexists happily<br />
with a cutting-edge international business hub, allowing investors to enjoy the best of<br />
both worlds: a safe and comfortable environment for family life and a sophisticated<br />
infrastructure from which to grow and develop business. <strong>Cyprus</strong> combines numerous<br />
advantages as a business base with its EU-approved tax regime, competitive 12.5%<br />
corporate tax rate and tax breaks for high earners, its pro-business government<br />
and highly skilled workforce – as well as promising growth and development across<br />
numerous economic sectors. With <strong>Cyprus</strong>’ prospects on the rise, the country has all the<br />
right elements firmly in place to strengthen its reputation as an international centre of<br />
business excellence in one of Europe’s most interesting investment locations. n<br />
20
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ECONOMY<br />
Growth Fuelled<br />
by Resilience<br />
The economy of <strong>Cyprus</strong> has consistently surprised<br />
by its ability to bounce back from times of adversity,<br />
underscoring the strength of the small island<br />
nation. Despite several shocks in the last decade<br />
the country has managed to stay on track, diversify<br />
and attract new investment, earning its reputation<br />
as one of the most resilient EU economies.<br />
For its small size, <strong>Cyprus</strong> punches above its weight and has become synonomous<br />
with the word resilience. Following a decade of significant economic shocks, the<br />
country has shown consistent ability to rebound. The economy recovered swiftly after<br />
the banking crisis in 2013, returning to investment grade rating in 2018 and recording<br />
annual average real GDP growth of 5.4% in 2016-19. The economy also rebounded<br />
22
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
quickly after the global pandemic in 2020. The figures tell a remarkable story with real<br />
GDP growth hitting -5.0% in 2020 and rocketing back to 5.5% in 2021. During the past<br />
few years the banks have consolidated, boosted and diversified their capital base and<br />
cut non-performing loans by over 80%. At the same time, the government reformed its<br />
public finances, brought debt back to sustainable levels and paid off its debt to the IMF<br />
five years early. These achievements gave the government the fiscal space to extend<br />
sustained support to enterprises affected by the pandemic.<br />
Substantial financial support for the EU’s green and digital transition agenda has<br />
given renewed impetus to digitisation, liberalisation and green reforms, while new<br />
incentives continue to be launched to attract a broad array of quality foreign investment.<br />
This fresh focus is set to raise the economy’s competitiveness further and leverage the<br />
eurozone economy’s highly educated population.<br />
KEY SECTORS<br />
The <strong>Cyprus</strong> economy is dominated by services, which accounted for 83.4% of gross<br />
value added in 2021, while industry accounted for 8.5%, construction 6.1% and<br />
agriculture, forestry and fishing 2.0%. Over the past two decades the economy has<br />
diversified. While tourism remains one of the most significant sectors – especially<br />
because of its wider impact on retail, transport, construction and employment –<br />
its value-added contribution, when narrowly defined as accommodation and food<br />
services, has now been overtaken by professional services, communications, financial<br />
services and real estate.<br />
Diversification has been made possible by the growing importance of <strong>Cyprus</strong> as<br />
an international business centre. Information and communication services have<br />
expanded rapidly from a low base, as the country takes advantage of its geostrategic<br />
location at the intersection of three continents. Administrative services are also rising<br />
fast, boosted by the growing compliance industry. As in many advanced countries, the<br />
largest single sector is wholesale and retail trade, serving the general population as<br />
well as incoming tourists.<br />
CHALLENGES AND OPPORTUNITIES<br />
I<br />
mportant structural support in <strong>Cyprus</strong>’ efforts to stay on its robust growth path<br />
is coming from the Deputy Ministry of Research, Innovation and Digital Policy,<br />
which was established in March 2020 and was key to accelerating digitisation of the<br />
public sector at the height of the pandemic. The government has also launched a<br />
raft of initiatives to support competitiveness and the green transition. These include<br />
incentives for the island’s budding wine sector, to support entrepreneurship and for<br />
energy upgrades in buildings.<br />
Key prospects lie in energy including renewables, interconnectivity, tourism and<br />
headquartering. Energy prospects arise from offshore natural gas finds, further<br />
electricity liberalisation and investment in renewables, while opportunities for<br />
interconnectivity will come from the submarine electricity cables that will link <strong>Cyprus</strong><br />
to the European and African continents. Investment in expanding and upgrading the<br />
island’s tourism offering will continue, while prospects for headquartering have been<br />
boosted by the government’s early public health interventions to rapidly contain the<br />
pandemic. This has further enhanced the country’s reputation as a safe eurozone<br />
location in which to do business.<br />
23
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
6.0<br />
REAL GDP GROWTH (%)<br />
IMF EC Sapienta<br />
5.0<br />
4.0<br />
3.0<br />
2.0<br />
1.0<br />
0.0<br />
-1.0<br />
5.7<br />
5.7<br />
5.7<br />
5.3<br />
5.3<br />
5.3<br />
-5.0<br />
2020<br />
-5.0<br />
-5.0<br />
5.5<br />
5.5<br />
5.5<br />
2.0<br />
3.2<br />
4.7<br />
3.5<br />
2.1<br />
0.8<br />
2018 2019 2021 <strong>2022</strong> (f) <strong>2023</strong> (f)<br />
-2.0<br />
-3.0<br />
-4.0<br />
-5.0<br />
GDP IN €/BILLION<br />
GDP PER CAPITA IN €<br />
25<br />
25<br />
20<br />
20<br />
15<br />
15<br />
10<br />
5<br />
18.9<br />
20.2 21.6 23.0 21.6 23.4<br />
22,229<br />
23,554<br />
24,840<br />
26,090<br />
24,235<br />
26,031<br />
10<br />
5<br />
0<br />
2016 2017 2018 2019 2020 2021<br />
2016 2017 2018 2019 2020 2021<br />
0<br />
Sources: IMF, Staff <strong>Report</strong>, June <strong>2022</strong> • European Commission Summer Interim Forecast, July <strong>2022</strong><br />
Sapienta <strong>Country</strong> Analysis <strong>Cyprus</strong>, August <strong>2022</strong> • Cystat<br />
24
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
KEY SECTORS AS % OF TOTAL GROSS VALUE ADDED (GVA) 2021<br />
Agriculture<br />
& mining<br />
2.2%<br />
Construction<br />
6.1%<br />
Accommodation<br />
& food services<br />
5.3%<br />
Professional services<br />
8.8%<br />
Other services<br />
40.5%<br />
Manufacturing,<br />
electricity, gas & water<br />
8.4%<br />
Financial<br />
services<br />
8.2%<br />
Wholesale &<br />
retail trade<br />
11.1%<br />
Public administration<br />
& defence<br />
9.5%<br />
120<br />
GROSS PUBLIC DEBT AS % OF GDP<br />
IMF EC Sapienta<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
91.1<br />
91.1<br />
91.1<br />
115.0<br />
115.0<br />
115.0<br />
103.9<br />
103.6<br />
103.6<br />
2019 2020 2021<br />
<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />
97.7<br />
93.9<br />
89.7<br />
94.1<br />
88.8<br />
82.0<br />
87.8<br />
n/a<br />
70.9<br />
25
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CURRENT ACCOUNT BALANCE (% OF GDP)<br />
0.0<br />
-1.0<br />
-5.7<br />
2019 2020 2021<br />
<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />
-5.7<br />
-5.7<br />
-10.1<br />
-10.1<br />
-10.1<br />
-7.3<br />
-7.2<br />
-7.2<br />
-8.2<br />
-8.8<br />
-8.3<br />
-6.8<br />
-7.2<br />
-8.6<br />
-5.7<br />
n/a<br />
-8.2<br />
-2.0<br />
-3.0<br />
-4.0<br />
-5.0<br />
-6.0<br />
-7.0<br />
-8.0<br />
-9.0<br />
-10.0<br />
IMF EC Sapienta<br />
7.0<br />
6.0<br />
HARMONISED<br />
CONSUMER PRICE<br />
INFLATION (%)<br />
IMF EC Sapienta<br />
5.0<br />
4.0<br />
3.0<br />
2.0<br />
1.0<br />
0.0<br />
0.5<br />
0.5<br />
2019<br />
0.5<br />
-1.1<br />
-1.1<br />
2020<br />
-1.1<br />
2.3<br />
2.3<br />
2021<br />
2.3<br />
5.3<br />
7.0<br />
7.7<br />
2.3<br />
3.3<br />
4.7<br />
2.0<br />
n/a<br />
4.5<br />
<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />
26
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
UNEMPLOYMENT RATE (%)<br />
IMF EC Sapienta<br />
8.0<br />
2019 2020 2021<br />
<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />
7.0<br />
6.0<br />
5.0<br />
CREDIT RATINGS<br />
Standard & Poor’s<br />
BBB<br />
POSITIVE<br />
DBRS<br />
BBB<br />
STABLE<br />
Fitch Ratings<br />
BBB-<br />
STABLE<br />
Moody’s<br />
BA1<br />
STABLE<br />
NPE RATIO<br />
(non-performing exposures as % of gross loans; scaled y-axis)<br />
Source: Central Bank of <strong>Cyprus</strong><br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
46.4<br />
42.5<br />
30.5<br />
28.0<br />
DEC’16 DEC’17 DEC’18<br />
DEC’19 DEC’20 DEC’21<br />
17.7<br />
11.1<br />
27
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
FDI LIABILITIES IN €/MILLION (investments in <strong>Cyprus</strong>)<br />
2011<br />
28,909<br />
2012<br />
53,807<br />
2013<br />
19,586<br />
2014<br />
38,828<br />
2015<br />
26,118<br />
2016<br />
7,722<br />
2017<br />
12,762<br />
2018<br />
-565<br />
2019<br />
37,357<br />
2020<br />
-132<br />
CUMULATIVE INWARD FDI<br />
STOCK BY COUNTRY 2020<br />
(€/billion) Source: Central Bank of <strong>Cyprus</strong><br />
Russia 97<br />
Luxembourg 60<br />
Switzerland 49<br />
Jersey 24<br />
Netherlands 19<br />
British Virgin Islands 13<br />
Ukraine 12<br />
United Kingdom 12<br />
Guernsey 12<br />
France 4<br />
TOTAL INCLUDING OTHERS<br />
€389 BILLION<br />
INWARD FDI (liabilities)<br />
BY COUNTRY 2019<br />
(€/million) Source: Central Bank of <strong>Cyprus</strong><br />
Luxembourg 13,127<br />
Switzerland 4,403<br />
Russia 4,116<br />
United States 3,848<br />
Netherlands 755<br />
China 442<br />
United Kingdom 210<br />
British Virgin Islands 128<br />
Ukraine 33<br />
Lebanon 31<br />
TOTAL INCLUDING OTHERS<br />
€23,389 MILLION<br />
28
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
EXPORTS OF GOODS BY ECONOMIC DESTINATION 2021 (€/million)<br />
Transport<br />
equipment<br />
1,079<br />
Mineral<br />
products<br />
661<br />
Chemicals<br />
530<br />
Live animals<br />
313<br />
Machinery &<br />
electrical equipment<br />
214<br />
Food, beverages<br />
& tobacco<br />
109<br />
Base metals &<br />
products<br />
90<br />
Vegetable<br />
products<br />
66<br />
Unclassified<br />
39<br />
Other<br />
185<br />
TOTAL EXPORTS Includes re-exports €3,287 MILLION<br />
TOP EXPORT MARKETS<br />
FOR GOODS IN 2021<br />
(€/million)<br />
Includes re-exports • Source: Cystat<br />
Greece 252<br />
Lebanon 285<br />
Marshall Islands 251<br />
United Kingdom 213<br />
British Virgin Islands 202<br />
Libya 181<br />
IMPORTS OF GOODS<br />
BY ECONOMIC<br />
DESTINATION IN 2021<br />
(€/million) Source: Cystat<br />
Consumer goods 2,418<br />
Intermediate inputs 2,360<br />
Transport equipment & parts 1,768<br />
of which: ships & boats 898<br />
Capital goods 559<br />
Fuels & lubricants 1,346<br />
Unclassified 81<br />
TOTAL IMPORTS<br />
€8,531 MILLION<br />
Germany<br />
527<br />
Netherlands<br />
437<br />
Italy<br />
872<br />
Greece<br />
2,036<br />
Israel<br />
403<br />
TOP SUPPLIERS<br />
OF GOODS IN 2021<br />
(€/million)<br />
Source: Cystat<br />
China<br />
430<br />
29
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
FOREIGN DIRECT INVESTMENT<br />
EU Investment<br />
Destination<br />
<strong>Cyprus</strong> has attracted formidable foreign<br />
investment from around the world with billions<br />
flowing into new projects in multiple sectors,<br />
proving the island nation continues to have a<br />
strong pull factor with global investors.<br />
<strong>Cyprus</strong> has been a hive of activity in recent years, with several notable projects<br />
already implemented or in the pipeline, strengthening the country’s image and<br />
foreign direct investment (FDI) appeal. Large-scale real estate projects, luxury marinas<br />
and tourism infrastructure, coupled with developing opportunities in the energy, asset<br />
management and shipping sectors have all reinforced <strong>Cyprus</strong>’ status as an interesting<br />
investment destination.<br />
An added benefit of <strong>Cyprus</strong> is its geostrategic location and secure and stable EU<br />
environment in an often-turbulent region. These factors coupled with the introduction<br />
of new incentives are encouraging increasing numbers of companies from across<br />
the world to set up headquarters on the island, solidifying its position as an attractive<br />
gateway to both established and developing markets. More recently, <strong>Cyprus</strong> has also<br />
started to gain serious traction in attracting more innovative high-tech organisations<br />
to set up on its shores – rebranding itself as an emerging tech hub.<br />
30
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
EXCEEDING EXPECTATIONS<br />
Successive credit rating upgrades over the years and the continuous introduction<br />
of new incentives have attracted billions in foreign investment to <strong>Cyprus</strong>, with<br />
substantial inflows from the US, Asia, the Middle East and Eastern Europe. The sectors<br />
that have seen the most significant FDI so far are: finance, most notably in shipping;<br />
real estate in new luxury developments and infrastructure projects; information and<br />
communication; retail trade; and professional services, in particular head-office<br />
activities.<br />
Although having faced some serious<br />
economic shocks over the last ten years,<br />
the resilience and growth performance<br />
of <strong>Cyprus</strong> has been exceptional and even<br />
exceeded international expectations.<br />
Real GDP growth averaged 5.3% in 2015-<br />
19, and while 2020 marked a critical<br />
downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth<br />
bouncing back to 5.5%. Foreign investment flows have been significant. In the tenyear<br />
period 2012-2021, net inflows reached almost €18 billion. This investment was<br />
driven by equity, with the shipping/shipping finance and real estate sectors playing<br />
an important role.<br />
GROWING TECH INVESTMENT<br />
The technology and communications sector in <strong>Cyprus</strong> has become fiercely<br />
competitive, with a number of players deploying cutting edge solutions to both<br />
increase their local market share and generate growth through the launch of new<br />
technology and products. 5G was rolled out in 2021, making <strong>Cyprus</strong> the first EU state to<br />
achieve 100% 5G coverage.<br />
<strong>Cyprus</strong> is already home to a number<br />
of major tech firms, such as NCR,<br />
Amdocs, Wargaming, 3CX, Exness,<br />
Bolt, Thomson Reuters, Melsoft Games,<br />
and Nexters, and has gained ground<br />
in successfully attracting investment<br />
capital in blockchain. The country’s startup<br />
community has also grown stronger<br />
with more than 200 enterprises and<br />
4,000 entrepreneurs, fostering more<br />
opportunities for business angels and<br />
venture capitalists looking to invest<br />
risk capital in exchange for equity in<br />
promising business ideas. In addition, a<br />
key attraction for high-tech companies<br />
is the <strong>Cyprus</strong> Intellectual IP Box Regime,<br />
I5G was rolled out in 2021, making<br />
<strong>Cyprus</strong> the first EU state to achieve<br />
100% coverage<br />
IIn the ten-year period 2012-2021,<br />
net inflows reached almost<br />
€18 billion<br />
which provides a competitive maximum<br />
tax rate of 2.5% on income earned from<br />
IP assets. <strong>Cyprus</strong>’ regime also applies to<br />
a wider range of income compared to<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
other European schemes, most of which restrict benefits to income from patents and<br />
supplementary patent certificates.<br />
<strong>2022</strong> saw more global names invest in <strong>Cyprus</strong>, with European digital neobanking<br />
platform Revolut, valued at US$33 billion, becoming the first entity to receive approval<br />
as a crypto-asset service provider from the <strong>Cyprus</strong> regulator. The authorisation<br />
will enable Revolut to offer crypto services to its 17 million customers in the EEA<br />
out of a new crypto-asset hub in <strong>Cyprus</strong>. Revolut said its choice was down to the<br />
sophisticated regulatory regime of the country, which has already attracted the likes<br />
of Crypto.com, eToro and BitPanda. A leading US consumer services and applications<br />
software provider, TangoMe, also announced plans to launch offices in <strong>Cyprus</strong>. The<br />
internationally renowned tech company, with an annual revenue of around US$350<br />
million, will establish a strong presence in Limassol with a sizeable number of<br />
employees relocating to <strong>Cyprus</strong>.<br />
Another project set to bolster <strong>Cyprus</strong>’ efforts to become a regional telecoms and data<br />
hub and attract more investment, was <strong>Cyprus</strong>’ leading telecoms provider Cyta signing<br />
a €850 million venture with Greece and Saudi Arabia for the construction of the East<br />
Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,<br />
the modernisation of state infrastructure and speeding up the adoption of cloud<br />
services in <strong>Cyprus</strong> were key targets of the signing of a Memorandum of Understanding<br />
with Amazon Web Services (AWS) in <strong>2022</strong>, a collaboration that will open up a new era<br />
of opportunities.<br />
INVESTING IN EDUCATION<br />
32<br />
<strong>Cyprus</strong> is developing into a regional<br />
education and knowledge hub with<br />
the rapid expansion of tertiary education<br />
and its universities steadily climbing up<br />
global rankings. The country has already<br />
established synergies with international<br />
universities, most notably the University<br />
of Nicosia launching the island’s first degree<br />
programme in medicine in collaboration<br />
with St George’s Medical School at<br />
the University of London, and University<br />
of Central Lancashire – <strong>Cyprus</strong> (UCLan),<br />
IThe number of foreign<br />
students choosing <strong>Cyprus</strong><br />
for their studies has almost<br />
tripled in the last five years,<br />
representing over 60 different<br />
countries and supporting the<br />
growth of <strong>Cyprus</strong> into a true<br />
global educational centre
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
18th<br />
á 50 PLACES<br />
<strong>Cyprus</strong> ranked in 18th place in the<br />
2021 Greenfield FDI Performance<br />
Index, climbing 50 places<br />
compared to the year before<br />
Top 10<br />
<strong>Cyprus</strong> is in the top10<br />
ranking of countries that<br />
stand out for the post-pandemic<br />
investment recovery<br />
á150%<br />
Greenfield investments in <strong>Cyprus</strong><br />
rose by 150% in the first half of <strong>2022</strong><br />
from the same period of 2019<br />
á600%<br />
increase in software and<br />
IT investments in <strong>Cyprus</strong><br />
between 2019 and <strong>2022</strong><br />
Sector<br />
Source: FDI Intelligence<br />
Source: FDI Intelligence<br />
CUMULATIVE FDI LIABILITIES (INVESTMENTS) BY SECTOR 2016-2020<br />
€/Billion<br />
Finance & Insurance 41.7<br />
Real Estate 4.8<br />
Information & Communication 1.4<br />
Professional Scientific & Technical 1.3<br />
Total (including others) 52.7<br />
being the first British university to establish a campus on the island. This has since<br />
been followed by the announcement of the American University of Beirut (AUB) to establish<br />
a €29 million campus in Paphos in <strong>2023</strong> – branded the American University of<br />
Beirut-Mediterraneo. The aim is to accommodate over 2,000 students in the coming<br />
years.<br />
<strong>Cyprus</strong> hosts an impressive and<br />
fast-growing R&I ecosystem, featuring<br />
high quality academic and research institutions<br />
and six Centres of Excellence (CoE).<br />
The <strong>Cyprus</strong> Institute has established itself<br />
as a significant research institute with<br />
global networks of excellence supported<br />
by significant EU funding. The number<br />
I<strong>Cyprus</strong> hosts an impressive and<br />
fast-growing R&I ecosystem,<br />
featuring high quality academic<br />
and research institutions and<br />
six Centres of Excellence (CoE)<br />
of foreign students choosing <strong>Cyprus</strong> for their studies has almost tripled in the last five<br />
years, representing over 60 different countries and supporting the growth of <strong>Cyprus</strong><br />
into a true global educational centre. This fact underlines the great opportunities that<br />
exist in <strong>Cyprus</strong> for the establishment of new universities, colleges and institutes.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PORTS AND SHIPPING<br />
The 2017 commercialisation of the country’s largest port in Limassol marked a new<br />
era for <strong>Cyprus</strong> as a commercial hub. The port privatisation came in the context of<br />
the first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading<br />
terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation<br />
deal with Eurogate International GmbH and leading Emirati logistics giant DP World<br />
Limited is expected to boost state coffers with €2 billion over the next 25 years, while<br />
the new port operators have injected millions in upgrading services and infrastructure.<br />
The more recent contract for the Larnaca<br />
port and marina was signed with<br />
a Cypriot-Israeli consortium, Eldeman<br />
Holding BV and Alexandrou Corporate<br />
Services Ltd, in late 2020 and is expected<br />
to attract around €1.2 billion in construction<br />
and real estate development – making<br />
it one of the biggest infrastructure investments<br />
to date in <strong>Cyprus</strong>.<br />
One of <strong>Cyprus</strong>’ most successful export<br />
services has been the maritime industry.<br />
The growth of <strong>Cyprus</strong>’ resident shipping<br />
sector over the past 50 years has developed<br />
IThere has been a fivefold<br />
increase in the number of<br />
shipping companies that have<br />
registered with <strong>Cyprus</strong>’<br />
specialised shipping<br />
taxation system<br />
boosting the sector’s<br />
revenue by around 25%<br />
a strong maritime cluster that caters to the<br />
needs of <strong>Cyprus</strong>-based companies, including banking, professional services, insurance<br />
and IT. The cluster is consistently attracting more quality tonnage and shipping-related<br />
companies to its shores. Between 2010 – when the <strong>Cyprus</strong> tonnage tax system was<br />
approved by the European Commission – and 2021, there has been a fivefold increase<br />
in the number of shipping companies that have registered with <strong>Cyprus</strong>’ specialised<br />
shipping taxation system, boosting the sector’s revenue by around 25%.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Some examples include the decision in 2018 by leading London ship insurer P&I Club<br />
to open a post-Brexit EU subsidiary in <strong>Cyprus</strong>, reaffirming the island’s position as one<br />
of the top global hubs for shipping. Another triumph came in early 2019, when British<br />
shipping firm P&O Ferries decided to register its English Channel operating fleet<br />
under the <strong>Cyprus</strong> flag to take advantage of the benefits and security it provides. Two<br />
of the industry’s most highly respected privately-owned shipmanagement companies,<br />
Columbia Shipmanagement and Marlow Navigation – both based in <strong>Cyprus</strong> – merged<br />
in 2017 to form Columbia Marlow, creating one of the world’s largest ship and crewmanagement<br />
companies. Another transaction constituting FDI was the 2018 buyout<br />
of Limassol-based Songa Offshore SE by Transocean Ltd, the world’s largest offshore<br />
drilling contractor for oil and gas wells, in a deal worth US$3.4 billion. In addition,<br />
natural gas finds within <strong>Cyprus</strong>’ Exclusive Economic Zone (EEZ) and efforts to exploit<br />
it in cooperation with neighbouring countries have expanded opportunities for the<br />
island’s already thriving shipping sector.<br />
DEVELOPING AN ENERGY HUB<br />
<strong>Cyprus</strong>’ hydrocarbons discoveries captured the attention of global energy<br />
heavyweights when US company Noble Energy, now acquired by US giant Chevron,<br />
made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic<br />
feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and Total<br />
have all secured exploration licences and conducted exploratory drilling. ExxonMobil<br />
announced the discovery of an estimated 5 to 8 tcf in Block 10 in early 2019, while ENI<br />
confirmed a discovery in Block 6 – which it operates with Total – of around 2.5 tcf in<br />
August <strong>2022</strong>. Further discoveries could be announced within the next year.<br />
In 2019 <strong>Cyprus</strong> agreed to build a subsea pipeline connecting Aphrodite to Egypt’s<br />
liquefaction plants and concluded a production-sharing deal with Noble Energy<br />
(now Chevron) and its partners over the Aphrodite gas reservoir. The development of<br />
ENI, Kogas, ExxonMobil,<br />
Royal Dutch Shell,<br />
and Total have all<br />
secured exploration<br />
licences and conducted<br />
exploratory drilling<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Aphrodite is now expected in 2026. Since the start of the pandemic, activity and works<br />
worth US$200 million have been completed in <strong>Cyprus</strong>’ EEZ by oil and gas companies,<br />
underlining their continued commitment to <strong>Cyprus</strong>.<br />
In addition to offshore discoveries in the last decade, a range of other new energy<br />
opportunities have come to the fore. In December 2019, <strong>Cyprus</strong> signed a landmark<br />
deal with a Chinese-led consortium to build a €290 million LNG import terminal at<br />
Vassilikos. The consortium constructing the project includes China Petroleum Pipeline<br />
Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen<br />
Ship Management. The terminal will include a floating storage and regasification unit<br />
(FSRU), a jetty for mooring the FSRU and related infrastructure at Vassilikos. The FSRU,<br />
expected to be completed in <strong>2023</strong>, attracted €150 million in finance from the European<br />
Investment Bank (EIB), €80 million from the European Bank for Reconstruction and<br />
Development (EBRD), €101 million from the EU’s Connecting Europe Facility as well as<br />
an equity contribution of €43 million from the Electricity Authority of <strong>Cyprus</strong> (EAC).<br />
Parallel to this, <strong>Cyprus</strong> has been ramping up its renewables capacity, with support<br />
from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The renewable energy<br />
sector could be one of the most attractive areas for investment and joint ventures<br />
with other countries. For example, Israel has been interested in cooperating with its<br />
Cypriot counterparts in establishing pilot projects where new Israeli tech could be<br />
tested in <strong>Cyprus</strong>. Also, the UAE and Saudi Arabia have been pioneers in clean energy,<br />
especially in the field of hydrogen, and are keen to export its RES know-how and create<br />
synergies. For example, Saudi Arabia – dubbed to become one of the biggest producers<br />
of clean energy – could support the EU’s<br />
hydrogen strategy through <strong>Cyprus</strong> as<br />
I<strong>Cyprus</strong> has been ramping<br />
up its renewables capacity,<br />
with support from the EU’s<br />
€1.2 billion Recovery and<br />
Resilience Facility (RFF)<br />
an interconnector to Saudi’s biggest<br />
hydrogen production plant currently<br />
under construction. The long-awaited full<br />
liberalisation of the electricity production<br />
market in <strong>Cyprus</strong> has seen many delays,<br />
but once this materialises it would<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
allow a fresh inflow of new private players operating in both renewables and gas to<br />
compete in the local market – and in a broader regional market thanks to the EuroAsia<br />
Interconnector project to connect <strong>Cyprus</strong>, Israel and Greece via submarine electricity<br />
cable and the related EuroAfrica Interconnector to connect Egypt.<br />
STABLE BANKING SECTOR AND GROWING INVESTMENT FUNDS<br />
Today, <strong>Cyprus</strong> banks maintain high levels of capital adequacy and liquidity but<br />
continue to grapple with managing their non-performing loan (NPL) portfolios.<br />
The restructuring of the banking sector after 2013 attracted important international<br />
institutional investors and fresh foreign capital and encouraged accelerated sales of<br />
NPLs. These developments substantially<br />
reduced risk and enabled the financial<br />
system to operate on a healthier basis.<br />
The island also hosts a thriving forex<br />
industry with many global giants basing<br />
their operational headquarters in <strong>Cyprus</strong>.<br />
In addition, the investment funds sector<br />
has grown exponentially in the last few<br />
years with Assets under Management<br />
(AuM) seeing a staggering increase from<br />
€2.7 billion in 2016 to €11.1 billion in the<br />
first quarter of <strong>2022</strong>, proving <strong>Cyprus</strong><br />
is being recognised by the global asset<br />
management community. Investment<br />
funds have already invested more than<br />
€2 billion in several sectors of the Cypriot<br />
economy, such as shipping, hospitality,<br />
education, healthcare, and renewable<br />
energy.<br />
IThe investment funds sector<br />
LUXURY TOURISM AND HIGH-END REAL ESTATE<br />
has grown exponentially in<br />
the last few years with Assets<br />
under Management (AuM)<br />
seeing a staggering increase<br />
from €2.7 billion in 2016 to<br />
€11.1 billion<br />
in the first quarter of <strong>2022</strong>,<br />
proving <strong>Cyprus</strong> is being<br />
recognised by the global asset<br />
management community<br />
<strong>Cyprus</strong> continues to be on the top of the list for investors, holiday-home seekers, expats<br />
and retirees. Tourism and real estate have always been robust sectors of the Cypriot<br />
economy, and a concerted effort to diversify the <strong>Cyprus</strong> offering in recent years has paid<br />
off. The number of foreign investors closing multimillion-euro deals in the last several<br />
years underlines the fact that tourism-related real estate and infrastructure continues<br />
to be one of the most attractive investment opportunities in <strong>Cyprus</strong>. Pre-pandemic years<br />
of record-breaking tourism numbers saw the island attract new interest in conference,<br />
sports, health and wellness tourism. The construction and investment in multipurpose<br />
projects and mixed-use developments such as luxury marinas, golf courses and more<br />
recently the island’s first-ever and only integrated luxury casino resort, are all part of<br />
the ongoing strategy to upgrade <strong>Cyprus</strong>’ tourism product. The new casino resort, City<br />
of Dreams Mediterranean, will have extensive facilities and five-star status. The casino<br />
resort is Hong Kong-based Melco’s first expansion outside of Asia and will be the biggest<br />
casino of its kind in Europe, with the investment for this mega project at €600 million.<br />
Spurred by this unique development, <strong>Cyprus</strong> garnered another landmark investment<br />
deal in <strong>2022</strong> with Israeli business magnate Gilad Shabtai investing in over 130,000 m 2<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Artist Impression: City of Dreams Mediterranean<br />
Artist Impression: Grand Hyatt Limassol<br />
Artist Impression: Ritz-Carlton Residences<br />
IMajor investments have also<br />
of land for development surrounding the<br />
new integrated casino resort in Limassol.<br />
been made in the hospitality<br />
The destination and value of the area are<br />
set to be elevated by this key real estate<br />
industry with acquisitions<br />
investment.<br />
and the construction of new<br />
Proposals include the development<br />
of exclusive seven-star facilities<br />
luxury hotels by renowned<br />
providing bespoke services for owners<br />
hotel management chains<br />
and investors. Plans are also in place<br />
for additional investment by the former<br />
majority shareholder of telecoms start-up Viber into the further expansion of the area<br />
in the future – which is a solid vote of confidence in the vast growth potential of <strong>Cyprus</strong>.<br />
Following the success of Limassol Marina, more investment has flowed into marina<br />
developments on the Cypriot coast. The €300 million luxury Ayia Napa Marina is under<br />
construction with berthing facilities and a commercial village now fully operational.<br />
The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of<br />
38
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
luxury villas, apartments and facilities. With significant Egyptian investment backing<br />
the innovative project and the seafront residences are expected to be completed by<br />
<strong>2023</strong>. In addition, the €110 million Paralimni Marina project is set to be completed in<br />
2024, while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting<br />
Engineers SA for a luxury marina in Paphos.<br />
Major investments have also been made in the hospitality industry with acquisitions<br />
and the construction of new luxury hotels by renowned hotel management chains. The<br />
Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world,<br />
has big plans to grow its existing portfolio in the country to six hotels and almost 1,000<br />
rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach<br />
resort by the Radisson Hotel Group worldwide.<br />
In 2019, the Luxury Collection, part of Marriott International, opened the Parklane<br />
Luxury Collection Resort & Spa resort in Limassol, marking Marriott International’s<br />
entry into <strong>Cyprus</strong>. In July 2020, Hyatt Hotels Corporation announced a management<br />
agreement with Anolia Holdings Limited for the launch of the first Hyatt hotel in <strong>Cyprus</strong>.<br />
The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. The<br />
new beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury<br />
development, comprised of residential apartments and private villas totalling more<br />
than 80,000 m 2 . One of the latest projects is the Sofitel Resort & Spa, a joint venture<br />
between Singapore-headquartered Oxley Holdings and Planetvision on the Limassol<br />
beachfront. The project will be the first Sofitel Resort with branded residences in<br />
Europe and is expected to be completed by <strong>2023</strong>.<br />
Following global trends and faced with an aging population, investing in health and<br />
wellness developments as well as rehabilitation and bespoke retirement villages has<br />
enormous potential. An early example of this is the Eden Seniors Resort in Larnaca<br />
which opened its doors in 2018. Paphos is due to see the first dedicated retirement<br />
village in <strong>Cyprus</strong>. The €16 million retirement village, branded Lazaris Mill, will consist<br />
of 82 individual apartments, ranging from studios to larger flats and a small 24-<br />
room hotel, and provide bespoke facilities. The first residents are expected in spring<br />
<strong>2023</strong>. Another upcoming project in Paphos is Cypress Park, a new luxury residential<br />
development turning retirement into a five-star resort stay.<br />
FOCUS ON INVESTOR SUPPORT<br />
Not one to rest on its laurels, <strong>Cyprus</strong> has been steadily sharpening its competitive<br />
edge by streamlining processes to better cater to investors and by strengthening<br />
new sectors to support its already more established industries.<br />
Investment opportunities in <strong>Cyprus</strong>’ large-scale projects span various sectors,<br />
including high-value tourism and housing developments, projects with a special focus<br />
on golf courses and luxury marinas, as well as education, energy, and more lately, the<br />
international film sector.<br />
Special schemes and incentives are in<br />
place to facilitate headquartering, which<br />
covers the sectors of technology, asset<br />
management, investment funds, shipping<br />
1,200 COMPANIES<br />
and higher education, and ‘Olivewood’<br />
for the international film industry. A that have relocated or expanded<br />
new government Action Plan launched<br />
their activities in <strong>Cyprus</strong><br />
in 2021 also provides new incentives to<br />
Ithe BFU has catered to more than<br />
39
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
attract non-EU talent and companies to establish operations in <strong>Cyprus</strong>. The recent<br />
introduction of a Business Facilitation Unit (BFU) promises to be a gamechanger for<br />
ease of setting up in <strong>Cyprus</strong>. The BFU specialises in fast-tracking business setup,<br />
permitting and licensing for companies, their employees and families, and in less than<br />
two years of operation, the BFU has catered to more than 1,200 companies that have<br />
relocated or expanded their activities in <strong>Cyprus</strong>.<br />
To better facilitate FDI, the country’s investment promotion agency, Invest <strong>Cyprus</strong>,<br />
has developed an online investment matchmaking platform branded the Project Bank,<br />
to help investors identify the right market opportunities for projects based in <strong>Cyprus</strong>.<br />
With solid and continuous interest in the tourism sector, Invest <strong>Cyprus</strong> has also set<br />
up a dedicated and specialised unit, TourInvest, to promote investment opportunities<br />
in the tourism and hospitality sector. In cooperation with the Deputy Ministry of Tourism<br />
and other stakeholders, the unit focuses on attracting multimillion-euro investment<br />
into large-scale infrastructure projects.<br />
In addition, Invest <strong>Cyprus</strong> hosts the annual International Investment Awards, where<br />
it honoured seven companies in <strong>2022</strong> for their contributions to <strong>Cyprus</strong>, namely Brain-<br />
Rocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and SYKES.<br />
LOCATION, LOCATION, LOCATION<br />
C<br />
yprus’ liberalised FDI Policy, both for EU citizens and investors from third countries,<br />
along with its favourable tax regime makes it one of the most attractive investment<br />
targets in Europe. At 12.5% <strong>Cyprus</strong>’ corporate tax rate is one of the most competitive in<br />
the EU and new tax-neutral reforms that are on the way will simplify and modernise<br />
the tax system further. The country’s extensive network of double taxation treaties<br />
with 67 countries have strengthened its position as a business gateway and a preferred<br />
location for corporate headquarters. The country’s skilled talent, low cost of doing<br />
business, top-tier professional services, and high quality of life renders <strong>Cyprus</strong> not only<br />
a wise business and investment choice but also a great relocation destination. n<br />
40
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
INSIGHT<br />
Minister of Energy, Commerce and Industry<br />
Natasa Pilides<br />
What are your expectations for the economic sectors<br />
in your Ministry’s Portfolio for <strong>2022</strong> - <strong>2023</strong>?<br />
<strong>Cyprus</strong> has evolved through the years into a modern and cosmopolitan business<br />
centre, through coordinated efforts of the private and public sectors. The Ministry of<br />
Energy, Commerce and Industry has a vital role in formulating the policies and reforms<br />
that enhance the country’s position as an ideal trade and energy hub in the eastern<br />
Mediterranean landscape, as well as an ideal location for companies to do business in<br />
sectors such as technology, shipping, pharmaceuticals and financial services.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
The mission of the Ministry is to implement our integrated strategy for the transition<br />
to a green and circular economy, through a mixture of targeted policies and measures<br />
intended to promote energy efficiency, a smart and environmentally friendly industry,<br />
the enhancement of commerce and exports and the sustainable development of our<br />
hydrocarbon and RES resources.<br />
To this end, our National Energy and Climate Plan (NECP), which provides a detailed<br />
roadmap until 2030, is based on European values and strategies and, most importantly,<br />
the EU Green Deal that calls for climate neutrality by 2050. Inter alia, <strong>Cyprus</strong>’ NECP<br />
provides for the introduction of green taxation, the liberalisation of the electricity<br />
market, the facilitation of energy renovations in buildings, the acceleration of electric<br />
mobility, the connection of the electricity grids of <strong>Cyprus</strong>, Crete and Israel and the<br />
operation of a one-stop-centre to simplify and accelerate the permitting procedures<br />
for renewable energy projects. In addition, it includes energy efficiency and renewable<br />
energy investments targeting households, businesses, municipalities, the wider public<br />
sector and non-governmental organisations.<br />
An important part of <strong>Cyprus</strong>’ energy strategy is our hydrocarbons sector, with the<br />
discovery of significant natural gas reserves in the Exclusive Economic Zone of the<br />
Republic; this calls for the optimum and sustainable development of the hydrocarbon<br />
resources of <strong>Cyprus</strong>, in order to contribute towards maximising the relevant revenues<br />
and boosting the country’s economy, as well as contributing to the energy sources of<br />
EU countries. The establishment and<br />
IThe development of the gas industry in <strong>Cyprus</strong> establishment and<br />
has, in fact, attracted significant FDI to<br />
development of the gas industry<br />
the island, which will hopefully generate<br />
the expected fiscal benefits and create in <strong>Cyprus</strong> has, in fact, attracted<br />
substantial job opportunities throughout<br />
significant FDI to the island.<br />
the entire industry chain.<br />
Another sector offering great opportunities for investment, is <strong>Cyprus</strong>’ industry. In<br />
order to tackle both the green and digital transition, as well as the sharp increases and<br />
volatility of energy prices and inflation, we are fully utilising the EU’s Recovery and Resilience<br />
Facility and the European Investment and Structural Funds, for the implementation<br />
of a series of measures targeting, for instance, digitalisation of activities and a<br />
circular economy model. In this framework, we are optimistic that we can strengthen<br />
the sector’s resilience and improve its competitiveness, increasing further its contribution<br />
to GDP for the period <strong>2022</strong>-<strong>2023</strong>, from around 9% where it stands now.<br />
True to its business-orientated culture and constantly seeking to facilitate the ease of<br />
doing business on the island, the Republic of <strong>Cyprus</strong> has launched, in <strong>2022</strong>, the Business<br />
Facilitation Unit (BFU), through which business set-up, licensing and permitting is<br />
fast-tracked. The fast-growing number of registrations of foreign companies carried<br />
out by the BFU during <strong>2022</strong> – over 1,200 in the first 10 months of the year, indicate the<br />
successful implementation of the Government’s new strategy for attracting international<br />
businesses and talent. Moreover, as the existing investment policy has been radically<br />
reviewed and simplified, a series of policy measures have been adopted, such as improved<br />
tax incentives and introduction of the digital nomad visa, which have encouraged many<br />
companies to establish and scale their presence in <strong>Cyprus</strong>.<br />
The trend of foreign companies’ registrations in the BFU clearly shows that most are<br />
operating in the information and technology sector, as well in professional services.<br />
The increase is expected to continue, contributing to <strong>Cyprus</strong>’ economic growth and<br />
generating sustainable development in many areas of our economy and society. n<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
HEADQUARTERING<br />
HQ Magnet<br />
Cutting-edge tech companies from around<br />
the world are flocking to <strong>Cyprus</strong>, highlighting<br />
a rising trend of international business<br />
migrating to the island and strengthening the<br />
HQ hub’s growing innovation ecosystem.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
<strong>Cyprus</strong> is gaining traction as a headquartering (HQ) destination – and particularly<br />
with tech companies from all over the world. Although the island has enjoyed a<br />
strong reputation as an established international business centre and influential global<br />
shipping hub for decades, its appeal as an attractive jurisdiction for communications<br />
and technology companies is rapidly growing.<br />
There are many factors that have contributed to this rise in interest in <strong>Cyprus</strong>. Its<br />
geographical location, advantageous regulatory framework and EU membership<br />
coupled with convenient EMEA access have already attracted many companies to set<br />
up operations and regional headquarters on its shores. Another key factor often cited<br />
by companies choosing <strong>Cyprus</strong> is the safe and relaxed Mediterranean lifestyle it offers<br />
expat professionals and their families. However, the more recent boost has come from<br />
the country’s strong focus on investing in and building up its communications and<br />
technology infrastructure and the introduction of new incentives geared at facilitating<br />
more non-EU business.<br />
EASE OF DOING BUSINESS<br />
Another key attraction for companies to relocate strategic operations to the island<br />
has been the fact that set-up and operational costs are comparatively low when<br />
looking at more mature jurisdictions on mainland Europe – a big deciding factor for<br />
many companies in today’s economic climate.<br />
Doing business in and from <strong>Cyprus</strong> is simple and straightforward. The country has<br />
modern infrastructure and telecommunications. A transparent regulatory and legal<br />
framework and a strong financial and professional services base with decades of solid<br />
international experience. <strong>Cyprus</strong> has more than 4,000 registered accountants and<br />
700 registered accounting firms – which include all major global firms – and more<br />
than 3,000 registered lawyers and around 160 law firms. It has an advantageous EUapproved<br />
tax regime with numerous incentives for corporations and individuals alike.<br />
<strong>Cyprus</strong> provides direct access to the EU Single Market of half a billion consumers<br />
and its geostrategic location between three continents provides efficient access to<br />
the wider EMEA region. Thanks to this, <strong>Cyprus</strong> enjoys business-friendly time zones,<br />
enabling international companies to do business with the East in the morning, Europe<br />
throughout the day and with the West in the afternoon. In addition, the island has good<br />
air connectivity through two international airports with major cities in Europe and key<br />
destinations in Asia, North Africa and the Middle East, as well as sophisticated ports to<br />
support operations.<br />
As a secure EU environment in an often<br />
turbulent region, <strong>Cyprus</strong> is an especially<br />
ideal base for regional headquarters<br />
or ancillary and support services for<br />
investors with clients in the wider<br />
Eastern Mediterranean and Middle East<br />
region. For example, prominent news<br />
organisation AFP, has capitalised on this<br />
aspect and uses the island as their base<br />
between Europe and the Middle East due<br />
to its security, convenient time zone and<br />
travel times, and reliable communication<br />
infrastructure.<br />
IIts geographical location,<br />
advantageous regulatory<br />
framework and EU membership<br />
coupled with convenient<br />
EMEA access have already<br />
attracted many companies to<br />
set up operations and regional<br />
headquarters on its shores.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
<strong>Cyprus</strong> also has a highly educated and multilingual population which provides a<br />
vast talent pool for companies to hire from, but as an EU member state, it also provides<br />
easy opportunities to headhunt talent from within the Union, which has a workforce of<br />
over 240 million people. However, the new tranche of incentives also enables the easy<br />
transfer of non-EU staff and talent to <strong>Cyprus</strong>.<br />
GRADE A OFFICE SPACE<br />
Whether looking to build bespoke headquarters or to rent turn-key offices, <strong>Cyprus</strong><br />
caters for companies of all sizes and budgets. The recent surge of interest in<br />
<strong>Cyprus</strong> from companies has driven the development of new multi-use office complexes<br />
and signature commercial developments primarily in Limassol and Nicosia over the<br />
last few years. Many of these projects offer incredible facilities and amazing views<br />
across the Mediterranean Sea and combine luxury residential and commercial space.<br />
Traditionally, the majority of international companies choose Limassol, due to the<br />
seaside lifestyle, the large expat community and the short distance to both Larnaca and<br />
Paphos international airports. The coastal<br />
city and shipping hub has grown to<br />
become the main international business<br />
centre, while inland capital city Nicosia<br />
attracts multinationals that require<br />
closer access to ministries, embassies<br />
and government departments. However,<br />
Nicosia is currently transforming into the<br />
main knowledge and innovation core of<br />
the island, attracting entrepreneurs with<br />
strong interest in tech and R&D.<br />
I<strong>Cyprus</strong> enjoys businessfriendly<br />
time zones, enabling<br />
international companies<br />
to do business with the<br />
East in the morning, Europe<br />
throughout the day and with<br />
the West in the afternoon.<br />
TECH BOOM<br />
Major multinational firms in the ICT industry, including consulting, fintech and<br />
regtech firms, have set up a base in <strong>Cyprus</strong> for various corporate services, such as<br />
sales and marketing, project management, software development, systems integration,<br />
testing services, training and development, disaster recovery and business continuity,<br />
as well as joint R&D among countries in the region.<br />
However, <strong>Cyprus</strong> has seen a fresh boost in interest from global tech companies in<br />
recent years, with increasing numbers relocating or expanding operations in <strong>Cyprus</strong>.<br />
This sector has become a primary target and focus for the government, with plans to<br />
launch more incentives specifically for the tech sector to build up a dynamic cluster<br />
similar to <strong>Cyprus</strong>’ shipping industry – which is the largest third-party shipmanagement<br />
centre in Europe and the largest crew management centre in the world.<br />
Global companies such as NCR, Kardex, Wargaming, 3CX, TSYS, Amdocs, Exness, Bolt,<br />
Melsoft Games, Kyndryl, and Nexters are just some examples of businesses that have<br />
based operational or corporate management functions on the island. More recently,<br />
online giant Amazon set up a data service arm in <strong>Cyprus</strong> – presenting a big win for the<br />
jurisdiction. In addition, global heavyweights such as Microsoft, Oracle, SAP and IBM<br />
have been based in <strong>Cyprus</strong> for decades.<br />
<strong>2022</strong> saw new big-hitters invest in <strong>Cyprus</strong>, with European digital banking platform<br />
Revolut becoming the first entity to receive approval as a crypto-asset service<br />
46
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
provider from the <strong>Cyprus</strong> regulator. The<br />
authorisation will enable Revolut to offer<br />
crypto services to its 17 million customers<br />
in the EEA out of a new crypto-asset hub<br />
in <strong>Cyprus</strong>. Revolut said its choice was<br />
down to the sophisticated regulatory<br />
regime of the country, which has already<br />
attracted the likes of Crypto.com, eToro<br />
and BitPanda. Also leading US consumer<br />
services and applications software<br />
provider, TangoMe, announced plans to<br />
launch offices in <strong>Cyprus</strong>.<br />
I<strong>2022</strong> saw new big-hitters<br />
invest in <strong>Cyprus</strong>, with European<br />
digital banking platform<br />
Revolut becoming the first<br />
entity to receive approval as a<br />
crypto-asset service provider<br />
from the <strong>Cyprus</strong> regulator.<br />
Other prominent players that have chosen <strong>Cyprus</strong> are TheSoul Publishing, one<br />
of the largest online publishers in the world with 1.5 billion followers. The company<br />
develops videos across 100 channel brands in 19 different languages, including some<br />
of the most-subscribed YouTube channels such as 5-Minute Crafts, Slick Slime Sam<br />
and Bright Side. Innovative software company BrainRocket is aiming to make <strong>Cyprus</strong><br />
a central software hub in Europe, while global leader in trading and risk management<br />
for capital markets Murex is also bolstering its EMEA footprint from <strong>Cyprus</strong>. Also,<br />
Medicover, a multinational specialised diagnostic and healthcare services provider has<br />
invested in Cypriot innovative biotech, while US business process outsourcing provider<br />
SYKES – now part of Sitel Group – has been expanding its operations in <strong>Cyprus</strong> over the<br />
last five years.<br />
A crucial element especially when it comes to the ICT and tech industry is guarding<br />
intellectual property (IP), and <strong>Cyprus</strong> offers strong and advantageous IP protection<br />
through domestic legislation and a network of EU and international agreements. The<br />
IP regime of <strong>Cyprus</strong> is largely responsible for the growing interest in the jurisdiction.<br />
Digital goods are increasingly more valuable and the favourable tax and business<br />
environment in <strong>Cyprus</strong> has made it a hub for digital business goods, IT software, and<br />
related services. In addition, with <strong>Cyprus</strong> currently placing a strong focus on developing<br />
the jurisdiction into a science, tech and start-up hub, the country also provides<br />
companies with an ideal sandbox for new emerging tech like blockchain, artificial<br />
intelligence and big data. This has also helped foster a growing start-up community<br />
with more than 200 enterprises and 4,000 entrepreneurs, creating more opportunities<br />
for business angels and venture capitalists looking to invest risk capital in exchange for<br />
equity in promising business ideas.<br />
ENTICING NON-EU BUSINESS<br />
Continuously looking to improve its offering and to simplify procedures for companies<br />
looking to establish or expand their activities in <strong>Cyprus</strong>, the government launched<br />
a new Action Plan in 2021. This new set of incentives has considered the best practices<br />
from other European countries, with emphasis on domains related to technology, shipping,<br />
innovation, research and development, biogenetics and biotechnology, without excluding<br />
any other companies that choose <strong>Cyprus</strong> as their place of business.<br />
The Plan includes legislative proposals for more tax breaks and introduced a<br />
Business Facilitation Unit (BFU) serving as a single point of contact for companies<br />
to help with all aspects of their set up. Another significant move is implementing<br />
better provisions for employing highly skilled third-country nationals by simplifying<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
<strong>Cyprus</strong> is an ideal base for region-wide corporate coordination and central<br />
management functions, sales, marketing and customer service.<br />
As a pro-business, neutral, cost-effective and politically stable country,<br />
<strong>Cyprus</strong> offers companies a perfect<br />
climate to successfully compete in<br />
the region and beyond.<br />
the process of granting immigration and work permits. In addition, <strong>Cyprus</strong> is issuing<br />
Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.<br />
With these new incentives, <strong>Cyprus</strong> can also serve as a strategic location for UK<br />
companies choosing to retain a presence in Europe. Human talent, an attractive IP regime,<br />
alongside a thriving professional services industry, means that <strong>Cyprus</strong> is able<br />
to offer significant benefits to businesses seeking to build headquarters in Europe.<br />
Also, the fact that its legal and regulatory framework is based on English Common<br />
Law principles offer companies the advantage to continue operating in an EU jurisdiction<br />
with a familiar UK legal framework.<br />
ACHIEVING WORK-LIFE BALANCE<br />
The healthy economic growth and growing investor confidence of the past few years,<br />
coupled with emerging prospects in the real estate, investment funds, shipping and<br />
energy sectors have provided a strong pull factor for companies to set up in <strong>Cyprus</strong><br />
and use it as a launch pad both into the EU market place and other emerging or highgrowth<br />
markets in the region.<br />
However, a key element that expat<br />
executives consistently note as being the<br />
real decider for choosing <strong>Cyprus</strong> over<br />
other jurisdictions is the climate and<br />
the lifestyle the island offers. The overall<br />
stability and high quality of life makes<br />
<strong>Cyprus</strong> an easy choice, and its 340 days<br />
of sunshine and pristine beaches are the<br />
icing on the cake. Consistently ranked as<br />
one of the safest countries in the world,<br />
the excellent healthcare and educational<br />
I<strong>Cyprus</strong> currently placing a<br />
strong focus on developing the<br />
jurisdiction into a science, tech<br />
and start-up hub, the country<br />
also provides companies with an<br />
ideal sandbox for new emerging<br />
tech like blockchain, artificial<br />
intelligence and big data.<br />
systems, and the welcoming environment<br />
score high on the list – especially for<br />
expats with families. Incentives and competitive personal tax rates are an added<br />
bonus, but ultimately it is <strong>Cyprus</strong>’ overall package that facilitates efficient cross-border<br />
business and allows these companies to successfully compete on a truly global scale.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
BENEFITS OF A CYPRUS HQ<br />
ACCESS<br />
u Skilled multilingual local talent<br />
u Global talent through<br />
fast-track procedures<br />
u EU’s single market of over<br />
500 million people<br />
u Emerging and high<br />
growth markets<br />
u Over 40 EU Trade Agreements<br />
u Double Tax Agreements<br />
with 67 Countries<br />
u Geostrategic location<br />
between three continents<br />
STABILITY<br />
u Pro-business environment<br />
u Transparent and<br />
reliable regulation<br />
u EU and Eurozone Member<br />
u Positive economic outlook<br />
u Established international<br />
business centre<br />
u Compliance with EU and<br />
international laws<br />
LIFESTYLE<br />
u Low crime rates – ranked<br />
as one of the safest<br />
countries in the world<br />
u Easy integration for expats<br />
u Quality healthcare and excellent<br />
international education facilities<br />
u High quality of life in<br />
a safe location<br />
u English-speaking society<br />
u 340 days of sunshine to<br />
enjoy outdoor living<br />
u Wide range of real estate options<br />
with competitive prices<br />
SUPPORT<br />
u Strong network of professional<br />
and financial services<br />
u Government-backed<br />
incentives and mechanisms<br />
to facilitate business<br />
u Low set-up and<br />
operational costs<br />
u Attractive tax regime for both<br />
companies and individuals<br />
u Competitive Intellectual<br />
Property (IP) regime<br />
u Sandbox for new emerging tech<br />
like blockchain, AI and Big Data<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
INCENTIVES<br />
Attracting<br />
Non-EU Business<br />
<strong>Cyprus</strong> has launched a new action plan to attract foreign businesses<br />
to establish or expand their activities on the island. <strong>Cyprus</strong> already<br />
provides many competitive advantages, but this new set of incentives<br />
is geared to ramp up interest for companies to set up headquarters<br />
in the country. The plan has taken into account the best practices<br />
from other European countries, with emphasis on domains related<br />
to technology, shipping, innovation, research and development,<br />
biogenetics and biotechnology, without excluding any other<br />
companies that choose <strong>Cyprus</strong> as their place of business. The new<br />
strategy which aims to promote foreign investment and stimulate<br />
economic activity was implemented on January 1, <strong>2022</strong>.<br />
THE BUSINESS FACILITATION UNIT<br />
The previous Fast Track Business Activation mechanism for companies of foreign<br />
interest has been transformed into a Business Facilitation Unit for foreign<br />
companies operating in <strong>Cyprus</strong> or for foreign companies that wish to expand their<br />
operations in the country. The new Unit is responsible for the various services required<br />
for the establishment of corporate entities:<br />
• new company name approval and registration<br />
• registration with Social Insurance and VAT authorities, and with Income Tax<br />
authorities<br />
• guidance in relation to the establishment, licensing and operations of companies<br />
• issuance and renewal of residence and employment permits for staff employed by<br />
foreign companies<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED<br />
THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF<br />
The government has revised the policy for the employment of highly skilled<br />
personnel from third countries employed by companies of foreign interests, as well<br />
as for those employed by Cypriot companies which give added value to the economy<br />
and the local workforce.<br />
ELIGIBLE COMPANIES:<br />
• companies operating in <strong>Cyprus</strong> and are of foreign interest/shareholding and<br />
maintain fully fledged offices<br />
• <strong>Cyprus</strong> shipping companies<br />
• <strong>Cyprus</strong> companies involved in innovation and technology<br />
• <strong>Cyprus</strong> pharmaceutical companies or companies that operate in the fields of<br />
biogenetics or biotechnology<br />
ELIGIBLE COMPANIES CAN EMPLOY HIGHLY SKILLED THIRD COUNTRY<br />
NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:<br />
• a minimum monthly gross salary of €2,500<br />
• candidate must hold a university degree or equivalent, or have a minimum 2 years’<br />
relevant experience<br />
• minimum two-year contract<br />
• work permits will be issued within a one-month period and will be valid for three<br />
years<br />
• a work permit can also be granted to the spouse of the eligible individual that<br />
obtains a visa with this scheme<br />
There is a maximum number of third country nationals that may be employed under<br />
this policy. Only 70% of the total number of all employees may be employed under it<br />
in a period of five years from the date of<br />
joining the Business Facilitation Unit.<br />
Wargaming Headquarters, Nicosia<br />
In case five years have passed and it is<br />
not possible to employ 30% of Cypriot<br />
workers, it will be re-examined on a caseby-case<br />
basis.<br />
Eligible companies will also be allowed<br />
to employ third-country nationals as<br />
support staff with a gross monthly salary<br />
less than €2,500. The employment of<br />
third-country nationals as support staff<br />
is allowed, provided that it does not<br />
exceed 30% of the total support staff and<br />
provided that the third country nationals<br />
and the employers have entered into an<br />
employment contract approved by the<br />
relevant authority in accordance with<br />
the applicable law. The amount of their<br />
salary is to be determined by the current<br />
legislation.<br />
51
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CASE STUDY<br />
THREE-STEP<br />
COMPANY<br />
REGISTRATION<br />
Company registration in <strong>Cyprus</strong> is simple and<br />
efficient. This is an example of the required<br />
steps for a simple and straightforward set up in<br />
<strong>Cyprus</strong> for a small or medium sized company.<br />
THREE EASY STEPS:<br />
1REGISTRATION OF THE COMPANY<br />
Registration must be done at the Department of Registrar of Companies<br />
and Intellectual Property. It is advised to seek professional advice and<br />
once your lawyer has filed for registration, it can be expedited and<br />
completed in one (1) business day. The administrative cost is €395, lawyer’s<br />
or administrative service provider’s fees not included.<br />
2SUBMIT A ‘LETTER OF INTENT’<br />
A ‘Letter of Intent’ must be submitted along with the supportive<br />
documents required through email to the Business Facilitation Unit<br />
(BFU) to register the company as Company with Foreign Interests.<br />
This takes no more than seven (7) business days.<br />
3BOOK AN APPOINTMENT<br />
Finally, you must book an appointment to register the company’s<br />
employees with the Civil Registry & Migration Department (CRMD).<br />
Only 3-5 employees per appointment, administrative cost is €330<br />
per employee, lawyer’s or administrative service provider’s fees not<br />
included. Once you book an appointment, the licence of the employee for<br />
temporary residence and employment takes 40 days to be issued.<br />
• Simply visit the booking website. Select a convenient language<br />
option and choose: Town (Nicosia)→ Third-country nationals→<br />
Companies registered at the Business Facilitation Unit and select a date.<br />
• Regarding the stipulations for ‘Employing Third-<strong>Country</strong><br />
Nationals’ please visit this webpage of the CRMD’s website and have a<br />
look at the documents and fees.<br />
52
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
FAMILY REUNIFICATION RIGHTS<br />
Family reunification rights are granted to third-country nationals employed by this<br />
revised policy and regulated by the Business Facilitation Unit. Direct and free access<br />
to the labour market as paid employees is granted to spouses of the third-country<br />
nationals who have obtained a residence and work permit in <strong>Cyprus</strong>, through this<br />
revised policy and who receive a minimum gross monthly salary of €2,500. This right<br />
does not extend to supporting staff who receive a monthly salary of less than €2,500.<br />
SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E<br />
The action plan provides for the simplification and acceleration of the process of<br />
granting immigration and work permits under Category E – Long-Term Resident<br />
Status to persons who have been offered permanent employment and whose<br />
employment does not create undue local competition.<br />
DIGITAL NOMAD VISA<br />
Significantly the new Action Plan provides for the introduction and the issuing of<br />
Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.<br />
WHO IS ELIGIBLE:<br />
Third-country nationals who are either self-employed or are employees who work<br />
remotely using information and communication technologies to communicate with<br />
their clients or employers who must be outside <strong>Cyprus</strong>.<br />
WHAT RIGHTS DO YOU GET:<br />
• right to stay in the country for up to one year, with the right to renew their visas for<br />
another two years<br />
• can be accompanied by family members, to whom a residence permit is granted<br />
upon request, which will expire at the same time as that of the main applicant<br />
• during their stay in <strong>Cyprus</strong>, the spouse or partner and the minor members of the<br />
main applicant’s family are not allowed to engage in any kind of economic activity<br />
in the country<br />
WHAT ARE THE CONDITIONS:<br />
• must show evidence of sufficient resources at a fixed income level of a minimum<br />
€3,500/month to cover living expenses during their stay without burdening the<br />
national and welfare system (the amount is increased by 20% in case they have a<br />
wife/husband/partner and another 10% per child)<br />
• must have insurance coverage and a clean criminal record<br />
• the aforementioned prerequisites are indicative and additional requirements are<br />
applicable<br />
In the event that the holders of Digital Nomad Visas reside in the Republic for one or more<br />
periods that in total exceed 183 days within the same tax year, then they are considered<br />
tax residents of <strong>Cyprus</strong> provided they are not tax residents in any other state.<br />
53
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
NEW TAX INCENTIVES<br />
The new Action Plan also includes the introduction of new tax benefits and tax<br />
breaks which were submitted to the House of Representatives in 2021.<br />
NEW INCENTIVES:<br />
• a 50% tax exemption to be granted to new residents/employees who receive an<br />
annual income from their employment of €55,000<br />
• extension of the tax exemption applicable to eligible employees in <strong>Cyprus</strong> who<br />
have an income below €100,000 from 10 years to 17 years provided they were not<br />
domiciled in the Republic for a period of 17 years prior to the commencement of<br />
their employment<br />
• beneficiaries of this tax benefit with an income of €55,000-€100,000 should be<br />
entitled to benefit from this exemption for the remaining period of the 17 years<br />
• extension of the 50% tax exemption for investment in certified innovative<br />
companies to corporate investors. The regime that was in force until the end of<br />
June 2021 allowed the tax exemption only to natural persons<br />
• a 120% capital allowance on expenses that relate to R&D<br />
View from 360, Cyfield<br />
NATURALISATION<br />
The government has introduced the right to submit an application for naturalisation<br />
after five years of residency and employment in <strong>Cyprus</strong> instead of the former<br />
seven-year rule or a further reduction to four years if the potential applicants meet<br />
the criteria of holding a recognised certificate of very good knowledge of the Greek<br />
language. n<br />
54
THERE IS A PLACE WHERE…<br />
you have a local partner<br />
on the ground.<br />
As the national investment authority, Invest<br />
<strong>Cyprus</strong> acts as a single point of contact and one<br />
stop shop for existing and potential investors.<br />
Our dedicated team provides after care and<br />
facilitation services, including supporting you in<br />
site selection, setting up offices, staff immigration<br />
and relocation procedures while continuing to<br />
grow its extensive portfolio of available<br />
projects and investment opportunities.<br />
www.investcyprus.org.cy
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
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FILM PRODUCTION<br />
TELECOMS & SATELLITE<br />
COMMUNICATIONS<br />
HEALTH<br />
TOURISM<br />
INSURANCE<br />
TRANSPORT & LOGISTICS<br />
56
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
BUSINESS OPERATING ENVIRONMENT<br />
DOING<br />
BUSINESS<br />
INCYPRUS<br />
€<br />
<strong>Cyprus</strong>’ business-friendly infrastructure and cando<br />
attitude has brought it worldwide recognition<br />
as an international business centre. The country<br />
offers a winning package for both international<br />
entrepreneurs and investors with its sophisticated<br />
business environment, highly skilled workforce<br />
and cost-effective, yet high quality of life.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
BUSINESS CULTURE<br />
Respect, hospitality and personal trust are the cornerstones of the Cypriot business<br />
environment. An island nation with a long history of dealing with foreign traders<br />
and businesses, Cypriot businesspeople are international in their outlook and astute<br />
and knowledgeable in their negotiations. Punctuality is expected, business dress is<br />
formal for both men and women, especially at the beginning of a business relationship,<br />
and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone<br />
conferences or written communications, which are regarded as too impersonal, and<br />
place great importance on building personal relationships with business partners or<br />
connections. Trust is the key to successful business dealings in <strong>Cyprus</strong>.<br />
LANGUAGE<br />
Greek and Turkish are the official languages of <strong>Cyprus</strong>. However, English, the<br />
legacy of the British who ruled <strong>Cyprus</strong> from 1878 to 1960, is widely spoken and is<br />
the language of business. Many Cypriots also speak French, German or Russian.<br />
BUSINESS HOURS<br />
Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to<br />
Friday. Although in summer some offices take a longer lunch break or finish early.<br />
Nicosia<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
BUSINESS COSTS<br />
An EU base within the eurozone, <strong>Cyprus</strong> remains one of the few international<br />
business centres offering low operational costs and a high standard of living.<br />
Office space and residential property in Nicosia, the capital and major business<br />
centre, is relatively inexpensive when compared to other European capitals.<br />
In terms of cost of living, <strong>Cyprus</strong> remains one of the most advantageous places to<br />
live, with cost of living lower than in most Western European countries. At the same<br />
time, residents of <strong>Cyprus</strong> enjoy a high standard of living and exceptional quality of<br />
life, as the balmy climate and low crime rate offer both comfort and peace of mind.<br />
Business Costs <strong>Cyprus</strong> EU27 Average<br />
Labour (business sector) €18.30 €29.10<br />
Communications (services & equipment)* 109 100<br />
Electricity (households) €0.2204/kWh €0.2369/kWh<br />
Electricity (non-households) €0.1946/kWh €0.1445/kWh<br />
* EU average is set to equal 100<br />
Source: Eurostat (2021)<br />
Limassol Marina<br />
COMMERCIAL AND RESIDENTIAL PROPERTY<br />
<strong>Cyprus</strong> offers a full range of properties for both commercial and residential use<br />
situated in key locations across the island. While the exclusive, top-level market<br />
is currently the most sought after, the island has a good stock of properties available,<br />
from townhouses and apartments, to villas and seaside bungalows in five-star gated<br />
developments. Nicosia and Limassol are the main business centres. Office space<br />
is available in purpose-built office blocks, in converted houses or flats. A number of<br />
business centres also offer ready-to-move-into offices. They usually include fully<br />
equipped offices that are available on demand with flexible terms, meeting rooms<br />
and a receptionist service. Overall, rentals are around two-thirds of those charged<br />
for comparable commercial spaces in continental Europe, and offices, retail or other<br />
commercial space is widely available for purchase or for rent.<br />
60
Skylink Services Ltd is part of the Skylink Group of Companies. The company is well-established and provides<br />
ground handling services for General Aviation Aircraft in <strong>Cyprus</strong>. We began operations in 1992, filling the gap in<br />
the Executive Aircraft ground handling market, at both international airports of <strong>Cyprus</strong>, Larnaca and Pafos.<br />
Larnaca International Airport<br />
P.O.Box 43012, CY 6650 Larnaca - <strong>Cyprus</strong><br />
T: +357 24 84 09 00 • F: +357 24 66 58 05<br />
24hr Operations<br />
T: +357 24 64 33 34 • F: +357 24 64 35 99
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
COMPARISON OF ESTIMATED AVERAGE RENT LEVELS FOR FLATS, 2021 (BRUSSELS = 100)<br />
300<br />
200<br />
European<br />
Union<br />
Europe<br />
(others)<br />
100<br />
0<br />
225<br />
216<br />
199<br />
199<br />
197<br />
171<br />
134<br />
128<br />
122<br />
122<br />
119<br />
109<br />
104<br />
100<br />
99<br />
99<br />
Dublin<br />
Copenhagen<br />
Paris<br />
Luxembourg<br />
Stockholm<br />
Helsinki<br />
Berlin<br />
The Hague<br />
Madrid<br />
Vienna<br />
Lisbon<br />
Rome<br />
Vilnius<br />
Brussels<br />
Valletta<br />
Ljubljana<br />
Budapest<br />
Tallinn<br />
Athens<br />
Prague<br />
Zagreb<br />
Riga<br />
Bratislava<br />
Warsaw<br />
Bucharest<br />
Nicosia<br />
Sofia<br />
London<br />
Geneva<br />
Rejkjavik<br />
Oslo<br />
Podgorica<br />
98<br />
98<br />
98<br />
96<br />
94<br />
84<br />
81<br />
74<br />
71<br />
64<br />
46<br />
278<br />
227<br />
188<br />
178<br />
54<br />
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2021.<br />
Source: Eurostat<br />
OFFICE SPACE<br />
In terms of office rental and sales prices, Limassol continues to be the most expensive<br />
region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.<br />
OFFICE SALE AND RENTAL PRICES PER CITY (<strong>2022</strong>)<br />
Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />
Famagusta €1,300-€1,500 €6-€10<br />
Larnaca €1,800-€2,500 €8-€10<br />
LImassol €4,500-€6,500 €20-€40<br />
Nicosia €3,500-€4,500 €12-€22<br />
Paphos €1,400-€2,000 €7-€10<br />
Source: Danos International Property Consultants<br />
HUMAN RESOURCES<br />
Well-trained and versatile, the Cypriot workforce is one of the island’s most<br />
valuable resources, offering high standards of productivity, technical expertise<br />
and professional excellence at reasonable costs to businesses.<br />
According to the Statistical Service in <strong>Cyprus</strong>, the country records the most higher<br />
education graduates per capita (age 30-34) in the European Union.<br />
The Cypriot labour force amounted to 482,385 persons or 65.1% of the population<br />
(males 71.2%, females 59.5%) in the Q2 of <strong>2022</strong>. The biggest percentage of employed<br />
persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture<br />
(2.5%).<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
SALARY SURVEY <strong>2022</strong> Source: GRS Recruitment<br />
JOB TITLE LOW (€) MID (€) HIGH (€)<br />
Management CEO 60,000 100,000 150,000<br />
Executive Director 60,000 100,000 140,000<br />
CFO 65,000 80,000 120,000<br />
Accounting & Finance Financial Controller 55,000 60,000 75,000<br />
Finance Manager / Senior Accountant 40,000 55,000 65,000<br />
Accountant / Auditor (Qualified) 34,000 38,000 45,000<br />
Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000<br />
Account Assistant 16,000 22,000 25,000<br />
HR Department Head of HR / Group of HRM 55,000 80,000 120,000<br />
HR Manager 40,000 50,000 60,000<br />
HR Executive 18,000 21,000 24,000<br />
Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000<br />
Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000<br />
Legal Assistant / Paralegal / None Qualified Lawyer 18,000 20,000 24,000<br />
Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000<br />
Laundering (AML), Counter - Compliance / AML / CTF / Manager 42,000 46,000 52,000<br />
Terrorist Financing (CTF) Compliance / AML / CTF / Officer 26,000 32,000 40,000<br />
Dealing Room Chief Dealer 45,000 52,000 60,000<br />
Dealer 24,000 33,000 45,000<br />
Junior Dealer 18,000 20,000 22,000<br />
IT Development Head of IT / CTO 60,000 80,000 140,000<br />
IT Manager / Development Manager 50,000 60,000 80,000<br />
Quality Assurance (QA) / Tester 26,000 36,000 46,000<br />
IT Technician 20,000 24,000 36,000<br />
Developer* 28,000 42,000 60,000<br />
Marketing Department Head of Marketing 42,000 50,000 72,000<br />
Marketing Officer 24,000 30,000 36,000<br />
Digital Marketing Specialist (Social, PPC / SEO) 26,000 34,000 42,000<br />
Marketing Executive 18,000 22,000 24,000<br />
Graphic Designer 24,000 30,000 36,000<br />
Content Writer 24,000 32,000 40,000<br />
Sales Department Head of Sales 42,000 60,000 75,000<br />
FX Sales* 20,000 24,000 30,000<br />
Sales Executive (Industries other than FX / Fintech) 18,000 22,000 26,000<br />
Administration Office Manager / PA / EA 18,000 28,000 39,000<br />
Administator / Receptionist 17,000 20,000 24,000<br />
Corporate Administrator 20,000 28,000 36,000<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Taxation<br />
<strong>Cyprus</strong> offers one of the most attractive tax regimes<br />
in Europe. A member of the European Union since<br />
2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance<br />
with the requirements of the EU and OECD. <strong>Cyprus</strong> has<br />
one of the lowest EU corporate tax rates at 12.5%. The<br />
island’s advantageous tax rate coupled with an extensive<br />
list of double tax treaties places it high on the list of<br />
preferred jurisdictions for international tax planners.<br />
CORPORATION TAX<br />
The Corporation Tax Rate in <strong>Cyprus</strong> is 12.5%.<br />
BASIS OF TAXATION<br />
All companies that are tax residents of <strong>Cyprus</strong> are taxed on their income accrued or<br />
derived from all sources in <strong>Cyprus</strong> and abroad. A non-<strong>Cyprus</strong> tax resident company<br />
is taxed on income accrued or derived from a business activity which is carried out<br />
through a permanent establishment in <strong>Cyprus</strong> and on certain income arising from<br />
sources in <strong>Cyprus</strong>. A company is considered tax resident of <strong>Cyprus</strong> if it is managed and<br />
controlled from <strong>Cyprus</strong>.<br />
Trilogy, Limassol<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
SPECIAL TYPES OF COMPANIES<br />
SHIPPING COMPANIES<br />
The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption<br />
from all direct taxes and taxation under tonnage tax regime. The merchant shipping<br />
legislation applies to qualifying shipowners, charterers and ship managers, which<br />
are involved with the operation of qualifying community ships (ships under a CY flag<br />
or a flag of an EU member state or of a country in the European Economic Area) and<br />
foreign (non-community) ships (under conditions) and provided that they engage in<br />
qualifying activities. The legislation allows non community vessels to enter the tonnage<br />
tax regime provided the fleet is composed by at least 60% community vessels. If this<br />
requirement is not met, then non community vessels can still qualify if certain criteria<br />
are met. Exemption is also given in relation to the salaries of officers and crew aboard<br />
a <strong>Cyprus</strong> ship.<br />
INSURANCE COMPANIES<br />
Profits of insurance companies are liable to corporation tax similar to all other<br />
companies except in the case where the corporation tax payable on taxable profit of life<br />
insurance business is less than 1.5% of the gross premium. In this case the difference is<br />
paid as additional corporation tax.<br />
ADMINISTRATION AND COMPLIANCE<br />
The tax year is the calendar year. The accounts of a company may be closed on a date<br />
different from 31 st of December, in which case taxable profits are apportioned on a time<br />
basis relevant to the tax years.<br />
CONSOLIDATED RETURNS<br />
Taxation on a consolidated basis is not permitted and each company is required to<br />
submit a separate standalone tax return. A set-off of group losses is possible provided<br />
there is a 75% parent subsidiary relationship, including subsidiaries under 75% control<br />
of a common parent company. Group loss relief is available only between resident<br />
companies (and EU-based companies/companies with which <strong>Cyprus</strong> has concluded a<br />
double tax treaty, provided that they have exhausted all options to utilise the losses in<br />
their country of residence).<br />
FILING REQUIREMENTS<br />
Corporate tax returns must be filed electronically by the 31 st of March of the year following<br />
the year under consideration (i.e. 15 months from the year-end). Companies are required<br />
to pay provisional tax in two equal instalments by 31 st of July and 31 st of December of the<br />
year under consideration. Any underpayment is due to be settled via self-assessment by<br />
1 st of August of the following year. If the income declared for the payment of the provisional<br />
tax is lower than 75% of the actual income as finally determined, an additional tax equal<br />
to 10% of the difference between the final and provisional tax is payable.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PERSONAL INCOME TAX<br />
BASIS OF TAXATION<br />
All <strong>Cyprus</strong> tax residents are taxed in <strong>Cyprus</strong> on all income accrued or derived from<br />
all sources in <strong>Cyprus</strong> and abroad such as employment income, rental income etc. (i.e.<br />
worldwide income).<br />
Individuals who are not tax residents of <strong>Cyprus</strong> are taxed on income accrued or<br />
derived from sources in <strong>Cyprus</strong>.<br />
An individual is tax resident in <strong>Cyprus</strong> if one of the following conditions are met:<br />
• he/she spends physically in <strong>Cyprus</strong> over 183 days during the relevant tax year, or<br />
• he/she does not remain in any other state for one or more periods which altogether<br />
exceed 183 days in the same tax year and he/she is not tax resident in any other<br />
state for the same tax year and all the following conditions are cumulatively met:<br />
• he/she should remain in <strong>Cyprus</strong> for at least 60 days during the tax year<br />
• he/she should pursue any business in <strong>Cyprus</strong> and/or to work in <strong>Cyprus</strong> and/or to be<br />
a director in a company tax resident in <strong>Cyprus</strong> at any time during the tax year<br />
• he/she should maintain a permanent residence in <strong>Cyprus</strong>, which can be either<br />
owned or rented by him/her<br />
The personal income tax rates that apply to individuals are as follows:<br />
Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€)<br />
0-19,500 0 0 0<br />
19,501- 28,000 20 1,700 1,700<br />
28,001-36,300 25 2,075 3,775<br />
36,301-60,000 30 7,110 10,885<br />
60,001 and over 35<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS:<br />
The individuals who were non-Cypriot tax residents prior to the commencement of<br />
their employment, but become Cypriot tax residents afterwards, are eligible for a 50%<br />
exemption from income tax if all the following conditions are met:<br />
• their remuneration from the employment exercised in <strong>Cyprus</strong> is over €55,000 per<br />
annum; and<br />
• they were not tax residents of <strong>Cyprus</strong> for 10 consecutive years prior to the<br />
commencement of their employment; and<br />
• the exemption is available from 1 January <strong>2022</strong>, it is granted from the first year of<br />
employment and it can be enjoyed for a period of 17 years<br />
• individuals with annual remuneration below €55,000 who were non-Cypriot<br />
tax residents in the 3 years preceding their employment, are eligible for a 20%<br />
exemption from income tax (maximum exempt amount is €8,550 per year)<br />
The exemption is available from the 1 st of January following the year of commencement<br />
of the employment and can be enjoyed for a period of 7 years.<br />
It is important to note that the above provisions were recently introduced (published<br />
in the Official Gazette of the Republic on 26/07/<strong>2022</strong> ) as amendments to the previous<br />
rules that were applicable until the publication date. The amended provisions also<br />
include certain transitional provisions that may enable the individuals that claimed<br />
the exemptions based on the previous rules to enjoy the exemptions based on the<br />
provisions included in the new rules. Furthermore, the individuals that do not fall within<br />
the transitional provisions, are eligible to continue claiming the exemption based on the<br />
previous rules for the remaining years, without being affected by the new rules.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
SUBMISSION OF TAX RETURNS<br />
The tax year is the calendar year. Tax on employment income is withheld by the<br />
employer under the PAYE system and remitted to the tax authorities.<br />
Self-employed individuals pay tax through the provisional and self-assessment<br />
systems. Tax returns must be filed electronically by 31 st of July following the tax year for<br />
employees, 30 th of September for self-employed persons who are not required to file<br />
audited/reviewed financial statements and 31 st of March of the year following the year<br />
under consideration (i.e. 15 months from the year-end) for self-employed persons whose<br />
returns are accompanied by audited/reviewed financial statements. Sole proprietors with<br />
an annual turnover of more than €70,000 are obliged to prepare financial statements<br />
that are either audited or are subject to a review by a statutory auditor (in case their<br />
net turnover does not exceed the amount of €200,000 and the total value of the assets<br />
without deducting liabilities does not exceed the amount of €500,000).<br />
Limassol Seafront<br />
VALUE ADDED TAX (VAT)<br />
Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services<br />
in <strong>Cyprus</strong>, on the acquisition of goods from other Member States and on the importation<br />
of goods from third countries. The standard rate of 19% applies to the supplies of all<br />
goods and services in <strong>Cyprus</strong> which are not subject to the zero rate, the reduced rates<br />
(5% and 9%) or are not exempt. <strong>Cyprus</strong> constitutes an attractive EU VAT jurisdiction<br />
applying several options permissible by the EU Directive among others a flexible VAT<br />
Grouping. As long as the pre-requisite links are satisfied, and governmental revenues<br />
are not put into jeopardy, related entities can form a VAT group disregarding intragroup<br />
transactions and having a representative member submitting a single VAT<br />
return. Even such entities not incorporated in <strong>Cyprus</strong> can form a VAT Group in case<br />
they are tax resident or possessing an establishment in <strong>Cyprus</strong>.<br />
SPECIAL CONTRIBUTION FOR DEFENCE<br />
Special contribution for defence (SDC) is imposed on the dividend, interest and rental<br />
income earned by Cypriot tax resident and domiciled individuals. Non-domiciled<br />
Cypriot tax residents are exempt from SDC.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
KEY FEATURES OF THE CYPRUS TAX SYSTEM<br />
Simple, transparent and EU harmonised tax system following recommended<br />
OECD practices.<br />
Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive, Merger<br />
Directive and Interest and Royalties Directive).<br />
Extensive Tax Treaty network with 67 countries.<br />
A corporate income tax rate of 12.5%, one of the lowest within the EU with<br />
possibility to enjoy a much lower effective tax rate.<br />
Availability of a Notional Interest Deduction for companies receiving new equity<br />
funding. The tax deduction can reach up to 80% of the taxable income generated<br />
by the new equity.<br />
IP Box regime based on the nexus approach which allows 80% deemed deduction<br />
on qualifying profits from the business use of qualifying IP.<br />
Increased deduction of 20% on the actual expenditure incurred for scientific<br />
research as well as research and development, subject to conditions.<br />
Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.<br />
Attractive tax jurisdiction for funds and attractive tax regime for fund managers.<br />
Capital gains are exempt from tax (except for capital gains arising from the<br />
disposal of immovable property located in <strong>Cyprus</strong>).<br />
Profits of a foreign Permanent Establishment exempt from tax.<br />
Gains from trading in securities (shares, bonds and certain other financial<br />
instruments) are exempt from tax.<br />
Unilateral credit relief for foreign taxes.<br />
No withholding tax on dividend, interest or royalty payments (for use of royalties<br />
outside of <strong>Cyprus</strong>) made abroad.<br />
No taxes on entry and on qualifying reorganisations.<br />
Carry forward of tax losses for five years.<br />
Tax incentives for expatriate employees taking up employment in <strong>Cyprus</strong><br />
(20%/50% exemption).<br />
Dividend income and interest income are exempt from SDC for non-domiciled<br />
individuals taking up tax residency in <strong>Cyprus</strong>.<br />
Possibility to obtain <strong>Cyprus</strong> tax residency by spending only 60-days in <strong>Cyprus</strong><br />
(subject to conditions).<br />
No inheritance tax.<br />
No immovable property tax.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
TRAVEL & LIVING<br />
The Profiler Group<br />
Essential Expat Guide<br />
<strong>Cyprus</strong> is a top tourist destination for all seasons,<br />
and one of Europe’s hot spots for expats thanks to its<br />
thriving economy and relaxed Mediterranean lifestyle.<br />
COUNTRY<br />
Located in the Eastern Mediterranean at the crossroads of Europe, the Middle East,<br />
Asia and Africa, <strong>Cyprus</strong>’ strategic position has played a key role in shaping its history<br />
and in developing the island into a centre for trade and international business. <strong>Cyprus</strong><br />
enjoys around 340 days of glorious sunshine a year and boasts a coastline teeming with<br />
endless stretches of golden sands, secluded bays and rocky coves. Surrounded by the<br />
crystal-clear waters of the Mediterranean Sea, the island is dotted with the fascinating<br />
remains of history from Neolithic settlements and ancient city-kingdoms to exquisite<br />
Byzantine art and magnificent Venetian architecture.<br />
<strong>Cyprus</strong> is known for its hospitality – filoxenia – a fact reflected in the Greek word<br />
xenos which is used for both guest and stranger. Life is meant to be enjoyed in <strong>Cyprus</strong>,<br />
where emphasis is put on working to live, as opposed to living for work. Café culture<br />
predominates, with both business and social meetings taking place over a leisurely<br />
iced coffee frappé in the numerous cafes in every town and city.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
HISTORY<br />
<strong>Cyprus</strong> has been coveted, conquered and colonised numerous times during its<br />
10,000-year history. The island attracted the interest of a succession of dominant<br />
powers in the region, which battled for it through the millennia. The first of these are<br />
believed to have been the Achaean Greeks who arrived in around 1200 BC introducing<br />
their language, religion and customs to the island. <strong>Cyprus</strong> was subsequently colonised<br />
by the Phoenicians, the Assyrians, the Egyptians and the Persians. In the 4th century<br />
BC, Alexander the Great claimed the island, which remained part of the Greek-Egyptian<br />
kingdom until 30 BC, when the Romans arrived, and <strong>Cyprus</strong> became a senatorial<br />
province. It was during this period that Saint Paul was said to have visited the island and<br />
converted the Roman governor to Christianity. <strong>Cyprus</strong> remained a Roman possession<br />
until the empire began to disintegrate in 330AD, when it became part of the Eastern<br />
Roman or Byzantine Empire.<br />
In 1191, <strong>Cyprus</strong> was conquered by the English king, Richard the Lionheart, while on<br />
his way to take part in the Third Crusade. He later sold the island to the Knights Templar,<br />
who consequently sold it on to the Franks or Lusignans, a dynasty which went on to<br />
rule <strong>Cyprus</strong> for almost 300 years, until the last of the Lusignans ceded the island to<br />
Venice in 1489. Despite building heavy fortifications around the island’s major cities of<br />
Famagusta and Nicosia, the Venetians were not able to withstand the invading Ottoman<br />
troops who conquered the island in 1571. <strong>Cyprus</strong> remained under Ottoman rule until<br />
the arrival of the British in 1878.<br />
The island’s long history offers visitors<br />
IThe island’s long history<br />
a journey of discovery paved with ancient<br />
archaeological treasures. The ancient offers visitors a journey of<br />
city-kingdoms of Kourion and Amathus,<br />
discovery paved with ancient<br />
and the Mosaics of Paphos, are considered<br />
among the finest mosaic floors in the archaeological treasures.<br />
Eastern Mediterranean. Other must-see<br />
historic sites include the Neolithic settlements of Choirokoitia and Kalavasos-Tenta,<br />
the Tombs of the Kings and the famous Sanctuary of Aphrodite, the Goddess of Love,<br />
who legend claims was born on this island.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
In more recent times, <strong>Cyprus</strong> gained independence from Britain in 1960, however<br />
a Greek sponsored coup d’état in 1974 was swiftly followed by an invasion of Turkish<br />
forces which occupied the northern one-third of the island. Despite numerous efforts<br />
over the intervening decades, the island remains de facto divided, and the selfdeclared<br />
Turkish Republic of Northern <strong>Cyprus</strong> (TRNC) remains unrecognised by the<br />
international community. The Greek Cypriot and Turkish Cypriot leaders continue to<br />
look for a solution to end the division of the island, but while negotiations have been<br />
slow, some progress is being made. The capital city, Nicosia, is still split between the<br />
two sides, though visitors can access either side from checkpoints at Ledra Palace and<br />
Ledra Street, and today Nicosia is the last remaining divided capital city in the world.<br />
CLIMATE<br />
<strong>Cyprus</strong> enjoys a Mediterranean climate, with long, warm, dry summers from May to<br />
October and mild winters with occasional rain, lasting from December to February.<br />
Summer and winter in <strong>Cyprus</strong> are separated by short autumn and spring seasons. The<br />
average daytime temperatures during summer range from +21C to +34C, although<br />
in high summer temperatures can reach as high as +40C. During the cooler months,<br />
temperatures can range between +7C and +15C although even during the height of winter<br />
there are generally six hours of bright sunshine during the day.<br />
LANGUAGE<br />
C<br />
ypriots are highly educated and multilingual. The official languages of <strong>Cyprus</strong> are<br />
Greek and Turkish, however English is widely spoken and written and is the language of<br />
international business. German, French and Russian are also widely spoken in commerce,<br />
due both to the number of Cypriot graduates from overseas universities and the island’s<br />
commercial ties with the global business community.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
GETTING THERE<br />
Popular since the early 1980s with British and other European holidaymakers,<br />
<strong>Cyprus</strong> is well connected to Europe’s main cities, as well as to Asia and the Middle<br />
East. Flights from mainland Europe are quick, frequent and increasingly low cost. By<br />
air, <strong>Cyprus</strong> is 1.5hrs away from Athens, 4hrs from Frankfurt, 3.5hrs from Dubai and 5hrs<br />
from London.<br />
HOTELS & ACCOMMODATION<br />
When it comes to a place to stay, <strong>Cyprus</strong> offers every conceivable type of accommodation,<br />
from budget-priced two and three-star hotels to a large range of upmarket<br />
and boutique hotels with four and five-star status. Agritourism houses are available<br />
for rent all over the island, often in the most picturesque villages, and give the traveller<br />
a unique opportunity to experience authentic <strong>Cyprus</strong> village life.<br />
CULTURE & ENTERTAINMENT<br />
M<br />
ore than a place just for lounging in the sun, there are lots of things happening in<br />
<strong>Cyprus</strong> all year round. From music concerts and cultural performances with big<br />
name stars, sports events, religious festivals with all the pomp and ceremony of the<br />
Greek Orthodox Church, to informative conferences where you can meet like minds.<br />
The <strong>Cyprus</strong> Rally has been held every year since 1970 and forms part of the World Rally<br />
Championship and the FIA Middle East Rally Championship, and attracts hordes of<br />
car enthusiasts, while the annual Historic <strong>Cyprus</strong> Rally draws crowds of vintage car<br />
enthusiasts. The Limassol Carnival Festival is a European carnival held annually in<br />
Limassol for over a century. The festival is a colourful 10-day event of people eating,<br />
singing, satire, games, wearing costumes, and attending parties. The festival culminates<br />
with a large parade, which includes an array of floats traversing the city.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Cultural events such as the Pharos Chamber Music Festival, the Kypria International<br />
Festival, which comprises music, dance and performance arts. The Pharos Arts<br />
Foundation has established a world-wide reputation for its commitment to excellence<br />
and for promoting classical music in <strong>Cyprus</strong>, having presented more than 500 concerts<br />
over the past 15 years. Outstanding musicians are hosted in the Pharos Arts Foundation’s<br />
Concert Series and the annual International Chamber Music Festival, with programmes<br />
ranging from ancient to contemporary.<br />
The Pharos Centre for Contemporary Art (PCCA) presents the work of major<br />
international artists. A variety of contemporary art forms are included in the Centre’s<br />
programme – visual, performance, photography, video – as well as lectures and<br />
discussions. Exhibitions are in many cases individually curated by internationally<br />
recognised curators from all over Europe.<br />
The Pafos Aphrodite Festival <strong>Cyprus</strong> organises and hosts an annual opera<br />
performance at the end of August or early September and has over the years invited a<br />
variety of internationally acclaimed companies and performances to the festival.<br />
Showcasing the rich viticulture of the island, <strong>Cyprus</strong> has created a wine trail project,<br />
offering six different organised routes for visitors to tour the island’s wine-producing<br />
regions. The reputation of the annual Limassol Wine Festival, launched in 1961, attracts<br />
over 100,000 visitors every August to the city’s municipal gardens to discover the wine<br />
portfolios of one of the oldest wine-producing countries in the world.<br />
SHOPPING<br />
I<br />
n <strong>Cyprus</strong> you can shop till you drop. The island is supplied with stores catering for all<br />
tastes and requirements. Most major British and European chains are represented<br />
on the island and there is a plethora of fashionable boutiques and big malls in Nicosia,<br />
Limassol and Paphos, selling designer brands including Louis Vuitton, Chanel, Dolce &<br />
Gabbana, Gucci, Roberto Cavalli, Calvin Klein, Kenzo, Gianfranco Ferre and many more.<br />
For those looking for something more unique, you can find traditional and handmade<br />
items that are quintessentially Cypriot in the old towns of the bigger cities, as well as in<br />
the many villages in the countryside.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
SPORTS & OUTDOOR ACTIVITIES<br />
<strong>Cyprus</strong> offers a host of energetic pursuits to engage the visitor. Becoming increasingly<br />
popular as a destination for golfers, <strong>Cyprus</strong> offers first-class facilities with four<br />
professional courses in magnificent locations, and the development of several new<br />
courses in the pipeline. Spectacular pine-clad mountains in the centre of the island<br />
offer walkers and cyclists welcome respite from the heat. Breathe in the bracing pine<br />
scented air, whilst admiring the series of Venetian stone bridges and waterfalls that<br />
pepper various hiking trails in scenery that looks as if it has been lifted from a book<br />
of fairy tales. In winter months, skiers can test the slopes on Troodos whilst the rest<br />
of the island wear short sleeves and bask in winter sun. The island provides excellent<br />
opportunities for water sports, such as windsurfing and kitesurfing. There are also<br />
excellent dive sites and facilities, with one of the best wreck dives in the world, the<br />
Zenobia, situated off Larnaca. Other popular dive sites include Ayia Napa, Paphos and<br />
the Akamas Peninsula, where divers are often able to see artefacts such as Roman<br />
pottery on the seabed.<br />
CUISINE<br />
I<br />
t is of course impossible to talk about <strong>Cyprus</strong> without mentioning the food. As with<br />
most Mediterranean countries, food plays an important role and is to be enjoyed<br />
at a leisurely pace with friends and family. One of the first Greek phrases to learn in<br />
<strong>Cyprus</strong> is siga siga, which means ‘slowly’, and is a mantra one will hear almost daily. The<br />
fabulous Cypriot food is to be savoured unhurriedly, usually al fresco with friends and<br />
family. Even a cup of coffee can be a two hour past time. Cypriot food bears a distinct<br />
resemblance to Greek cooking, but also has Turkish and Lebanese influences. As in<br />
other Mediterranean countries, eating is an activity to be savoured and enjoyed and is<br />
certainly not to be rushed in any way. Which is a good job as a traditional Cypriot meze<br />
– a meal of small plates similar to tapas – can consist of up to 30 dishes.<br />
Cypriot cuisine features lots of fresh fish, meat, beans, pulses and vegetables<br />
flavoured with lemon, fresh herbs and spices. <strong>Cyprus</strong> is also one of the world’s oldest<br />
grape-growing and winemaking regions, with its fruits of the grape ranging from<br />
delicate whites and full-bodied reds to the rich sweet, amber-coloured dessert nectar<br />
known as Commandaria. This is one of the oldest wines in the world, representing an<br />
ancient wine style documented in <strong>Cyprus</strong> back to 800 BC and has the distinction of<br />
being the world’s oldest named wine still in production, with the name Commandaria<br />
dating back to the crusades in the 12th century.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PUBLIC TRANSPORT<br />
Within urban areas, buses run on fixed routes roughly every half hour, with<br />
services ending in the evenings at about 18:00 Monday to Friday and earlier on<br />
Saturdays. Some routes have no service on Sundays. Hours are extended until midnight<br />
during the tourist season and some urban routes now offer a night bus service on<br />
Fridays and Saturdays. Timetables are available from tourist offices or directly from the<br />
bus companies. Rural buses connect towns and villages and make frequent stops. The<br />
service is infrequent with schedules limited to one or two routes per day. These buses<br />
can often be smaller mini-buses. There<br />
are also buses providing a service linking<br />
all major towns. These are generally<br />
very regular, and all buses are modern<br />
and comply with European standards.<br />
A private company, Kapnos, provides<br />
a regular daily airport shuttle service<br />
between the major towns and cities and<br />
both of the island’s airports. There are no<br />
trains in <strong>Cyprus</strong>.<br />
www.cyprusbybus.com<br />
www.intercity-buses.com<br />
www.kapnosairportshuttle.com<br />
CAR HIRE & TAXIS<br />
Car and motorcycle rental firms have offices in all towns, as well as at Larnaca and<br />
Paphos International Airports. Their rates vary according to the rental period,<br />
season of the year and extras. They usually offer unlimited mileage, and their cars can<br />
be delivered and collected at the airports by prior arrangement. Rental cars and bikes<br />
are usually delivered to the customer with a full tank of fuel paid for by the customer.<br />
When the car is returned, the customer receives a refund for any remaining fuel,<br />
unless stated otherwise in the contract. Drivers under 25 years of age holding a<br />
driving licence for less than three years must inform the car rental company so<br />
special insurance cover can be provided. Foreign visitors are strongly advised to read<br />
the rental agreement carefully and demand fulfilment of all their rights. Taxis are<br />
also very common, but before setting off on your journey discuss the pricing with the<br />
driver and ensure the meter is functioning. TravelExpress is another good option, as<br />
a private company, which provides a shared taxi service between cities in <strong>Cyprus</strong>. Taxi<br />
service app Bolt (formerly Taxify), which was created in Estonia, has also successfully<br />
launched in <strong>Cyprus</strong> operating in Nicosia and Limassol. The app allows users to set<br />
their location and see where the nearest partner taxi is and order it. The taxi can be<br />
tracked heading to the customer’s location and indicates how far away it is and how<br />
long it will take to arrive. Customers can also track their routes while inside the cab,<br />
preventing drivers from taking longer routes and overcharging for trips. Customers<br />
can also pay via their phones.<br />
www.travelexpress.com.cy<br />
www.bolt.eu<br />
78
Flavours<br />
oF<br />
<strong>Cyprus</strong><br />
ts@meci.gov.cy<br />
www.meci.gov.cy
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
DRIVING<br />
Roads are well maintained in and between the main towns, and there are four-lane<br />
motorways connecting Nicosia with Limassol and Larnaca. Driving is on the left<br />
in <strong>Cyprus</strong> and the maximum speed limit on motorways is 100 kph (60 mph). <strong>Cyprus</strong><br />
accepts the driving licences of all EU Member States and any person with a valid licence<br />
may drive legally in <strong>Cyprus</strong>. According to EU rulings, driving licences issued before 1996<br />
do not have to be exchanged for the new Community Model and remain valid until their<br />
expiration. Non-EU citizens may drive on valid foreign licences for a certain period (for<br />
those with a US licence the period is six months). Relevant Consular authorities can<br />
provide further information.<br />
BUSINESS HOURS<br />
Office hours are generally 8:30am-1:00pm and 2:00pm-5:30pm, though in summer<br />
some offices take a long lunch break or finish early. Government offices are<br />
generally open from 7:30am-2:30pm, from Mondays to Fridays and until 6pm on<br />
Thursdays. Banks typically open at 8:30am and close at 1:30pm. International banks<br />
are open from 8:30am to 5:30pm. Shops are generally open from Mondays to Saturdays<br />
from 9am-7pm, with larger supermarkets, malls and tourist areas open all day on<br />
Sundays as well.<br />
BUYING & RENTING PROPERTY<br />
C<br />
yprus offers a full range of properties for both commercial and residential use,<br />
situated in key locations across the island. While the exclusive, top-level market<br />
is currently the most sought after, the island has a good stock of properties available,<br />
from townhouses and apartments to villas and sea-side bungalows in five-star<br />
developments. Nicosia and Limassol are the main business centres. Office space<br />
is available in purpose-built office blocks, in converted houses or flats. A number of<br />
business centres also offer ready-to-move into serviced offices. They usually include<br />
fully-equipped offices that are available on demand with flexible terms, meeting rooms<br />
and a receptionist service. Overall, rentals are around two-thirds of those charged<br />
for comparable commercial spaces in continental Europe, and offices, retail or other<br />
commercial space is widely available for purchase or for rent.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
EDUCATION<br />
There is a wealth of excellent private schools on the island, the majority of which are<br />
English speaking, but there are also French, Russian and Greek-speaking private<br />
schools. Fees are generally less than for the equivalent education in the UK. Public<br />
schools are free, and teaching is conducted in Greek. Tertiary education is provided<br />
by the six universities in <strong>Cyprus</strong> as well as several other colleges that offer a variety of<br />
vocational and academic courses.<br />
I<strong>Cyprus</strong> boasts<br />
internationally<br />
educated specialists<br />
with top-notch<br />
facilities and a plethora<br />
of medical insurance<br />
options available.<br />
HEALTHCARE<br />
Ranked by the World Health Organisation as one of the healthiest countries in the<br />
Mediterranean, <strong>Cyprus</strong> has an excellent healthcare system provided through both<br />
the private and public sector. <strong>Cyprus</strong> has recently introduced an island-wide NHS, which<br />
covers both inpatient and outpatient care and is available to all citizens and permanent<br />
residents. EU citizens who are visiting <strong>Cyprus</strong> can receive free outpatient or inpatient<br />
treatment with a European Health Card, which is issued by the health authority in their<br />
home country. However, this covers only essential treatment and not routine treatment.<br />
Non-EU visitors must pay for healthcare. <strong>Cyprus</strong> boasts internationally educated specialists<br />
with top-notch facilities and a plethora of medical insurance options available.<br />
www.gesy.org.cy<br />
RELIGION<br />
Religious freedom is written into the Cypriot constitution and Greek Orthodox,<br />
Muslims, Catholics, Jews, Armenians and Maronites coexist peacefully on the island.<br />
However, the overwhelming majority of Cypriots are members of the Greek Orthodox<br />
Church, an institution that plays an important role in both personal and public life on<br />
the island.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PETS<br />
<strong>Cyprus</strong> is a member of the Pet Travel Scheme which allows pets from any of the<br />
countries covered by the scheme to enter <strong>Cyprus</strong> without quarantine provided<br />
they meet specified anti-rabies, blood sampling and anti-worm/anti-tick hygiene<br />
requirements. The pet must be micro-chipped, vaccinated against rabies and blood<br />
tested, and can be brought into <strong>Cyprus</strong> only after six months have elapsed following a<br />
satisfactory blood test.<br />
COMMUNICATIONS<br />
<strong>Cyprus</strong> has an efficient and reliable postal service as well as an excellent<br />
telecommunications network. Cyta remains the main provider, offering a full range<br />
of telecommunications services. Other main providers are Epic, Primetel and Cablenet.<br />
<strong>Cyprus</strong>’ network boasts 100% 5G and broadband coverage.<br />
MEDIA & TV<br />
number of daily and weekly newspapers are published in <strong>Cyprus</strong>, some of which<br />
A are in the English language, including the <strong>Cyprus</strong> Mail. Many UK, European,<br />
Russian and Arabic newspapers can be bought in <strong>Cyprus</strong> a day or two after publication.<br />
Several terrestrial TV stations in <strong>Cyprus</strong> broadcasting locally produced programmes as<br />
well as international films, dramas and TV series. Cable and satellite television is widely<br />
available.<br />
TAXATION<br />
C<br />
yprus offers one of the most attractive tax regimes in Europe. A member of the<br />
European Union since 2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance with<br />
the requirements of the EU and OECD. <strong>Cyprus</strong> has one of the lowest corporate tax rates<br />
in the European Union at 12.5%, while the maximum personal tax rate is 35%, those<br />
earning less than €19,500 are tax exempt.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PERSONAL FINANCIAL SERVICES<br />
<strong>Cyprus</strong> has a well-developed banking system modelled on the British banking<br />
system. The Central Bank of <strong>Cyprus</strong> has the responsibility for monetary and credit<br />
policy. There are currently a number of domestic banks operating in <strong>Cyprus</strong>, including<br />
commercial banks and specialised financial institutions. Standard branch opening<br />
hours are usually from 8:30am-1:30pm Mondays to Fridays and from 3:15pm to 4:45pm<br />
on Monday afternoons only. International banks are open from 8:30am to 5:30pm.<br />
HOME HELP<br />
Many expatriates find they can afford domestic help that they could not have<br />
afforded at home and often choose to employ a helper for cleaning, cooking,<br />
general household chores and child minding.<br />
UTILITIES<br />
E<br />
lectricity = 240V 50Hz, 5 amp or 13 amp square three-pin British-style plugs.<br />
Electricity is provided by the Electricity Authority of <strong>Cyprus</strong> (EAC) and water is<br />
provided by the water board of the nearest main town. Many properties have solar<br />
water heating systems. <strong>Cyprus</strong> has no piped gas, but bottled gas is widely available in<br />
supermarkets. <strong>Cyprus</strong> makes use of the BS 1363, British 3-pin, 13A, 240V, 50Hz earthed<br />
and fused plug. The BS 1363 plug, also known as a ‘13-amp plug’, is a large plug that has<br />
3 rectangular prongs forming a triangle<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CRIME<br />
<strong>Cyprus</strong> is the 5th safest country in the world, according to recent statistics, and one<br />
of the safest countries in the EU. It is safe to walk around all towns and villages<br />
whether day or night. Few locations in the world can offer the same level of security<br />
and stability that <strong>Cyprus</strong> does.<br />
VISAS & EMBASSIES<br />
As a member of the EU, under community<br />
laws EU nationals have the<br />
right to enter the country with an identity<br />
card or valid passport and to seek<br />
work. For non-EU nationals, employment<br />
permits have to be obtained before<br />
entering <strong>Cyprus</strong>. The nationals of many<br />
non-EU countries do not require a visa<br />
to enter <strong>Cyprus</strong> for a stay not exceeding<br />
three months. Details of visa-exempt<br />
countries and visa application procedures<br />
are available on the Ministry of<br />
Foreign Affairs website.<br />
www.mfa.gov.cy<br />
VISITING THE OCCUPIED AREA<br />
F<br />
ollowing the Turkish occupation of the north of the island in 1974, the island has<br />
been divided. In 2003 checkpoints opened for the first time allowing both sides to<br />
cross over with a passport or valid ID. It is perfectly safe to visit and explore the area. If<br />
travelling by car, insurance has to be purchased at the checkpoint. Various policies are<br />
available covering vehicles from three days to a full year. Cigarettes and alcohol cannot<br />
be taken from the north to the Republic of <strong>Cyprus</strong> and there are restrictions on certain<br />
foodstuffs, such as meat and dairy produce. There is a maximum limit of €260 of goods<br />
per person allowed to be brought across the UN-controlled buffer zone.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
STANDARD OF LIVING<br />
Other factors that contribute to the enviable lifestyle of <strong>Cyprus</strong> include a superb road<br />
system with signs in both Greek and English, a reliable and efficient postal service,<br />
a large choice of schools, clubs, restaurants, gyms, theatres, cinemas, museums and<br />
art galleries. The local infrastructure is ideally suited for businesspeople who need to<br />
get things done. Thanks to its modern road network, extensive port facilities and two<br />
international airports, travel and transport in and beyond <strong>Cyprus</strong> is fast, efficient and<br />
economical.<br />
COST OF LIVING: AVERAGE PRICES (SOURCE: NUMBEO)<br />
Milk (1ltr)<br />
€1.48<br />
Tomatoes (1 kg)<br />
€2.38<br />
Loaf of fresh white<br />
bread (500g)<br />
€1.66<br />
Bottle of midrange<br />
wine<br />
€7.00<br />
Domestic Beer<br />
(0.5l draught)<br />
€1.33<br />
Imported Beer<br />
(0.33l bottle)<br />
€2.03<br />
Three-course meal<br />
for two in midrange<br />
restaurant<br />
€50.00<br />
Cappuccino<br />
€3.13<br />
Water (1.5l bottle)<br />
€0.76<br />
LARGE EXPAT COMMUNITY<br />
notable British presence remains to this day and <strong>Cyprus</strong> has become home to a<br />
A large expat community. Today, <strong>Cyprus</strong> has the second highest percentage of<br />
foreign citizens in the European Union, with 13% of the total population from other EU<br />
member states, and around 7% from non-EU countries according to a survey of the<br />
EU’s statistical office. The biggest group of expats living in <strong>Cyprus</strong> consists of British<br />
nationals, but there are also large communities of Americans, Russians and other<br />
Eastern European nationals.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
KEY TOURIST AREAS IN CYPRUS<br />
➊ Nicosia<br />
Larnaca ➌<br />
Famagusta ➎<br />
➍<br />
Paphos<br />
Limassol<br />
➋<br />
➊NICOSIA is the capital of <strong>Cyprus</strong> and the main commercial and business centre<br />
and the seat of government. It boasts a world-famous archaeological museum,<br />
a thriving old city surrounded by fortified Venetian walls and a labyrinth of traditional<br />
streets. It is also the last remaining divided capital city in the world following the fall of<br />
the Berlin Wall. Visitors are usually couples, families and business people.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
➋LIMASSOL is the second largest city, situated between archaeological<br />
sites, the ancient kingdoms of Amathous, Kourion and Kolossi. The<br />
coastal town is also home to the famous Limassol Marina and the city’s<br />
geographical location provides easy access to mountainous villages and Troodos<br />
mountain. The city is a business centre attracting business executives, as well<br />
as couples, families and young people. It has developed significantly in recent<br />
years, emerging as a business hub as well as a party town with reputable beach<br />
bars, Carnival and Wine Festivals. Limassol has the largest port in <strong>Cyprus</strong>.<br />
LARNACA is the<br />
➌<br />
third largest city<br />
in <strong>Cyprus</strong> and<br />
is known for its<br />
palm-tree seafront<br />
promenade. It is home<br />
to the country’s primary<br />
airport, a seaport<br />
and a marina. It has a<br />
picturesque old town,<br />
salt lakes with flamingos<br />
in the winter, and a<br />
large marina. There is<br />
a wealth of historical<br />
interests around the<br />
town including the St<br />
Lazarus church, the<br />
Hala Sultan Tekke<br />
Muslim shrine, the<br />
historical Kiti church<br />
and the monastery<br />
of Stavrovouni. The<br />
city mostly attracts<br />
couples and families.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
➍PAPHOS is a popular coastal town. Visitors can enjoy spectacular scenery<br />
and some of <strong>Cyprus</strong>’ finest beaches, as well as ancient historical sites. Tourist<br />
attractions in Paphos include the Paphos mosaics, the Tombs of the Kings, which are<br />
UNESCO Heritage sites, the Venetian fortressed harbour and the Pillar of St Paul. The<br />
Akamas peninsula is one of the island’s residual unspoilt wildernesses and is home<br />
to endemic flora and fauna species. Paphos mostly attracts couples and families.<br />
➎The FAMAGUSTA REGION consists of Ayia Napa, Protaras, and<br />
Paralimni, and has many of the best beaches on the island. Ayia Napa<br />
in particular is a reputable party town for twenty-somethings and prime site<br />
for nightlife. The area mostly attracts young people, couples and families.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PROPERTY<br />
SHOWCASE<br />
Leading<br />
Developments<br />
in <strong>Cyprus</strong><br />
LARNACA<br />
Blue Sky Villas<br />
Perivolia,<br />
Larnaca<br />
Type: Luxury Villas<br />
Price: Upon Request<br />
Developer: Quality Group<br />
Contact: (+357) 24 821 855<br />
info@qualitydevelopments.com<br />
qualitygroupcyprus.com<br />
Watch: Property Video<br />
Download: Brochure<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PROPERTY SHOWCASE: Leading Developments in <strong>Cyprus</strong><br />
LARNACA<br />
Habitat Residences<br />
Mall Area,<br />
Larnaca<br />
Type: 1,2,3 bedroom apartments<br />
Price: Upon Request<br />
Developer: Quality Group<br />
Contact: (+357) 24 821 855<br />
info@qualitydevelopments.com<br />
qualitygroupcyprus.com<br />
Watch: Property Video<br />
Download: Brochure<br />
LIMASSOL<br />
Trilogy Limassol Seafront<br />
Limassol<br />
Type: 1 to 5-bedroom<br />
apartments and penthouses<br />
Price: €510,000 - €10,500,000<br />
Developer: Cybarco<br />
Development Ltd<br />
Contact: (+357) 25 362 800<br />
info@trilogylimassol.com<br />
Trilogylimassol.com<br />
Watch: Property Video<br />
Download: Brochure<br />
PAPHOS<br />
Akamas Bay Villas<br />
Latchi,<br />
Paphos<br />
Type: 3 and 4-bedroom<br />
beachfront villas<br />
Price: €1,390,000 - €3,000,000<br />
Developer: Cybarco<br />
Development Ltd<br />
Contact: (+357) 25 820 511<br />
info@cybarco.com<br />
Akamasbay.com<br />
Watch: Property Video<br />
Download: Brochure<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
PROPERTY SHOWCASE: Leading Developments in <strong>Cyprus</strong><br />
PAPHOS<br />
Cap St Georges Hotel & Resort<br />
Akamas,<br />
Paphos<br />
Type: Villas, 3, 4, 5 and<br />
6-bedroom villas<br />
Price: From €1,800,000 +<br />
Developer: Korantina Homes<br />
info@korantinahomes.com<br />
www.korantinahomes.com<br />
PAPHOS<br />
SOHO Resort<br />
Tourist Area,<br />
Paphos<br />
Type: Apartments on<br />
15-floor tower and Villas<br />
Price: €1,200,000 – 6,000,000<br />
Developer: Korantina Homes<br />
info@korantinahomes.com<br />
www.korantinahomes.com<br />
PAPHOS<br />
Topos Residence – Alto Design<br />
Minthis,<br />
Paphos<br />
Type: 2-bedroom suites and<br />
duplexes, 3-bedroom villas,<br />
3, 4 and 5+ bedroom residences<br />
Price: From €783,000<br />
Developer: Pafilia<br />
Property Developers<br />
Contact: (+357) 26 848 800<br />
info@pafilia.com<br />
www.minthisresort.com<br />
93<br />
Watch: Property Video<br />
Watch: Resort Video
asgleasing.cy<br />
Leasing. Simple.<br />
For All.<br />
by
CYPRUSCOUNTRY REPORT 2 022<br />
WHO’S<br />
WHO<br />
CYPRUS BUSINESS DIRECTORY<br />
The definitive guide<br />
to <strong>Cyprus</strong>’ leading<br />
companies, executives<br />
and professional advisers.<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ACCOUNTING & AUDITING<br />
A. Zemenides & Co Ltd..................................................................................................................................... 99<br />
Baker Tilly South East Europe...................................................................................................................... 99<br />
Deloitte <strong>Cyprus</strong>.................................................................................................................................................... 99<br />
Demetriou & Associates Business Advisers Ltd (DBA).................................................................... 99<br />
Joannides + Co Ltd............................................................................................................................................100<br />
KPMG......................................................................................................................................................................100<br />
PwC <strong>Cyprus</strong>..........................................................................................................................................................100<br />
ServPro Accountants & Consultants......................................................................................................100<br />
ASSOCIATIONS<br />
Association of <strong>Cyprus</strong> Banks.......................................................................................................................101<br />
<strong>Cyprus</strong> Cannabis Association (CYCA)......................................................................................................101<br />
<strong>Cyprus</strong> Chamber of Commerce and Industry....................................................................................101<br />
<strong>Cyprus</strong> Fiduciary Association.....................................................................................................................101<br />
<strong>Cyprus</strong> Healthcare Tourism (CHT)........................................................................................................... 102<br />
<strong>Cyprus</strong> Hotel Association............................................................................................................................. 102<br />
<strong>Cyprus</strong> International Business Association (CIBA)........................................................................ 102<br />
<strong>Cyprus</strong> Investment Funds Association (CIFA)................................................................................... 102<br />
<strong>Cyprus</strong> Shipping Chamber..........................................................................................................................103<br />
<strong>Cyprus</strong> Union of Shipowners (CUS)........................................................................................................103<br />
Insurance Association of <strong>Cyprus</strong>.............................................................................................................103<br />
Society of Trust and Estate Practitioners (STEP) .............................................................................103<br />
The <strong>Cyprus</strong> Employers & Industrialists Federation (OEB)..........................................................104<br />
The <strong>Cyprus</strong> Tech Association.....................................................................................................................104<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC)............................................104<br />
BANKING<br />
Bank of <strong>Cyprus</strong> PLC..........................................................................................................................................104<br />
cdbbank (The <strong>Cyprus</strong> Development Bank Public Company Ltd).............................................. 105<br />
Eurobank <strong>Cyprus</strong> Ltd...................................................................................................................................... 105<br />
Societe Generale Bank – <strong>Cyprus</strong>.............................................................................................................. 105<br />
CONSULTING<br />
e-CNHC – E-C Natural Hydrocarbons Company Ltd..................................................................... 105<br />
PIVOT Consultants (<strong>Cyprus</strong>) Limited......................................................................................................106<br />
CORPORATE SERVICES<br />
Alter Domus (<strong>Cyprus</strong>) Ltd.............................................................................................................................106<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
Andersen...............................................................................................................................................................106<br />
Aspen Trust Group...........................................................................................................................................106<br />
ATG Corporate Services................................................................................................................................. 107<br />
Executive Business Constultants Ltd..................................................................................................... 107<br />
GFSC Global......................................................................................................................................................... 107<br />
KENDRIS (<strong>Cyprus</strong>) Limited.......................................................................................................................... 107<br />
Pagecorp Group.................................................................................................................................................108<br />
Sovereign Group – <strong>Cyprus</strong>...........................................................................................................................108<br />
Trident Trust Company (<strong>Cyprus</strong>) Limited............................................................................................108<br />
Vistra (<strong>Cyprus</strong>) Ltd............................................................................................................................................108<br />
ECONOMIC ANALYSIS<br />
Sapienta Economics Ltd................................................................................................................................109<br />
ENERGY<br />
<strong>Cyprus</strong> Hydrocarbons Company (CHC).................................................................................................109<br />
EXECUTIVE EDUCATION<br />
European Institute of Management and Finance (EIMF)............................................................109<br />
FINANCIAL ADVISORY<br />
MAP S.Platis Group..........................................................................................................................................109<br />
FUND ADMINISTRATION<br />
ATG Fund Services............................................................................................................................................110<br />
FUND MANAGEMENT<br />
Inveqo Fund Management Ltd....................................................................................................................110<br />
IXI Investments..................................................................................................................................................110<br />
Leon MFO Investments Ltd...........................................................................................................................110<br />
Wealth Fund Services Ltd...............................................................................................................................111<br />
INVESTMENT PROMOTION<br />
Invest <strong>Cyprus</strong>........................................................................................................................................................111<br />
INVESTMENT SERVICES<br />
Windsor Brokers Ltd.........................................................................................................................................111<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
LAW FIRMS<br />
A.G. Paphitis & Co LLC.......................................................................................................................................111<br />
Agni Livera LLC................................................................................................................................................... 112<br />
Andreas Th.Sofokleous LLC.......................................................................................................................... 112<br />
Antonis Paschalides & Co LLC..................................................................................................................... 112<br />
Areti Charidemou & Associates LLC........................................................................................................ 112<br />
E. Tzioni & Associates LLC............................................................................................................................. 113<br />
Elias Neocleous & Co LLC............................................................................................................................... 113<br />
George Z. Georgiou & Associates LLC..................................................................................................... 113<br />
L Papaphilippou & Co LLC.............................................................................................................................. 113<br />
N. Xenofontos LLC Law Firm........................................................................................................................114<br />
Patrikios Pavlou & Associates LLC............................................................................................................114<br />
Pourgoura & Aspri LLC....................................................................................................................................114<br />
Stelios Americanos & Co LLC.......................................................................................................................114<br />
NON PROFIT<br />
<strong>Cyprus</strong> Seeds........................................................................................................................................................ 115<br />
REAL ESTATE<br />
Cybarco Development Ltd............................................................................................................................. 115<br />
Korantina Homes.............................................................................................................................................. 115<br />
Pafilia Property Developers Ltd.................................................................................................................. 115<br />
Quality Group......................................................................................................................................................116<br />
Trilogy Limassol Seafront ............................................................................................................................116<br />
RECRUITMENT<br />
CareerFinders Recruitment Services Limited...................................................................................116<br />
GRS Recruitment ..............................................................................................................................................116<br />
RESEARCH INSTITUTION<br />
The <strong>Cyprus</strong> Institute ........................................................................................................................................ 117<br />
TRANSPORT & LOGISTICS<br />
Skylink Services Ltd ........................................................................................................................................ 117<br />
Swissport <strong>Cyprus</strong> Limited............................................................................................................................. 117<br />
WEB DEVELOPMENT<br />
Ideaseven Digital............................................................................................................................................... 117<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ACCOUNTING & AUDITING<br />
AFXENTIS ZEMENIDES<br />
MANAGING DIRECTOR<br />
A. ZEMENIDES & CO LTD<br />
A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants,<br />
tax consultants and business advisors based in Limassol, <strong>Cyprus</strong>.<br />
We aim to provide excellent service in a professional manner and<br />
of the highest standards to our clients, both local and international.<br />
We aim to act as one-stop-shop for our clients providing them a<br />
full range of services. The boutique nature of our firm ensures that<br />
the clients enjoy personalized attention. Through our participation<br />
in the international network of associates IR GLOBAL we provide<br />
solutions to corporate and individual clients worldwide. Our<br />
objective is to assist our clients to achieve their goals.<br />
Omirou Street 61, Joanna Court,<br />
3rd Floor, 3091 Limassol - <strong>Cyprus</strong><br />
Contact: Afxentis Zemenides<br />
- Managing Director<br />
(+357) 25 745 800<br />
azemenides@zemenides.com.cy<br />
www.zemenides.com.cy<br />
ACCOUNTING & AUDITING<br />
MARIOS A. KLITOU<br />
CHIEF EXECUTIVE OFFICER<br />
BAKER TILLY SOUTH EAST EUROPE<br />
Baker Tilly South East Europe is a full-service accounting<br />
and advisory firm, that offers industry specialised services<br />
in assurance, tax and advisory. Every day, more than 500<br />
professionals located in 16 offices throughout South East Europe<br />
(<strong>Cyprus</strong>, Greece, Romania, Bulgaria and Moldova) share their<br />
expertise to accelerate your business growth, by operating under a<br />
unified structure, directed by a single, central management team<br />
of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s<br />
challenges. We believe in the power of great relationships, by<br />
leading and listening to great conversations. Baker Tilly South East<br />
Europe is an independent member of Baker Tilly International, one<br />
of the world’s leading networks, uniting independent companies<br />
to provide top-quality professional services in both international<br />
and regional markets.<br />
Corner C Hatzopoulou & 30<br />
Griva Digheni Avenue,<br />
1066 Nicosia, <strong>Cyprus</strong> P.O.Box<br />
27783, 2433 Nicosia - <strong>Cyprus</strong><br />
Contact: Marios A. Klitou -<br />
Chief Executive Officer<br />
(+357) 22 458 500<br />
info@bakertilly.com.cy<br />
www.bakertilly.com.cy<br />
ACCOUNTING & AUDITING<br />
PIERIS MARKOU<br />
CEO, DELOITTE CYPRUS<br />
DELOITTE CYPRUS<br />
Deloitte Limited is among the leading professional services firms<br />
in <strong>Cyprus</strong>, providing audit & assurance, consulting, financial<br />
advisory, risk advisory, tax and related services, as well as a<br />
complete range of services to international business, through<br />
over 750 people in Nicosia and Limassol. Deloitte Limited, is the<br />
sub-licensed affiliate for <strong>Cyprus</strong> of Deloitte NSE LLP. As part<br />
of the Deloitte global network, with more than 345,000 people<br />
in over 150 countries and territories, Deloitte Limited has the<br />
advantage of global sharing of knowledge with local adaptation<br />
and personal approach, built on the solid foundations of over 60<br />
years of successful operations on the island.<br />
24 Spyrou Kyprianou Avenue,<br />
CY 1075, Nicosia - <strong>Cyprus</strong><br />
Contact: Michelle Karaolides -<br />
Head of Marketing & Communications<br />
(+357) 22 360 300<br />
infonicosia@deloitte.com<br />
www.deloitte.com/cy<br />
ACCOUNTING & AUDITING<br />
ELIAS DEMETRIOU<br />
DIRECTOR<br />
DEMETRIOU & ASSOCIATES BUSINESS ADVISERS LTD (DBA)<br />
dba was established in 2017 by a team with more than 30 years<br />
experience in the professional financial services industry.<br />
The company provides an extensive range of services on most<br />
financial matters including auditing, accounting, taxation,<br />
financial and business consulting. We also specialise in the<br />
formation and management of companies, liquidation and<br />
dissolution of companies, the creation and administration<br />
of trusts and estates, IT consulting, and much more. dba<br />
comprises of 3 directors and more than 20 members of staff.<br />
Our commitment is to provide exceptional quality services to<br />
our clients, tailored to all their needs. dba is passionate about<br />
ideas, innovation, and always adopts a forward-looking proactive<br />
approach. The firm is a member of DFK International, the<br />
number 6 Association in the world.<br />
1 Salaminos Avenue, 1045 Nicosia - <strong>Cyprus</strong><br />
Contact: Elias Demetriou – Director<br />
(+357) 22 799 900<br />
e.demetriou@dbacy.com<br />
www.dbacy.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ACCOUNTING & AUDITING<br />
DAVINIA JOANNIDOU<br />
DIRECTOR<br />
JOANNIDES + CO LTD<br />
Joannides + Co. Ltd is a leading firm of accountants and<br />
management consultants established in <strong>Cyprus</strong> for over 40<br />
years providing audit and assurance, taxation, business support<br />
services and management consulting to international companies<br />
and private clients. The firm has offices in Nicosia, Limassol<br />
and Larnaca offering its services with the utmost integrity,<br />
independence and objectivity with the aim to add significant<br />
value to its clients’ business performance. Joannides + Co. Ltd<br />
is a member of AGN International Ltd, a worldwide association<br />
of independent accounting and consulting firms operating in<br />
85 countries, is an approved training centre of the professional<br />
accounting institutes ICAEW and ACCA and in 2010 was awarded<br />
the quality award certification from the Institute of Certified<br />
Public Accountants of <strong>Cyprus</strong>.<br />
13, Agiou Prokopiou Str. 2406<br />
Egkomi, Nicosia - <strong>Cyprus</strong><br />
P.O.Box 25411, Nicosia 1309 - <strong>Cyprus</strong><br />
Contact: Davinia Joannidou - Director<br />
(+357) 22 556 556<br />
cy@joannides.com.cy<br />
www.joannides.com.cy<br />
ACCOUNTING & AUDITING<br />
CHRISTOS V. VASILIOU<br />
MANAGING DIRECTOR<br />
KPMG<br />
KPMG is a global organisation of independent professional services<br />
firms providing Audit, Tax and Advisory services. KPMG operates<br />
in 144 countries and territories and has approximately 236.000<br />
people working in member firms around the world. KPMG has<br />
been operating in <strong>Cyprus</strong> since 1948 and currently employs more<br />
than 850 professionals working from 6 offices across the island<br />
(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous).<br />
By utilising the whole spectrum of KPMG International services<br />
and the deep knowledge in all major industries, KPMG provides its<br />
clients with solutions which address their unique characteristics.<br />
Clients look to KPMG for a consistent standard of service based<br />
on high-order professional capabilities, industry insight, local<br />
knowledge and expertise.<br />
14 Esperidon Street, 1087, Nicosia - <strong>Cyprus</strong><br />
Contact: Maria A. Papacosta -<br />
Board Member, Head of Clients and Markets<br />
(+357) 22 209 000<br />
maria.papacosta@kpmg.com.cy<br />
www.kpmg.com.cy<br />
ACCOUNTING & AUDITING<br />
PHILIPPOS SOSEILOS<br />
CEO, PwC CYPRUS<br />
PWC CYPRUS<br />
In a world that is constantly evolving, our aim at PwC <strong>Cyprus</strong> is to<br />
find the right solutions to complex problems. We focus on quality<br />
and build strong relationships based on trust, creating value for<br />
our clients, stakeholders and society. Based on PwC’s new global<br />
strategy, “The New Equation”, we look at problems from different<br />
angles and present innovative solutions that make a difference<br />
and lead to sustained outcomes. More than 1,000 people in <strong>Cyprus</strong><br />
join forces with 327,000 professionals of our global network in<br />
155 countries and create an experienced team that combines<br />
intelligent approaches, experience and technological innovation.<br />
www.pwc.com.cy<br />
PwC Central, 43 Demostheni Severi Avenue,<br />
CY-1080 Nicosia - <strong>Cyprus</strong><br />
Contact: Konstantina Logotheti -<br />
Director, Marketing & Communications<br />
(+357) 22 555 000<br />
konstantina.logotheti@pwc.com<br />
www.pwc.com.cy<br />
ACCOUNTING & AUDITING<br />
PETROS THEODOTOU<br />
FCCA<br />
FOUNDER & CEO<br />
SERVPRO ACCOUNTANTS & CONSULTANTS<br />
ServPRO is a team of accountants, auditors, lawyers and<br />
consultants. A practicing member of ICPAC and ACCA, a National<br />
Member of Auditaxes International, an ACCA Approved Employer,<br />
an ISO 9001:2015 and an ISO 27001:2013 Certified Company.<br />
Our areas of expertise are Accounting & Finance, Advisory &<br />
Consulting, Audit & Assurance, Corporate & Legal, Economic<br />
Substance and Taxation. We have a stellar track record in<br />
delivering practical solutions to corporate and individual clients<br />
with a spherical, solution-driven and detail-oriented approach,<br />
while demonstrating an aptitude of professionalism, integrity and<br />
commercial acumen. During the remarkable year of 2021, we have<br />
celebrated 10 years of delivering an impeccable quality of services<br />
and practical solutions across a diversified range of industries to a<br />
growing multinational clientele.<br />
Accountants & Consultants<br />
1 Kinyra Street, Kinyras Tower,<br />
3rd Floor, 1102 Nicosia - <strong>Cyprus</strong><br />
Contact: Petros Theodotou FCCA -<br />
Founder & CEO<br />
(+357) 22 021 100<br />
info@servpro.com.cy<br />
www.servpro.com.cy<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ASSOCIATION<br />
DR. MICHAEL KAMMAS<br />
DIRECTOR GENERAL<br />
ASSOCIATION OF CYPRUS BANKS<br />
Through its representation of ten member banks that hold more<br />
than 95% market share, the Association of <strong>Cyprus</strong> Banks (ACB)<br />
is the voice of the local banking system. Its primary target is to<br />
promote best practices for the interest of the banking sector<br />
and the local economy. The ACB is a non-profit organization<br />
through which common positions are formulated and promoted<br />
on banking and financial issues when local legislative and<br />
governmental policies are determined. Through its more than<br />
53 years of operations, the ACB has gained the reputation of a<br />
prudent, reliable and consistent partner for various policy makers,<br />
organizations, media, institutions and the local society.<br />
15 Demetriou Karatasou Str, Office 401,<br />
P.O. Box 16113, 2086 Nicosia - <strong>Cyprus</strong><br />
Contact: Dr. Michael Kammas<br />
- Director General<br />
(+357) 22 664 293<br />
info@acb.com.cy<br />
www.acb.com.cy<br />
ASSOCIATION<br />
ANDRIA ANDREOU<br />
PRESIDENT<br />
CYPRUS CANNABIS ASSOCIATION (CYCA)<br />
CYCA was formed in October 2019 under the auspices of <strong>Cyprus</strong><br />
Chamber of Commerce & Industry. We are leading the collective of<br />
individuals and businesses that will build the legal Cannabis Ecosystem<br />
in <strong>Cyprus</strong>, and advancing the interests of a responsible,<br />
compliant, transparent and high-quality industry. As global<br />
recognition of the benefits of legal Cannabis increases with<br />
governments around the world steadily moving to full legalization,<br />
there is a burgeoning need for high-quality products with known<br />
components; cultivated at large scale for consistent, reliable supply<br />
to users. <strong>Cyprus</strong> is primely positioned as an attractive center of<br />
excellence for production; research; genetics, and intellectual<br />
property from which the legal Cannabis industry can flourish.<br />
38 Grivas Dhigenis Ave. & 3 Deligiogis<br />
1066 Nicosia - <strong>Cyprus</strong><br />
Contact: Andria Andreou - President<br />
(+357) 99 672 366<br />
a.andreou@cy-ca.org<br />
www.cy-ca.org<br />
ASSOCIATION<br />
CHRISTODOULOS E.<br />
ANGASTINIOTIS<br />
PRESIDENT<br />
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY<br />
The <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) membership<br />
exceeds 10.000 enterprises representing over 95% of the local<br />
business community. 160 Professional Associations are affiliated<br />
to the CCCI including 41 Bilateral Associations. Its wide range of<br />
services include advisory, provision of business information,<br />
foreign trade exhibitions, trade missions & business fora abroad,<br />
business training courses & seminars, advice on European Union<br />
issues, labour relations matters, issue of Certificates of Origin and<br />
ATA-CARNETS and participation in EU programmes. CCCI is a full<br />
member of 12 International organizations including Eurochambers,<br />
the International Chamber of Commerce, SME United,<br />
Eurocommerce, GS1 and many other international organisations.<br />
Follow us on twitter @ccci_cyprus.<br />
38, Grivas Digenis Ave. &<br />
3 Deligiorgis Str. Chamber Building - <strong>Cyprus</strong><br />
Contact: Marios Tsiakkis - Secretary General<br />
(+357) 22 660 066<br />
secgen@ccci.org.cy<br />
www.ccci.org.cy<br />
ASSOCIATION<br />
CHRIS KOUTOUROUSSIS<br />
PRESIDENT<br />
CYPRUS FIDUCIARY ASSOCIATION<br />
The <strong>Cyprus</strong> Fiduciary Association (CYFA), established in 2011,<br />
is the representative body of regulated Administrative Service<br />
Providers (ASP’s) in <strong>Cyprus</strong>. With a vision to assist in forming a<br />
solid international business sector in <strong>Cyprus</strong> operating on high<br />
professional standards, ethics and integrity, the Association aims<br />
to serve industry providers by promoting their interests, raising<br />
sector awareness, supporting their operations, contributing to<br />
new legislations and delivering valuable training to professionals.<br />
The Association’s commitment to its purpose has established it<br />
among the most reputable and recognised organisations within<br />
the country, before public and regulatory authorities, other<br />
associations, as well as the business community in <strong>Cyprus</strong> and<br />
overseas.<br />
6, Emmanuel Roide Street, Fourth floor,<br />
Office 402, 1095, Nicosia - <strong>Cyprus</strong><br />
(+357) 22 256 263<br />
info@cyfa.org.cy<br />
www.cyfa.org.cy<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ASSOCIATION<br />
YIOTA SKITINI-<br />
FLOURENTZOU<br />
PRESIDENT<br />
CYPRUS HEALTHCARE TOURISM (CHT)<br />
The <strong>Cyprus</strong> Healthcare Tourism (CHT) is a non-profit organization<br />
that was founded in November 2006 after an initiative taken by<br />
the <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) aiming<br />
to develop and promote <strong>Cyprus</strong> as a high quality Health Tourism<br />
destination. The CHT currently has more than 80 members who<br />
are actively involved in the <strong>Cyprus</strong> Health Tourism Industry. These<br />
vary from state-of-the-art hospitals and clinics to specialized<br />
travel agencies, wellness and rehabilitation centres as well as<br />
consulting firms. Most of the largest and best equipped hospitals<br />
are members of the CHT and they are all licensed by the <strong>Cyprus</strong><br />
Government and comply with EU regulations. Some of them have<br />
moved a step ahead towards gaining international accreditations.<br />
38 Grivas Dighenis & 3 Deligiorgis<br />
Street, Nicosia - <strong>Cyprus</strong><br />
Contact: Polis Peratikos - Executive Secretary<br />
+357) 22 889 744<br />
cyprushealth@ccci.org.cy<br />
www.cyhealthservices.com<br />
ASSOCIATION<br />
HARIS LOIZIDES<br />
PRESIDENT<br />
CYPRUS HOTEL ASSOCIATION<br />
The <strong>Cyprus</strong> Hotel Association is the Hoteliers National Trade<br />
Union. The history of its foundation goes back to the beginning of<br />
the 1930s. Today the vast majority of all hotel establishments and<br />
other licensed tourist accommodation units, all over <strong>Cyprus</strong>, are<br />
members of the <strong>Cyprus</strong> Hotel Association. The most important<br />
aims of the Association are as follows: The protection and<br />
promotion of the interests of the hoteliers as employers and as<br />
professionals, as well as of the interests of <strong>Cyprus</strong> in general; The<br />
promotion and upgrading of the <strong>Cyprus</strong> tourism development; The<br />
upgrading and development of the hotel establishments in <strong>Cyprus</strong><br />
and the improvement of the professional level of the hoteliers; The<br />
solidarity between its members.<br />
Andreas Araouzos Str., No 12,<br />
Hesperides Building, 1076 Nicosia - <strong>Cyprus</strong><br />
Contact: Philokypros Roussounides<br />
- Director General<br />
(+357) 22 452 820<br />
cha@cyprushotelassociation.org<br />
www.cyprushotelassociation.org<br />
ASSOCIATION<br />
DOXIA NIKIA<br />
HADJIVASSILIOU<br />
PRESIDENT<br />
CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION<br />
CIBA is a non-governmental, fully independent association,<br />
financed by membership fees only. Its activities and initiatives are<br />
organised and carried out by its General Secretary and Executive<br />
Committee of (max.) 12 persons. CIBA represents and safeguards<br />
the interests of the international businesses, their shareholders,<br />
managers and staff. The authorities recognize that CIBA<br />
represents the whole of the international business community<br />
in <strong>Cyprus</strong> and that it is instrumental in finding compromises<br />
between the required EU-driven legislation and international<br />
business requirements. CIBA annually awards the prestigious<br />
CIBA Excellence award to a member company that fulfils the<br />
specific criteria as set out by the Association.<br />
10 Pikionis Street, Highsight House<br />
3075 Limassol - <strong>Cyprus</strong><br />
Contact: Andreas Pishias - General Secretary<br />
(+357) 25 583 400<br />
ciba@ciba-cy.org<br />
www.ciba-cy.org<br />
ASSOCIATION<br />
ANDREAS YIASEMIDES<br />
PRESIDENT<br />
CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)<br />
CIFA is the Association of professionals, businesses, and<br />
organizations involved in the Investment Funds and Asset<br />
Management Sector in <strong>Cyprus</strong>. CIFA has nearly 400 members, legal<br />
and physical. The Mission of CIFA is to: Help its members capitalize<br />
on industry trends; Shape regulation; Enhance professionalism,<br />
integrity, and quality and Promote the <strong>Cyprus</strong> Investment Fund<br />
Industry. The Board is comprised of highly reputable industry<br />
professionals experienced in all aspects of the industry. CIFA is<br />
a full member of the European Funds and Asset Management<br />
Association and the International Investment Funds Association.<br />
The fund industry in <strong>Cyprus</strong> has been on a continuous increase,<br />
with Assets under Management exceeding €11 billion.<br />
Severis Building, 9 Makarios III Ave.,<br />
4th Floor, Lefkosia 1065 - <strong>Cyprus</strong><br />
Contact: Maria Panayiotou - Board Secretary<br />
(+357) 22 441 133<br />
info@cifacyprus.org<br />
www.cifacyprus.org<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ASSOCIATION<br />
THOMAS A. KAZAKOS<br />
DIRECTOR GENERAL<br />
CYPRUS SHIPPING CHAMBER<br />
The <strong>Cyprus</strong> Shipping Chamber is the trade association of the<br />
Shipping Industry in <strong>Cyprus</strong>. The main purpose of the Chamber<br />
is to promote the interests of <strong>Cyprus</strong> Shipping and to further<br />
the reputation of the <strong>Cyprus</strong> flag. The Chamber also acts as a<br />
lobbying group for the promotion and safeguard of the legitimate<br />
interests of its Member-companies, at national and international<br />
level. On the local front, the Chamber co-operates very closely<br />
with the Government in all shipping related matters. Moreover,<br />
the Chamber operates as a roving ambassador of <strong>Cyprus</strong><br />
Shipping through its membership and active participation at<br />
the International Chamber of Shipping (ICS) and the European<br />
Community Shipowners’ Associations (ECSA).<br />
City Chambers, 6 Regas Fereos Str.<br />
P.O.Box 56607, 3309, Limassol - <strong>Cyprus</strong><br />
Contact: Thomas A. Kazakos<br />
– Director General<br />
(+357) 25 360 717<br />
csc@csc-cy.org<br />
www.csc-cy.org<br />
ASSOCIATION<br />
MICHAEL FILIPPOU<br />
CEO<br />
CYPRUS UNION OF SHIPOWNERS (CUS)<br />
<strong>Cyprus</strong> Union of Shipowners, as the major representative<br />
Organization of the <strong>Cyprus</strong> Flag vessels, is committed to the firm<br />
growth of our National Registry and the establishment of Limassol<br />
as a world-class Maritime Centre. The cooperation between<br />
our Union, the Shipping Deputy Ministry and the Ministry of<br />
Finance resulted to an exceptional Framework that induced<br />
prominent Shipping Companies, P&I Clubs and other Shipping<br />
related Service Providers to establish management offices in<br />
<strong>Cyprus</strong>. Moreover, the solidification of the global reach of our<br />
Union and its institutional status has curved our participation in<br />
IMO Committees, as Government Consultants, both mandatory<br />
and effective.<br />
17, Gordonos Str., Suite 301,<br />
3070 Limassol - <strong>Cyprus</strong><br />
Contact: Katerina Michael - PR Manager<br />
(+357) 25 818 161<br />
cus@cus.com.cy<br />
www.cus.com.cy<br />
ASSOCIATION<br />
EVANGELOS<br />
ANASTASIADES<br />
CHAIRMAN<br />
INSURANCE ASSOCIATION OF CYPRUS<br />
The Insurance Association of <strong>Cyprus</strong> is the accredited and<br />
representative body of the Cypriot insurance industry, with 29<br />
member insurance companies operating in <strong>Cyprus</strong>, accounting<br />
for approximately 98% of total gross written premiums. As<br />
the leading and united voice of the <strong>Cyprus</strong> insurance market<br />
its mission is to promote the industry’s views and positions to<br />
policymakers and legislators. It is also particularly active with<br />
respect to work aiming at the modernization of the sector, the<br />
continuous improvement of the level and quality of service to the<br />
public, the enhancement of consumers’ trust and confidence in<br />
insurance products and their providers, and the strengthening of<br />
the institution of insurance.<br />
23, Zenon Sozos str., 1st floor<br />
1075 Nicosia - <strong>Cyprus</strong><br />
Contact: Andreas Athanasiades<br />
– Director General<br />
(+357) 22 452 990<br />
info@iac.org.cy<br />
www.iac.org.cy<br />
ASSOCIATION<br />
STELLA KAMMITSI<br />
STEP CYPRUS CHAIRWOMAN<br />
SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)<br />
STEP is the global professional association for practitioners who<br />
specialise in family inheritance and succession planning. STEP<br />
works to improve public understanding of the issues families<br />
face in this area and promotes education and high professional<br />
standards among its members. STEP members help families<br />
plan for their futures, from drafting a will to advising on issues<br />
concerning international families, protection of the vulnerable,<br />
family businesses and philanthropic giving. Today STEP has<br />
more than 20,000 members across 96 countries from a range of<br />
professions, including lawyers, accountants and other specialists.<br />
The <strong>Cyprus</strong> branch of STEP numbers over 185 experienced<br />
professionals from all over <strong>Cyprus</strong>, and is active in the spread of<br />
industry related knowledge, through regular conferences and<br />
presentations.<br />
P.O.Box 24789, 1303 Nicosia - <strong>Cyprus</strong><br />
itsi - STEP <strong>Cyprus</strong> Chairwoman<br />
(+357) 22 777 787<br />
Contact: Stella Kammitsi<br />
skammitsi@raza.com.cy<br />
www.step.org<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ASSOCIATION<br />
ANTONIS ANTONIOU<br />
CHAIRMAN<br />
THE CYPRUS EMPLOYERS AND<br />
INDUSTRIALISTS FEDERATION (OEB)<br />
The <strong>Cyprus</strong> Employers and Industrialists Federation (OEB) was<br />
founded in 1960. Today, its members are active in all sectors of<br />
the economy and employ more than 60% of the private sector’s<br />
workforce. OEB is a pancyprian independent organisation<br />
comprising of more than 100 of the main professional / sectoral<br />
Associations, as well as hundreds of companies from the<br />
Agricultural, Manufacturing, Construction, Commercial and<br />
Services Sectors. In total, OEB has more than 10.000 Members<br />
/ Enterprises. OEB is established as a dynamic force in <strong>Cyprus</strong>’<br />
socio - economic development and welfare and acts as the main<br />
advocate and representative of the business community.<br />
`<br />
years<br />
4, <strong>Cyprus</strong> Employers & Industrialists<br />
Federation Street, 2000 Nicosia /<br />
P.O.Box 21657, 1511 Nicosia - <strong>Cyprus</strong><br />
Contact: Michalis Antoniou - Director General<br />
(+357) 22 643 000<br />
info@oeb.org.cy<br />
www.oeb.org.cy<br />
ASSOCIATION<br />
KYRIAKOS KYRIAKOU<br />
PRESIDENT<br />
THE CYPRUS TECH ASSOCIATION<br />
The <strong>Cyprus</strong> Tech Association, a non-for-profit entity, aspires<br />
to provide a dynamic platform for all tech professionals and<br />
international ICT companies established in <strong>Cyprus</strong> to discuss,<br />
promote, and address common challenges. It also provides a<br />
formal representation to all its members to forums, public and<br />
private entities, as well as offers direction on key strategic issues,<br />
including the economic importance of the ICT sector and policy<br />
advocacy.<br />
Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 441 133<br />
info@techcyprus.org.cy<br />
www.cyprustechassociation.org.cy<br />
ASSOCIATION<br />
KYRIAKOS IORDANOU<br />
GENERAL MANAGER<br />
THE INSTITUTE OF CERTIFIED PUBLIC<br />
ACCOUNTANTS OF CYPRUS (ICPAC)<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC) is the<br />
competent authority for regulating the accounting profession and the<br />
sole recognised body of Auditors by the state in <strong>Cyprus</strong>. Established in<br />
1961, ICPAC currently has more than 5.500 professional accountants<br />
as members and 3.500 students. ICPAC houses all professional<br />
accountants, supports and promotes the activities and interests of the<br />
accountancy profession, safeguards the reputation of the profession<br />
and adherence to the Code of Ethics, as well as provides for the<br />
continuous professional development and updating of members. In<br />
addition, ICPAC is also a competent authority under the Anti-Money<br />
Laundering law, the laws on the Regulation of Enterprises Providing<br />
Administrative Services and the Insolvency Practitioners Law, as well<br />
as one of the primary stakeholders of the economy of the country.<br />
11 Byron Avenue, CY-1096, Nicosia - <strong>Cyprus</strong><br />
Contact: Kyriakos Iordanou<br />
– General Manager<br />
(+357) 22 870 030<br />
info@icpac.org.cy<br />
www.icpac.org.cy<br />
BANKING<br />
PANICOS NICOLAOU<br />
CHIEF EXECUTIVE OFFICER<br />
BANK OF CYPRUS PLC<br />
Established in 1899, Bank of <strong>Cyprus</strong> is currently the leading<br />
banking and financial services Group in <strong>Cyprus</strong>, operating 64<br />
branches in <strong>Cyprus</strong> and representative offices in Russia, Ukraine<br />
an China. The Bank is the only financial institution in the region<br />
that is concurrently regulated by three different corporate<br />
governance codes (UK Corporate Governance Code, <strong>Cyprus</strong><br />
Stock Exchange Corporate Governance Code and Central Bank<br />
of <strong>Cyprus</strong> Internal Governance Directive) and in four different<br />
European jurisdictions (<strong>Cyprus</strong>, Ireland, the UK and the EU).<br />
Through the Wealth Services Division we offer a wide range of<br />
investment products and specialized services, including Private<br />
Banking, Affluent Banking, Institutional Wealth & Custody,<br />
Brokerage & Asset Management as well as Investment Banking.<br />
51 Stassinou, 2002 Strovolos,<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Emilios Tannousis -<br />
Manager Wealth Management<br />
(+357) 22 128 000<br />
info@bankofcyprus.com<br />
www.bankofcyprus.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
BANKING<br />
LOUCAS MARANGOS<br />
CEO<br />
CDBBANK (THE CYPRUS DEVELOPMENT<br />
BANK PUBLIC COMPANY LTD)<br />
Founded in 1963, cdbbank (<strong>Cyprus</strong> Development Bank) is today one<br />
of the country’s leading niche financial institutions dedicated to<br />
satisfying the needs of domestic and international clients. cdbbank<br />
offers a wide range of specialised financial services and products,<br />
designed to accommodate the sophisticated requirements of its<br />
clientele which consists of corporate and institutional clients and<br />
high net worth individuals. The Bank’s vision is to be the reference<br />
Bank for businesspeople. Relying on its long-term experience and<br />
high level of expertise, cdbbank aspires to establish long-term<br />
relationships of trust with its clients, always delivering excellence<br />
and value.<br />
50 Arch. Makarios III Ave.,<br />
1065 Nicosia - <strong>Cyprus</strong><br />
Contact: Liza Philippou - Head, Network<br />
Business and Communication<br />
(+357) 22 846 500<br />
info@cdb.com.cy<br />
www.cdb.com.cy<br />
BANKING<br />
MICHALIS LOUIS<br />
CEO<br />
EUROBANK CYPRUS LTD<br />
Since the commencement of our operations in August 2007,<br />
we have achieved impressive growth rates, while consistently<br />
demonstrating healthy profitability, as well as, a strong capital<br />
base and liquidity position. We currently operate a network of eight<br />
Banking Centers across the island. With tailor-made products and<br />
services based on our clients’ needs, our business model sets us<br />
apart from our competitors, focusing on the areas of Corporate<br />
Banking, Wealth Management, International Business Banking,<br />
Shipping, Global Markets and Affluent Banking.<br />
28, Spyrou Kyprianou Avenue,<br />
1075 Nicosia, P.O Box 27236,<br />
1643 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 208 000<br />
info@eurobank.com.cy<br />
www.eurobank.com.cy<br />
BANKING<br />
KHALIL LETAYF<br />
CEO<br />
SOCIETE GENERALE BANK – CYPRUS<br />
Societe General Bank – <strong>Cyprus</strong> (SGBCy) draws on more than thirty<br />
years of accumulated experience in global banking in <strong>Cyprus</strong> as<br />
well as all the advantages of being part of an international Group.<br />
The bank is present in the most important big cities in <strong>Cyprus</strong>:<br />
Nicosia, Limassol and Larnaca. SGBCy activities are organized<br />
around private banking, corporate banking and international<br />
businesses. Banking services encompass a wide range of<br />
diversified, standard and tailor-made services that are conceived<br />
to answer the broadest range of customers’ needs. The bank<br />
pursues long-term relationships with its high net worth and<br />
corporate customers in order to meet fully their expectations.<br />
88 Dighenis Akritas & 36 Kypranoros<br />
Street, 1061 Nicosia - <strong>Cyprus</strong><br />
Contact: Hovik Arslanian -<br />
Assistant General Manager<br />
(+357) 80 007 777<br />
Hovik.Arslanian@sgbcy.com<br />
www.sgcyprus.com<br />
CONSULTING<br />
CHARLES ELLINAS<br />
CEO<br />
E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD<br />
The company provides advisory, project management and<br />
consultancy services in the oil & gas and energy sectors and aims<br />
to contribute to the successful development of these Sectors for<br />
the future of <strong>Cyprus</strong>. The CEO has over 35-years international<br />
experience in promoting and developing oil & gas business and<br />
projects spanning Europe, Asia and Africa. We can assist our clients<br />
in developing their business in <strong>Cyprus</strong>, evaluating opportunities<br />
and providing in depth professional advice and support.<br />
11 Tyrtaiou Street, 1087 Nicosia - <strong>Cyprus</strong><br />
Contact: Dr Charles Ellinas - CEO<br />
(+357) 97 705 060<br />
Charles.ellinas@yahoo.com<br />
www.e-cnhc.com<br />
105
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CONSULTING<br />
PANAYIOTIS GREGORIADES<br />
CEO & DIRECTOR<br />
PIVOT CONSULTANTS (CYPRUS) LIMITED<br />
We are a leading contributor of simplified, nimble integrated,<br />
customized solutions, Cross-border Business transactions and<br />
strategies in Asia and Europe. Deep well recognized local expertise<br />
with Global connectivity and vision form part of the solutions<br />
we deliver to entrepreneurs and Government clients looking<br />
for substance in Financial services Industry, Capital markets,<br />
Taxation, Corporate advisory and Investment funds Industry. Our<br />
insights assist you to be more proactive, effective and profitable<br />
especially in fast growing India, Greece and <strong>Cyprus</strong>. We are<br />
committed to providing best in class service, compliant and<br />
transparent solutions, with increased focus on localization and<br />
developing local markets.<br />
<br />
<br />
PIVOT, member of TSSAG<br />
<br />
88 Markarios III Avenue<br />
1077 Nicosia - <strong>Cyprus</strong><br />
Contact: Panayiotis Gregoriades<br />
The - CEO & Director<br />
(+357) 22 731 002<br />
The Securities Services Advisory Group<br />
pgregoriades@pivotcyprus.com<br />
www.pivotcyprus.com<br />
<br />
<br />
CORPORATE SERVICES<br />
EVDOKIA STAVRAKI<br />
DIRECTOR<br />
ALTER DOMUS (CYPRUS) LTD<br />
Alter Domus is a fully integrated service provider dedicated to<br />
private equity, infrastructure, real asset, and debt capital markets<br />
sectors. Our 3,600 employees across more than 35 offices in 20<br />
countries provide end-to-end solutions to alternative investment<br />
managers, freeing up time for them to focus on their core activities<br />
of sourcing capital and executing deals. Our local team in <strong>Cyprus</strong><br />
works diligently to help clients meet their growing regulatory<br />
obligations and keep up with increasing investor demands.<br />
Offering fund administration, corporate services, transfer pricing,<br />
and domiciliation services, you can rely on our on-the-ground<br />
expertise to help you take advantage of opportunities as they arise.<br />
11 Limassol Avenue, Galatariotis Building,<br />
2112, PO Box 27282, 1643 Nicosia - <strong>Cyprus</strong><br />
Contact: Evdokia Stavraki - Director<br />
(+357) 22 465 151<br />
Evdokia.Stavraki-Stephanou@<br />
alterdomus.com<br />
www.alterdomus.com<br />
CORPORATE SERVICES<br />
NAKIS KYPRIANOU<br />
MANAGING PARTNER<br />
ANDERSEN<br />
Andersen in <strong>Cyprus</strong> is the Cypriot member firm of Andersen<br />
Global®, an international association of member firms comprised<br />
of tax and legal professionals worldwide. Andersen Cy is a<br />
regulated accounting firm based in Nicosia providing a wide range<br />
of professional services mainly to international clients. The firm<br />
is a member of the Institute of Certified Public Accountants of<br />
<strong>Cyprus</strong> and the <strong>Cyprus</strong> VAT Association. With worldwide presence<br />
through the member firms and collaborating firms of Andersen<br />
Global, client service and solutions are coordinated seamlessly<br />
between service lines and locations to ensure clients receive bestin‐class,<br />
comprehensive solutions.<br />
140 Athalassas Avenue,<br />
2024 Nicosia - <strong>Cyprus</strong><br />
Contact: Nakis Kyprianou<br />
- Managing Partner<br />
(+357) 22 456 333<br />
nakis.kyprianou@cy.Andersen.com<br />
cy.Andersen.com<br />
CORPORATE SERVICES<br />
MARINA ZEVEDEOU<br />
CO-FOUNDER AND CEO<br />
ASPEN TRUST GROUP<br />
The Aspen Trust Group is a leading corporate service and financial<br />
planning provider; established in 1998 and licensed by ICPAC, our<br />
Group provides International Structuring and Tax Management<br />
solutions to Corporates and High Net Worth Individuals. Specific<br />
services include entity setup and management, legal and<br />
administration support, banking and tax compliance, financial<br />
management and restructuring, re-domiciliation, patent<br />
registration, residency and citizenship, cross- border mergers,<br />
family office services and headquartering. We build long term,<br />
trusted relationships with clients and associates, aiming to add<br />
value to their businesses and be part of their success stories. Our<br />
team consists of qualified accountants, lawyers and MBA-holders<br />
who undergo rigorous training to provide tailor-made solutions.<br />
77 Limassol Avenue<br />
Elia House, Nicosia 2121 - <strong>Cyprus</strong><br />
Contact: Marina Zevedeou -<br />
Co-founder and CEO<br />
(+357) 22 418 730<br />
marina.zevedeou@aspentrust.com<br />
www.aspentrust.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CORPORATE SERVICES<br />
ANDREAS ATHINODOROU<br />
CEO<br />
ATG CORPORATE SERVICES<br />
‘Creating Protecting and Growing Wealth’: We offer a<br />
comprehensive range of services that include initial structuring<br />
advice, company/trust formation, corporate administration, legal<br />
and company secretarial, tax compliance, accounting and financial<br />
reporting. As our clients’ trusted service partner, we act as a single<br />
contact point for their structure’s needs and centrally coordinate<br />
all parties including the shareholders and directors, banks, legal<br />
advisers and others. Our <strong>Cyprus</strong> solutions include the IP box, EU<br />
headquartering, tech/crypto-asset solutions and international<br />
trusts/foundations. ATG Corporate Services is a member of the<br />
Athina Trust Group offering financial services that include Fund<br />
and Private Wealth services to high-net-worth individuals, fund<br />
managers/promoters.<br />
KEMA Bldg, 5th Floor East,<br />
21 Akademias Avenue, 2107,<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Andreas Athinodorou - CEO<br />
(+357) 22 057 560<br />
andreas.athinodorou@atgcorporate.com<br />
www.atgcorporate.com<br />
CORPORATE SERVICES<br />
ANDREAS HADJIMICHAEL<br />
CEO<br />
EXECUTIVE BUSINESS CONSULTANTS LTD<br />
Executive Business Consultants Limited is an international<br />
Fiduciary and Family Office Service Firm based in, and operating<br />
out of, Larnaca, <strong>Cyprus</strong>. It is a fully independent and privately<br />
owned service firm having its roots established since 1987. EBC<br />
operates under a boutique style concept, providing specialized<br />
and tailor-made solutions and services to High-Net-Worth<br />
Individuals and their corporate structures. Since its existence<br />
EBC has managed to develop and build strong business links with<br />
both local and international Financial Institutions, and other<br />
professionals together creating a strong worldwide network of<br />
reputable and trusteed associates working together as a team<br />
to provide our clients the knowledge and expertise required for<br />
satisfying their needs.<br />
Simou Menardou 8, Ria Court 8, 4th Floor,<br />
Office 402, 6015 Larnaca - <strong>Cyprus</strong><br />
PO. Box 42633, 6051<br />
Contact: Andreas Hadjimichael - CEO<br />
(+357) 24 823 999<br />
andreas@executive.com.cy<br />
www.executive.com.cy<br />
CORPORATE SERVICES<br />
ISAVELLA EVRIPIDOU<br />
CEO/FOUNDER<br />
GFSC GLOBAL<br />
GFSC Global is a leading Corporate and Legal Group of Companies<br />
Licensed and Regulated Worldwide. Since our establishment,<br />
GFSC Global assists with a full range of corporate, legal, financial,<br />
licensing, gaming, crypto, ico/sto, blockchain, immigration, tax<br />
advice, accounting, banking and administration services across<br />
the world. Our services are offered in more than 70 jurisdictions,<br />
including advising, planning, formation and incorporation as<br />
well as management of international structures, full licensing<br />
and post-licensing supports. Through our Licensed Service<br />
Providers, professional Consultants and Tax Advisors, we assist in<br />
choosing the most convenient jurisdictions, subject to your needs,<br />
operations and business intentions. GFSC GLOBAL is a member<br />
with CYFA, CIA, ACAMs, IIA, CIFA and many other associations.<br />
Agias Zonis 22A, Iakovou center,<br />
Office 101, 3027, Limassol - <strong>Cyprus</strong><br />
Isavella Evripidou – CEO/Founder<br />
(+357) 25 269 400<br />
Evripidou.i@gfscglobal.com<br />
www.gfscglobal.com, www.gciecorp.com<br />
CORPORATE SERVICES<br />
SARA GUNNERVIK<br />
MANAGING PARTNER<br />
KENDRIS (CYPRUS) LIMITED<br />
KENDRIS is your Swiss partner in <strong>Cyprus</strong> for family office,<br />
trust and fiduciary services, international tax and legal advice,<br />
accounting, outsourcing, aviation advisory and art management.<br />
KENDRIS is fully owned and operated by its management and<br />
employees. KENDRIS Group employs around 180 specialists,<br />
and our clients comprise companies, individuals, and families<br />
as well as family offices, financial institutions, law firms and tax<br />
consultancies. We offer our clients tailored solutions to help them<br />
achieve their objectives. Our strong presence and our specific<br />
know-how in various sectors and markets make us an expert<br />
and reliable partner for corporate clients, private clients, and<br />
institutional clients.<br />
Spyrou Kyprianou 50, Irida 3<br />
12th Floor, Larnaca 6057 - <strong>Cyprus</strong><br />
Contact: Sara Gunnervik –<br />
Office Managing Partner<br />
(+357) 24 631 300<br />
s.gunnervik@kendris.com<br />
www.kendris.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
CORPORATE SERVICES<br />
STAVROS PAVLOU<br />
CEO<br />
PAGECORP GROUP<br />
Pagecorp Group is a leading provider of corporate,<br />
administration, secretarial and other related services based<br />
in <strong>Cyprus</strong>, with a worldwide network of professional affiliates.<br />
Licensed by the <strong>Cyprus</strong> Securities and Exchange Commission<br />
(CySEC) and with over 20 years of experience in the fiduciary<br />
and corporate services sector, the Group advises major local<br />
and international organizations, institutions and groups, as<br />
well as start-ups and entrepreneurs on all aspects of their<br />
corporate needs, including relocating/headquartering in <strong>Cyprus</strong>.<br />
Furthermore, the legal consultants, company administrators,<br />
accountants and support staff of the Group can assist clients on<br />
all matters relating to <strong>Cyprus</strong> International Trusts, international<br />
tax planning, accounting, financial advisory, tax administration<br />
and other related services.<br />
334 Agiou Andreou & Eleftheriou Venizelou<br />
corner, Vashiotis Business Centre, Ground<br />
floor offices, 3035 Limassol - <strong>Cyprus</strong><br />
Contact: Stavros Pavlou - CEO<br />
(+357) 25 878 866<br />
info@pagecorpgroup.com<br />
www.pagecorpgroup.com<br />
CORPORATE SERVICES<br />
GEORGE AYIOMAMITIS<br />
MANAGING DIRECTOR<br />
SOVEREIGN GROUP - CYPRUS<br />
Sovereign is a leading independent provider of corporate,<br />
private client and retirement planning services. Currently<br />
managing over 20,000 structures for a wide variety of clients –<br />
companies, entrepreneurs, private investors or high net worth<br />
individuals (HNWIs) and their families – and have assets under<br />
administration in excess of £20 billion. As an international<br />
provider with a presence in over 20 jurisdictions around the<br />
world, Sovereign is dedicated to offering integrated advice,<br />
products and services to internationally mobile businesses<br />
and people that have sophisticated and often complex needs.<br />
Sovereign assist them to generate, structure and protect their<br />
income and assets in the most efficient way.<br />
16 Herodotou Street,<br />
Limassol, 3095 - <strong>Cyprus</strong><br />
Contact: George Ayiomamitis<br />
- Managing Director<br />
(+357) 25 733 440<br />
cy@SovereignGroup.com<br />
www.SovereignGroup.com<br />
CORPORATE SERVICES<br />
ANDREAS MERCOURI<br />
MANAGING DIRECTOR<br />
TRIDENT TRUST COMPANY (CYPRUS) LIMITED<br />
Founded in 1978, the Trident Trust Group is one of the largest<br />
independent global providers of corporate, trust, fund, marine and<br />
fiduciary services. With presence in more than 24 Jurisdictions<br />
ensures access to a range of services that extends from traditional<br />
corporate domicile representation to the administration<br />
of complex trust and fund structures. Trident Trust <strong>Cyprus</strong><br />
established its presence over 25 years ago, is regulated by the<br />
<strong>Cyprus</strong> Securities and Exchange Commission, and is today one<br />
of the largest members of the local financial services industry,<br />
employing over 80 professionally qualified staff.<br />
Griva Digeni 115, Trident Centre<br />
3101 Limassol - <strong>Cyprus</strong><br />
Contact: Andreas Mercouri -<br />
Managing Director<br />
(+357) 25 820 650<br />
cyprus@tridenttrust.com<br />
www.tridenttrust.com<br />
CORPORATE SERVICES<br />
NICK TERRY<br />
MANAGING DIRECTOR<br />
VISTRA (CYPRUS) LTD<br />
At Vistra, we believe your business and your people can make a<br />
difference in the world. That’s why our work is focused on helping<br />
our clients act with confidence and speed to seize opportunity<br />
wherever it arises. As a global corporate service provider and<br />
fund administrator with more than 5,000 professionals in over 45<br />
jurisdictions, we empower legal entities globally to work smarter,<br />
grow faster, act responsibly, protect capital and scale across<br />
borders — by doing what we do best: reducing risk and enhancing<br />
efficiency. Discover how we can help you and your business seize<br />
opportunity today by exploring our services at vistra.com.<br />
2nd Floor Sotiri Tofini 4<br />
Agios Athanasios, 4102 Limassol - <strong>Cyprus</strong><br />
Contact: Nick Terry - Managing Director<br />
(+357) 25 817 411<br />
Nick.Terry@vistra.com<br />
www.vistra.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
ECONOMIC ANALYSIS<br />
FIONA MULLEN<br />
DIRECTOR<br />
SAPIENTA ECONOMICS LTD<br />
Sapienta Economics is a Nicosia-based economic consultancy<br />
producing top-level analysis primarily on <strong>Cyprus</strong> for a range<br />
of prestigious clients, including banks, oil/gas majors, big four<br />
accounting firms and over a dozen embassies. Our services<br />
include bespoke consultancy and the monthly Sapienta <strong>Country</strong><br />
Analysis <strong>Cyprus</strong>. Each month we take an in-depth look at prospects<br />
for political stability, government effectiveness, a resolution of the<br />
<strong>Cyprus</strong> problem, structural policies including natural gas, fiscal<br />
performance, debt sustainability, banking sector stability and the<br />
latest economic trends. No other organization offers such breadth<br />
and depth of inter-related issues. Sapienta Economics and its<br />
Director Fiona Mullen are independent, with no political ties in<br />
<strong>Cyprus</strong> or abroad and no investment in <strong>Cyprus</strong> shares or bonds.<br />
Tenedou 7, No 401, Lykavitos,<br />
CY1055 Nicosia - <strong>Cyprus</strong><br />
Contact: Fiona Mullen - Director<br />
(+357) 99 338 224<br />
fiona.mullen@sapientaeconomics.com<br />
www.sapientaeconomics.com<br />
ENERGY<br />
DEMETRIS C. FESSAS<br />
ACTING DIRECTOR GENERAL<br />
CYPRUS HYDROCARBONS COMPANY (CHC)<br />
CHC is the National Oil and Gas Company of <strong>Cyprus</strong>. As a stateowned<br />
company, CHC undertakes the commercial management<br />
of the ownership rights of the Republic of <strong>Cyprus</strong> that arise from<br />
the contracts with which it has entered into with oil and gas<br />
companies within its Exclusive Economic Zone. The vision of<br />
CHC is aligned with that of the Government of <strong>Cyprus</strong>, which is<br />
to ensure the sustainable development of hydrocarbon resources<br />
present in the Exclusive Economic Zone of the Republic of <strong>Cyprus</strong>,<br />
in order to maximize the benefits for Cypriot society and future<br />
generations.<br />
53 Strovolou Avenue, Victory Building,<br />
2018 Strovolos, Nicosia - <strong>Cyprus</strong><br />
Contact: Demetris Fessas –<br />
Acting Director General<br />
(+357) 22 203 880<br />
d.fessas@chc.com.cy<br />
www.chc.com.cy<br />
EXECUTIVE EDUCATION<br />
MARIOS SIATHAS<br />
CHIEF EXECUTIVE OFFICER<br />
EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)<br />
The EIMF is an accredited and licensed Education Group that<br />
offers learning and development opportunities, including<br />
Global Qualifications, across an array of areas. EIMF possesses<br />
a strong concentration within the areas of financial and<br />
professional services (regulation, compliance, AML, banking,<br />
funds), accounting, legal, management, as well as Information-<br />
Technology through its New Horizons Computer Learning Centers.<br />
Knowledge is delivered by established subject-matter experts,<br />
through classroom, Live Online, eLearning and customized<br />
learning solutions. With a presence in London, Brussels, Frankfurt,<br />
Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and<br />
Bucharest and over 5,000 students annually, 330+ programmes,<br />
60+ instructors and 25 international Certifications, make the EIMF<br />
a leader in the field of vocational education in the wider region.<br />
25 Megaron Street, 2032 Strovolos<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Marios Siathas -<br />
Chief Executive Officer<br />
(+357) 22 274 470<br />
msiathas@eimf.eu<br />
www.eimf.eu<br />
FINANCIAL ADVISORY<br />
DEMETRIS TAXITARIS<br />
CHIEF EXECUTIVE OFFICER<br />
MAP S.PLATIS GROUP<br />
MAP S.Platis Group is a leading financial services consulting Group<br />
with clients that include regulators, banks, funds and fund managers,<br />
investment firms, brokers, fintech firms, insurance firms and payment<br />
and electronic money institutions. Our expert team, currently<br />
comprising over 400 high-calibre professionals, provides unique<br />
and tailored solutions in licensing, regulatory compliance, risk management,<br />
internal audit, human resources, regulatory technology,<br />
information technology, business resilience, information security<br />
including cybersecurity, governance, executive training and innovation<br />
consulting to financial and other firms in the UK, <strong>Cyprus</strong> and the<br />
EU. Thanks to our vast regulatory compliance experience, continued<br />
interaction with regulatory authorities, unparalleled track record,<br />
global network of associates and wealth of resources, our team can<br />
support any client’s regulatory needs efficiently and effectively.<br />
74 Archiepiskopou Makariou C, Floors 2-3,<br />
Mesa Geitonia, 4003, Limassol - <strong>Cyprus</strong><br />
Contact: Herodotos Michael - Senior<br />
Manager, Authorisations and Regulatory<br />
Business Development (+357) 25 351 335<br />
info@mapsplatis.com<br />
www.mapsplatis.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
FUND ADMINISTRATION<br />
ANDREAS ATHINODOROU<br />
CEO<br />
ATG FUND SERVICES<br />
‘Creating Protecting and Growing Wealth’: We offer a<br />
comprehensive range of services including initial fund structuring<br />
advice, licensing, fund set up, fund management support, fund<br />
administration/back-office, registrar transfer agent services, NAV<br />
and regulatory reporting. As our clients’ trusted service partner<br />
we act as a single contact point for their structures, centrally<br />
coordinating all fund parties including the fund manager,<br />
investors, depositary and the regulator. Our clients are <strong>Cyprus</strong>,<br />
Cayman Islands and BVI funds that invest in liquid securities,<br />
private equity, real estate, shipping and crypto assets. ATG Fund<br />
Services is a member of the Athina Trust Group offering financial<br />
services that include Corporate and Private Wealth services to<br />
high-net-worth individuals and corporates.<br />
KEMA Bldg, 5th Floor East,<br />
21 Akademias Avenue, 2107,<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Andreas Athinodorou - CEO<br />
(+357) 22 057 570<br />
andreas.athinodorou@atgfunds.com<br />
www.atgfunds.com<br />
FUND MANAGEMENT<br />
NIKOLAS CHARALAMBOUS<br />
CEO<br />
INVEQO FUND MANAGEMENT LTD<br />
Inveqo Fund Management Ltd (INVEQO) is an Alternative<br />
Investment Fund Manager, authorised and supervised by the<br />
<strong>Cyprus</strong> Securities and Exchange Commission (CySEC) with<br />
license number AIFM32/56/2013. The team brings together<br />
several years of experience in fund and investment management<br />
services in various jurisdictions such as the United Kingdom,<br />
Malta, Luxembourg and <strong>Cyprus</strong>. INVEQO provides a range of<br />
services, including portfolio management, risk management,<br />
administration, fund set-up, licensing and registration, and<br />
other fund related services. Our mission is to create value for our<br />
investors, clients and associates by demonstrating principled<br />
industry leadership, offering high-quality services, and innovative<br />
solutions.<br />
16 Navarinou Street, Agios Andreas<br />
CY-1100, Nicosia - <strong>Cyprus</strong><br />
Nikolas Charalambous - CEO<br />
(+357) 22 666 500<br />
info@inveqo.net<br />
www.inveqo.net<br />
FUND MANAGEMENT<br />
MARIA PAPAKOKKINOU<br />
EXECUTIVE DIRECTOR<br />
IXI INVESTMENTS<br />
IXI Investments is authorized by CySEC as an Alternative<br />
Investment Fund Manager, focused on achieving capital growth<br />
with relatively low drawdowns and low correlation and by actively<br />
managing exposures in the G10 currencies and gold. IXI applies a<br />
robust in-house developed investment process and an efficient<br />
execution framework that allows it to tap into the FX market in a<br />
timely and systematic manner, from the signal generation stage<br />
to trades execution. IXI employs sophisticated computational<br />
systems for its trading and execution algorithms which implement<br />
advanced quantitative, mathematical, and statistical models.<br />
Syntagmatos Square, Old Port, Building X1,<br />
1ST Floor, 3042 Limassol - <strong>Cyprus</strong><br />
Contact: Maria Papakokkinou - COO<br />
(+357) 25 262 669<br />
info@ixi.com<br />
www.ixi.com<br />
FUND MANAGEMENT<br />
ANDREY NARUTSKIY<br />
MANAGING DIRECTOR, CEO<br />
LEON MFO INVESTMENTS LTD<br />
Leon MFO Investments Ltd is an Alternative Investment Fund<br />
Manager authorized and regulated by CySEC (license number<br />
AIFM 37/56/2013). The firm provides discretionary portfolio<br />
management, fund management and investment advice. Total<br />
assets under management exceed $800mln. Recently, Leon<br />
launched two funds which are addressed to professional and wellinformed<br />
investors: a) LEON Income Fund RAIF VCIC PLC and b)<br />
LEON Global Hedge Fund RAIF VCIC PLC.<br />
37, Theklas Lisioti, Gemini House,<br />
Office 301, CY-3030, Limassol - <strong>Cyprus</strong><br />
Contact: Andrey Narutskiy -<br />
Managing Director, CEO<br />
(+357) 25 268 120<br />
leonmfo@leonmfo.com<br />
www.leoninvestments.com.cy<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
FUND MANAGEMENT<br />
GEORGE W. SAMS<br />
CEO<br />
WEALTH FUND SERVICES LTD<br />
Wealth Fund Services Ltd is a global advisory and asset<br />
management company, based in <strong>Cyprus</strong> and licensed by<br />
CySEC (<strong>Cyprus</strong> Securities & Exchange Commission) as an AIFM<br />
management company with license No 6/78/2012. It operates<br />
in the field of setting-up, running and managing UCITS Mutual<br />
Fund, Registered Alternative Fund (RAIF) and Alternative<br />
Investment Fund (AIF) in line with the recent EU Directive which is<br />
implemented by the Cypriot legislation. It also offers Discretionary<br />
Asset management and Advisory services to HNI and Institutional<br />
clients. The primary goal of the Company is the protection of the<br />
assets under management remaining focused on achieving high<br />
return yields and providing top quality services to its investors.<br />
Kennedy 12-14, Kennedy Business Center<br />
Office 305, 1087, Nicosia - <strong>Cyprus</strong><br />
Contact: George Sams - CEO<br />
(+357) 22 755 506-07<br />
info@wealthfs.com.cy<br />
www.wealthfs.com.cy<br />
INVESTMENT PROMOTION<br />
EVGENIOS EVGENIOU<br />
CHAIRMAN<br />
INVEST CYPRUS<br />
Invest <strong>Cyprus</strong> (<strong>Cyprus</strong> Investment Promotion Agency) is the<br />
investment authority of the Government of <strong>Cyprus</strong> dedicated to<br />
attract and facilitate foreign direct investment into the country.<br />
In close collaboration with all governmental authorities and<br />
public institutions, as well as the private sector, Invest <strong>Cyprus</strong> is<br />
the country’s lead agent in establishing <strong>Cyprus</strong> as a world-class<br />
destination for international business activity and investments.<br />
Invest <strong>Cyprus</strong>’ mandate is to raise awareness of <strong>Cyprus</strong> as a<br />
destination for FDI across the globe, providing certainty around all<br />
aspects of operating a business in <strong>Cyprus</strong> and supporting potential<br />
investors in developing their business case for investment into the<br />
country.<br />
9 Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 441 133<br />
info@investcyprus.org.cy<br />
www.investcyprus.org.cy<br />
INVESTMENT SERVICES<br />
JOHNY ABUAITAH<br />
CEO<br />
WINDSOR BROKERS LTD<br />
Windsor Brokers was established in Limassol <strong>Cyprus</strong> with roots<br />
dating back to 1988. The Company was the first Cypriot Investment<br />
Firm of its type to be licensed and regulated by the Central Bank<br />
of <strong>Cyprus</strong>, and by 2004, it was regulated by the <strong>Cyprus</strong> Securities<br />
and Exchange Commission. Our company’s mission is to empower<br />
people in the pursuit of their financial goals. For over three<br />
decades, we have remained committed to serving investors who<br />
place security, integrity, and reliability at the forefront of their<br />
investment goals.<br />
Windsor Brokers Business Center,<br />
Spyrou Kyprianou 53, Mesa Geitonia<br />
4003 Limassol - <strong>Cyprus</strong><br />
Contact: Jabra Serieh - Director of Marketing<br />
(+357) 25 500 700<br />
Jabra.Serieh@WindsorBrokers.eu<br />
www.windsorbrokers.eu<br />
LAW FIRM<br />
ANGELOS G. PAPHITIS<br />
MANAGING PARTNER<br />
A.G.PAPHITIS & CO. LLC<br />
AGP & Co is a highly reputable, leading, dynamic and award<br />
winning Law Firm. Our reputation for excellence is recognized<br />
worldwide. Based in <strong>Cyprus</strong> with strong international presence<br />
and a full service office in the UAE, we serve our clients as a team,<br />
with a common focus on innovation, efficiency and agility. We<br />
provide full service Legal, Corporate, FS Advisory & Regulatory<br />
Compliance/AML, Crypto Licensing, Tax, Immigration, Relocation<br />
and Real Estate services. AGP & Co consists of the following main<br />
departments: Dispute Resolution; Corporate/Commercial; FS<br />
Advisory & Regulatory Compliance; Real Estate & Immigration;<br />
Tax-Accounting-Audit. Delivering excellent client service that<br />
benefits from long and lasting relationships, we are dedicated to<br />
providing our clients with superior results.<br />
“AGP Chambers”, 84 Spyrou<br />
Kyprianou Avenue,<br />
4004 Limassol - <strong>Cyprus</strong><br />
Postal Address: P.O.Box 58419,<br />
3734 Limassol - <strong>Cyprus</strong><br />
Contact: Angelos G. Paphitis<br />
- Managing Partner<br />
(+357) 25 731 000<br />
angelos.paphitis@agplaw.com<br />
www.agplaw.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
LAW FIRM<br />
AGNI LIVERA<br />
MANAGING DIRECTOR<br />
AGNI LIVERA LLC<br />
Agni Livera LLC is a highly experienced and fully serviced law firm,<br />
based in Nicosia, <strong>Cyprus</strong>. Agni Livera LLC offers a complete array<br />
of legal services specialising in the areas of Banking & Finance,<br />
Company law, Insurance law, Debt Collection, Employment law,<br />
Intellectual Property, Fund services, Regulatory and Compliance<br />
services as well as a full range of Fiduciary services. Following<br />
a client centric approach, the firms’ high-caliber lawyers are<br />
equipped to accommodate all your legal needs, offering the<br />
highest level of service and advice applicable in a fast and costefficient<br />
way, always operating with discretion, professionalism,<br />
integrity and transparency.<br />
1-3 Bouboulinas Street, Bouboulina<br />
Building, 3rd Floor, Office 34,<br />
1060 Nicosia - <strong>Cyprus</strong><br />
Contact: Agni Livera – Managing Director<br />
(+357) 22 552 733<br />
agni@liveralaw.com<br />
www.liveralaw.com<br />
LAW FIRM<br />
LORENZO TOFFOLONI<br />
PARTNER<br />
ANDREAS TH. SOFOKLEOUS LLC<br />
With nearly 40 years of experience, Andreas Th. Sofokleous<br />
LLC is a dynamic and modern boutique law firm. Andreas Th.<br />
Sofokleous LLC has been ranked on top-notch legal directories<br />
(such as Chambers and Partners) and received accomplishments<br />
from different organizations. The firm specializes in private client<br />
matters and corporate law (including cross border transactions). It<br />
regularly advises high net worth individuals on a range of matters,<br />
including tax planning, inheritance and asset management.<br />
2, Agapinoros Street & Makariou III,<br />
IRIS TOWER, Offices 403-405,<br />
1076, Nicosia - <strong>Cyprus</strong><br />
Contact: Lorenzo Toffoloni - Partner<br />
(+357) 22 763 601<br />
info@aslaw.eu<br />
www.aslaw.eu<br />
LAW FIRM<br />
ANTONIS PASCHALIDES<br />
SENIOR PARTNER: HEAD OF<br />
ENERGY LAW DEPARTMENT<br />
ANTONIS PASCHALIDES & CO LLC<br />
Antonis Paschalides & Co LLC is a boutique, medium-size law firm<br />
based in Nicosia that has provided legal services on a local and<br />
international level for over 40 years. The Firm has associates in<br />
UK, Russia, Greece and France. The trust of clients and associates<br />
in the high quality of work provided by the Firm is reflected on<br />
the projects in which it is involved, and which include some of<br />
the biggest investments ever made in Russia and Eastern Europe.<br />
Main areas of practice: Mergers & Acquisitions, Corporate Law,<br />
Banking, Civil & Commercial litigation, Family Law, Conveyance &<br />
Estate Planning.<br />
Makariou & Ayias Elenis 36,<br />
Galaxias Building, 5th floor, Office<br />
502, 1061 Nicosia - <strong>Cyprus</strong><br />
Contact: Lila Kartelia, Head of<br />
Litigation Department<br />
(+357) 22 661 661<br />
l.kartelia@paschalides.com<br />
www.paschalides.com<br />
LAW FIRM<br />
ARETI CHARIDEMOU<br />
FOUNDER<br />
ARETI CHARIDEMOU & ASSOCIATES LLC<br />
Areti Charidemou & Associates LLC was established in 1990 with<br />
a vision of being committed to excellence while creating a wellrespected<br />
diverse portfolio of international clientele. Our areas<br />
of expertise range from Property Law to Trust Law, Company<br />
Law, Mergers and Acquisitions, Tax and Estate Law and Shipping<br />
Law. Our knowledgeable professionals provide legal services in<br />
a variety of issues including buying properties and investing in<br />
<strong>Cyprus</strong> or abroad, advice on the optimum tax structure based<br />
on the individual circumstances, incorporate companies in<br />
<strong>Cyprus</strong> or abroad, support the operation of the companies after<br />
the incorporation, provide nominee services if required, etc.<br />
Our objective is to ensure that our clients, whether these are<br />
individuals, small business entities or large organizations, benefit<br />
from the best of legal advice.<br />
Vasili Michailidi 21-23,<br />
3026 Limassol - <strong>Cyprus</strong><br />
Contact: Areti Charidemou - Founder<br />
(+357) 25 508 000<br />
info@aretilaw.com<br />
www.aretilaw.com<br />
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
LAW FIRM<br />
ELENI TZIONI<br />
MANAGING DIRECTOR<br />
E. TZIONI & ASSOCIATES LLC<br />
E. Tzioni & Associates LLC is a fastly growing boutique law firm<br />
based in Nicosia, <strong>Cyprus</strong>. With its innovative and flexible approach,<br />
E. Tzioni & Associates LLC delivers the most efficient, complete<br />
and optimum quality service available today. E. Tzioni & Associates<br />
LLC takes the pride of covering a wide area of knowledge and<br />
expertise possessing strong legal background and experience in<br />
corporate and commercial matters, with a special emphasis on<br />
mergers and acquisitions, banking and finance, joint ventures<br />
and international, cross-border transactions and start-ups as<br />
well as litigation matters. Our practice further possesses a robust<br />
background in alternative investment funds and other regulated<br />
entities, providing full services ranging from the set up to creation<br />
and functioning.<br />
7 Dositheou Street, Para Building,<br />
Block A, Office 001, 1071 Nicosia - <strong>Cyprus</strong><br />
Contact: Eleni Tzioni - Managing Director<br />
(+357) 22 932 293<br />
info@tzionilaw.com.cy<br />
www.tzionilaw.com.cy<br />
LAW FIRM<br />
ELIAS NEOCLEOUS<br />
MANAGING PARTNER<br />
ELIAS NEOCLEOUS & CO LLC<br />
Award-winning Elias Neocleous & Co LLC is the largest law firm<br />
in <strong>Cyprus</strong> and one of the top law firms in south east Europe. With<br />
more than 150 lawyers and other professionals based in offices<br />
in <strong>Cyprus</strong>, Brussels, Budapest, Kiev and Prague we offer a valueadded<br />
service which is second to none. We are dedicated to<br />
diversity in recruitment and to retaining experienced specialists<br />
in every practice area. Combined with our investment in IT and<br />
knowledge management infrastructure, this means we are able<br />
to tackle the largest and most demanding national and crossborder<br />
assignments. Elias Neocleous and Co LLC is professional,<br />
responsive, innovative, and represents the legal practice of the<br />
future.<br />
Neocleous House, 195 Makarios Avenue,<br />
P O Box 50613, Limassol CY 3608 - <strong>Cyprus</strong><br />
Contact: Elias Neocleous - Managing Partner<br />
(+357) 25 110 110<br />
info@neo.law<br />
www.neo.law<br />
LAW FIRM<br />
GEORGE Z. GEORGIOU<br />
MANAGING PARTNER<br />
GEORGE Z. GEORGIOU & ASSOCIATES LLC<br />
George Z. Georgiou & Associates LLC is a full-service Cypriot<br />
law firm with offices in Nicosia and Limassol. It consists of<br />
approx.70 lawyers, arbitrators, legal consultants and support<br />
staff and is ranked in the main international legal directories:<br />
Chambers & Partners, Legal 500 and Who’s Who Legal. The<br />
Firm’s specialist departments include: Arbitration • Banking &<br />
Finance • Commercial • Corporate (incl. M&A) • Data Protection •<br />
Employment & Pensions • Estate Planning • EU Law • Family Law •<br />
Intellectual Property & Media • Litigation (<strong>Cyprus</strong> & International)<br />
• Private Client • Probate • Property & Construction • Regulatory<br />
& Compliance • Tax • Tech. As the sole Cypriot member of the<br />
international law alliances Ius Laboris and GALA, it is able to<br />
provide any client with prompt, fully-coordinated, yet locally<br />
specific advice from countries across the globe.<br />
Head Office: 1 Iras Street,<br />
1060 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 763 340<br />
admin@gzg.com.cy<br />
www.gzg.com.cy<br />
LAW FIRM<br />
LEANDROS PAPAPHILIPPOU<br />
MANAGING PARTNER<br />
L PAPAPHILIPPOU & CO LLC<br />
L Papaphilippou & Co LLC was founded in 1963. Through constant<br />
and consistent work, it is now one of the leading and most<br />
respectable law firms in <strong>Cyprus</strong>. The firm quickly established<br />
strong presence in the fields of corporate and shipping law,<br />
litigation, banking and finance, wealth management and<br />
immigration, thus achieving good cross-border reputation, which<br />
led to the development of a concrete international professional<br />
network and client base. Our list of clients includes regulatory<br />
bodies, local and international banking and financial institutions,<br />
insurance, shipping and listed companies, multinationals and<br />
high net worth individuals.<br />
17 Ifigenias Street, 2007 Strovolos,<br />
P.O.Box 28541, 2080 Nicosia - <strong>Cyprus</strong><br />
Contact: Leandros Papaphilippou<br />
- Managing Partner<br />
(+357) 22 271 000<br />
info@papaphilippou.eu<br />
www.papaphilippou.eu<br />
113
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
LAW FIRM<br />
NICKY XENOFONTOS<br />
FOUNDER, MANAGING<br />
PARTNER<br />
N. XENOFONTOS LLC LAW FIRM<br />
N. Xenofontos LLC is a specialist, boutique business centric law<br />
firm, servicing both private clients and businesses. In providing<br />
our specialised services we deploy a collaborative workflow,<br />
resulting in efficient and solid advice, experience, with agility.<br />
Our specialist, tailored expertise ecompasses these core<br />
services: Corporate Advisory; Corporate Secretarial / Corporate<br />
Administration; Professional Fiduciary services; Trusts / Estate<br />
Planning / Establishment and administration; M&A / Joint Ventures;<br />
Intellectual Property; Insolvency, Bankruptcy and Restructuring;<br />
Contractual; Legal Opinions; Compliance, AML , Regulatory and<br />
Privacy law; Legal Training / Seminars / Webinars; Real Estate;<br />
Employment; Immigration & Migration. Our philosophy is simple:<br />
“Knowledge is of no use unless put into practice” - Anton Chekhov<br />
4 Promitheos Street,<br />
Executive Centre, 1st floor, office M01<br />
1065 Nicosia - <strong>Cyprus</strong><br />
Contact: Nicky Xenofontos –<br />
Founder, Managing Partner<br />
(+357) 22 25 20 77<br />
nicky@xenofontosllc.com<br />
www.xenofontosllc.com<br />
LAW FIRM<br />
STAVROS PAVLOU<br />
SENIOR AND MANAGING<br />
PARTNER<br />
PATRIKIOS PAVLOU & ASSOCIATES LLC<br />
Patrikios Pavlou & Associates LLC is a leading law firm in <strong>Cyprus</strong>.<br />
With nearly 60 years of experience in the local and international<br />
legal market, the Firm has developed distinguished expertise<br />
in dispute resolution and ADR and a renowned legal consulting<br />
department. The legal teams are constantly involved in some of the<br />
largest cross-border banking, financial and corporate transactions<br />
and handle complex litigation, arbitration and mediation matters.<br />
In close cooperation with the associated Pagecorp Group, the<br />
Firm provides its clients with a comprehensive range of corporate<br />
and other related services. The Firm is highly recommended by<br />
prestigious legal directories worldwide for its distinctive legal<br />
services.<br />
Patrician Chambers, 332<br />
Agiou Andreou Street,<br />
3035 Limassol - <strong>Cyprus</strong><br />
Contact: Stavros Pavlou - Senior<br />
and Managing Partner<br />
(+357) 25 871 599<br />
spavlou@pavlaw.com<br />
www.pavlaw.com<br />
LAW FIRM<br />
CELIA POURGOURA<br />
PARTNER<br />
POURGOURA & ASPRI LLC<br />
We are a progressive commercial Law Firm, comprising of a team<br />
of dynamic and highly specialised lawyers with diverse academic<br />
and professional backgrounds. Our paramount objective is to offer<br />
the highest level of professional and personalised service to the<br />
client, yet in a quick, efficient and affordable manner. Our mission<br />
is to establish ongoing and long term relations with our clients<br />
through commitment, specialisation and by offering tailor made<br />
professional service by directing each client’s needs in a personal,<br />
individual way. By choosing to work with us you are assured to<br />
be provided with a complete all round solution regarding your<br />
business affairs, as we maintain close relations with a vast number<br />
of related disciplines in other cities and overseas.<br />
33 Klimentos Street, Office 401,<br />
1061 Nicosia - <strong>Cyprus</strong><br />
Contact: Vasiliki Pourgoura<br />
(+357) 22 460 831<br />
celia.pourgoura@ca-advocates.com<br />
www.ca-advocates.com<br />
LAW FIRM<br />
STELIOS AMERICANOS<br />
MANAGING PARTNER<br />
STELIOS AMERICANOS & CO LLC<br />
Stelios Americanos & Co LLC is a full services, highly innovative<br />
law firm with headquarters based in Nicosia, <strong>Cyprus</strong> and a<br />
branch in Athens, Greece. It specializes in corporate, commercial<br />
and banking law, corporate and commercial litigation, real<br />
estate, financial advisory & regulation and blockchain legal<br />
advisory. Stelios Americanos & Co LLC provides its services to<br />
governmental organizations, international banking institutions,<br />
public companies and multinational corporations. Moreover<br />
Stelios Americanos & Co LLC has created close relationships with<br />
reputable international legal and consulting firms and is, thus,<br />
able to assist clients with their cross-border transactions and<br />
needs. Today, Stelios Americanos & Co LLC is considered one of the<br />
leading law firms in <strong>Cyprus</strong> in the areas of its specialty.<br />
12, Demostheni Severi Av.<br />
Office 601, 6th Floor 1080 Nicosia - <strong>Cyprus</strong><br />
Contact: Stelios Americanos<br />
- Managing Partner<br />
(+357) 22 465 500<br />
stelios@americanoslaw.com<br />
www.americanoslaw.com<br />
114
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
NON PROFIT<br />
MARIA MARKIDOU<br />
GEORGIADOU<br />
MANAGING DIRECTOR<br />
CYPRUS SEEDS<br />
<strong>Cyprus</strong> Seeds is a non-profit organization with the mission to<br />
support the commercialization of innovative academic research<br />
in <strong>Cyprus</strong>. To achieve its objectives, <strong>Cyprus</strong> Seeds offers an<br />
annual 12M program to a small number of scientific teams whose<br />
projects give breakthrough solutions to world problems from any<br />
area, including health, environment, and art. In addition to grants,<br />
it offers mentoring, business skills training, and networking<br />
with investors. <strong>Cyprus</strong> Seeds is funded through donations<br />
from Foundations, corporations, and individuals in <strong>Cyprus</strong> and<br />
abroad. Among the great achievements of <strong>Cyprus</strong> Seeds are the<br />
signing for two option-to-be licensing agreements, the creation<br />
of one start-up company, and the spinning out of the University<br />
of <strong>Cyprus</strong> a solar energy research project.<br />
Antinou 18, Strovolos,<br />
Nicosia, 2034 - <strong>Cyprus</strong><br />
Contact: Maria Markidou Georgiadou<br />
- Managing Director<br />
(+357) 22 364 522<br />
maria@cyprusseeds.com<br />
www.cyprusseeds.com<br />
REAL ESTATE<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
CEO<br />
CYBARCO DEVELOPMENT LTD<br />
Cybarco is the leading luxury property developer in <strong>Cyprus</strong>. Part<br />
of the prestigious Lanitis Group, Cybarco is behind many of the<br />
island’s landmark projects, including Aphrodite Hills Golf Resort,<br />
Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Marina<br />
and Trilogy Limassol Seafront. Cybarco is also responsible for<br />
the exclusive sales of the luxury properties at Limassol Greens,<br />
the most anticipated new golf resort in <strong>Cyprus</strong>. With over 75<br />
years’ experience at the top of its industry, Cybarco has earned its<br />
reputation for outstanding quality and dedicated customer care by<br />
consistently delivering projects to the highest standards.<br />
10 Tefkrou Anthia Street,<br />
Dali Industrial Zone, 2540 Nicosia - <strong>Cyprus</strong><br />
Contact: Michalis Hadjipanayiotou - CEO<br />
(+357) 22 741 300<br />
info@cybarco.com<br />
www.cybarco.com<br />
REAL ESTATE<br />
GEORGE IOANNOU<br />
CEO<br />
KORANTINA HOMES<br />
With over 30 years of experience in developing some of the most<br />
luxurious, high aesthetic, projects in <strong>Cyprus</strong>, Korantina Homes<br />
has become the most reputable name in the development of<br />
luxury and exclusive properties. Our company emphasizes<br />
establishing long-lasting relationships with our clients by offering<br />
personalized services. Our award-winning flagship luxury resorts,<br />
Cap St Georges, Coral Residences and Soho Resort have attracted<br />
exclusive clientele from every corner of the globe including several<br />
celebrities and internationally renowned jet setters. Our group has<br />
also expanded into the tourism & hospitality sector by developing<br />
the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star<br />
hotel located at Soho Resort.<br />
Trikomou Str. 32, 8560<br />
Pegeia Paphos, <strong>Cyprus</strong><br />
Contact: Melina Rafti – Business<br />
Development Director<br />
(+357) 26 623 536<br />
info@korantinahomes.com<br />
www.korantinahomes.com<br />
REAL ESTATE<br />
EVANGELIA ELIADOU<br />
EXECUTIVE DIRECTOR<br />
PAFILIA PROPERTY DEVELOPERS LTD<br />
Pafilia is the largest privately-owned residential developer in<br />
<strong>Cyprus</strong>, dedicated to delivering the best in concept, design,<br />
quality and service. With a vast property portfolio and projects<br />
in enviable locations throughout <strong>Cyprus</strong> and Greece, we offer<br />
excellent investment opportunities and lifestyle orientated<br />
homes. Pafilia is also the developer behind three groundbreaking<br />
destination resorts, ONE – the tallest residential<br />
seafront tower in Europe, NEO – a unique development of 4<br />
towers on the Limassol seafront and Minthis - the islands most<br />
exclusive leisure and lifestyle resort conveniently located in the<br />
wine producing region of Paphos.<br />
Pafilia House,<br />
33 Nicodemou Mylona Street,<br />
P.O. Box 60159, 8101 Pafos - <strong>Cyprus</strong><br />
Contact: Andrea Lindsay –<br />
Group Marketing Manager<br />
(+357) 26 848 800<br />
info@pafilia.com<br />
www.pafilia.com<br />
115
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
REAL ESTATE<br />
SAVVAS KAKOS<br />
CEO AND BOARD DIRECTOR<br />
QUALITY GROUP<br />
Quality Group is one of the leading investment and development<br />
organizations in <strong>Cyprus</strong> and the Mediterranean, with over 30<br />
years of experience, operating in numerous projects. The group<br />
managed to transform from a traditional construction company<br />
into a strong organisation by embracing the diversification that<br />
the market had to offer. Through trusting the market, the group<br />
managed to build a diversified client-based portfolio, providing<br />
a variety of investment options. As a result, Quality Group has<br />
evolved through four distinct fundamental pillars: Quality Property<br />
Developments, Quality Hospitality, Quality Education, and Quality<br />
Medical. Our commitment to a people-focused approach as well as<br />
our uncompromising dedication to quality ensures that excellence<br />
and client satisfaction is delivered.<br />
41, Costantinou Paleologou str.<br />
6036, Larnaca - <strong>Cyprus</strong><br />
(+357) 24 821 855<br />
Info@qualitydevelopments.com<br />
qualitygroupcyprus.com<br />
REAL ESTATE<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
EXECUTIVE DIRECTOR<br />
TRILOGY LIMASSOL SEAFRONT<br />
Brought to life by a world-class collaboration of architects,<br />
designers and developers, Trilogy is an exciting new beachfront<br />
development in the heart of Limassol. Three landmark buildings<br />
surrounding a bustling inner plaza, Trilogy is a place to live, work<br />
and play. Its luxury apartments blend the aspirational dream of<br />
high-end living, with the sophistication of urban cool. State-ofthe-art<br />
offices also enjoy first-class services and uninterrupted<br />
sea views from every window. Three distinct social areas offer<br />
resident-only facilities for secluded leisure and relaxation, as well<br />
as a lively public plaza that can be enjoyed and experienced by<br />
everyone. Your story begins here…<br />
341, 28th October Avenue<br />
3106 Limassol - <strong>Cyprus</strong><br />
Contact: Yiorgos Georghiou - Sales Director<br />
(+357) 25 362 800<br />
info@trilogylimassol.com<br />
www.trilogylimassol.com<br />
RECRUITMENT<br />
SOPHIE ARISTODEMOU<br />
CO-FOUNDER<br />
CAREERFINDERS RECRUITMENT SERVICES LIMITED<br />
CareerFinders Recruitment Services Limited is one of <strong>Cyprus</strong>’<br />
most well-respected and established providers of tailor-made<br />
recruitment solutions to many of the largest and most well-known<br />
local and international companies operating across the Island.<br />
With offices in both Nicosia and Limassol, our highly experienced<br />
team of recruitment professionals have the knowledge and<br />
expertise to ensure that our clients receive the most suitable<br />
and well-qualified candidates to suit their recruitment needs.<br />
The industry sectors we service include Accounting/Audit, Legal,<br />
Corporate/Fiduciary, Information Technology, Shipping, Oil & Gas,<br />
Banking/Finance and many more. If you are a company seeking to<br />
recruit the very best talent in <strong>Cyprus</strong>, please contact us today.<br />
Head Office: 6th Floor, Athlos Building,<br />
28 Nikis Avenue, Nicosia 1086 - <strong>Cyprus</strong><br />
Contact: Sophie Aristodemou - Director<br />
(+357) 22 002 285<br />
jobs@careerfinders.com.cy<br />
www.careerfinders.com.cy<br />
RECRUITMENT<br />
STEVE SLOCOMBE<br />
FOUNDER / DIRECTOR<br />
GRS RECRUITMENT<br />
With more than 17 years of presence and experience in <strong>Cyprus</strong>,<br />
our expertise in the provision of Recruitment, Payroll, HR,<br />
and Outplacements services is un-paralleled. By working in<br />
partnership with our clients, we provide tailored services based<br />
on a thorough understanding of each client’s circumstances<br />
and needs. We specialise in: Permanent Recruitment Search &<br />
Selection, Temporary Recruitment Services, Payroll Solutions,<br />
Recruitment Process Outsourcing, Salary Benchmarking,<br />
Outplacement and Psychometric Personality Assessment.<br />
Our team consists of a highly capable team with international<br />
experience and local knowledge.<br />
Head office: Agathangelou Business Centre,<br />
101 Gladstonos Street,<br />
Limassol, 3032 - <strong>Cyprus</strong><br />
Contact: Steve Slocombe - Founder/Director<br />
(+357) 25 342 720<br />
jobs@grsrecruitment.com<br />
www.grsrecruitment.com<br />
116
CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
RESEARCH INSTITUTION<br />
PROF. COSTAS N.<br />
PAPANICOLAS<br />
PRESIDENT<br />
THE CYPRUS INSTITUTE<br />
The <strong>Cyprus</strong> Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit<br />
research and educational institution with a strong scientific<br />
and technological orientation. It is a regional Center of Excellence,<br />
addressing issues of regional interest but of global significance,<br />
with an emphasis on cross-disciplinary research and international<br />
collaborations. Areas of research include Solar Thermal Energy<br />
and Energy Storage, Climate and Environmental Research,<br />
Technologies for Archaeology and Cultural Heritage, High-<br />
Performance Computing, Simulation and Hyper-infrastructures.<br />
CyI is also an accredited, degree-granting institution of higher<br />
education that offers unique, high-quality Master’s and PhD<br />
programs to select students from around the world, and provides<br />
training for future researchers and scholars in partnership with<br />
leading international universities.<br />
20 Konstantinou Kavafi<br />
2121 Aglantzia - <strong>Cyprus</strong><br />
Contact: Dr. Nicolas Jarraud - Assistant<br />
Vice-President for Institute Affairs<br />
(+357) 22 208 700<br />
international.relations@cyi.ac.cy<br />
www.cyi.ac.cy<br />
TRANSPORT & LOGISTICS<br />
GEORGE MAVROS<br />
MANAGING DIRECTOR<br />
SKYLINK SERVICES LTD<br />
Skylink Services Ltd is a provider of ground handling services<br />
for Executive Aviation Aircraft in <strong>Cyprus</strong>. We began operations<br />
in 1998, filling the gap in the Executive Aircraft ground handling<br />
market at both International Airports of <strong>Cyprus</strong>, Larnaca and<br />
Paphos. Skylink Services owns and operates the only FBO facility<br />
at Larnaka Airport offering around-the-clock professional VIP<br />
aircraft and passenger handling services. Currently representing<br />
over 400 companies that own or operate executive aircraft<br />
worldwide. Skylink Services also manages and operates the<br />
Heads of State Lounge facility at Larnaka International Airport.<br />
This Lounge is used by all Heads of State visiting the Republic of<br />
<strong>Cyprus</strong> as well as a host of other visiting dignitaries.<br />
P.O. Box 43012, Larnaca Airport,<br />
6650 Larnaca - <strong>Cyprus</strong><br />
(+357) 24 840 900<br />
(+357) 24 643 334 24hr Operation<br />
flightops@skylink.com.cy<br />
www.skylink.com.cy<br />
TRANSPORT & LOGISTICS<br />
SOFOCLES TYMVIOS<br />
CEO<br />
SWISSPORT CYPRUS LIMITED<br />
Swissport has been present in <strong>Cyprus</strong> since January 2006<br />
providing Passenger, Ramp, Ticketing, Cargo, and executive<br />
aviation services at both the island’s airports. It is a subsidiary<br />
of Swissport International, the world’s largest Airport provider<br />
of ground and air cargo services, active at over 287 airports in<br />
45 countries across all five continents. With more than 850<br />
client-companies Swissport provides airport ground services<br />
for 97 million passengers, and 5.1 million tons of cargo at<br />
121 warehouses world-wide per annum, with a workforce of<br />
48,000. In <strong>Cyprus</strong> Swissport employs over 500 people, trained<br />
at the highest level and in line with industry standards and<br />
procedures.<br />
Office 2, Larnaka International Airport<br />
Contact: Michael Kokkinos -<br />
Commercial Manager<br />
(+357) 24 008 781<br />
Michael.kokkinos@swissport.com<br />
www.swissport.com<br />
WEB DEVELOPMENT<br />
ALEX CONSTANTI<br />
MANAGING DIRECTOR<br />
IDEASEVEN DIGITAL<br />
Ideaseven are a dynamic, enthusiastic online digital development<br />
agency with over 17 years of experience. We focus on providing<br />
global solutions in digital marketing, web & app development,<br />
branding and design services. At ideaseven, we understand<br />
that design and development requires continuous mutual<br />
communication with our clients. Together, we can provide a<br />
constantly productive and evolving project. We can help visualize<br />
even the craziest ideas, converting them into elegant, awesome<br />
experiences and catchy products. We have worked with a lot of<br />
prestigious brands and have delivered award winning projects<br />
throughout the years.<br />
Pentadactylou 2, office 104,<br />
6060, Larnaca - <strong>Cyprus</strong><br />
Contact: Alex Constanti – Managing Director<br />
(+357) 24 823 832<br />
info@ideaseven.com<br />
www.ideaseven.com<br />
117
TheProfilerGroup<br />
16, Elia Papakyriakou, Suite 101,<br />
Engomi, 2415 Nicosia, <strong>Cyprus</strong><br />
cyprus@theprofilergroup.com<br />
www.theprofilergroup.com<br />
www.cyprusprofile.com