2022-2023 Cyprus Country Report

TheProfilerGroup
Global Edition 2022
cyprusprofile.com
CYPRUS
COUNTRY REPORT 2022
HQ MAGNET:
Increase in global companies migrating to Cyprus
ECONOMY • FOREIGN DIRECT INVESTMENT • BUSINESS OPERATING ENVIRONMENT • LIVING IN CYPRUS • BUSINESS DIRECTORY
FDI Cyprus maintains
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SECTORS TO WATCH Energy,
Investment Funds, ICT, Film,
Research and Education
WHO’S WHO Guide to Cyprus’
leading companies,
executives and advisors

CYPRUSCOUNTRY REPORT 2022
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CYPRUSCOUNTRY REPORT 2022
Contents
CYPRUS AT A GLANCE
Key Facts & Figures 6
GOVERNMENT & POLITICS
A Key Player in the East Med 10
COUNTRY OVERVIEW
A Diversified Future 14
ECONOMY
Growth Fuelled by Resilience 22
FOREIGN DIRECT INVESTMENT
EU Investment Destination 30
INSIGHT
Minister of Energy, Commerce, and Industry Natasa Pilides 42
HEADQUARTERING
HQ Magnet 44
INCENTIVES
Attracting Non-EU Business 50
SECTOR PROFILES
Find out more about the economic sectors of Cyprus 56
BUSINESS OPERATING ENVIRONMENT
Guide to doing business in Cyprus including business costs, commercial and
residential property, and salary survey 58
TAXATION
Tax and Regulatory Regime of Cyprus 65
TRAVEL & LIVING
The Profiler Group Essential Expat Guide 72
PROPERTY SHOWCASE
Leading Developments in Cyprus 91
WHO’S WHO IN CYPRUS
The definitive guide to Cyprus’ leading companies, executives, and professional
advisors 95
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CYPRUSCOUNTRY REPORT 2022
CYPRUS
AT A
GLANCE
Lying at the crossroads of Europe, Asia and Africa, Cyprus has long served as a
major eastern trading post. It is a small country, but the third largest island in
the Mediterranean Sea and shares a maritime border with Egypt 300km to the
south, Lebanon 108km to the east and Turkey 71km to the north, while mainland
Greece lies 800km to the north-west. With 10,000 years of history, the island’s
strategic location has long made it a jewel in the crown of the powers of the day.
PAPHOS
(Pafos)
101,900
Paphos
International
Airport
LIMASSOL
(Lemesos)
258,900
NICOSIA
(Lefkosia)
351,600
Larnaca
International
Airport
LARNACA
(Larnaka)
154,200
35ºN
33ºE
FAMAGUSTA
(Ammochostos)
51,500
6

CYPRUSCOUNTRY REPORT 2022
CYPRUS
DATA
MEMBERSHIPS
EU & Eurozone
World Trade
Organization
United Nations
Council of Europe
Commonwealth
World Bank & IMF
RELIGION
89.1%
Greek Orthodox
2.9% Roman Catholic
2.0% Protestant/Anglican
1.8% Muslim
1.7% Unknown/Atheist
1.0% Buddhist
1.5% Other
TOTAL POPULATION
918,100
Republic of Cyprus
79%
Cypriot
21%
Non-Cypriot
OFFICIAL LANGUAGES
Greek &
Turkish
(business generally
conducted in English)
TIME
+2 Hours
ahead of GMT
SUNSHINE
340 days
of sunshine/year
AREA & SIZE
9,251 km 2
(3,355 km 2 in the
occupied area)
POPULATION DENSITY
132
(persons per km 2 )
MEDIAN AGE
38
CURRENCY
Euro (€)
RAINFALL
503 mm
average annual
AVERAGE TEMPERATURE
+13ºC
Winter
+34ºC
Summer
MAIN MEDIA
Cyprus Mail
Phileleftheros
Politis
CyBC
7

CYPRUSCOUNTRY REPORT 2022
CYPRUS
BUSINESS
FIGURES
TOTAL GDP
€23.4
billion
(2021)
GDP PER CAPITA
€26,031
(2021)
12.3%
Taxes & Subsidies
5.4%
Construction
7.5%
Mining, manufacturing,
electricity & water
GDP
BY SECTOR
73.1%
Services
1.8%
Agriculture,
forestry & fishing
UNEMPLOYMENT
7.5%
(2021)
GDP GROWTH
5.5%
(2021)
INFLATION
2.3%
(2021)
INTERNATIONAL RANKINGS
Standard & Poor’s
BBB
CORPORATE
TAX RATE
12.5%
TIME TO START
UP A BUSINESS
1.3 days
ACCOUNTING
STANDARD
IFRS
Fitch
BBB- Moody’s
Ba1
(September 2022)
MAIN TRADING PARTNERS
UK
Germany
Italy
France
Israel
Greece
China
CRIME
0.9 per
100 persons
Cyprus is the safest
country in the world for
young people out of
184 countries across
the globe.
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CYPRUSCOUNTRY REPORT 2022
GOVERNMENT & POLITICS
A Key Player in
the East Med
The geostrategic location of Cyprus at the crossroads
of three continents, and its friendly diplomatic
relations with regional neighbours and beyond,
have helped establish the island as an international
business centre and key player in the East Med.
T
he Republic of Cyprus is a unitary presidential representative republic, where the
President of Cyprus is both head of state and head of government, and executive
power is exercised by the government. Legislative power is vested in both the
government and the parliament, and the judiciary is independent of the executive and
the legislature. The seventh president of the Republic of Cyprus, Nicos Anastasiades,
was re-elected for another five-year term on 4 February 2018. The conservative
candidate and head of the DISY party won his second term following a run-off
presidential election with a majority of 55.99% of the vote. The next presidential
elections in Cyprus will be held on 5 February 2023. If no candidate receives a majority
of the vote, a runoff will be held on 12 February 2023. The incumbent president is not
eligible to run due to the two-term limit.
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CYPRUSCOUNTRY REPORT 2022
The division of Cyprus remains one of
the most long-standing and prominent
issues in the political arena. UN-brokered
peace talks between the Greek and Turkish
Cypriot leaderships, which first began in
1968, are still ongoing. These negotiations
are aimed at finding a sustainable solution
to the ‘Cyprus Problem’, which led to the
de facto division of the island between
the mainly Greek-speaking south and the
mainly Turkish-speaking north for over
four decades. Anastasiades and Turkish
Cypriot leader Ersin Tatar have been
holding talks in a bid to reunify the island
though this has proved to be challenging
as Tatar openly supports a two-state
solution. Efforts to resume the UN-led
talks are underway, but rising tensions
since 2020 between Cyprus, Greece and
Turkey over hydrocarbons explorations
in Cyprus’ Exclusive Economic Zone (EEZ)
and the upcoming presidential elections
have complicated the process further.
CONSTITUTION,
INSTITUTIONS AND
ADMINISTRATION
The 1960 constitution provided for power
sharing between the Greek Cypriot and
Turkish Cypriot communities. Votes
on important issues required separate
parliamentary majorities, and the
Greek Cypriot president and the Turkish
Cypriot vice president both had the right
of veto on important decisions. The
system of government is presidential,
with the separation of powers between
the executive and the legislature. The
presidential term lasts five years, with the
next presidential election due in February
2023. Ministers, who are appointed by
the president, cannot hold seats in the
House of Representatives. The House of
Representatives is elected by proportional
representation. Its normal term is five years.
DIVIDED ISLAND
In 1960 Cyprus gained independence from Britain and became a unitary state of both
Greek- and Turkish-Cypriots (respectively around 80% and 20% of the population). In
July 1974, a right-wing coup backed by the military junta in power in Greece overturned
the democratically elected government, forcing the Cypriot President Archbishop
Makarios to flee. This prompted Turkey, one of the guarantor powers, which also include
Greece and the UK, to send its troops into the island to support the Turkish Cypriot
minority. Fierce fighting followed and the ensuing ceasefire line – known as the Green
Line and patrolled by United Nations troops – has effectively partitioned the island
ever since. However, visitors can safely access either side through various checkpoints
along the Green Line. Today, Nicosia is the world’s last divided capital since the fall of
the Berlin Wall. The population of the southern two-thirds of the island, controlled
by the government of the Republic of Cyprus, is almost entirely Greek Cypriot, while
the population of the northern third, controlled by the breakaway Turkish Republic of
Northern Cyprus (recognised only by Turkey) comprises Turkish Cypriots, settlers from
the Turkish mainland and around 42,000 Turkish troops.
11

CYPRUSCOUNTRY REPORT 2022
FROM FOREIGN RULE TO THE REPUBLIC OF CYPRUS
Colonised by the ancient Greeks in 1400 BC, Cyprus has had a succession of foreign
rulers through the centuries, including the Romans, the Byzantines, the Franks
and the Venetians, whose 300-year rule ended in 1571 when the island became part
of the Ottoman Empire. After almost 250 years of Ottoman rule, Cyprus was placed
under British administration in 1878. The island finally became independent in 1960
after a protracted and violent struggle against the colonial power between 1955 and
1959. After lengthy negotiations, Britain, Greece and Turkey drafted a constitution for
the new state, along with Treaties of Guarantee and Alliance. The Republic of Cyprus
came into being in August 1960. The constitution and the two accompanying treaties
established a complex power-sharing structure between Greek and Turkish Cypriots,
which precluded partition of the island, or union with Greece or Turkey. Both countries,
along with Britain, were also designated guarantors of the independence, territorial
integrity and security of the Republic. The constitution
provided for a Greek Cypriot president and a Turkish
Cypriot vice president, while the Turkish Cypriot
community was granted three ministerial positions out
of a total of 10, and 15 out of the 50 seats in the House of
Representatives. After intercommunal strife between
the two communities in 1963, Turkish Cypriots vacated
their seats. Since then, ministerial positions have
increased to 11, all duties carried out by Greek Cypriots
and the number of parliamentary seats has extended to
80 of which 30% (24) are allocated to Turkish Cypriots
as per the constitution but remain vacant.
Nicos Anastasiades
President of the
Republic of Cyprus
COUNCIL OF MINISTERS
President of the Republic of Cyprus - Nicos Anastasiades
Minister of Foreign Affairs - Ioannis Kasoulides
Minister of Finance - Constantinos Petrides
Minister of Interior – Nicos Nouris
Minister of Defence – Charalambos Petrides
Minister of Health - Michalis Hadjipantelas
Minister of Education, Sport and Youth – Prodromos Prodromou
Minister of Transport, Communications and Works – Yiannis Karousos
Minister of Energy, Commerce and Industry – Natasa Pilides
Minister of Agriculture, Rural Development and Environment - Costas Kadis
Minister of Labour and Social Insurance - Kyriakos I. Koushos
Minister of Justice and Public Order – Stephie Dracos
Government Spokesman – Marios Pelekanos
Shipping Deputy Minister – Vassilis Demetriades
Deputy Minister of Tourism – Savvas Perdios
Deputy Minister of Research, Innovation and Digital Policy – Kyriacos Kokkinos
Deputy Minister of Social Welfare – Anastasia Anthousi
Deputy Minister of Culture – Yiannis Toumazis
12

CYPRUSCOUNTRY REPORT 2022
INTERNATIONAL RELATIONS
Cyprus joined the EU on 1 May 2004
together with nine other European
countries. Under the terms of its accession
the entire island is considered technically
to be a member of the European Union,
despite its continued division and the
fact that the government of the Republic
has no effective authority in the northern
part of the island. However, the terms
of the acquis communautaire, the EU’s
body of laws, have been suspended in the
north. Cyprus has historically followed a
non-aligned foreign policy, although it
increasingly identifies with the West in
its cultural affinities and trade patterns
and maintains close relations with
Greece. Turkey refuses to recognise the
government of the Republic of Cyprus, The Presidential Palace
arguing that the latter – as established by
the Constitution of 1960 – ceased to exist when the intercommunal violence that broke
out in December 1963 ended Turkish Cypriot participation in government. As a result,
Turkey still refuses to allow Cypriot-flagged vessels access to its ports, despite pressure
from the European Union. Cyprus is a member of the United Nations and most of
its agencies, as well as the Commonwealth of Nations, World Bank, International
Monetary Fund and Council of Europe. In addition, the country has signed the General
Agreement on Tariffs and Trade (GATT) and the Multilateral Investment Guarantee
Agency Agreement (MIGA).
POLITICAL PARTIES
Dominant
Political Parties:
Democratic Rally (DISY),
a right-wing party
Progressive Party of
the Working People (AKEL),
a left-wing party
Democratic Party (DIKO),
a centre-right party
Smaller
Political Parties:
Movement of Social Democracy
(EDEK), a social democratic party
Ecologists Movement, also known
as the Cyprus Green Party
Democratic Front (DIPA), a
centrist political party
National People’s Front (E.L.A.M.),
an ultranationalist party
13

CYPRUSCOUNTRY REPORT 2022
COUNTRY OVERVIEW
A Diversified Future
Renowned since antiquity, Cyprus has reinvented itself
multiple times and is going through another exciting
transformation today. The island nation has big ambitions
to diversify its economy by placing innovation at its core,
while it continues to attract professional expats and
foreign investors to its shores thanks to its relaxed lifestyle
coupled with bourgeoning prospects in multiple sectors.
Located in the eastern Mediterranean at the crossroads of Europe, the Middle East
and Africa, Cyprus’ strategic position has always played a key role in shaping its
10,000-year history and in developing the island into a convenient centre for trade
and international business. Despite being a country of less than a million people,
the Republic of Cyprus has steadily built itself into a thriving business centre over
the decades. An EU and eurozone member for over a decade, and with one of the
highest educated populations in Europe, Cyprus has built a strong service-based
economy. Its low-cost business environment with a wealth of support services, a
sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an
extensive network of double taxation agreements with 67 countries – has developed
14

CYPRUSCOUNTRY REPORT 2022
Cyprus into an important European and regional financial and business services
hub. The country is also one of Europe’s favourite holiday destinations, enjoying
340 days of glorious sunshine a year and boasts a beautiful coastline teeming with
stretches of golden sand, secluded bays and rocky coves, all surrounded by some of
the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted
with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms
to exquisite Byzantine art and magnificent Venetian architecture. Add to
this the vibrant and cosmopolitan lifestyle where East meets West, Cyprus offers the
perfect balance between business and leisure.
PEOPLE & CULTURE
While the Republic of Cyprus is a
Greek-speaking nation, English
is almost universally spoken and is the
language of international business.
German, French and Russian speakers
are also easily found, thanks to the high
number of Cypriots with international
degrees, the country’s commercial ties
with the global business community,
and the island’s popularity as a tourist
destination. Cyprus is well known for its
hospitality, a fact reflected in the Greek word, xenos, used for both stranger and guest.
Life is meant to be enjoyed in Cyprus, which is renowned for its excellent quality of
life. Cafe culture predominates, with both business and social meetings taking place
over a leisurely frappe (iced coffee) in the numerous cafes in every town and city. As
with most Mediterranean cultures, food also plays a vital role in family and social
life. The famous Cyprus meze – a large selection of small, delectable dishes – is best
enjoyed siga siga (slowly) and al fresco.
RESILIENT EU ECONOMY
Cyprus has a resilient economy that has time and time again proven its capacity
to adjust to continuously changing conditions and bounce back from external
shocks. Before its independence from
the UK in 1960, the Cyprus economy was
primarily based on agriculture and the
export of minerals. However, in the last
few decades the country has established
itself as a serious international business
and service centre for shipping, financial
services and commerce, and is classified
by the World Bank as a high-income
country. The island’s accession to the EU
in 2004 with the subsequent adoption
of the euro in 2008, was the catalyst for
its transformation into a competitive
financial and business services hub. I
15
Offering a tax-efficient
EU company domicile, the
country is also emerging as
a compelling destination for
regional headquarters and
a base for tech companies,
as well as an increasingly
attractive location for fund
managers and promoters

CYPRUSCOUNTRY REPORT 2022
Following the country’s financial crisis
in 2013, Cyprus undertook a major
reform agenda and while still facing
some economic challenges, the small
EU nation has demonstrated resilience
and an ability to bounce back to growth.
The year 2015 signalled a sooner-thanexpected
exit from recession and a rapid
economic turnaround followed, with 2017
recording almost 4% growth – earning
Cyprus praise as an economic success
story. Cyprus’ resilience in the face of the
pandemic was once again evident with
GDP growth reaching a strong 5.5% in
2021, although the European Commission
forecasts a downturn to 3.2% growth in
2022. Consistent credit rating upgrades
have further boosted confidence and
foreign direct investment has been
flowing into all key sectors. Cyprus has
retained and strengthened its status as an
attractive investment gateway to the EU
and other high-growth markets, as well
as a secure base to tap into opportunities
in the Middle East. Offering a tax-efficient
EU company domicile, the country is also
emerging as a compelling destination
for regional headquarters and a base for
tech companies, as well as an increasingly
attractive location for fund managers and
promoters.
GROWING INVESTMENT FUND SECTOR
Cyprus has big ambitions in the
investment funds sector to establish
itself as a contender in the global asset
management industry. The steady growth
in both Assets under Management and in
the number of fund structures licensed
and active in Cyprus have underlined
the strength and appeal of the novice
domicile. Assets under Management
(AuM) have seen a formidable increase
from €2.7 billion in 2016 to €11.1 billion in
the first quarter of 2022, showing that it is
not the sector’s size but its fast growth that
has impressed, and is being recognised
by the global asset management and
CYPRUS FACTS
& FIGURES
EU Member since 2004,
Eurozone member since 2008
Cyprus’ maritime sector accounts
for €1 billion in annual revenue and
is around 7% of the island’s GDP
Cyprus is an established
international business and service
centre for shipping, financial
services and commerce, and is
classified by the World Bank as
a high-income country
Investment funds have already
invested more than €2 billion
in several sectors of the Cypriot
economy, such as shipping,
hospitality, education, healthcare,
and renewable energy
16

CYPRUSCOUNTRY REPORT 2022
investor community. Investment funds have already invested more than €2 billion
in several sectors of the Cypriot economy, such as shipping, hospitality, education,
healthcare, and renewable energy. Cyprus offers both EU-regulated Undertakings of
Collective Investment in Transferable Securities (UCITS) and Alternative Investment
Funds (AIFs). In July 2018, the country upgraded its AIF framework and introduced
Registered AIFs (RAIFs), which do not require authorisation by the supervising Cyprus
Securities and Exchange Commission (CySEC) to commence operations provided they
are externally managed by an Alternative Investment Fund Manager (AIFM) based
in Cyprus or another EU country. The upgraded legislation has been hailed ‘groundbreaking’
and offers a significantly more time- and cost-efficient means of establishing
AIFs in Cyprus. Today, the majority of alternative investment funds in Cyprus are of a
small and medium size and focus on debt and equity securities, real estate and private
equity. However, Cyprus has also attracted larger funds including one with assets of
€500 million under management. The number of alternative investment funds has
more than doubled in the last five years and foreign UCITS are now widely marketed
in Cyprus, including ones promoted by international financial institutions such as JP
Morgan, UBS and Julius Baer.
GLOBAL SHIPPING HUB
A
major success story for Cyprus has been the maritime sector, which accounts for
around €1 billion in annual revenue and approximately 7% of the island’s GDP
– and of this figure, shipmanagement alone accounts for 5%. Apart from offering
shipmanagement and business services to the industry, the Cyprus Registry is
classified as the third largest merchant fleet in the European Union and the 11 th largest
in the world. The country is also the EU’s largest shipmanagement centre and amongst
the top three in the world. The sector has seen growth in the past few years and Cyprus
is currently looking at restructuring the commercial shipping sector to strengthen its
competitive edge. Since introducing an advantageous EU-approved tonnage tax system
in 2010, the island has continued to attract increasing numbers of shipping companies
from across the world. The country’s maritime capital, Limassol, is home to some of the
most influential names in shipping today managing around 20% of the world’s thirdparty
managed fleet.
17

CYPRUSCOUNTRY REPORT 2022
Apart from the sun and the sea,
Cyprus has few natural resources
and has been dependent on oil imports
to satisfy its energy demands. However,
the substantial discovery of natural gas
and potential oil deposits in Cyprus’
Exclusive Economic Zone (EEZ) in
the Mediterranean Sea is expected to
change all this. Exploratory drillings by
global energy giants have confirmed
natural gas reserves that could meet
Cyprus’ domestic gas demand for over
EAST MED ENERGY CENTRE
IThe country’s top-tier
universities and research
institutes are also playing a
pivotal part in these efforts
to create a more sustainable
energy mix through innovation
in smart tech and research in
ways to battle climate change
100 years, and a surplus for export. The
hydrocarbons race in Cyprus’ waters has attracted international energy heavyweights,
such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s
waters for new discoveries and multiple auxiliary services companies have set up
to support these efforts. With 340 days of sunshine to harness, solar energy has also
become a bit of a boom segment for Cyprus recently. The government is placing strong
focus on renewable energy and working towards achieving a zero-carbon economy.
The country’s top-tier universities and research institutes are also playing a pivotal role
in these efforts to create a more sustainable energy mix through innovation in smart
tech and research in ways to battle climate change.
TECH AND INNOVATION TAKING THE LEAD
The technology space in Cyprus is seeing a fresh boost with more state support to the
sector, the launch of new national strategies to integrate innovative tech, and fresh
incentives to attract more digital nomads, IT start-ups and regional headquarters. With
its new focus on long-term development outcomes, Cyprus is determined to diversify
and harness growth with a technology-driven economy. The biggest spender by far on
IT in Cyprus is the financial sector, followed by the telecoms providers and the public
service. Albeit one of the smallest EU member states, research and development is an
area where Cyprus punches well above its weight. Unprecedented investment into the
sector and ground-breaking projects are establishing this small island, not only as an
innovation and research hub, but as a regional centre of excellence providing strong
links with the global scientific and technical innovation community.
POPULAR TOURISM DESTINATION
Tourism has been a key driving force of the Cypriot economy for decades, and pre-
Covid the country saw consecutive years of record-breaking numbers of tourist
arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,
tourist arrival figures are rebounding and new projects currently underway are
set to strengthen and upgrade Cyprus’ tourism product and encourage more yearround
visitors, a strategy Cyprus is fully committed to. These projects range from the
construction of new golf courses, luxury marina developments and the upgrading of
the island’s wellness and medical tourism product. A new and exciting prospect is the
18

CYPRUSCOUNTRY REPORT 2022
Kourion
current construction of the Republic’s first-ever luxury casino resort. The €600 million
integrated resort, run by a consortium with renowned Hong Kong player Melco, will
exceed five-star status and open a whole new market for niche tourism on the island.
ATTRACTIVE REAL ESTATE
The Cyprus real estate sector was showing strong market performance straight
through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.
However, by October 2021, sales to the European market increased 68% and 2022
has shown dynamic momentum in sales so far. Cyprus’ appeal has remained strong
amongst international investors, expats and retirees thanks to its Mediterranean
climate, high quality of life and safety, as well as its status as an EU member state
conveniently located between three continents. Cyprus has one of the highest home
ownership rates in Europe and also has a longstanding market for second homes and
holiday villas, making the economy heavily reliant on the sector. With new up-market
developments, increased foreign investment in top hotels and major infrastructure
projects springing up, Cyprus’ attractiveness as a property investment location is set to
grow in the coming years.
Ayia Napa Marina
19

CYPRUSCOUNTRY REPORT 2022
FDI APPEAL
Cyprus’ FDI appeal has been on an upward trajectory thanks to a robust economy.
Real GDP growth averaged 4.6% in 2015-19 and in 2021 the economy showed
strong performance with 5.5% growth, regaining lost ground from the height of the
Covid-19 pandemic. For the last several years, Cyprus has been a hive of activity with
several notable projects already implemented or in the pipeline, strengthening the
country’s image and appeal. Foreign investment flows have been significant. In the
ten-year period 2011-2020, cumulative net FDI reached €22.2 billion. This investment
was driven by equity, with the shipping/shipping finance and real estate sectors
playing a significant role, while investment in communications is now also beginning
to gain importance. Ongoing improvements in the macroeconomic and financial
environment have also revived international interest in around 30 major development
projects on the island. Investment opportunities in Cyprus’ large-scale projects span
various sectors, including high-value tourism and housing developments, projects with
a special focus on golf courses and luxury marinas, as well as education, energy, and
more recently the international film sector. The growth performance of Cyprus over
the last five years has been exceptional and even exceeded international expectations,
while successive credit rating upgrades and new incentives have attracted billions in
foreign investment since 2015, with significant inflows from the US, Asia, Russia and the
Middle East. Cyprus’ liberalised Foreign Direct Investment Policy, both for EU citizens
and investors from third countries, along with its favourable tax regime makes it one of
the most attractive centres for FDI in Europe.
Parklane Limassol
A DIVERSIFIED FUTURE
Offering a professional yet relaxed atmosphere that makes doing business
pleasurable as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily
with a cutting-edge international business hub, allowing investors to enjoy the best of
both worlds: a safe and comfortable environment for family life and a sophisticated
infrastructure from which to grow and develop business. Cyprus combines numerous
advantages as a business base with its EU-approved tax regime, competitive 12.5%
corporate tax rate and tax breaks for high earners, its pro-business government
and highly skilled workforce – as well as promising growth and development across
numerous economic sectors. With Cyprus’ prospects on the rise, the country has all the
right elements firmly in place to strengthen its reputation as an international centre of
business excellence in one of Europe’s most interesting investment locations. n
20

CYPRUSCOUNTRY REPORT 2022
ECONOMY
Growth Fuelled
by Resilience
The economy of Cyprus has consistently surprised
by its ability to bounce back from times of adversity,
underscoring the strength of the small island
nation. Despite several shocks in the last decade
the country has managed to stay on track, diversify
and attract new investment, earning its reputation
as one of the most resilient EU economies.
For its small size, Cyprus punches above its weight and has become synonomous
with the word resilience. Following a decade of significant economic shocks, the
country has shown consistent ability to rebound. The economy recovered swiftly after
the banking crisis in 2013, returning to investment grade rating in 2018 and recording
annual average real GDP growth of 5.4% in 2016-19. The economy also rebounded
22

CYPRUSCOUNTRY REPORT 2022
quickly after the global pandemic in 2020. The figures tell a remarkable story with real
GDP growth hitting -5.0% in 2020 and rocketing back to 5.5% in 2021. During the past
few years the banks have consolidated, boosted and diversified their capital base and
cut non-performing loans by over 80%. At the same time, the government reformed its
public finances, brought debt back to sustainable levels and paid off its debt to the IMF
five years early. These achievements gave the government the fiscal space to extend
sustained support to enterprises affected by the pandemic.
Substantial financial support for the EU’s green and digital transition agenda has
given renewed impetus to digitisation, liberalisation and green reforms, while new
incentives continue to be launched to attract a broad array of quality foreign investment.
This fresh focus is set to raise the economy’s competitiveness further and leverage the
eurozone economy’s highly educated population.
KEY SECTORS
The Cyprus economy is dominated by services, which accounted for 83.4% of gross
value added in 2021, while industry accounted for 8.5%, construction 6.1% and
agriculture, forestry and fishing 2.0%. Over the past two decades the economy has
diversified. While tourism remains one of the most significant sectors – especially
because of its wider impact on retail, transport, construction and employment –
its value-added contribution, when narrowly defined as accommodation and food
services, has now been overtaken by professional services, communications, financial
services and real estate.
Diversification has been made possible by the growing importance of Cyprus as
an international business centre. Information and communication services have
expanded rapidly from a low base, as the country takes advantage of its geostrategic
location at the intersection of three continents. Administrative services are also rising
fast, boosted by the growing compliance industry. As in many advanced countries, the
largest single sector is wholesale and retail trade, serving the general population as
well as incoming tourists.
CHALLENGES AND OPPORTUNITIES
I
mportant structural support in Cyprus’ efforts to stay on its robust growth path
is coming from the Deputy Ministry of Research, Innovation and Digital Policy,
which was established in March 2020 and was key to accelerating digitisation of the
public sector at the height of the pandemic. The government has also launched a
raft of initiatives to support competitiveness and the green transition. These include
incentives for the island’s budding wine sector, to support entrepreneurship and for
energy upgrades in buildings.
Key prospects lie in energy including renewables, interconnectivity, tourism and
headquartering. Energy prospects arise from offshore natural gas finds, further
electricity liberalisation and investment in renewables, while opportunities for
interconnectivity will come from the submarine electricity cables that will link Cyprus
to the European and African continents. Investment in expanding and upgrading the
island’s tourism offering will continue, while prospects for headquartering have been
boosted by the government’s early public health interventions to rapidly contain the
pandemic. This has further enhanced the country’s reputation as a safe eurozone
location in which to do business.
23

CYPRUSCOUNTRY REPORT 2022
6.0
REAL GDP GROWTH (%)
IMF EC Sapienta
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
5.7
5.7
5.7
5.3
5.3
5.3
-5.0
2020
-5.0
-5.0
5.5
5.5
5.5
2.0
3.2
4.7
3.5
2.1
0.8
2018 2019 2021 2022 (f) 2023 (f)
-2.0
-3.0
-4.0
-5.0
GDP IN €/BILLION
GDP PER CAPITA IN €
25
25
20
20
15
15
10
5
18.9
20.2 21.6 23.0 21.6 23.4
22,229
23,554
24,840
26,090
24,235
26,031
10
5
0
2016 2017 2018 2019 2020 2021
2016 2017 2018 2019 2020 2021
0
Sources: IMF, Staff Report, June 2022 • European Commission Summer Interim Forecast, July 2022
Sapienta Country Analysis Cyprus, August 2022 • Cystat
24

CYPRUSCOUNTRY REPORT 2022
KEY SECTORS AS % OF TOTAL GROSS VALUE ADDED (GVA) 2021
Agriculture
& mining
2.2%
Construction
6.1%
Accommodation
& food services
5.3%
Professional services
8.8%
Other services
40.5%
Manufacturing,
electricity, gas & water
8.4%
Financial
services
8.2%
Wholesale &
retail trade
11.1%
Public administration
& defence
9.5%
120
GROSS PUBLIC DEBT AS % OF GDP
IMF EC Sapienta
100
80
60
40
20
0
91.1
91.1
91.1
115.0
115.0
115.0
103.9
103.6
103.6
2019 2020 2021
2022 (f) 2023 (f) 2024 (f)
97.7
93.9
89.7
94.1
88.8
82.0
87.8
n/a
70.9
25

CYPRUSCOUNTRY REPORT 2022
CURRENT ACCOUNT BALANCE (% OF GDP)
0.0
-1.0
-5.7
2019 2020 2021
2022 (f) 2023 (f) 2024 (f)
-5.7
-5.7
-10.1
-10.1
-10.1
-7.3
-7.2
-7.2
-8.2
-8.8
-8.3
-6.8
-7.2
-8.6
-5.7
n/a
-8.2
-2.0
-3.0
-4.0
-5.0
-6.0
-7.0
-8.0
-9.0
-10.0
IMF EC Sapienta
7.0
6.0
HARMONISED
CONSUMER PRICE
INFLATION (%)
IMF EC Sapienta
5.0
4.0
3.0
2.0
1.0
0.0
0.5
0.5
2019
0.5
-1.1
-1.1
2020
-1.1
2.3
2.3
2021
2.3
5.3
7.0
7.7
2.3
3.3
4.7
2.0
n/a
4.5
2022 (f) 2023 (f) 2024 (f)
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CYPRUSCOUNTRY REPORT 2022
UNEMPLOYMENT RATE (%)
IMF EC Sapienta
8.0
2019 2020 2021
2022 (f) 2023 (f) 2024 (f)
7.0
6.0
5.0
CREDIT RATINGS
Standard & Poor’s
BBB
POSITIVE
DBRS
BBB
STABLE
Fitch Ratings
BBB-
STABLE
Moody’s
BA1
STABLE
NPE RATIO
(non-performing exposures as % of gross loans; scaled y-axis)
Source: Central Bank of Cyprus
50
40
30
20
10
0
46.4
42.5
30.5
28.0
DEC’16 DEC’17 DEC’18
DEC’19 DEC’20 DEC’21
17.7
11.1
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CYPRUSCOUNTRY REPORT 2022
FDI LIABILITIES IN €/MILLION (investments in Cyprus)
2011
28,909
2012
53,807
2013
19,586
2014
38,828
2015
26,118
2016
7,722
2017
12,762
2018
-565
2019
37,357
2020
-132
CUMULATIVE INWARD FDI
STOCK BY COUNTRY 2020
(€/billion) Source: Central Bank of Cyprus
Russia 97
Luxembourg 60
Switzerland 49
Jersey 24
Netherlands 19
British Virgin Islands 13
Ukraine 12
United Kingdom 12
Guernsey 12
France 4
TOTAL INCLUDING OTHERS
€389 BILLION
INWARD FDI (liabilities)
BY COUNTRY 2019
(€/million) Source: Central Bank of Cyprus
Luxembourg 13,127
Switzerland 4,403
Russia 4,116
United States 3,848
Netherlands 755
China 442
United Kingdom 210
British Virgin Islands 128
Ukraine 33
Lebanon 31
TOTAL INCLUDING OTHERS
€23,389 MILLION
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CYPRUSCOUNTRY REPORT 2022
EXPORTS OF GOODS BY ECONOMIC DESTINATION 2021 (€/million)
Transport
equipment
1,079
Mineral
products
661
Chemicals
530
Live animals
313
Machinery &
electrical equipment
214
Food, beverages
& tobacco
109
Base metals &
products
90
Vegetable
products
66
Unclassified
39
Other
185
TOTAL EXPORTS Includes re-exports €3,287 MILLION
TOP EXPORT MARKETS
FOR GOODS IN 2021
(€/million)
Includes re-exports • Source: Cystat
Greece 252
Lebanon 285
Marshall Islands 251
United Kingdom 213
British Virgin Islands 202
Libya 181
IMPORTS OF GOODS
BY ECONOMIC
DESTINATION IN 2021
(€/million) Source: Cystat
Consumer goods 2,418
Intermediate inputs 2,360
Transport equipment & parts 1,768
of which: ships & boats 898
Capital goods 559
Fuels & lubricants 1,346
Unclassified 81
TOTAL IMPORTS
€8,531 MILLION
Germany
527
Netherlands
437
Italy
872
Greece
2,036
Israel
403
TOP SUPPLIERS
OF GOODS IN 2021
(€/million)
Source: Cystat
China
430
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CYPRUSCOUNTRY REPORT 2022
FOREIGN DIRECT INVESTMENT
EU Investment
Destination
Cyprus has attracted formidable foreign
investment from around the world with billions
flowing into new projects in multiple sectors,
proving the island nation continues to have a
strong pull factor with global investors.
Cyprus has been a hive of activity in recent years, with several notable projects
already implemented or in the pipeline, strengthening the country’s image and
foreign direct investment (FDI) appeal. Large-scale real estate projects, luxury marinas
and tourism infrastructure, coupled with developing opportunities in the energy, asset
management and shipping sectors have all reinforced Cyprus’ status as an interesting
investment destination.
An added benefit of Cyprus is its geostrategic location and secure and stable EU
environment in an often-turbulent region. These factors coupled with the introduction
of new incentives are encouraging increasing numbers of companies from across
the world to set up headquarters on the island, solidifying its position as an attractive
gateway to both established and developing markets. More recently, Cyprus has also
started to gain serious traction in attracting more innovative high-tech organisations
to set up on its shores – rebranding itself as an emerging tech hub.
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CYPRUSCOUNTRY REPORT 2022
EXCEEDING EXPECTATIONS
Successive credit rating upgrades over the years and the continuous introduction
of new incentives have attracted billions in foreign investment to Cyprus, with
substantial inflows from the US, Asia, the Middle East and Eastern Europe. The sectors
that have seen the most significant FDI so far are: finance, most notably in shipping;
real estate in new luxury developments and infrastructure projects; information and
communication; retail trade; and professional services, in particular head-office
activities.
Although having faced some serious
economic shocks over the last ten years,
the resilience and growth performance
of Cyprus has been exceptional and even
exceeded international expectations.
Real GDP growth averaged 5.3% in 2015-
19, and while 2020 marked a critical
downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth
bouncing back to 5.5%. Foreign investment flows have been significant. In the tenyear
period 2012-2021, net inflows reached almost €18 billion. This investment was
driven by equity, with the shipping/shipping finance and real estate sectors playing
an important role.
GROWING TECH INVESTMENT
The technology and communications sector in Cyprus has become fiercely
competitive, with a number of players deploying cutting edge solutions to both
increase their local market share and generate growth through the launch of new
technology and products. 5G was rolled out in 2021, making Cyprus the first EU state to
achieve 100% 5G coverage.
Cyprus is already home to a number
of major tech firms, such as NCR,
Amdocs, Wargaming, 3CX, Exness,
Bolt, Thomson Reuters, Melsoft Games,
and Nexters, and has gained ground
in successfully attracting investment
capital in blockchain. The country’s startup
community has also grown stronger
with more than 200 enterprises and
4,000 entrepreneurs, fostering more
opportunities for business angels and
venture capitalists looking to invest
risk capital in exchange for equity in
promising business ideas. In addition, a
key attraction for high-tech companies
is the Cyprus Intellectual IP Box Regime,
I5G was rolled out in 2021, making
Cyprus the first EU state to achieve
100% coverage
IIn the ten-year period 2012-2021,
net inflows reached almost
€18 billion
which provides a competitive maximum
tax rate of 2.5% on income earned from
IP assets. Cyprus’ regime also applies to
a wider range of income compared to
31

CYPRUSCOUNTRY REPORT 2022
other European schemes, most of which restrict benefits to income from patents and
supplementary patent certificates.
2022 saw more global names invest in Cyprus, with European digital neobanking
platform Revolut, valued at US$33 billion, becoming the first entity to receive approval
as a crypto-asset service provider from the Cyprus regulator. The authorisation
will enable Revolut to offer crypto services to its 17 million customers in the EEA
out of a new crypto-asset hub in Cyprus. Revolut said its choice was down to the
sophisticated regulatory regime of the country, which has already attracted the likes
of Crypto.com, eToro and BitPanda. A leading US consumer services and applications
software provider, TangoMe, also announced plans to launch offices in Cyprus. The
internationally renowned tech company, with an annual revenue of around US$350
million, will establish a strong presence in Limassol with a sizeable number of
employees relocating to Cyprus.
Another project set to bolster Cyprus’ efforts to become a regional telecoms and data
hub and attract more investment, was Cyprus’ leading telecoms provider Cyta signing
a €850 million venture with Greece and Saudi Arabia for the construction of the East
Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,
the modernisation of state infrastructure and speeding up the adoption of cloud
services in Cyprus were key targets of the signing of a Memorandum of Understanding
with Amazon Web Services (AWS) in 2022, a collaboration that will open up a new era
of opportunities.
INVESTING IN EDUCATION
32
Cyprus is developing into a regional
education and knowledge hub with
the rapid expansion of tertiary education
and its universities steadily climbing up
global rankings. The country has already
established synergies with international
universities, most notably the University
of Nicosia launching the island’s first degree
programme in medicine in collaboration
with St George’s Medical School at
the University of London, and University
of Central Lancashire – Cyprus (UCLan),
IThe number of foreign
students choosing Cyprus
for their studies has almost
tripled in the last five years,
representing over 60 different
countries and supporting the
growth of Cyprus into a true
global educational centre

CYPRUSCOUNTRY REPORT 2022
18th
á 50 PLACES
Cyprus ranked in 18th place in the
2021 Greenfield FDI Performance
Index, climbing 50 places
compared to the year before
Top 10
Cyprus is in the top10
ranking of countries that
stand out for the post-pandemic
investment recovery
á150%
Greenfield investments in Cyprus
rose by 150% in the first half of 2022
from the same period of 2019
á600%
increase in software and
IT investments in Cyprus
between 2019 and 2022
Sector
Source: FDI Intelligence
Source: FDI Intelligence
CUMULATIVE FDI LIABILITIES (INVESTMENTS) BY SECTOR 2016-2020
€/Billion
Finance & Insurance 41.7
Real Estate 4.8
Information & Communication 1.4
Professional Scientific & Technical 1.3
Total (including others) 52.7
being the first British university to establish a campus on the island. This has since
been followed by the announcement of the American University of Beirut (AUB) to establish
a €29 million campus in Paphos in 2023 – branded the American University of
Beirut-Mediterraneo. The aim is to accommodate over 2,000 students in the coming
years.
Cyprus hosts an impressive and
fast-growing R&I ecosystem, featuring
high quality academic and research institutions
and six Centres of Excellence (CoE).
The Cyprus Institute has established itself
as a significant research institute with
global networks of excellence supported
by significant EU funding. The number
ICyprus hosts an impressive and
fast-growing R&I ecosystem,
featuring high quality academic
and research institutions and
six Centres of Excellence (CoE)
of foreign students choosing Cyprus for their studies has almost tripled in the last five
years, representing over 60 different countries and supporting the growth of Cyprus
into a true global educational centre. This fact underlines the great opportunities that
exist in Cyprus for the establishment of new universities, colleges and institutes.
33

CYPRUSCOUNTRY REPORT 2022
PORTS AND SHIPPING
The 2017 commercialisation of the country’s largest port in Limassol marked a new
era for Cyprus as a commercial hub. The port privatisation came in the context of
the first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading
terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation
deal with Eurogate International GmbH and leading Emirati logistics giant DP World
Limited is expected to boost state coffers with €2 billion over the next 25 years, while
the new port operators have injected millions in upgrading services and infrastructure.
The more recent contract for the Larnaca
port and marina was signed with
a Cypriot-Israeli consortium, Eldeman
Holding BV and Alexandrou Corporate
Services Ltd, in late 2020 and is expected
to attract around €1.2 billion in construction
and real estate development – making
it one of the biggest infrastructure investments
to date in Cyprus.
One of Cyprus’ most successful export
services has been the maritime industry.
The growth of Cyprus’ resident shipping
sector over the past 50 years has developed
IThere has been a fivefold
increase in the number of
shipping companies that have
registered with Cyprus’
specialised shipping
taxation system
boosting the sector’s
revenue by around 25%
a strong maritime cluster that caters to the
needs of Cyprus-based companies, including banking, professional services, insurance
and IT. The cluster is consistently attracting more quality tonnage and shipping-related
companies to its shores. Between 2010 – when the Cyprus tonnage tax system was
approved by the European Commission – and 2021, there has been a fivefold increase
in the number of shipping companies that have registered with Cyprus’ specialised
shipping taxation system, boosting the sector’s revenue by around 25%.
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CYPRUSCOUNTRY REPORT 2022
Some examples include the decision in 2018 by leading London ship insurer P&I Club
to open a post-Brexit EU subsidiary in Cyprus, reaffirming the island’s position as one
of the top global hubs for shipping. Another triumph came in early 2019, when British
shipping firm P&O Ferries decided to register its English Channel operating fleet
under the Cyprus flag to take advantage of the benefits and security it provides. Two
of the industry’s most highly respected privately-owned shipmanagement companies,
Columbia Shipmanagement and Marlow Navigation – both based in Cyprus – merged
in 2017 to form Columbia Marlow, creating one of the world’s largest ship and crewmanagement
companies. Another transaction constituting FDI was the 2018 buyout
of Limassol-based Songa Offshore SE by Transocean Ltd, the world’s largest offshore
drilling contractor for oil and gas wells, in a deal worth US$3.4 billion. In addition,
natural gas finds within Cyprus’ Exclusive Economic Zone (EEZ) and efforts to exploit
it in cooperation with neighbouring countries have expanded opportunities for the
island’s already thriving shipping sector.
DEVELOPING AN ENERGY HUB
Cyprus’ hydrocarbons discoveries captured the attention of global energy
heavyweights when US company Noble Energy, now acquired by US giant Chevron,
made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic
feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and Total
have all secured exploration licences and conducted exploratory drilling. ExxonMobil
announced the discovery of an estimated 5 to 8 tcf in Block 10 in early 2019, while ENI
confirmed a discovery in Block 6 – which it operates with Total – of around 2.5 tcf in
August 2022. Further discoveries could be announced within the next year.
In 2019 Cyprus agreed to build a subsea pipeline connecting Aphrodite to Egypt’s
liquefaction plants and concluded a production-sharing deal with Noble Energy
(now Chevron) and its partners over the Aphrodite gas reservoir. The development of
ENI, Kogas, ExxonMobil,
Royal Dutch Shell,
and Total have all
secured exploration
licences and conducted
exploratory drilling
35

CYPRUSCOUNTRY REPORT 2022
Aphrodite is now expected in 2026. Since the start of the pandemic, activity and works
worth US$200 million have been completed in Cyprus’ EEZ by oil and gas companies,
underlining their continued commitment to Cyprus.
In addition to offshore discoveries in the last decade, a range of other new energy
opportunities have come to the fore. In December 2019, Cyprus signed a landmark
deal with a Chinese-led consortium to build a €290 million LNG import terminal at
Vassilikos. The consortium constructing the project includes China Petroleum Pipeline
Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen
Ship Management. The terminal will include a floating storage and regasification unit
(FSRU), a jetty for mooring the FSRU and related infrastructure at Vassilikos. The FSRU,
expected to be completed in 2023, attracted €150 million in finance from the European
Investment Bank (EIB), €80 million from the European Bank for Reconstruction and
Development (EBRD), €101 million from the EU’s Connecting Europe Facility as well as
an equity contribution of €43 million from the Electricity Authority of Cyprus (EAC).
Parallel to this, Cyprus has been ramping up its renewables capacity, with support
from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The renewable energy
sector could be one of the most attractive areas for investment and joint ventures
with other countries. For example, Israel has been interested in cooperating with its
Cypriot counterparts in establishing pilot projects where new Israeli tech could be
tested in Cyprus. Also, the UAE and Saudi Arabia have been pioneers in clean energy,
especially in the field of hydrogen, and are keen to export its RES know-how and create
synergies. For example, Saudi Arabia – dubbed to become one of the biggest producers
of clean energy – could support the EU’s
hydrogen strategy through Cyprus as
ICyprus has been ramping
up its renewables capacity,
with support from the EU’s
€1.2 billion Recovery and
Resilience Facility (RFF)
an interconnector to Saudi’s biggest
hydrogen production plant currently
under construction. The long-awaited full
liberalisation of the electricity production
market in Cyprus has seen many delays,
but once this materialises it would
36

CYPRUSCOUNTRY REPORT 2022
allow a fresh inflow of new private players operating in both renewables and gas to
compete in the local market – and in a broader regional market thanks to the EuroAsia
Interconnector project to connect Cyprus, Israel and Greece via submarine electricity
cable and the related EuroAfrica Interconnector to connect Egypt.
STABLE BANKING SECTOR AND GROWING INVESTMENT FUNDS
Today, Cyprus banks maintain high levels of capital adequacy and liquidity but
continue to grapple with managing their non-performing loan (NPL) portfolios.
The restructuring of the banking sector after 2013 attracted important international
institutional investors and fresh foreign capital and encouraged accelerated sales of
NPLs. These developments substantially
reduced risk and enabled the financial
system to operate on a healthier basis.
The island also hosts a thriving forex
industry with many global giants basing
their operational headquarters in Cyprus.
In addition, the investment funds sector
has grown exponentially in the last few
years with Assets under Management
(AuM) seeing a staggering increase from
€2.7 billion in 2016 to €11.1 billion in the
first quarter of 2022, proving Cyprus
is being recognised by the global asset
management community. Investment
funds have already invested more than
€2 billion in several sectors of the Cypriot
economy, such as shipping, hospitality,
education, healthcare, and renewable
energy.
IThe investment funds sector
LUXURY TOURISM AND HIGH-END REAL ESTATE
has grown exponentially in
the last few years with Assets
under Management (AuM)
seeing a staggering increase
from €2.7 billion in 2016 to
€11.1 billion
in the first quarter of 2022,
proving Cyprus is being
recognised by the global asset
management community
Cyprus continues to be on the top of the list for investors, holiday-home seekers, expats
and retirees. Tourism and real estate have always been robust sectors of the Cypriot
economy, and a concerted effort to diversify the Cyprus offering in recent years has paid
off. The number of foreign investors closing multimillion-euro deals in the last several
years underlines the fact that tourism-related real estate and infrastructure continues
to be one of the most attractive investment opportunities in Cyprus. Pre-pandemic years
of record-breaking tourism numbers saw the island attract new interest in conference,
sports, health and wellness tourism. The construction and investment in multipurpose
projects and mixed-use developments such as luxury marinas, golf courses and more
recently the island’s first-ever and only integrated luxury casino resort, are all part of
the ongoing strategy to upgrade Cyprus’ tourism product. The new casino resort, City
of Dreams Mediterranean, will have extensive facilities and five-star status. The casino
resort is Hong Kong-based Melco’s first expansion outside of Asia and will be the biggest
casino of its kind in Europe, with the investment for this mega project at €600 million.
Spurred by this unique development, Cyprus garnered another landmark investment
deal in 2022 with Israeli business magnate Gilad Shabtai investing in over 130,000 m 2
37

CYPRUSCOUNTRY REPORT 2022
Artist Impression: City of Dreams Mediterranean
Artist Impression: Grand Hyatt Limassol
Artist Impression: Ritz-Carlton Residences
IMajor investments have also
of land for development surrounding the
new integrated casino resort in Limassol.
been made in the hospitality
The destination and value of the area are
set to be elevated by this key real estate
industry with acquisitions
investment.
and the construction of new
Proposals include the development
of exclusive seven-star facilities
luxury hotels by renowned
providing bespoke services for owners
hotel management chains
and investors. Plans are also in place
for additional investment by the former
majority shareholder of telecoms start-up Viber into the further expansion of the area
in the future – which is a solid vote of confidence in the vast growth potential of Cyprus.
Following the success of Limassol Marina, more investment has flowed into marina
developments on the Cypriot coast. The €300 million luxury Ayia Napa Marina is under
construction with berthing facilities and a commercial village now fully operational.
The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of
38

CYPRUSCOUNTRY REPORT 2022
luxury villas, apartments and facilities. With significant Egyptian investment backing
the innovative project and the seafront residences are expected to be completed by
2023. In addition, the €110 million Paralimni Marina project is set to be completed in
2024, while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting
Engineers SA for a luxury marina in Paphos.
Major investments have also been made in the hospitality industry with acquisitions
and the construction of new luxury hotels by renowned hotel management chains. The
Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world,
has big plans to grow its existing portfolio in the country to six hotels and almost 1,000
rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach
resort by the Radisson Hotel Group worldwide.
In 2019, the Luxury Collection, part of Marriott International, opened the Parklane
Luxury Collection Resort & Spa resort in Limassol, marking Marriott International’s
entry into Cyprus. In July 2020, Hyatt Hotels Corporation announced a management
agreement with Anolia Holdings Limited for the launch of the first Hyatt hotel in Cyprus.
The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. The
new beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury
development, comprised of residential apartments and private villas totalling more
than 80,000 m 2 . One of the latest projects is the Sofitel Resort & Spa, a joint venture
between Singapore-headquartered Oxley Holdings and Planetvision on the Limassol
beachfront. The project will be the first Sofitel Resort with branded residences in
Europe and is expected to be completed by 2023.
Following global trends and faced with an aging population, investing in health and
wellness developments as well as rehabilitation and bespoke retirement villages has
enormous potential. An early example of this is the Eden Seniors Resort in Larnaca
which opened its doors in 2018. Paphos is due to see the first dedicated retirement
village in Cyprus. The €16 million retirement village, branded Lazaris Mill, will consist
of 82 individual apartments, ranging from studios to larger flats and a small 24-
room hotel, and provide bespoke facilities. The first residents are expected in spring
2023. Another upcoming project in Paphos is Cypress Park, a new luxury residential
development turning retirement into a five-star resort stay.
FOCUS ON INVESTOR SUPPORT
Not one to rest on its laurels, Cyprus has been steadily sharpening its competitive
edge by streamlining processes to better cater to investors and by strengthening
new sectors to support its already more established industries.
Investment opportunities in Cyprus’ large-scale projects span various sectors,
including high-value tourism and housing developments, projects with a special focus
on golf courses and luxury marinas, as well as education, energy, and more lately, the
international film sector.
Special schemes and incentives are in
place to facilitate headquartering, which
covers the sectors of technology, asset
management, investment funds, shipping
1,200 COMPANIES
and higher education, and ‘Olivewood’
for the international film industry. A that have relocated or expanded
new government Action Plan launched
their activities in Cyprus
in 2021 also provides new incentives to
Ithe BFU has catered to more than
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CYPRUSCOUNTRY REPORT 2022
attract non-EU talent and companies to establish operations in Cyprus. The recent
introduction of a Business Facilitation Unit (BFU) promises to be a gamechanger for
ease of setting up in Cyprus. The BFU specialises in fast-tracking business setup,
permitting and licensing for companies, their employees and families, and in less than
two years of operation, the BFU has catered to more than 1,200 companies that have
relocated or expanded their activities in Cyprus.
To better facilitate FDI, the country’s investment promotion agency, Invest Cyprus,
has developed an online investment matchmaking platform branded the Project Bank,
to help investors identify the right market opportunities for projects based in Cyprus.
With solid and continuous interest in the tourism sector, Invest Cyprus has also set
up a dedicated and specialised unit, TourInvest, to promote investment opportunities
in the tourism and hospitality sector. In cooperation with the Deputy Ministry of Tourism
and other stakeholders, the unit focuses on attracting multimillion-euro investment
into large-scale infrastructure projects.
In addition, Invest Cyprus hosts the annual International Investment Awards, where
it honoured seven companies in 2022 for their contributions to Cyprus, namely Brain-
Rocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and SYKES.
LOCATION, LOCATION, LOCATION
C
yprus’ liberalised FDI Policy, both for EU citizens and investors from third countries,
along with its favourable tax regime makes it one of the most attractive investment
targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the most competitive in
the EU and new tax-neutral reforms that are on the way will simplify and modernise
the tax system further. The country’s extensive network of double taxation treaties
with 67 countries have strengthened its position as a business gateway and a preferred
location for corporate headquarters. The country’s skilled talent, low cost of doing
business, top-tier professional services, and high quality of life renders Cyprus not only
a wise business and investment choice but also a great relocation destination. n
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CYPRUSCOUNTRY REPORT 2022
INSIGHT
Minister of Energy, Commerce and Industry
Natasa Pilides
What are your expectations for the economic sectors
in your Ministry’s Portfolio for 2022 - 2023?
Cyprus has evolved through the years into a modern and cosmopolitan business
centre, through coordinated efforts of the private and public sectors. The Ministry of
Energy, Commerce and Industry has a vital role in formulating the policies and reforms
that enhance the country’s position as an ideal trade and energy hub in the eastern
Mediterranean landscape, as well as an ideal location for companies to do business in
sectors such as technology, shipping, pharmaceuticals and financial services.
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CYPRUSCOUNTRY REPORT 2022
The mission of the Ministry is to implement our integrated strategy for the transition
to a green and circular economy, through a mixture of targeted policies and measures
intended to promote energy efficiency, a smart and environmentally friendly industry,
the enhancement of commerce and exports and the sustainable development of our
hydrocarbon and RES resources.
To this end, our National Energy and Climate Plan (NECP), which provides a detailed
roadmap until 2030, is based on European values and strategies and, most importantly,
the EU Green Deal that calls for climate neutrality by 2050. Inter alia, Cyprus’ NECP
provides for the introduction of green taxation, the liberalisation of the electricity
market, the facilitation of energy renovations in buildings, the acceleration of electric
mobility, the connection of the electricity grids of Cyprus, Crete and Israel and the
operation of a one-stop-centre to simplify and accelerate the permitting procedures
for renewable energy projects. In addition, it includes energy efficiency and renewable
energy investments targeting households, businesses, municipalities, the wider public
sector and non-governmental organisations.
An important part of Cyprus’ energy strategy is our hydrocarbons sector, with the
discovery of significant natural gas reserves in the Exclusive Economic Zone of the
Republic; this calls for the optimum and sustainable development of the hydrocarbon
resources of Cyprus, in order to contribute towards maximising the relevant revenues
and boosting the country’s economy, as well as contributing to the energy sources of
EU countries. The establishment and
IThe development of the gas industry in Cyprus establishment and
has, in fact, attracted significant FDI to
development of the gas industry
the island, which will hopefully generate
the expected fiscal benefits and create in Cyprus has, in fact, attracted
substantial job opportunities throughout
significant FDI to the island.
the entire industry chain.
Another sector offering great opportunities for investment, is Cyprus’ industry. In
order to tackle both the green and digital transition, as well as the sharp increases and
volatility of energy prices and inflation, we are fully utilising the EU’s Recovery and Resilience
Facility and the European Investment and Structural Funds, for the implementation
of a series of measures targeting, for instance, digitalisation of activities and a
circular economy model. In this framework, we are optimistic that we can strengthen
the sector’s resilience and improve its competitiveness, increasing further its contribution
to GDP for the period 2022-2023, from around 9% where it stands now.
True to its business-orientated culture and constantly seeking to facilitate the ease of
doing business on the island, the Republic of Cyprus has launched, in 2022, the Business
Facilitation Unit (BFU), through which business set-up, licensing and permitting is
fast-tracked. The fast-growing number of registrations of foreign companies carried
out by the BFU during 2022 – over 1,200 in the first 10 months of the year, indicate the
successful implementation of the Government’s new strategy for attracting international
businesses and talent. Moreover, as the existing investment policy has been radically
reviewed and simplified, a series of policy measures have been adopted, such as improved
tax incentives and introduction of the digital nomad visa, which have encouraged many
companies to establish and scale their presence in Cyprus.
The trend of foreign companies’ registrations in the BFU clearly shows that most are
operating in the information and technology sector, as well in professional services.
The increase is expected to continue, contributing to Cyprus’ economic growth and
generating sustainable development in many areas of our economy and society. n
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CYPRUSCOUNTRY REPORT 2022
HEADQUARTERING
HQ Magnet
Cutting-edge tech companies from around
the world are flocking to Cyprus, highlighting
a rising trend of international business
migrating to the island and strengthening the
HQ hub’s growing innovation ecosystem.
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CYPRUSCOUNTRY REPORT 2022
Cyprus is gaining traction as a headquartering (HQ) destination – and particularly
with tech companies from all over the world. Although the island has enjoyed a
strong reputation as an established international business centre and influential global
shipping hub for decades, its appeal as an attractive jurisdiction for communications
and technology companies is rapidly growing.
There are many factors that have contributed to this rise in interest in Cyprus. Its
geographical location, advantageous regulatory framework and EU membership
coupled with convenient EMEA access have already attracted many companies to set
up operations and regional headquarters on its shores. Another key factor often cited
by companies choosing Cyprus is the safe and relaxed Mediterranean lifestyle it offers
expat professionals and their families. However, the more recent boost has come from
the country’s strong focus on investing in and building up its communications and
technology infrastructure and the introduction of new incentives geared at facilitating
more non-EU business.
EASE OF DOING BUSINESS
Another key attraction for companies to relocate strategic operations to the island
has been the fact that set-up and operational costs are comparatively low when
looking at more mature jurisdictions on mainland Europe – a big deciding factor for
many companies in today’s economic climate.
Doing business in and from Cyprus is simple and straightforward. The country has
modern infrastructure and telecommunications. A transparent regulatory and legal
framework and a strong financial and professional services base with decades of solid
international experience. Cyprus has more than 4,000 registered accountants and
700 registered accounting firms – which include all major global firms – and more
than 3,000 registered lawyers and around 160 law firms. It has an advantageous EUapproved
tax regime with numerous incentives for corporations and individuals alike.
Cyprus provides direct access to the EU Single Market of half a billion consumers
and its geostrategic location between three continents provides efficient access to
the wider EMEA region. Thanks to this, Cyprus enjoys business-friendly time zones,
enabling international companies to do business with the East in the morning, Europe
throughout the day and with the West in the afternoon. In addition, the island has good
air connectivity through two international airports with major cities in Europe and key
destinations in Asia, North Africa and the Middle East, as well as sophisticated ports to
support operations.
As a secure EU environment in an often
turbulent region, Cyprus is an especially
ideal base for regional headquarters
or ancillary and support services for
investors with clients in the wider
Eastern Mediterranean and Middle East
region. For example, prominent news
organisation AFP, has capitalised on this
aspect and uses the island as their base
between Europe and the Middle East due
to its security, convenient time zone and
travel times, and reliable communication
infrastructure.
IIts geographical location,
advantageous regulatory
framework and EU membership
coupled with convenient
EMEA access have already
attracted many companies to
set up operations and regional
headquarters on its shores.
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CYPRUSCOUNTRY REPORT 2022
Cyprus also has a highly educated and multilingual population which provides a
vast talent pool for companies to hire from, but as an EU member state, it also provides
easy opportunities to headhunt talent from within the Union, which has a workforce of
over 240 million people. However, the new tranche of incentives also enables the easy
transfer of non-EU staff and talent to Cyprus.
GRADE A OFFICE SPACE
Whether looking to build bespoke headquarters or to rent turn-key offices, Cyprus
caters for companies of all sizes and budgets. The recent surge of interest in
Cyprus from companies has driven the development of new multi-use office complexes
and signature commercial developments primarily in Limassol and Nicosia over the
last few years. Many of these projects offer incredible facilities and amazing views
across the Mediterranean Sea and combine luxury residential and commercial space.
Traditionally, the majority of international companies choose Limassol, due to the
seaside lifestyle, the large expat community and the short distance to both Larnaca and
Paphos international airports. The coastal
city and shipping hub has grown to
become the main international business
centre, while inland capital city Nicosia
attracts multinationals that require
closer access to ministries, embassies
and government departments. However,
Nicosia is currently transforming into the
main knowledge and innovation core of
the island, attracting entrepreneurs with
strong interest in tech and R&D.
ICyprus enjoys businessfriendly
time zones, enabling
international companies
to do business with the
East in the morning, Europe
throughout the day and with
the West in the afternoon.
TECH BOOM
Major multinational firms in the ICT industry, including consulting, fintech and
regtech firms, have set up a base in Cyprus for various corporate services, such as
sales and marketing, project management, software development, systems integration,
testing services, training and development, disaster recovery and business continuity,
as well as joint R&D among countries in the region.
However, Cyprus has seen a fresh boost in interest from global tech companies in
recent years, with increasing numbers relocating or expanding operations in Cyprus.
This sector has become a primary target and focus for the government, with plans to
launch more incentives specifically for the tech sector to build up a dynamic cluster
similar to Cyprus’ shipping industry – which is the largest third-party shipmanagement
centre in Europe and the largest crew management centre in the world.
Global companies such as NCR, Kardex, Wargaming, 3CX, TSYS, Amdocs, Exness, Bolt,
Melsoft Games, Kyndryl, and Nexters are just some examples of businesses that have
based operational or corporate management functions on the island. More recently,
online giant Amazon set up a data service arm in Cyprus – presenting a big win for the
jurisdiction. In addition, global heavyweights such as Microsoft, Oracle, SAP and IBM
have been based in Cyprus for decades.
2022 saw new big-hitters invest in Cyprus, with European digital banking platform
Revolut becoming the first entity to receive approval as a crypto-asset service
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CYPRUSCOUNTRY REPORT 2022
provider from the Cyprus regulator. The
authorisation will enable Revolut to offer
crypto services to its 17 million customers
in the EEA out of a new crypto-asset hub
in Cyprus. Revolut said its choice was
down to the sophisticated regulatory
regime of the country, which has already
attracted the likes of Crypto.com, eToro
and BitPanda. Also leading US consumer
services and applications software
provider, TangoMe, announced plans to
launch offices in Cyprus.
I2022 saw new big-hitters
invest in Cyprus, with European
digital banking platform
Revolut becoming the first
entity to receive approval as a
crypto-asset service provider
from the Cyprus regulator.
Other prominent players that have chosen Cyprus are TheSoul Publishing, one
of the largest online publishers in the world with 1.5 billion followers. The company
develops videos across 100 channel brands in 19 different languages, including some
of the most-subscribed YouTube channels such as 5-Minute Crafts, Slick Slime Sam
and Bright Side. Innovative software company BrainRocket is aiming to make Cyprus
a central software hub in Europe, while global leader in trading and risk management
for capital markets Murex is also bolstering its EMEA footprint from Cyprus. Also,
Medicover, a multinational specialised diagnostic and healthcare services provider has
invested in Cypriot innovative biotech, while US business process outsourcing provider
SYKES – now part of Sitel Group – has been expanding its operations in Cyprus over the
last five years.
A crucial element especially when it comes to the ICT and tech industry is guarding
intellectual property (IP), and Cyprus offers strong and advantageous IP protection
through domestic legislation and a network of EU and international agreements. The
IP regime of Cyprus is largely responsible for the growing interest in the jurisdiction.
Digital goods are increasingly more valuable and the favourable tax and business
environment in Cyprus has made it a hub for digital business goods, IT software, and
related services. In addition, with Cyprus currently placing a strong focus on developing
the jurisdiction into a science, tech and start-up hub, the country also provides
companies with an ideal sandbox for new emerging tech like blockchain, artificial
intelligence and big data. This has also helped foster a growing start-up community
with more than 200 enterprises and 4,000 entrepreneurs, creating more opportunities
for business angels and venture capitalists looking to invest risk capital in exchange for
equity in promising business ideas.
ENTICING NON-EU BUSINESS
Continuously looking to improve its offering and to simplify procedures for companies
looking to establish or expand their activities in Cyprus, the government launched
a new Action Plan in 2021. This new set of incentives has considered the best practices
from other European countries, with emphasis on domains related to technology, shipping,
innovation, research and development, biogenetics and biotechnology, without excluding
any other companies that choose Cyprus as their place of business.
The Plan includes legislative proposals for more tax breaks and introduced a
Business Facilitation Unit (BFU) serving as a single point of contact for companies
to help with all aspects of their set up. Another significant move is implementing
better provisions for employing highly skilled third-country nationals by simplifying
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CYPRUSCOUNTRY REPORT 2022
Cyprus is an ideal base for region-wide corporate coordination and central
management functions, sales, marketing and customer service.
As a pro-business, neutral, cost-effective and politically stable country,
Cyprus offers companies a perfect
climate to successfully compete in
the region and beyond.
the process of granting immigration and work permits. In addition, Cyprus is issuing
Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.
With these new incentives, Cyprus can also serve as a strategic location for UK
companies choosing to retain a presence in Europe. Human talent, an attractive IP regime,
alongside a thriving professional services industry, means that Cyprus is able
to offer significant benefits to businesses seeking to build headquarters in Europe.
Also, the fact that its legal and regulatory framework is based on English Common
Law principles offer companies the advantage to continue operating in an EU jurisdiction
with a familiar UK legal framework.
ACHIEVING WORK-LIFE BALANCE
The healthy economic growth and growing investor confidence of the past few years,
coupled with emerging prospects in the real estate, investment funds, shipping and
energy sectors have provided a strong pull factor for companies to set up in Cyprus
and use it as a launch pad both into the EU market place and other emerging or highgrowth
markets in the region.
However, a key element that expat
executives consistently note as being the
real decider for choosing Cyprus over
other jurisdictions is the climate and
the lifestyle the island offers. The overall
stability and high quality of life makes
Cyprus an easy choice, and its 340 days
of sunshine and pristine beaches are the
icing on the cake. Consistently ranked as
one of the safest countries in the world,
the excellent healthcare and educational
ICyprus currently placing a
strong focus on developing the
jurisdiction into a science, tech
and start-up hub, the country
also provides companies with an
ideal sandbox for new emerging
tech like blockchain, artificial
intelligence and big data.
systems, and the welcoming environment
score high on the list – especially for
expats with families. Incentives and competitive personal tax rates are an added
bonus, but ultimately it is Cyprus’ overall package that facilitates efficient cross-border
business and allows these companies to successfully compete on a truly global scale.
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CYPRUSCOUNTRY REPORT 2022
BENEFITS OF A CYPRUS HQ
ACCESS
u Skilled multilingual local talent
u Global talent through
fast-track procedures
u EU’s single market of over
500 million people
u Emerging and high
growth markets
u Over 40 EU Trade Agreements
u Double Tax Agreements
with 67 Countries
u Geostrategic location
between three continents
STABILITY
u Pro-business environment
u Transparent and
reliable regulation
u EU and Eurozone Member
u Positive economic outlook
u Established international
business centre
u Compliance with EU and
international laws
LIFESTYLE
u Low crime rates – ranked
as one of the safest
countries in the world
u Easy integration for expats
u Quality healthcare and excellent
international education facilities
u High quality of life in
a safe location
u English-speaking society
u 340 days of sunshine to
enjoy outdoor living
u Wide range of real estate options
with competitive prices
SUPPORT
u Strong network of professional
and financial services
u Government-backed
incentives and mechanisms
to facilitate business
u Low set-up and
operational costs
u Attractive tax regime for both
companies and individuals
u Competitive Intellectual
Property (IP) regime
u Sandbox for new emerging tech
like blockchain, AI and Big Data
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CYPRUSCOUNTRY REPORT 2022
INCENTIVES
Attracting
Non-EU Business
Cyprus has launched a new action plan to attract foreign businesses
to establish or expand their activities on the island. Cyprus already
provides many competitive advantages, but this new set of incentives
is geared to ramp up interest for companies to set up headquarters
in the country. The plan has taken into account the best practices
from other European countries, with emphasis on domains related
to technology, shipping, innovation, research and development,
biogenetics and biotechnology, without excluding any other
companies that choose Cyprus as their place of business. The new
strategy which aims to promote foreign investment and stimulate
economic activity was implemented on January 1, 2022.
THE BUSINESS FACILITATION UNIT
The previous Fast Track Business Activation mechanism for companies of foreign
interest has been transformed into a Business Facilitation Unit for foreign
companies operating in Cyprus or for foreign companies that wish to expand their
operations in the country. The new Unit is responsible for the various services required
for the establishment of corporate entities:
• new company name approval and registration
• registration with Social Insurance and VAT authorities, and with Income Tax
authorities
• guidance in relation to the establishment, licensing and operations of companies
• issuance and renewal of residence and employment permits for staff employed by
foreign companies
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CYPRUSCOUNTRY REPORT 2022
RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED
THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF
The government has revised the policy for the employment of highly skilled
personnel from third countries employed by companies of foreign interests, as well
as for those employed by Cypriot companies which give added value to the economy
and the local workforce.
ELIGIBLE COMPANIES:
• companies operating in Cyprus and are of foreign interest/shareholding and
maintain fully fledged offices
• Cyprus shipping companies
• Cyprus companies involved in innovation and technology
• Cyprus pharmaceutical companies or companies that operate in the fields of
biogenetics or biotechnology
ELIGIBLE COMPANIES CAN EMPLOY HIGHLY SKILLED THIRD COUNTRY
NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:
• a minimum monthly gross salary of €2,500
• candidate must hold a university degree or equivalent, or have a minimum 2 years’
relevant experience
• minimum two-year contract
• work permits will be issued within a one-month period and will be valid for three
years
• a work permit can also be granted to the spouse of the eligible individual that
obtains a visa with this scheme
There is a maximum number of third country nationals that may be employed under
this policy. Only 70% of the total number of all employees may be employed under it
in a period of five years from the date of
joining the Business Facilitation Unit.
Wargaming Headquarters, Nicosia
In case five years have passed and it is
not possible to employ 30% of Cypriot
workers, it will be re-examined on a caseby-case
basis.
Eligible companies will also be allowed
to employ third-country nationals as
support staff with a gross monthly salary
less than €2,500. The employment of
third-country nationals as support staff
is allowed, provided that it does not
exceed 30% of the total support staff and
provided that the third country nationals
and the employers have entered into an
employment contract approved by the
relevant authority in accordance with
the applicable law. The amount of their
salary is to be determined by the current
legislation.
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CYPRUSCOUNTRY REPORT 2022
CASE STUDY
THREE-STEP
COMPANY
REGISTRATION
Company registration in Cyprus is simple and
efficient. This is an example of the required
steps for a simple and straightforward set up in
Cyprus for a small or medium sized company.
THREE EASY STEPS:
1REGISTRATION OF THE COMPANY
Registration must be done at the Department of Registrar of Companies
and Intellectual Property. It is advised to seek professional advice and
once your lawyer has filed for registration, it can be expedited and
completed in one (1) business day. The administrative cost is €395, lawyer’s
or administrative service provider’s fees not included.
2SUBMIT A ‘LETTER OF INTENT’
A ‘Letter of Intent’ must be submitted along with the supportive
documents required through email to the Business Facilitation Unit
(BFU) to register the company as Company with Foreign Interests.
This takes no more than seven (7) business days.
3BOOK AN APPOINTMENT
Finally, you must book an appointment to register the company’s
employees with the Civil Registry & Migration Department (CRMD).
Only 3-5 employees per appointment, administrative cost is €330
per employee, lawyer’s or administrative service provider’s fees not
included. Once you book an appointment, the licence of the employee for
temporary residence and employment takes 40 days to be issued.
• Simply visit the booking website. Select a convenient language
option and choose: Town (Nicosia)→ Third-country nationals→
Companies registered at the Business Facilitation Unit and select a date.
• Regarding the stipulations for ‘Employing Third-Country
Nationals’ please visit this webpage of the CRMD’s website and have a
look at the documents and fees.
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CYPRUSCOUNTRY REPORT 2022
FAMILY REUNIFICATION RIGHTS
Family reunification rights are granted to third-country nationals employed by this
revised policy and regulated by the Business Facilitation Unit. Direct and free access
to the labour market as paid employees is granted to spouses of the third-country
nationals who have obtained a residence and work permit in Cyprus, through this
revised policy and who receive a minimum gross monthly salary of €2,500. This right
does not extend to supporting staff who receive a monthly salary of less than €2,500.
SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E
The action plan provides for the simplification and acceleration of the process of
granting immigration and work permits under Category E – Long-Term Resident
Status to persons who have been offered permanent employment and whose
employment does not create undue local competition.
DIGITAL NOMAD VISA
Significantly the new Action Plan provides for the introduction and the issuing of
Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.
WHO IS ELIGIBLE:
Third-country nationals who are either self-employed or are employees who work
remotely using information and communication technologies to communicate with
their clients or employers who must be outside Cyprus.
WHAT RIGHTS DO YOU GET:
• right to stay in the country for up to one year, with the right to renew their visas for
another two years
• can be accompanied by family members, to whom a residence permit is granted
upon request, which will expire at the same time as that of the main applicant
• during their stay in Cyprus, the spouse or partner and the minor members of the
main applicant’s family are not allowed to engage in any kind of economic activity
in the country
WHAT ARE THE CONDITIONS:
• must show evidence of sufficient resources at a fixed income level of a minimum
€3,500/month to cover living expenses during their stay without burdening the
national and welfare system (the amount is increased by 20% in case they have a
wife/husband/partner and another 10% per child)
• must have insurance coverage and a clean criminal record
• the aforementioned prerequisites are indicative and additional requirements are
applicable
In the event that the holders of Digital Nomad Visas reside in the Republic for one or more
periods that in total exceed 183 days within the same tax year, then they are considered
tax residents of Cyprus provided they are not tax residents in any other state.
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CYPRUSCOUNTRY REPORT 2022
NEW TAX INCENTIVES
The new Action Plan also includes the introduction of new tax benefits and tax
breaks which were submitted to the House of Representatives in 2021.
NEW INCENTIVES:
• a 50% tax exemption to be granted to new residents/employees who receive an
annual income from their employment of €55,000
• extension of the tax exemption applicable to eligible employees in Cyprus who
have an income below €100,000 from 10 years to 17 years provided they were not
domiciled in the Republic for a period of 17 years prior to the commencement of
their employment
• beneficiaries of this tax benefit with an income of €55,000-€100,000 should be
entitled to benefit from this exemption for the remaining period of the 17 years
• extension of the 50% tax exemption for investment in certified innovative
companies to corporate investors. The regime that was in force until the end of
June 2021 allowed the tax exemption only to natural persons
• a 120% capital allowance on expenses that relate to R&D
View from 360, Cyfield
NATURALISATION
The government has introduced the right to submit an application for naturalisation
after five years of residency and employment in Cyprus instead of the former
seven-year rule or a further reduction to four years if the potential applicants meet
the criteria of holding a recognised certificate of very good knowledge of the Greek
language. n
54

THERE IS A PLACE WHERE…
you have a local partner
on the ground.
As the national investment authority, Invest
Cyprus acts as a single point of contact and one
stop shop for existing and potential investors.
Our dedicated team provides after care and
facilitation services, including supporting you in
site selection, setting up offices, staff immigration
and relocation procedures while continuing to
grow its extensive portfolio of available
projects and investment opportunities.
www.investcyprus.org.cy

CYPRUSCOUNTRY REPORT 2022
Sector Profiles
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CYPRUSCOUNTRY REPORT 2022
BUSINESS OPERATING ENVIRONMENT
DOING
BUSINESS
INCYPRUS
€
Cyprus’ business-friendly infrastructure and cando
attitude has brought it worldwide recognition
as an international business centre. The country
offers a winning package for both international
entrepreneurs and investors with its sophisticated
business environment, highly skilled workforce
and cost-effective, yet high quality of life.
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CYPRUSCOUNTRY REPORT 2022
BUSINESS CULTURE
Respect, hospitality and personal trust are the cornerstones of the Cypriot business
environment. An island nation with a long history of dealing with foreign traders
and businesses, Cypriot businesspeople are international in their outlook and astute
and knowledgeable in their negotiations. Punctuality is expected, business dress is
formal for both men and women, especially at the beginning of a business relationship,
and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone
conferences or written communications, which are regarded as too impersonal, and
place great importance on building personal relationships with business partners or
connections. Trust is the key to successful business dealings in Cyprus.
LANGUAGE
Greek and Turkish are the official languages of Cyprus. However, English, the
legacy of the British who ruled Cyprus from 1878 to 1960, is widely spoken and is
the language of business. Many Cypriots also speak French, German or Russian.
BUSINESS HOURS
Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to
Friday. Although in summer some offices take a longer lunch break or finish early.
Nicosia
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CYPRUSCOUNTRY REPORT 2022
BUSINESS COSTS
An EU base within the eurozone, Cyprus remains one of the few international
business centres offering low operational costs and a high standard of living.
Office space and residential property in Nicosia, the capital and major business
centre, is relatively inexpensive when compared to other European capitals.
In terms of cost of living, Cyprus remains one of the most advantageous places to
live, with cost of living lower than in most Western European countries. At the same
time, residents of Cyprus enjoy a high standard of living and exceptional quality of
life, as the balmy climate and low crime rate offer both comfort and peace of mind.
Business Costs Cyprus EU27 Average
Labour (business sector) €18.30 €29.10
Communications (services & equipment)* 109 100
Electricity (households) €0.2204/kWh €0.2369/kWh
Electricity (non-households) €0.1946/kWh €0.1445/kWh
* EU average is set to equal 100
Source: Eurostat (2021)
Limassol Marina
COMMERCIAL AND RESIDENTIAL PROPERTY
Cyprus offers a full range of properties for both commercial and residential use
situated in key locations across the island. While the exclusive, top-level market
is currently the most sought after, the island has a good stock of properties available,
from townhouses and apartments, to villas and seaside bungalows in five-star gated
developments. Nicosia and Limassol are the main business centres. Office space
is available in purpose-built office blocks, in converted houses or flats. A number of
business centres also offer ready-to-move-into offices. They usually include fully
equipped offices that are available on demand with flexible terms, meeting rooms
and a receptionist service. Overall, rentals are around two-thirds of those charged
for comparable commercial spaces in continental Europe, and offices, retail or other
commercial space is widely available for purchase or for rent.
60

Skylink Services Ltd is part of the Skylink Group of Companies. The company is well-established and provides
ground handling services for General Aviation Aircraft in Cyprus. We began operations in 1992, filling the gap in
the Executive Aircraft ground handling market, at both international airports of Cyprus, Larnaca and Pafos.
Larnaca International Airport
P.O.Box 43012, CY 6650 Larnaca - Cyprus
T: +357 24 84 09 00 • F: +357 24 66 58 05
24hr Operations
T: +357 24 64 33 34 • F: +357 24 64 35 99

CYPRUSCOUNTRY REPORT 2022
COMPARISON OF ESTIMATED AVERAGE RENT LEVELS FOR FLATS, 2021 (BRUSSELS = 100)
300
200
European
Union
Europe
(others)
100
0
225
216
199
199
197
171
134
128
122
122
119
109
104
100
99
99
Dublin
Copenhagen
Paris
Luxembourg
Stockholm
Helsinki
Berlin
The Hague
Madrid
Vienna
Lisbon
Rome
Vilnius
Brussels
Valletta
Ljubljana
Budapest
Tallinn
Athens
Prague
Zagreb
Riga
Bratislava
Warsaw
Bucharest
Nicosia
Sofia
London
Geneva
Rejkjavik
Oslo
Podgorica
98
98
98
96
94
84
81
74
71
64
46
278
227
188
178
54
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2021.
Source: Eurostat
OFFICE SPACE
In terms of office rental and sales prices, Limassol continues to be the most expensive
region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.
OFFICE SALE AND RENTAL PRICES PER CITY (2022)
Sale Prices (per m 2 ) Rental Prices (per m 2 )
Famagusta €1,300-€1,500 €6-€10
Larnaca €1,800-€2,500 €8-€10
LImassol €4,500-€6,500 €20-€40
Nicosia €3,500-€4,500 €12-€22
Paphos €1,400-€2,000 €7-€10
Source: Danos International Property Consultants
HUMAN RESOURCES
Well-trained and versatile, the Cypriot workforce is one of the island’s most
valuable resources, offering high standards of productivity, technical expertise
and professional excellence at reasonable costs to businesses.
According to the Statistical Service in Cyprus, the country records the most higher
education graduates per capita (age 30-34) in the European Union.
The Cypriot labour force amounted to 482,385 persons or 65.1% of the population
(males 71.2%, females 59.5%) in the Q2 of 2022. The biggest percentage of employed
persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture
(2.5%).
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CYPRUSCOUNTRY REPORT 2022
SALARY SURVEY 2022 Source: GRS Recruitment
JOB TITLE LOW (€) MID (€) HIGH (€)
Management CEO 60,000 100,000 150,000
Executive Director 60,000 100,000 140,000
CFO 65,000 80,000 120,000
Accounting & Finance Financial Controller 55,000 60,000 75,000
Finance Manager / Senior Accountant 40,000 55,000 65,000
Accountant / Auditor (Qualified) 34,000 38,000 45,000
Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000
Account Assistant 16,000 22,000 25,000
HR Department Head of HR / Group of HRM 55,000 80,000 120,000
HR Manager 40,000 50,000 60,000
HR Executive 18,000 21,000 24,000
Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000
Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000
Legal Assistant / Paralegal / None Qualified Lawyer 18,000 20,000 24,000
Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000
Laundering (AML), Counter - Compliance / AML / CTF / Manager 42,000 46,000 52,000
Terrorist Financing (CTF) Compliance / AML / CTF / Officer 26,000 32,000 40,000
Dealing Room Chief Dealer 45,000 52,000 60,000
Dealer 24,000 33,000 45,000
Junior Dealer 18,000 20,000 22,000
IT Development Head of IT / CTO 60,000 80,000 140,000
IT Manager / Development Manager 50,000 60,000 80,000
Quality Assurance (QA) / Tester 26,000 36,000 46,000
IT Technician 20,000 24,000 36,000
Developer* 28,000 42,000 60,000
Marketing Department Head of Marketing 42,000 50,000 72,000
Marketing Officer 24,000 30,000 36,000
Digital Marketing Specialist (Social, PPC / SEO) 26,000 34,000 42,000
Marketing Executive 18,000 22,000 24,000
Graphic Designer 24,000 30,000 36,000
Content Writer 24,000 32,000 40,000
Sales Department Head of Sales 42,000 60,000 75,000
FX Sales* 20,000 24,000 30,000
Sales Executive (Industries other than FX / Fintech) 18,000 22,000 26,000
Administration Office Manager / PA / EA 18,000 28,000 39,000
Administator / Receptionist 17,000 20,000 24,000
Corporate Administrator 20,000 28,000 36,000
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CYPRUSCOUNTRY REPORT 2022
Taxation
Cyprus offers one of the most attractive tax regimes
in Europe. A member of the European Union since
2004, Cyprus’ regulatory regime is in full compliance
with the requirements of the EU and OECD. Cyprus has
one of the lowest EU corporate tax rates at 12.5%. The
island’s advantageous tax rate coupled with an extensive
list of double tax treaties places it high on the list of
preferred jurisdictions for international tax planners.
CORPORATION TAX
The Corporation Tax Rate in Cyprus is 12.5%.
BASIS OF TAXATION
All companies that are tax residents of Cyprus are taxed on their income accrued or
derived from all sources in Cyprus and abroad. A non-Cyprus tax resident company
is taxed on income accrued or derived from a business activity which is carried out
through a permanent establishment in Cyprus and on certain income arising from
sources in Cyprus. A company is considered tax resident of Cyprus if it is managed and
controlled from Cyprus.
Trilogy, Limassol
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CYPRUSCOUNTRY REPORT 2022
SPECIAL TYPES OF COMPANIES
SHIPPING COMPANIES
The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption
from all direct taxes and taxation under tonnage tax regime. The merchant shipping
legislation applies to qualifying shipowners, charterers and ship managers, which
are involved with the operation of qualifying community ships (ships under a CY flag
or a flag of an EU member state or of a country in the European Economic Area) and
foreign (non-community) ships (under conditions) and provided that they engage in
qualifying activities. The legislation allows non community vessels to enter the tonnage
tax regime provided the fleet is composed by at least 60% community vessels. If this
requirement is not met, then non community vessels can still qualify if certain criteria
are met. Exemption is also given in relation to the salaries of officers and crew aboard
a Cyprus ship.
INSURANCE COMPANIES
Profits of insurance companies are liable to corporation tax similar to all other
companies except in the case where the corporation tax payable on taxable profit of life
insurance business is less than 1.5% of the gross premium. In this case the difference is
paid as additional corporation tax.
ADMINISTRATION AND COMPLIANCE
The tax year is the calendar year. The accounts of a company may be closed on a date
different from 31 st of December, in which case taxable profits are apportioned on a time
basis relevant to the tax years.
CONSOLIDATED RETURNS
Taxation on a consolidated basis is not permitted and each company is required to
submit a separate standalone tax return. A set-off of group losses is possible provided
there is a 75% parent subsidiary relationship, including subsidiaries under 75% control
of a common parent company. Group loss relief is available only between resident
companies (and EU-based companies/companies with which Cyprus has concluded a
double tax treaty, provided that they have exhausted all options to utilise the losses in
their country of residence).
FILING REQUIREMENTS
Corporate tax returns must be filed electronically by the 31 st of March of the year following
the year under consideration (i.e. 15 months from the year-end). Companies are required
to pay provisional tax in two equal instalments by 31 st of July and 31 st of December of the
year under consideration. Any underpayment is due to be settled via self-assessment by
1 st of August of the following year. If the income declared for the payment of the provisional
tax is lower than 75% of the actual income as finally determined, an additional tax equal
to 10% of the difference between the final and provisional tax is payable.
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CYPRUSCOUNTRY REPORT 2022
PERSONAL INCOME TAX
BASIS OF TAXATION
All Cyprus tax residents are taxed in Cyprus on all income accrued or derived from
all sources in Cyprus and abroad such as employment income, rental income etc. (i.e.
worldwide income).
Individuals who are not tax residents of Cyprus are taxed on income accrued or
derived from sources in Cyprus.
An individual is tax resident in Cyprus if one of the following conditions are met:
• he/she spends physically in Cyprus over 183 days during the relevant tax year, or
• he/she does not remain in any other state for one or more periods which altogether
exceed 183 days in the same tax year and he/she is not tax resident in any other
state for the same tax year and all the following conditions are cumulatively met:
• he/she should remain in Cyprus for at least 60 days during the tax year
• he/she should pursue any business in Cyprus and/or to work in Cyprus and/or to be
a director in a company tax resident in Cyprus at any time during the tax year
• he/she should maintain a permanent residence in Cyprus, which can be either
owned or rented by him/her
The personal income tax rates that apply to individuals are as follows:
Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€)
0-19,500 0 0 0
19,501- 28,000 20 1,700 1,700
28,001-36,300 25 2,075 3,775
36,301-60,000 30 7,110 10,885
60,001 and over 35
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CYPRUSCOUNTRY REPORT 2022
TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS:
The individuals who were non-Cypriot tax residents prior to the commencement of
their employment, but become Cypriot tax residents afterwards, are eligible for a 50%
exemption from income tax if all the following conditions are met:
• their remuneration from the employment exercised in Cyprus is over €55,000 per
annum; and
• they were not tax residents of Cyprus for 10 consecutive years prior to the
commencement of their employment; and
• the exemption is available from 1 January 2022, it is granted from the first year of
employment and it can be enjoyed for a period of 17 years
• individuals with annual remuneration below €55,000 who were non-Cypriot
tax residents in the 3 years preceding their employment, are eligible for a 20%
exemption from income tax (maximum exempt amount is €8,550 per year)
The exemption is available from the 1 st of January following the year of commencement
of the employment and can be enjoyed for a period of 7 years.
It is important to note that the above provisions were recently introduced (published
in the Official Gazette of the Republic on 26/07/2022 ) as amendments to the previous
rules that were applicable until the publication date. The amended provisions also
include certain transitional provisions that may enable the individuals that claimed
the exemptions based on the previous rules to enjoy the exemptions based on the
provisions included in the new rules. Furthermore, the individuals that do not fall within
the transitional provisions, are eligible to continue claiming the exemption based on the
previous rules for the remaining years, without being affected by the new rules.
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CYPRUSCOUNTRY REPORT 2022
SUBMISSION OF TAX RETURNS
The tax year is the calendar year. Tax on employment income is withheld by the
employer under the PAYE system and remitted to the tax authorities.
Self-employed individuals pay tax through the provisional and self-assessment
systems. Tax returns must be filed electronically by 31 st of July following the tax year for
employees, 30 th of September for self-employed persons who are not required to file
audited/reviewed financial statements and 31 st of March of the year following the year
under consideration (i.e. 15 months from the year-end) for self-employed persons whose
returns are accompanied by audited/reviewed financial statements. Sole proprietors with
an annual turnover of more than €70,000 are obliged to prepare financial statements
that are either audited or are subject to a review by a statutory auditor (in case their
net turnover does not exceed the amount of €200,000 and the total value of the assets
without deducting liabilities does not exceed the amount of €500,000).
Limassol Seafront
VALUE ADDED TAX (VAT)
Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services
in Cyprus, on the acquisition of goods from other Member States and on the importation
of goods from third countries. The standard rate of 19% applies to the supplies of all
goods and services in Cyprus which are not subject to the zero rate, the reduced rates
(5% and 9%) or are not exempt. Cyprus constitutes an attractive EU VAT jurisdiction
applying several options permissible by the EU Directive among others a flexible VAT
Grouping. As long as the pre-requisite links are satisfied, and governmental revenues
are not put into jeopardy, related entities can form a VAT group disregarding intragroup
transactions and having a representative member submitting a single VAT
return. Even such entities not incorporated in Cyprus can form a VAT Group in case
they are tax resident or possessing an establishment in Cyprus.
SPECIAL CONTRIBUTION FOR DEFENCE
Special contribution for defence (SDC) is imposed on the dividend, interest and rental
income earned by Cypriot tax resident and domiciled individuals. Non-domiciled
Cypriot tax residents are exempt from SDC.
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CYPRUSCOUNTRY REPORT 2022
KEY FEATURES OF THE CYPRUS TAX SYSTEM
Simple, transparent and EU harmonised tax system following recommended
OECD practices.
Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive, Merger
Directive and Interest and Royalties Directive).
Extensive Tax Treaty network with 67 countries.
A corporate income tax rate of 12.5%, one of the lowest within the EU with
possibility to enjoy a much lower effective tax rate.
Availability of a Notional Interest Deduction for companies receiving new equity
funding. The tax deduction can reach up to 80% of the taxable income generated
by the new equity.
IP Box regime based on the nexus approach which allows 80% deemed deduction
on qualifying profits from the business use of qualifying IP.
Increased deduction of 20% on the actual expenditure incurred for scientific
research as well as research and development, subject to conditions.
Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.
Attractive tax jurisdiction for funds and attractive tax regime for fund managers.
Capital gains are exempt from tax (except for capital gains arising from the
disposal of immovable property located in Cyprus).
Profits of a foreign Permanent Establishment exempt from tax.
Gains from trading in securities (shares, bonds and certain other financial
instruments) are exempt from tax.
Unilateral credit relief for foreign taxes.
No withholding tax on dividend, interest or royalty payments (for use of royalties
outside of Cyprus) made abroad.
No taxes on entry and on qualifying reorganisations.
Carry forward of tax losses for five years.
Tax incentives for expatriate employees taking up employment in Cyprus
(20%/50% exemption).
Dividend income and interest income are exempt from SDC for non-domiciled
individuals taking up tax residency in Cyprus.
Possibility to obtain Cyprus tax residency by spending only 60-days in Cyprus
(subject to conditions).
No inheritance tax.
No immovable property tax.
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CYPRUSCOUNTRY REPORT 2022
TRAVEL & LIVING
The Profiler Group
Essential Expat Guide
Cyprus is a top tourist destination for all seasons,
and one of Europe’s hot spots for expats thanks to its
thriving economy and relaxed Mediterranean lifestyle.
COUNTRY
Located in the Eastern Mediterranean at the crossroads of Europe, the Middle East,
Asia and Africa, Cyprus’ strategic position has played a key role in shaping its history
and in developing the island into a centre for trade and international business. Cyprus
enjoys around 340 days of glorious sunshine a year and boasts a coastline teeming with
endless stretches of golden sands, secluded bays and rocky coves. Surrounded by the
crystal-clear waters of the Mediterranean Sea, the island is dotted with the fascinating
remains of history from Neolithic settlements and ancient city-kingdoms to exquisite
Byzantine art and magnificent Venetian architecture.
Cyprus is known for its hospitality – filoxenia – a fact reflected in the Greek word
xenos which is used for both guest and stranger. Life is meant to be enjoyed in Cyprus,
where emphasis is put on working to live, as opposed to living for work. Café culture
predominates, with both business and social meetings taking place over a leisurely
iced coffee frappé in the numerous cafes in every town and city.
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CYPRUSCOUNTRY REPORT 2022
HISTORY
Cyprus has been coveted, conquered and colonised numerous times during its
10,000-year history. The island attracted the interest of a succession of dominant
powers in the region, which battled for it through the millennia. The first of these are
believed to have been the Achaean Greeks who arrived in around 1200 BC introducing
their language, religion and customs to the island. Cyprus was subsequently colonised
by the Phoenicians, the Assyrians, the Egyptians and the Persians. In the 4th century
BC, Alexander the Great claimed the island, which remained part of the Greek-Egyptian
kingdom until 30 BC, when the Romans arrived, and Cyprus became a senatorial
province. It was during this period that Saint Paul was said to have visited the island and
converted the Roman governor to Christianity. Cyprus remained a Roman possession
until the empire began to disintegrate in 330AD, when it became part of the Eastern
Roman or Byzantine Empire.
In 1191, Cyprus was conquered by the English king, Richard the Lionheart, while on
his way to take part in the Third Crusade. He later sold the island to the Knights Templar,
who consequently sold it on to the Franks or Lusignans, a dynasty which went on to
rule Cyprus for almost 300 years, until the last of the Lusignans ceded the island to
Venice in 1489. Despite building heavy fortifications around the island’s major cities of
Famagusta and Nicosia, the Venetians were not able to withstand the invading Ottoman
troops who conquered the island in 1571. Cyprus remained under Ottoman rule until
the arrival of the British in 1878.
The island’s long history offers visitors
IThe island’s long history
a journey of discovery paved with ancient
archaeological treasures. The ancient offers visitors a journey of
city-kingdoms of Kourion and Amathus,
discovery paved with ancient
and the Mosaics of Paphos, are considered
among the finest mosaic floors in the archaeological treasures.
Eastern Mediterranean. Other must-see
historic sites include the Neolithic settlements of Choirokoitia and Kalavasos-Tenta,
the Tombs of the Kings and the famous Sanctuary of Aphrodite, the Goddess of Love,
who legend claims was born on this island.
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CYPRUSCOUNTRY REPORT 2022
In more recent times, Cyprus gained independence from Britain in 1960, however
a Greek sponsored coup d’état in 1974 was swiftly followed by an invasion of Turkish
forces which occupied the northern one-third of the island. Despite numerous efforts
over the intervening decades, the island remains de facto divided, and the selfdeclared
Turkish Republic of Northern Cyprus (TRNC) remains unrecognised by the
international community. The Greek Cypriot and Turkish Cypriot leaders continue to
look for a solution to end the division of the island, but while negotiations have been
slow, some progress is being made. The capital city, Nicosia, is still split between the
two sides, though visitors can access either side from checkpoints at Ledra Palace and
Ledra Street, and today Nicosia is the last remaining divided capital city in the world.
CLIMATE
Cyprus enjoys a Mediterranean climate, with long, warm, dry summers from May to
October and mild winters with occasional rain, lasting from December to February.
Summer and winter in Cyprus are separated by short autumn and spring seasons. The
average daytime temperatures during summer range from +21C to +34C, although
in high summer temperatures can reach as high as +40C. During the cooler months,
temperatures can range between +7C and +15C although even during the height of winter
there are generally six hours of bright sunshine during the day.
LANGUAGE
C
ypriots are highly educated and multilingual. The official languages of Cyprus are
Greek and Turkish, however English is widely spoken and written and is the language of
international business. German, French and Russian are also widely spoken in commerce,
due both to the number of Cypriot graduates from overseas universities and the island’s
commercial ties with the global business community.
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CYPRUSCOUNTRY REPORT 2022
GETTING THERE
Popular since the early 1980s with British and other European holidaymakers,
Cyprus is well connected to Europe’s main cities, as well as to Asia and the Middle
East. Flights from mainland Europe are quick, frequent and increasingly low cost. By
air, Cyprus is 1.5hrs away from Athens, 4hrs from Frankfurt, 3.5hrs from Dubai and 5hrs
from London.
HOTELS & ACCOMMODATION
When it comes to a place to stay, Cyprus offers every conceivable type of accommodation,
from budget-priced two and three-star hotels to a large range of upmarket
and boutique hotels with four and five-star status. Agritourism houses are available
for rent all over the island, often in the most picturesque villages, and give the traveller
a unique opportunity to experience authentic Cyprus village life.
CULTURE & ENTERTAINMENT
M
ore than a place just for lounging in the sun, there are lots of things happening in
Cyprus all year round. From music concerts and cultural performances with big
name stars, sports events, religious festivals with all the pomp and ceremony of the
Greek Orthodox Church, to informative conferences where you can meet like minds.
The Cyprus Rally has been held every year since 1970 and forms part of the World Rally
Championship and the FIA Middle East Rally Championship, and attracts hordes of
car enthusiasts, while the annual Historic Cyprus Rally draws crowds of vintage car
enthusiasts. The Limassol Carnival Festival is a European carnival held annually in
Limassol for over a century. The festival is a colourful 10-day event of people eating,
singing, satire, games, wearing costumes, and attending parties. The festival culminates
with a large parade, which includes an array of floats traversing the city.
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CYPRUSCOUNTRY REPORT 2022
Cultural events such as the Pharos Chamber Music Festival, the Kypria International
Festival, which comprises music, dance and performance arts. The Pharos Arts
Foundation has established a world-wide reputation for its commitment to excellence
and for promoting classical music in Cyprus, having presented more than 500 concerts
over the past 15 years. Outstanding musicians are hosted in the Pharos Arts Foundation’s
Concert Series and the annual International Chamber Music Festival, with programmes
ranging from ancient to contemporary.
The Pharos Centre for Contemporary Art (PCCA) presents the work of major
international artists. A variety of contemporary art forms are included in the Centre’s
programme – visual, performance, photography, video – as well as lectures and
discussions. Exhibitions are in many cases individually curated by internationally
recognised curators from all over Europe.
The Pafos Aphrodite Festival Cyprus organises and hosts an annual opera
performance at the end of August or early September and has over the years invited a
variety of internationally acclaimed companies and performances to the festival.
Showcasing the rich viticulture of the island, Cyprus has created a wine trail project,
offering six different organised routes for visitors to tour the island’s wine-producing
regions. The reputation of the annual Limassol Wine Festival, launched in 1961, attracts
over 100,000 visitors every August to the city’s municipal gardens to discover the wine
portfolios of one of the oldest wine-producing countries in the world.
SHOPPING
I
n Cyprus you can shop till you drop. The island is supplied with stores catering for all
tastes and requirements. Most major British and European chains are represented
on the island and there is a plethora of fashionable boutiques and big malls in Nicosia,
Limassol and Paphos, selling designer brands including Louis Vuitton, Chanel, Dolce &
Gabbana, Gucci, Roberto Cavalli, Calvin Klein, Kenzo, Gianfranco Ferre and many more.
For those looking for something more unique, you can find traditional and handmade
items that are quintessentially Cypriot in the old towns of the bigger cities, as well as in
the many villages in the countryside.
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SPORTS & OUTDOOR ACTIVITIES
Cyprus offers a host of energetic pursuits to engage the visitor. Becoming increasingly
popular as a destination for golfers, Cyprus offers first-class facilities with four
professional courses in magnificent locations, and the development of several new
courses in the pipeline. Spectacular pine-clad mountains in the centre of the island
offer walkers and cyclists welcome respite from the heat. Breathe in the bracing pine
scented air, whilst admiring the series of Venetian stone bridges and waterfalls that
pepper various hiking trails in scenery that looks as if it has been lifted from a book
of fairy tales. In winter months, skiers can test the slopes on Troodos whilst the rest
of the island wear short sleeves and bask in winter sun. The island provides excellent
opportunities for water sports, such as windsurfing and kitesurfing. There are also
excellent dive sites and facilities, with one of the best wreck dives in the world, the
Zenobia, situated off Larnaca. Other popular dive sites include Ayia Napa, Paphos and
the Akamas Peninsula, where divers are often able to see artefacts such as Roman
pottery on the seabed.
CUISINE
I
t is of course impossible to talk about Cyprus without mentioning the food. As with
most Mediterranean countries, food plays an important role and is to be enjoyed
at a leisurely pace with friends and family. One of the first Greek phrases to learn in
Cyprus is siga siga, which means ‘slowly’, and is a mantra one will hear almost daily. The
fabulous Cypriot food is to be savoured unhurriedly, usually al fresco with friends and
family. Even a cup of coffee can be a two hour past time. Cypriot food bears a distinct
resemblance to Greek cooking, but also has Turkish and Lebanese influences. As in
other Mediterranean countries, eating is an activity to be savoured and enjoyed and is
certainly not to be rushed in any way. Which is a good job as a traditional Cypriot meze
– a meal of small plates similar to tapas – can consist of up to 30 dishes.
Cypriot cuisine features lots of fresh fish, meat, beans, pulses and vegetables
flavoured with lemon, fresh herbs and spices. Cyprus is also one of the world’s oldest
grape-growing and winemaking regions, with its fruits of the grape ranging from
delicate whites and full-bodied reds to the rich sweet, amber-coloured dessert nectar
known as Commandaria. This is one of the oldest wines in the world, representing an
ancient wine style documented in Cyprus back to 800 BC and has the distinction of
being the world’s oldest named wine still in production, with the name Commandaria
dating back to the crusades in the 12th century.
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PUBLIC TRANSPORT
Within urban areas, buses run on fixed routes roughly every half hour, with
services ending in the evenings at about 18:00 Monday to Friday and earlier on
Saturdays. Some routes have no service on Sundays. Hours are extended until midnight
during the tourist season and some urban routes now offer a night bus service on
Fridays and Saturdays. Timetables are available from tourist offices or directly from the
bus companies. Rural buses connect towns and villages and make frequent stops. The
service is infrequent with schedules limited to one or two routes per day. These buses
can often be smaller mini-buses. There
are also buses providing a service linking
all major towns. These are generally
very regular, and all buses are modern
and comply with European standards.
A private company, Kapnos, provides
a regular daily airport shuttle service
between the major towns and cities and
both of the island’s airports. There are no
trains in Cyprus.
www.cyprusbybus.com
www.intercity-buses.com
www.kapnosairportshuttle.com
CAR HIRE & TAXIS
Car and motorcycle rental firms have offices in all towns, as well as at Larnaca and
Paphos International Airports. Their rates vary according to the rental period,
season of the year and extras. They usually offer unlimited mileage, and their cars can
be delivered and collected at the airports by prior arrangement. Rental cars and bikes
are usually delivered to the customer with a full tank of fuel paid for by the customer.
When the car is returned, the customer receives a refund for any remaining fuel,
unless stated otherwise in the contract. Drivers under 25 years of age holding a
driving licence for less than three years must inform the car rental company so
special insurance cover can be provided. Foreign visitors are strongly advised to read
the rental agreement carefully and demand fulfilment of all their rights. Taxis are
also very common, but before setting off on your journey discuss the pricing with the
driver and ensure the meter is functioning. TravelExpress is another good option, as
a private company, which provides a shared taxi service between cities in Cyprus. Taxi
service app Bolt (formerly Taxify), which was created in Estonia, has also successfully
launched in Cyprus operating in Nicosia and Limassol. The app allows users to set
their location and see where the nearest partner taxi is and order it. The taxi can be
tracked heading to the customer’s location and indicates how far away it is and how
long it will take to arrive. Customers can also track their routes while inside the cab,
preventing drivers from taking longer routes and overcharging for trips. Customers
can also pay via their phones.
www.travelexpress.com.cy
www.bolt.eu
78

Flavours
oF
Cyprus
ts@meci.gov.cy
www.meci.gov.cy

OPERATIng 24/7, 365 DAyS AT LARnAkA AnD PAFOS InTERnATIOnAL AIRPORTS
Our visiOn is tO be the aviatiOn
industry’s mOst trusted
single-sOurce grOund services
and cargO handling prOvider.
Swissport is a people-focused organisation – without our people we simply cannot meet
our goals and achieve our vision. As such, we focus on the principles of sustainability and
compliance, living by the “Three Ps”: People, Professionalism & Partnership.
The ongoing professional development of the people within the Swissport family ensures that:
• We show respect towards our people and their values
• We do not compromise on safety and work with enthusiasm and enjoyment
• We are pioneers; working constantly on achieving sustainable results,
we creatively explore new options and improved solutions
• Continually striving to exceed the expectations of our clients and our
commitments, we deliver excellent service; in any place at any time
The World of Swissport: With a workforce of some 48,000, the world’s leading provider of ground and
air cargo services, is active at over 287 airports in 45 countries on six continents.
AmericAs
EUROPE • MIDDLE EAST • AFRICA
ASIA • PACIFIC
Argentina
Aruba
Brazil
Canada
Chile
Costa Rica
Dutch Caribbean
Mexico
Peru
Trinidad & Tobago
United States of America
Algeria
Austria
Belgium
Bulgaria
Cyprus
Denmark
Finland
France
Germany
Ghana
Greece
Ireland
Israel
Italy
Kenya
Morocco
Netherlands
Oman
South Africa
Romania
Saudi Arabia
Spain
South Africa
Switzerland
Tanzania
United Kingdom
Australia
Japan
New Zealand
South Korea
cargo services ground handling executive aviation
For information about our services please contact:
Michael Kokkinos • Phone: +357 24 008 781 • E: michael.kokkinos@swissport.com

CYPRUSCOUNTRY REPORT 2022
DRIVING
Roads are well maintained in and between the main towns, and there are four-lane
motorways connecting Nicosia with Limassol and Larnaca. Driving is on the left
in Cyprus and the maximum speed limit on motorways is 100 kph (60 mph). Cyprus
accepts the driving licences of all EU Member States and any person with a valid licence
may drive legally in Cyprus. According to EU rulings, driving licences issued before 1996
do not have to be exchanged for the new Community Model and remain valid until their
expiration. Non-EU citizens may drive on valid foreign licences for a certain period (for
those with a US licence the period is six months). Relevant Consular authorities can
provide further information.
BUSINESS HOURS
Office hours are generally 8:30am-1:00pm and 2:00pm-5:30pm, though in summer
some offices take a long lunch break or finish early. Government offices are
generally open from 7:30am-2:30pm, from Mondays to Fridays and until 6pm on
Thursdays. Banks typically open at 8:30am and close at 1:30pm. International banks
are open from 8:30am to 5:30pm. Shops are generally open from Mondays to Saturdays
from 9am-7pm, with larger supermarkets, malls and tourist areas open all day on
Sundays as well.
BUYING & RENTING PROPERTY
C
yprus offers a full range of properties for both commercial and residential use,
situated in key locations across the island. While the exclusive, top-level market
is currently the most sought after, the island has a good stock of properties available,
from townhouses and apartments to villas and sea-side bungalows in five-star
developments. Nicosia and Limassol are the main business centres. Office space
is available in purpose-built office blocks, in converted houses or flats. A number of
business centres also offer ready-to-move into serviced offices. They usually include
fully-equipped offices that are available on demand with flexible terms, meeting rooms
and a receptionist service. Overall, rentals are around two-thirds of those charged
for comparable commercial spaces in continental Europe, and offices, retail or other
commercial space is widely available for purchase or for rent.
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CYPRUSCOUNTRY REPORT 2022
EDUCATION
There is a wealth of excellent private schools on the island, the majority of which are
English speaking, but there are also French, Russian and Greek-speaking private
schools. Fees are generally less than for the equivalent education in the UK. Public
schools are free, and teaching is conducted in Greek. Tertiary education is provided
by the six universities in Cyprus as well as several other colleges that offer a variety of
vocational and academic courses.
ICyprus boasts
internationally
educated specialists
with top-notch
facilities and a plethora
of medical insurance
options available.
HEALTHCARE
Ranked by the World Health Organisation as one of the healthiest countries in the
Mediterranean, Cyprus has an excellent healthcare system provided through both
the private and public sector. Cyprus has recently introduced an island-wide NHS, which
covers both inpatient and outpatient care and is available to all citizens and permanent
residents. EU citizens who are visiting Cyprus can receive free outpatient or inpatient
treatment with a European Health Card, which is issued by the health authority in their
home country. However, this covers only essential treatment and not routine treatment.
Non-EU visitors must pay for healthcare. Cyprus boasts internationally educated specialists
with top-notch facilities and a plethora of medical insurance options available.
www.gesy.org.cy
RELIGION
Religious freedom is written into the Cypriot constitution and Greek Orthodox,
Muslims, Catholics, Jews, Armenians and Maronites coexist peacefully on the island.
However, the overwhelming majority of Cypriots are members of the Greek Orthodox
Church, an institution that plays an important role in both personal and public life on
the island.
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CYPRUSCOUNTRY REPORT 2022
PETS
Cyprus is a member of the Pet Travel Scheme which allows pets from any of the
countries covered by the scheme to enter Cyprus without quarantine provided
they meet specified anti-rabies, blood sampling and anti-worm/anti-tick hygiene
requirements. The pet must be micro-chipped, vaccinated against rabies and blood
tested, and can be brought into Cyprus only after six months have elapsed following a
satisfactory blood test.
COMMUNICATIONS
Cyprus has an efficient and reliable postal service as well as an excellent
telecommunications network. Cyta remains the main provider, offering a full range
of telecommunications services. Other main providers are Epic, Primetel and Cablenet.
Cyprus’ network boasts 100% 5G and broadband coverage.
MEDIA & TV
number of daily and weekly newspapers are published in Cyprus, some of which
A are in the English language, including the Cyprus Mail. Many UK, European,
Russian and Arabic newspapers can be bought in Cyprus a day or two after publication.
Several terrestrial TV stations in Cyprus broadcasting locally produced programmes as
well as international films, dramas and TV series. Cable and satellite television is widely
available.
TAXATION
C
yprus offers one of the most attractive tax regimes in Europe. A member of the
European Union since 2004, Cyprus’ regulatory regime is in full compliance with
the requirements of the EU and OECD. Cyprus has one of the lowest corporate tax rates
in the European Union at 12.5%, while the maximum personal tax rate is 35%, those
earning less than €19,500 are tax exempt.
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CYPRUSCOUNTRY REPORT 2022
PERSONAL FINANCIAL SERVICES
Cyprus has a well-developed banking system modelled on the British banking
system. The Central Bank of Cyprus has the responsibility for monetary and credit
policy. There are currently a number of domestic banks operating in Cyprus, including
commercial banks and specialised financial institutions. Standard branch opening
hours are usually from 8:30am-1:30pm Mondays to Fridays and from 3:15pm to 4:45pm
on Monday afternoons only. International banks are open from 8:30am to 5:30pm.
HOME HELP
Many expatriates find they can afford domestic help that they could not have
afforded at home and often choose to employ a helper for cleaning, cooking,
general household chores and child minding.
UTILITIES
E
lectricity = 240V 50Hz, 5 amp or 13 amp square three-pin British-style plugs.
Electricity is provided by the Electricity Authority of Cyprus (EAC) and water is
provided by the water board of the nearest main town. Many properties have solar
water heating systems. Cyprus has no piped gas, but bottled gas is widely available in
supermarkets. Cyprus makes use of the BS 1363, British 3-pin, 13A, 240V, 50Hz earthed
and fused plug. The BS 1363 plug, also known as a ‘13-amp plug’, is a large plug that has
3 rectangular prongs forming a triangle
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CYPRUSCOUNTRY REPORT 2022
CRIME
Cyprus is the 5th safest country in the world, according to recent statistics, and one
of the safest countries in the EU. It is safe to walk around all towns and villages
whether day or night. Few locations in the world can offer the same level of security
and stability that Cyprus does.
VISAS & EMBASSIES
As a member of the EU, under community
laws EU nationals have the
right to enter the country with an identity
card or valid passport and to seek
work. For non-EU nationals, employment
permits have to be obtained before
entering Cyprus. The nationals of many
non-EU countries do not require a visa
to enter Cyprus for a stay not exceeding
three months. Details of visa-exempt
countries and visa application procedures
are available on the Ministry of
Foreign Affairs website.
www.mfa.gov.cy
VISITING THE OCCUPIED AREA
F
ollowing the Turkish occupation of the north of the island in 1974, the island has
been divided. In 2003 checkpoints opened for the first time allowing both sides to
cross over with a passport or valid ID. It is perfectly safe to visit and explore the area. If
travelling by car, insurance has to be purchased at the checkpoint. Various policies are
available covering vehicles from three days to a full year. Cigarettes and alcohol cannot
be taken from the north to the Republic of Cyprus and there are restrictions on certain
foodstuffs, such as meat and dairy produce. There is a maximum limit of €260 of goods
per person allowed to be brought across the UN-controlled buffer zone.
85

CYPRUSCOUNTRY REPORT 2022
STANDARD OF LIVING
Other factors that contribute to the enviable lifestyle of Cyprus include a superb road
system with signs in both Greek and English, a reliable and efficient postal service,
a large choice of schools, clubs, restaurants, gyms, theatres, cinemas, museums and
art galleries. The local infrastructure is ideally suited for businesspeople who need to
get things done. Thanks to its modern road network, extensive port facilities and two
international airports, travel and transport in and beyond Cyprus is fast, efficient and
economical.
COST OF LIVING: AVERAGE PRICES (SOURCE: NUMBEO)
Milk (1ltr)
€1.48
Tomatoes (1 kg)
€2.38
Loaf of fresh white
bread (500g)
€1.66
Bottle of midrange
wine
€7.00
Domestic Beer
(0.5l draught)
€1.33
Imported Beer
(0.33l bottle)
€2.03
Three-course meal
for two in midrange
restaurant
€50.00
Cappuccino
€3.13
Water (1.5l bottle)
€0.76
LARGE EXPAT COMMUNITY
notable British presence remains to this day and Cyprus has become home to a
A large expat community. Today, Cyprus has the second highest percentage of
foreign citizens in the European Union, with 13% of the total population from other EU
member states, and around 7% from non-EU countries according to a survey of the
EU’s statistical office. The biggest group of expats living in Cyprus consists of British
nationals, but there are also large communities of Americans, Russians and other
Eastern European nationals.
86

CYPRUSCOUNTRY REPORT 2022
KEY TOURIST AREAS IN CYPRUS
➊ Nicosia
Larnaca ➌
Famagusta ➎
➍
Paphos
Limassol
➋
➊NICOSIA is the capital of Cyprus and the main commercial and business centre
and the seat of government. It boasts a world-famous archaeological museum,
a thriving old city surrounded by fortified Venetian walls and a labyrinth of traditional
streets. It is also the last remaining divided capital city in the world following the fall of
the Berlin Wall. Visitors are usually couples, families and business people.
87

CYPRUSCOUNTRY REPORT 2022
➋LIMASSOL is the second largest city, situated between archaeological
sites, the ancient kingdoms of Amathous, Kourion and Kolossi. The
coastal town is also home to the famous Limassol Marina and the city’s
geographical location provides easy access to mountainous villages and Troodos
mountain. The city is a business centre attracting business executives, as well
as couples, families and young people. It has developed significantly in recent
years, emerging as a business hub as well as a party town with reputable beach
bars, Carnival and Wine Festivals. Limassol has the largest port in Cyprus.
LARNACA is the
➌
third largest city
in Cyprus and
is known for its
palm-tree seafront
promenade. It is home
to the country’s primary
airport, a seaport
and a marina. It has a
picturesque old town,
salt lakes with flamingos
in the winter, and a
large marina. There is
a wealth of historical
interests around the
town including the St
Lazarus church, the
Hala Sultan Tekke
Muslim shrine, the
historical Kiti church
and the monastery
of Stavrovouni. The
city mostly attracts
couples and families.
88

CYPRUSCOUNTRY REPORT 2022
➍PAPHOS is a popular coastal town. Visitors can enjoy spectacular scenery
and some of Cyprus’ finest beaches, as well as ancient historical sites. Tourist
attractions in Paphos include the Paphos mosaics, the Tombs of the Kings, which are
UNESCO Heritage sites, the Venetian fortressed harbour and the Pillar of St Paul. The
Akamas peninsula is one of the island’s residual unspoilt wildernesses and is home
to endemic flora and fauna species. Paphos mostly attracts couples and families.
➎The FAMAGUSTA REGION consists of Ayia Napa, Protaras, and
Paralimni, and has many of the best beaches on the island. Ayia Napa
in particular is a reputable party town for twenty-somethings and prime site
for nightlife. The area mostly attracts young people, couples and families.
89

CYPRUSCOUNTRY REPORT 2022
90

CYPRUSCOUNTRY REPORT 2022
PROPERTY
SHOWCASE
Leading
Developments
in Cyprus
LARNACA
Blue Sky Villas
Perivolia,
Larnaca
Type: Luxury Villas
Price: Upon Request
Developer: Quality Group
Contact: (+357) 24 821 855
info@qualitydevelopments.com
qualitygroupcyprus.com
Watch: Property Video
Download: Brochure
91

CYPRUSCOUNTRY REPORT 2022
PROPERTY SHOWCASE: Leading Developments in Cyprus
LARNACA
Habitat Residences
Mall Area,
Larnaca
Type: 1,2,3 bedroom apartments
Price: Upon Request
Developer: Quality Group
Contact: (+357) 24 821 855
info@qualitydevelopments.com
qualitygroupcyprus.com
Watch: Property Video
Download: Brochure
LIMASSOL
Trilogy Limassol Seafront
Limassol
Type: 1 to 5-bedroom
apartments and penthouses
Price: €510,000 - €10,500,000
Developer: Cybarco
Development Ltd
Contact: (+357) 25 362 800
info@trilogylimassol.com
Trilogylimassol.com
Watch: Property Video
Download: Brochure
PAPHOS
Akamas Bay Villas
Latchi,
Paphos
Type: 3 and 4-bedroom
beachfront villas
Price: €1,390,000 - €3,000,000
Developer: Cybarco
Development Ltd
Contact: (+357) 25 820 511
info@cybarco.com
Akamasbay.com
Watch: Property Video
Download: Brochure
92

CYPRUSCOUNTRY REPORT 2022
PROPERTY SHOWCASE: Leading Developments in Cyprus
PAPHOS
Cap St Georges Hotel & Resort
Akamas,
Paphos
Type: Villas, 3, 4, 5 and
6-bedroom villas
Price: From €1,800,000 +
Developer: Korantina Homes
info@korantinahomes.com
www.korantinahomes.com
PAPHOS
SOHO Resort
Tourist Area,
Paphos
Type: Apartments on
15-floor tower and Villas
Price: €1,200,000 – 6,000,000
Developer: Korantina Homes
info@korantinahomes.com
www.korantinahomes.com
PAPHOS
Topos Residence – Alto Design
Minthis,
Paphos
Type: 2-bedroom suites and
duplexes, 3-bedroom villas,
3, 4 and 5+ bedroom residences
Price: From €783,000
Developer: Pafilia
Property Developers
Contact: (+357) 26 848 800
info@pafilia.com
www.minthisresort.com
93
Watch: Property Video
Watch: Resort Video

asgleasing.cy
Leasing. Simple.
For All.
by

CYPRUSCOUNTRY REPORT 2 022
WHO’S
WHO
CYPRUS BUSINESS DIRECTORY
The definitive guide
to Cyprus’ leading
companies, executives
and professional advisers.
95

CYPRUSCOUNTRY REPORT 2022
ACCOUNTING & AUDITING
A. Zemenides & Co Ltd..................................................................................................................................... 99
Baker Tilly South East Europe...................................................................................................................... 99
Deloitte Cyprus.................................................................................................................................................... 99
Demetriou & Associates Business Advisers Ltd (DBA).................................................................... 99
Joannides + Co Ltd............................................................................................................................................100
KPMG......................................................................................................................................................................100
PwC Cyprus..........................................................................................................................................................100
ServPro Accountants & Consultants......................................................................................................100
ASSOCIATIONS
Association of Cyprus Banks.......................................................................................................................101
Cyprus Cannabis Association (CYCA)......................................................................................................101
Cyprus Chamber of Commerce and Industry....................................................................................101
Cyprus Fiduciary Association.....................................................................................................................101
Cyprus Healthcare Tourism (CHT)........................................................................................................... 102
Cyprus Hotel Association............................................................................................................................. 102
Cyprus International Business Association (CIBA)........................................................................ 102
Cyprus Investment Funds Association (CIFA)................................................................................... 102
Cyprus Shipping Chamber..........................................................................................................................103
Cyprus Union of Shipowners (CUS)........................................................................................................103
Insurance Association of Cyprus.............................................................................................................103
Society of Trust and Estate Practitioners (STEP) .............................................................................103
The Cyprus Employers & Industrialists Federation (OEB)..........................................................104
The Cyprus Tech Association.....................................................................................................................104
The Institute of Certified Public Accountants of Cyprus (ICPAC)............................................104
BANKING
Bank of Cyprus PLC..........................................................................................................................................104
cdbbank (The Cyprus Development Bank Public Company Ltd).............................................. 105
Eurobank Cyprus Ltd...................................................................................................................................... 105
Societe Generale Bank – Cyprus.............................................................................................................. 105
CONSULTING
e-CNHC – E-C Natural Hydrocarbons Company Ltd..................................................................... 105
PIVOT Consultants (Cyprus) Limited......................................................................................................106
CORPORATE SERVICES
Alter Domus (Cyprus) Ltd.............................................................................................................................106
96

CYPRUSCOUNTRY REPORT 2022
Andersen...............................................................................................................................................................106
Aspen Trust Group...........................................................................................................................................106
ATG Corporate Services................................................................................................................................. 107
Executive Business Constultants Ltd..................................................................................................... 107
GFSC Global......................................................................................................................................................... 107
KENDRIS (Cyprus) Limited.......................................................................................................................... 107
Pagecorp Group.................................................................................................................................................108
Sovereign Group – Cyprus...........................................................................................................................108
Trident Trust Company (Cyprus) Limited............................................................................................108
Vistra (Cyprus) Ltd............................................................................................................................................108
ECONOMIC ANALYSIS
Sapienta Economics Ltd................................................................................................................................109
ENERGY
Cyprus Hydrocarbons Company (CHC).................................................................................................109
EXECUTIVE EDUCATION
European Institute of Management and Finance (EIMF)............................................................109
FINANCIAL ADVISORY
MAP S.Platis Group..........................................................................................................................................109
FUND ADMINISTRATION
ATG Fund Services............................................................................................................................................110
FUND MANAGEMENT
Inveqo Fund Management Ltd....................................................................................................................110
IXI Investments..................................................................................................................................................110
Leon MFO Investments Ltd...........................................................................................................................110
Wealth Fund Services Ltd...............................................................................................................................111
INVESTMENT PROMOTION
Invest Cyprus........................................................................................................................................................111
INVESTMENT SERVICES
Windsor Brokers Ltd.........................................................................................................................................111
97

CYPRUSCOUNTRY REPORT 2022
LAW FIRMS
A.G. Paphitis & Co LLC.......................................................................................................................................111
Agni Livera LLC................................................................................................................................................... 112
Andreas Th.Sofokleous LLC.......................................................................................................................... 112
Antonis Paschalides & Co LLC..................................................................................................................... 112
Areti Charidemou & Associates LLC........................................................................................................ 112
E. Tzioni & Associates LLC............................................................................................................................. 113
Elias Neocleous & Co LLC............................................................................................................................... 113
George Z. Georgiou & Associates LLC..................................................................................................... 113
L Papaphilippou & Co LLC.............................................................................................................................. 113
N. Xenofontos LLC Law Firm........................................................................................................................114
Patrikios Pavlou & Associates LLC............................................................................................................114
Pourgoura & Aspri LLC....................................................................................................................................114
Stelios Americanos & Co LLC.......................................................................................................................114
NON PROFIT
Cyprus Seeds........................................................................................................................................................ 115
REAL ESTATE
Cybarco Development Ltd............................................................................................................................. 115
Korantina Homes.............................................................................................................................................. 115
Pafilia Property Developers Ltd.................................................................................................................. 115
Quality Group......................................................................................................................................................116
Trilogy Limassol Seafront ............................................................................................................................116
RECRUITMENT
CareerFinders Recruitment Services Limited...................................................................................116
GRS Recruitment ..............................................................................................................................................116
RESEARCH INSTITUTION
The Cyprus Institute ........................................................................................................................................ 117
TRANSPORT & LOGISTICS
Skylink Services Ltd ........................................................................................................................................ 117
Swissport Cyprus Limited............................................................................................................................. 117
WEB DEVELOPMENT
Ideaseven Digital............................................................................................................................................... 117
98

CYPRUSCOUNTRY REPORT 2022
ACCOUNTING & AUDITING
AFXENTIS ZEMENIDES
MANAGING DIRECTOR
A. ZEMENIDES & CO LTD
A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants,
tax consultants and business advisors based in Limassol, Cyprus.
We aim to provide excellent service in a professional manner and
of the highest standards to our clients, both local and international.
We aim to act as one-stop-shop for our clients providing them a
full range of services. The boutique nature of our firm ensures that
the clients enjoy personalized attention. Through our participation
in the international network of associates IR GLOBAL we provide
solutions to corporate and individual clients worldwide. Our
objective is to assist our clients to achieve their goals.
Omirou Street 61, Joanna Court,
3rd Floor, 3091 Limassol - Cyprus
Contact: Afxentis Zemenides
- Managing Director
(+357) 25 745 800
azemenides@zemenides.com.cy
www.zemenides.com.cy
ACCOUNTING & AUDITING
MARIOS A. KLITOU
CHIEF EXECUTIVE OFFICER
BAKER TILLY SOUTH EAST EUROPE
Baker Tilly South East Europe is a full-service accounting
and advisory firm, that offers industry specialised services
in assurance, tax and advisory. Every day, more than 500
professionals located in 16 offices throughout South East Europe
(Cyprus, Greece, Romania, Bulgaria and Moldova) share their
expertise to accelerate your business growth, by operating under a
unified structure, directed by a single, central management team
of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s
challenges. We believe in the power of great relationships, by
leading and listening to great conversations. Baker Tilly South East
Europe is an independent member of Baker Tilly International, one
of the world’s leading networks, uniting independent companies
to provide top-quality professional services in both international
and regional markets.
Corner C Hatzopoulou & 30
Griva Digheni Avenue,
1066 Nicosia, Cyprus P.O.Box
27783, 2433 Nicosia - Cyprus
Contact: Marios A. Klitou -
Chief Executive Officer
(+357) 22 458 500
info@bakertilly.com.cy
www.bakertilly.com.cy
ACCOUNTING & AUDITING
PIERIS MARKOU
CEO, DELOITTE CYPRUS
DELOITTE CYPRUS
Deloitte Limited is among the leading professional services firms
in Cyprus, providing audit & assurance, consulting, financial
advisory, risk advisory, tax and related services, as well as a
complete range of services to international business, through
over 750 people in Nicosia and Limassol. Deloitte Limited, is the
sub-licensed affiliate for Cyprus of Deloitte NSE LLP. As part
of the Deloitte global network, with more than 345,000 people
in over 150 countries and territories, Deloitte Limited has the
advantage of global sharing of knowledge with local adaptation
and personal approach, built on the solid foundations of over 60
years of successful operations on the island.
24 Spyrou Kyprianou Avenue,
CY 1075, Nicosia - Cyprus
Contact: Michelle Karaolides -
Head of Marketing & Communications
(+357) 22 360 300
infonicosia@deloitte.com
www.deloitte.com/cy
ACCOUNTING & AUDITING
ELIAS DEMETRIOU
DIRECTOR
DEMETRIOU & ASSOCIATES BUSINESS ADVISERS LTD (DBA)
dba was established in 2017 by a team with more than 30 years
experience in the professional financial services industry.
The company provides an extensive range of services on most
financial matters including auditing, accounting, taxation,
financial and business consulting. We also specialise in the
formation and management of companies, liquidation and
dissolution of companies, the creation and administration
of trusts and estates, IT consulting, and much more. dba
comprises of 3 directors and more than 20 members of staff.
Our commitment is to provide exceptional quality services to
our clients, tailored to all their needs. dba is passionate about
ideas, innovation, and always adopts a forward-looking proactive
approach. The firm is a member of DFK International, the
number 6 Association in the world.
1 Salaminos Avenue, 1045 Nicosia - Cyprus
Contact: Elias Demetriou – Director
(+357) 22 799 900
e.demetriou@dbacy.com
www.dbacy.com
99

CYPRUSCOUNTRY REPORT 2022
ACCOUNTING & AUDITING
DAVINIA JOANNIDOU
DIRECTOR
JOANNIDES + CO LTD
Joannides + Co. Ltd is a leading firm of accountants and
management consultants established in Cyprus for over 40
years providing audit and assurance, taxation, business support
services and management consulting to international companies
and private clients. The firm has offices in Nicosia, Limassol
and Larnaca offering its services with the utmost integrity,
independence and objectivity with the aim to add significant
value to its clients’ business performance. Joannides + Co. Ltd
is a member of AGN International Ltd, a worldwide association
of independent accounting and consulting firms operating in
85 countries, is an approved training centre of the professional
accounting institutes ICAEW and ACCA and in 2010 was awarded
the quality award certification from the Institute of Certified
Public Accountants of Cyprus.
13, Agiou Prokopiou Str. 2406
Egkomi, Nicosia - Cyprus
P.O.Box 25411, Nicosia 1309 - Cyprus
Contact: Davinia Joannidou - Director
(+357) 22 556 556
cy@joannides.com.cy
www.joannides.com.cy
ACCOUNTING & AUDITING
CHRISTOS V. VASILIOU
MANAGING DIRECTOR
KPMG
KPMG is a global organisation of independent professional services
firms providing Audit, Tax and Advisory services. KPMG operates
in 144 countries and territories and has approximately 236.000
people working in member firms around the world. KPMG has
been operating in Cyprus since 1948 and currently employs more
than 850 professionals working from 6 offices across the island
(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous).
By utilising the whole spectrum of KPMG International services
and the deep knowledge in all major industries, KPMG provides its
clients with solutions which address their unique characteristics.
Clients look to KPMG for a consistent standard of service based
on high-order professional capabilities, industry insight, local
knowledge and expertise.
14 Esperidon Street, 1087, Nicosia - Cyprus
Contact: Maria A. Papacosta -
Board Member, Head of Clients and Markets
(+357) 22 209 000
maria.papacosta@kpmg.com.cy
www.kpmg.com.cy
ACCOUNTING & AUDITING
PHILIPPOS SOSEILOS
CEO, PwC CYPRUS
PWC CYPRUS
In a world that is constantly evolving, our aim at PwC Cyprus is to
find the right solutions to complex problems. We focus on quality
and build strong relationships based on trust, creating value for
our clients, stakeholders and society. Based on PwC’s new global
strategy, “The New Equation”, we look at problems from different
angles and present innovative solutions that make a difference
and lead to sustained outcomes. More than 1,000 people in Cyprus
join forces with 327,000 professionals of our global network in
155 countries and create an experienced team that combines
intelligent approaches, experience and technological innovation.
www.pwc.com.cy
PwC Central, 43 Demostheni Severi Avenue,
CY-1080 Nicosia - Cyprus
Contact: Konstantina Logotheti -
Director, Marketing & Communications
(+357) 22 555 000
konstantina.logotheti@pwc.com
www.pwc.com.cy
ACCOUNTING & AUDITING
PETROS THEODOTOU
FCCA
FOUNDER & CEO
SERVPRO ACCOUNTANTS & CONSULTANTS
ServPRO is a team of accountants, auditors, lawyers and
consultants. A practicing member of ICPAC and ACCA, a National
Member of Auditaxes International, an ACCA Approved Employer,
an ISO 9001:2015 and an ISO 27001:2013 Certified Company.
Our areas of expertise are Accounting & Finance, Advisory &
Consulting, Audit & Assurance, Corporate & Legal, Economic
Substance and Taxation. We have a stellar track record in
delivering practical solutions to corporate and individual clients
with a spherical, solution-driven and detail-oriented approach,
while demonstrating an aptitude of professionalism, integrity and
commercial acumen. During the remarkable year of 2021, we have
celebrated 10 years of delivering an impeccable quality of services
and practical solutions across a diversified range of industries to a
growing multinational clientele.
Accountants & Consultants
1 Kinyra Street, Kinyras Tower,
3rd Floor, 1102 Nicosia - Cyprus
Contact: Petros Theodotou FCCA -
Founder & CEO
(+357) 22 021 100
info@servpro.com.cy
www.servpro.com.cy
100

CYPRUSCOUNTRY REPORT 2022
ASSOCIATION
DR. MICHAEL KAMMAS
DIRECTOR GENERAL
ASSOCIATION OF CYPRUS BANKS
Through its representation of ten member banks that hold more
than 95% market share, the Association of Cyprus Banks (ACB)
is the voice of the local banking system. Its primary target is to
promote best practices for the interest of the banking sector
and the local economy. The ACB is a non-profit organization
through which common positions are formulated and promoted
on banking and financial issues when local legislative and
governmental policies are determined. Through its more than
53 years of operations, the ACB has gained the reputation of a
prudent, reliable and consistent partner for various policy makers,
organizations, media, institutions and the local society.
15 Demetriou Karatasou Str, Office 401,
P.O. Box 16113, 2086 Nicosia - Cyprus
Contact: Dr. Michael Kammas
- Director General
(+357) 22 664 293
info@acb.com.cy
www.acb.com.cy
ASSOCIATION
ANDRIA ANDREOU
PRESIDENT
CYPRUS CANNABIS ASSOCIATION (CYCA)
CYCA was formed in October 2019 under the auspices of Cyprus
Chamber of Commerce & Industry. We are leading the collective of
individuals and businesses that will build the legal Cannabis Ecosystem
in Cyprus, and advancing the interests of a responsible,
compliant, transparent and high-quality industry. As global
recognition of the benefits of legal Cannabis increases with
governments around the world steadily moving to full legalization,
there is a burgeoning need for high-quality products with known
components; cultivated at large scale for consistent, reliable supply
to users. Cyprus is primely positioned as an attractive center of
excellence for production; research; genetics, and intellectual
property from which the legal Cannabis industry can flourish.
38 Grivas Dhigenis Ave. & 3 Deligiogis
1066 Nicosia - Cyprus
Contact: Andria Andreou - President
(+357) 99 672 366
a.andreou@cy-ca.org
www.cy-ca.org
ASSOCIATION
CHRISTODOULOS E.
ANGASTINIOTIS
PRESIDENT
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY
The Cyprus Chamber of Commerce and Industry (CCCI) membership
exceeds 10.000 enterprises representing over 95% of the local
business community. 160 Professional Associations are affiliated
to the CCCI including 41 Bilateral Associations. Its wide range of
services include advisory, provision of business information,
foreign trade exhibitions, trade missions & business fora abroad,
business training courses & seminars, advice on European Union
issues, labour relations matters, issue of Certificates of Origin and
ATA-CARNETS and participation in EU programmes. CCCI is a full
member of 12 International organizations including Eurochambers,
the International Chamber of Commerce, SME United,
Eurocommerce, GS1 and many other international organisations.
Follow us on twitter @ccci_cyprus.
38, Grivas Digenis Ave. &
3 Deligiorgis Str. Chamber Building - Cyprus
Contact: Marios Tsiakkis - Secretary General
(+357) 22 660 066
secgen@ccci.org.cy
www.ccci.org.cy
ASSOCIATION
CHRIS KOUTOUROUSSIS
PRESIDENT
CYPRUS FIDUCIARY ASSOCIATION
The Cyprus Fiduciary Association (CYFA), established in 2011,
is the representative body of regulated Administrative Service
Providers (ASP’s) in Cyprus. With a vision to assist in forming a
solid international business sector in Cyprus operating on high
professional standards, ethics and integrity, the Association aims
to serve industry providers by promoting their interests, raising
sector awareness, supporting their operations, contributing to
new legislations and delivering valuable training to professionals.
The Association’s commitment to its purpose has established it
among the most reputable and recognised organisations within
the country, before public and regulatory authorities, other
associations, as well as the business community in Cyprus and
overseas.
6, Emmanuel Roide Street, Fourth floor,
Office 402, 1095, Nicosia - Cyprus
(+357) 22 256 263
info@cyfa.org.cy
www.cyfa.org.cy
101

CYPRUSCOUNTRY REPORT 2022
ASSOCIATION
YIOTA SKITINI-
FLOURENTZOU
PRESIDENT
CYPRUS HEALTHCARE TOURISM (CHT)
The Cyprus Healthcare Tourism (CHT) is a non-profit organization
that was founded in November 2006 after an initiative taken by
the Cyprus Chamber of Commerce and Industry (CCCI) aiming
to develop and promote Cyprus as a high quality Health Tourism
destination. The CHT currently has more than 80 members who
are actively involved in the Cyprus Health Tourism Industry. These
vary from state-of-the-art hospitals and clinics to specialized
travel agencies, wellness and rehabilitation centres as well as
consulting firms. Most of the largest and best equipped hospitals
are members of the CHT and they are all licensed by the Cyprus
Government and comply with EU regulations. Some of them have
moved a step ahead towards gaining international accreditations.
38 Grivas Dighenis & 3 Deligiorgis
Street, Nicosia - Cyprus
Contact: Polis Peratikos - Executive Secretary
+357) 22 889 744
cyprushealth@ccci.org.cy
www.cyhealthservices.com
ASSOCIATION
HARIS LOIZIDES
PRESIDENT
CYPRUS HOTEL ASSOCIATION
The Cyprus Hotel Association is the Hoteliers National Trade
Union. The history of its foundation goes back to the beginning of
the 1930s. Today the vast majority of all hotel establishments and
other licensed tourist accommodation units, all over Cyprus, are
members of the Cyprus Hotel Association. The most important
aims of the Association are as follows: The protection and
promotion of the interests of the hoteliers as employers and as
professionals, as well as of the interests of Cyprus in general; The
promotion and upgrading of the Cyprus tourism development; The
upgrading and development of the hotel establishments in Cyprus
and the improvement of the professional level of the hoteliers; The
solidarity between its members.
Andreas Araouzos Str., No 12,
Hesperides Building, 1076 Nicosia - Cyprus
Contact: Philokypros Roussounides
- Director General
(+357) 22 452 820
cha@cyprushotelassociation.org
www.cyprushotelassociation.org
ASSOCIATION
DOXIA NIKIA
HADJIVASSILIOU
PRESIDENT
CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION
CIBA is a non-governmental, fully independent association,
financed by membership fees only. Its activities and initiatives are
organised and carried out by its General Secretary and Executive
Committee of (max.) 12 persons. CIBA represents and safeguards
the interests of the international businesses, their shareholders,
managers and staff. The authorities recognize that CIBA
represents the whole of the international business community
in Cyprus and that it is instrumental in finding compromises
between the required EU-driven legislation and international
business requirements. CIBA annually awards the prestigious
CIBA Excellence award to a member company that fulfils the
specific criteria as set out by the Association.
10 Pikionis Street, Highsight House
3075 Limassol - Cyprus
Contact: Andreas Pishias - General Secretary
(+357) 25 583 400
ciba@ciba-cy.org
www.ciba-cy.org
ASSOCIATION
ANDREAS YIASEMIDES
PRESIDENT
CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)
CIFA is the Association of professionals, businesses, and
organizations involved in the Investment Funds and Asset
Management Sector in Cyprus. CIFA has nearly 400 members, legal
and physical. The Mission of CIFA is to: Help its members capitalize
on industry trends; Shape regulation; Enhance professionalism,
integrity, and quality and Promote the Cyprus Investment Fund
Industry. The Board is comprised of highly reputable industry
professionals experienced in all aspects of the industry. CIFA is
a full member of the European Funds and Asset Management
Association and the International Investment Funds Association.
The fund industry in Cyprus has been on a continuous increase,
with Assets under Management exceeding €11 billion.
Severis Building, 9 Makarios III Ave.,
4th Floor, Lefkosia 1065 - Cyprus
Contact: Maria Panayiotou - Board Secretary
(+357) 22 441 133
info@cifacyprus.org
www.cifacyprus.org
102

CYPRUSCOUNTRY REPORT 2022
ASSOCIATION
THOMAS A. KAZAKOS
DIRECTOR GENERAL
CYPRUS SHIPPING CHAMBER
The Cyprus Shipping Chamber is the trade association of the
Shipping Industry in Cyprus. The main purpose of the Chamber
is to promote the interests of Cyprus Shipping and to further
the reputation of the Cyprus flag. The Chamber also acts as a
lobbying group for the promotion and safeguard of the legitimate
interests of its Member-companies, at national and international
level. On the local front, the Chamber co-operates very closely
with the Government in all shipping related matters. Moreover,
the Chamber operates as a roving ambassador of Cyprus
Shipping through its membership and active participation at
the International Chamber of Shipping (ICS) and the European
Community Shipowners’ Associations (ECSA).
City Chambers, 6 Regas Fereos Str.
P.O.Box 56607, 3309, Limassol - Cyprus
Contact: Thomas A. Kazakos
– Director General
(+357) 25 360 717
csc@csc-cy.org
www.csc-cy.org
ASSOCIATION
MICHAEL FILIPPOU
CEO
CYPRUS UNION OF SHIPOWNERS (CUS)
Cyprus Union of Shipowners, as the major representative
Organization of the Cyprus Flag vessels, is committed to the firm
growth of our National Registry and the establishment of Limassol
as a world-class Maritime Centre. The cooperation between
our Union, the Shipping Deputy Ministry and the Ministry of
Finance resulted to an exceptional Framework that induced
prominent Shipping Companies, P&I Clubs and other Shipping
related Service Providers to establish management offices in
Cyprus. Moreover, the solidification of the global reach of our
Union and its institutional status has curved our participation in
IMO Committees, as Government Consultants, both mandatory
and effective.
17, Gordonos Str., Suite 301,
3070 Limassol - Cyprus
Contact: Katerina Michael - PR Manager
(+357) 25 818 161
cus@cus.com.cy
www.cus.com.cy
ASSOCIATION
EVANGELOS
ANASTASIADES
CHAIRMAN
INSURANCE ASSOCIATION OF CYPRUS
The Insurance Association of Cyprus is the accredited and
representative body of the Cypriot insurance industry, with 29
member insurance companies operating in Cyprus, accounting
for approximately 98% of total gross written premiums. As
the leading and united voice of the Cyprus insurance market
its mission is to promote the industry’s views and positions to
policymakers and legislators. It is also particularly active with
respect to work aiming at the modernization of the sector, the
continuous improvement of the level and quality of service to the
public, the enhancement of consumers’ trust and confidence in
insurance products and their providers, and the strengthening of
the institution of insurance.
23, Zenon Sozos str., 1st floor
1075 Nicosia - Cyprus
Contact: Andreas Athanasiades
– Director General
(+357) 22 452 990
info@iac.org.cy
www.iac.org.cy
ASSOCIATION
STELLA KAMMITSI
STEP CYPRUS CHAIRWOMAN
SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)
STEP is the global professional association for practitioners who
specialise in family inheritance and succession planning. STEP
works to improve public understanding of the issues families
face in this area and promotes education and high professional
standards among its members. STEP members help families
plan for their futures, from drafting a will to advising on issues
concerning international families, protection of the vulnerable,
family businesses and philanthropic giving. Today STEP has
more than 20,000 members across 96 countries from a range of
professions, including lawyers, accountants and other specialists.
The Cyprus branch of STEP numbers over 185 experienced
professionals from all over Cyprus, and is active in the spread of
industry related knowledge, through regular conferences and
presentations.
P.O.Box 24789, 1303 Nicosia - Cyprus
itsi - STEP Cyprus Chairwoman
(+357) 22 777 787
Contact: Stella Kammitsi
skammitsi@raza.com.cy
www.step.org
103

CYPRUSCOUNTRY REPORT 2022
ASSOCIATION
ANTONIS ANTONIOU
CHAIRMAN
THE CYPRUS EMPLOYERS AND
INDUSTRIALISTS FEDERATION (OEB)
The Cyprus Employers and Industrialists Federation (OEB) was
founded in 1960. Today, its members are active in all sectors of
the economy and employ more than 60% of the private sector’s
workforce. OEB is a pancyprian independent organisation
comprising of more than 100 of the main professional / sectoral
Associations, as well as hundreds of companies from the
Agricultural, Manufacturing, Construction, Commercial and
Services Sectors. In total, OEB has more than 10.000 Members
/ Enterprises. OEB is established as a dynamic force in Cyprus’
socio - economic development and welfare and acts as the main
advocate and representative of the business community.
`
years
4, Cyprus Employers & Industrialists
Federation Street, 2000 Nicosia /
P.O.Box 21657, 1511 Nicosia - Cyprus
Contact: Michalis Antoniou - Director General
(+357) 22 643 000
info@oeb.org.cy
www.oeb.org.cy
ASSOCIATION
KYRIAKOS KYRIAKOU
PRESIDENT
THE CYPRUS TECH ASSOCIATION
The Cyprus Tech Association, a non-for-profit entity, aspires
to provide a dynamic platform for all tech professionals and
international ICT companies established in Cyprus to discuss,
promote, and address common challenges. It also provides a
formal representation to all its members to forums, public and
private entities, as well as offers direction on key strategic issues,
including the economic importance of the ICT sector and policy
advocacy.
Makariou III Avenue,
4th Floor, 1065 Nicosia - Cyprus
(+357) 22 441 133
info@techcyprus.org.cy
www.cyprustechassociation.org.cy
ASSOCIATION
KYRIAKOS IORDANOU
GENERAL MANAGER
THE INSTITUTE OF CERTIFIED PUBLIC
ACCOUNTANTS OF CYPRUS (ICPAC)
The Institute of Certified Public Accountants of Cyprus (ICPAC) is the
competent authority for regulating the accounting profession and the
sole recognised body of Auditors by the state in Cyprus. Established in
1961, ICPAC currently has more than 5.500 professional accountants
as members and 3.500 students. ICPAC houses all professional
accountants, supports and promotes the activities and interests of the
accountancy profession, safeguards the reputation of the profession
and adherence to the Code of Ethics, as well as provides for the
continuous professional development and updating of members. In
addition, ICPAC is also a competent authority under the Anti-Money
Laundering law, the laws on the Regulation of Enterprises Providing
Administrative Services and the Insolvency Practitioners Law, as well
as one of the primary stakeholders of the economy of the country.
11 Byron Avenue, CY-1096, Nicosia - Cyprus
Contact: Kyriakos Iordanou
– General Manager
(+357) 22 870 030
info@icpac.org.cy
www.icpac.org.cy
BANKING
PANICOS NICOLAOU
CHIEF EXECUTIVE OFFICER
BANK OF CYPRUS PLC
Established in 1899, Bank of Cyprus is currently the leading
banking and financial services Group in Cyprus, operating 64
branches in Cyprus and representative offices in Russia, Ukraine
an China. The Bank is the only financial institution in the region
that is concurrently regulated by three different corporate
governance codes (UK Corporate Governance Code, Cyprus
Stock Exchange Corporate Governance Code and Central Bank
of Cyprus Internal Governance Directive) and in four different
European jurisdictions (Cyprus, Ireland, the UK and the EU).
Through the Wealth Services Division we offer a wide range of
investment products and specialized services, including Private
Banking, Affluent Banking, Institutional Wealth & Custody,
Brokerage & Asset Management as well as Investment Banking.
51 Stassinou, 2002 Strovolos,
Nicosia - Cyprus
Contact: Emilios Tannousis -
Manager Wealth Management
(+357) 22 128 000
info@bankofcyprus.com
www.bankofcyprus.com
104

CYPRUSCOUNTRY REPORT 2022
BANKING
LOUCAS MARANGOS
CEO
CDBBANK (THE CYPRUS DEVELOPMENT
BANK PUBLIC COMPANY LTD)
Founded in 1963, cdbbank (Cyprus Development Bank) is today one
of the country’s leading niche financial institutions dedicated to
satisfying the needs of domestic and international clients. cdbbank
offers a wide range of specialised financial services and products,
designed to accommodate the sophisticated requirements of its
clientele which consists of corporate and institutional clients and
high net worth individuals. The Bank’s vision is to be the reference
Bank for businesspeople. Relying on its long-term experience and
high level of expertise, cdbbank aspires to establish long-term
relationships of trust with its clients, always delivering excellence
and value.
50 Arch. Makarios III Ave.,
1065 Nicosia - Cyprus
Contact: Liza Philippou - Head, Network
Business and Communication
(+357) 22 846 500
info@cdb.com.cy
www.cdb.com.cy
BANKING
MICHALIS LOUIS
CEO
EUROBANK CYPRUS LTD
Since the commencement of our operations in August 2007,
we have achieved impressive growth rates, while consistently
demonstrating healthy profitability, as well as, a strong capital
base and liquidity position. We currently operate a network of eight
Banking Centers across the island. With tailor-made products and
services based on our clients’ needs, our business model sets us
apart from our competitors, focusing on the areas of Corporate
Banking, Wealth Management, International Business Banking,
Shipping, Global Markets and Affluent Banking.
28, Spyrou Kyprianou Avenue,
1075 Nicosia, P.O Box 27236,
1643 Nicosia - Cyprus
(+357) 22 208 000
info@eurobank.com.cy
www.eurobank.com.cy
BANKING
KHALIL LETAYF
CEO
SOCIETE GENERALE BANK – CYPRUS
Societe General Bank – Cyprus (SGBCy) draws on more than thirty
years of accumulated experience in global banking in Cyprus as
well as all the advantages of being part of an international Group.
The bank is present in the most important big cities in Cyprus:
Nicosia, Limassol and Larnaca. SGBCy activities are organized
around private banking, corporate banking and international
businesses. Banking services encompass a wide range of
diversified, standard and tailor-made services that are conceived
to answer the broadest range of customers’ needs. The bank
pursues long-term relationships with its high net worth and
corporate customers in order to meet fully their expectations.
88 Dighenis Akritas & 36 Kypranoros
Street, 1061 Nicosia - Cyprus
Contact: Hovik Arslanian -
Assistant General Manager
(+357) 80 007 777
Hovik.Arslanian@sgbcy.com
www.sgcyprus.com
CONSULTING
CHARLES ELLINAS
CEO
E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD
The company provides advisory, project management and
consultancy services in the oil & gas and energy sectors and aims
to contribute to the successful development of these Sectors for
the future of Cyprus. The CEO has over 35-years international
experience in promoting and developing oil & gas business and
projects spanning Europe, Asia and Africa. We can assist our clients
in developing their business in Cyprus, evaluating opportunities
and providing in depth professional advice and support.
11 Tyrtaiou Street, 1087 Nicosia - Cyprus
Contact: Dr Charles Ellinas - CEO
(+357) 97 705 060
Charles.ellinas@yahoo.com
www.e-cnhc.com
105

CYPRUSCOUNTRY REPORT 2022
CONSULTING
PANAYIOTIS GREGORIADES
CEO & DIRECTOR
PIVOT CONSULTANTS (CYPRUS) LIMITED
We are a leading contributor of simplified, nimble integrated,
customized solutions, Cross-border Business transactions and
strategies in Asia and Europe. Deep well recognized local expertise
with Global connectivity and vision form part of the solutions
we deliver to entrepreneurs and Government clients looking
for substance in Financial services Industry, Capital markets,
Taxation, Corporate advisory and Investment funds Industry. Our
insights assist you to be more proactive, effective and profitable
especially in fast growing India, Greece and Cyprus. We are
committed to providing best in class service, compliant and
transparent solutions, with increased focus on localization and
developing local markets.
PIVOT, member of TSSAG
88 Markarios III Avenue
1077 Nicosia - Cyprus
Contact: Panayiotis Gregoriades
The - CEO & Director
(+357) 22 731 002
The Securities Services Advisory Group
pgregoriades@pivotcyprus.com
www.pivotcyprus.com
CORPORATE SERVICES
EVDOKIA STAVRAKI
DIRECTOR
ALTER DOMUS (CYPRUS) LTD
Alter Domus is a fully integrated service provider dedicated to
private equity, infrastructure, real asset, and debt capital markets
sectors. Our 3,600 employees across more than 35 offices in 20
countries provide end-to-end solutions to alternative investment
managers, freeing up time for them to focus on their core activities
of sourcing capital and executing deals. Our local team in Cyprus
works diligently to help clients meet their growing regulatory
obligations and keep up with increasing investor demands.
Offering fund administration, corporate services, transfer pricing,
and domiciliation services, you can rely on our on-the-ground
expertise to help you take advantage of opportunities as they arise.
11 Limassol Avenue, Galatariotis Building,
2112, PO Box 27282, 1643 Nicosia - Cyprus
Contact: Evdokia Stavraki - Director
(+357) 22 465 151
Evdokia.Stavraki-Stephanou@
alterdomus.com
www.alterdomus.com
CORPORATE SERVICES
NAKIS KYPRIANOU
MANAGING PARTNER
ANDERSEN
Andersen in Cyprus is the Cypriot member firm of Andersen
Global®, an international association of member firms comprised
of tax and legal professionals worldwide. Andersen Cy is a
regulated accounting firm based in Nicosia providing a wide range
of professional services mainly to international clients. The firm
is a member of the Institute of Certified Public Accountants of
Cyprus and the Cyprus VAT Association. With worldwide presence
through the member firms and collaborating firms of Andersen
Global, client service and solutions are coordinated seamlessly
between service lines and locations to ensure clients receive bestin‐class,
comprehensive solutions.
140 Athalassas Avenue,
2024 Nicosia - Cyprus
Contact: Nakis Kyprianou
- Managing Partner
(+357) 22 456 333
nakis.kyprianou@cy.Andersen.com
cy.Andersen.com
CORPORATE SERVICES
MARINA ZEVEDEOU
CO-FOUNDER AND CEO
ASPEN TRUST GROUP
The Aspen Trust Group is a leading corporate service and financial
planning provider; established in 1998 and licensed by ICPAC, our
Group provides International Structuring and Tax Management
solutions to Corporates and High Net Worth Individuals. Specific
services include entity setup and management, legal and
administration support, banking and tax compliance, financial
management and restructuring, re-domiciliation, patent
registration, residency and citizenship, cross- border mergers,
family office services and headquartering. We build long term,
trusted relationships with clients and associates, aiming to add
value to their businesses and be part of their success stories. Our
team consists of qualified accountants, lawyers and MBA-holders
who undergo rigorous training to provide tailor-made solutions.
77 Limassol Avenue
Elia House, Nicosia 2121 - Cyprus
Contact: Marina Zevedeou -
Co-founder and CEO
(+357) 22 418 730
marina.zevedeou@aspentrust.com
www.aspentrust.com
106

CYPRUSCOUNTRY REPORT 2022
CORPORATE SERVICES
ANDREAS ATHINODOROU
CEO
ATG CORPORATE SERVICES
‘Creating Protecting and Growing Wealth’: We offer a
comprehensive range of services that include initial structuring
advice, company/trust formation, corporate administration, legal
and company secretarial, tax compliance, accounting and financial
reporting. As our clients’ trusted service partner, we act as a single
contact point for their structure’s needs and centrally coordinate
all parties including the shareholders and directors, banks, legal
advisers and others. Our Cyprus solutions include the IP box, EU
headquartering, tech/crypto-asset solutions and international
trusts/foundations. ATG Corporate Services is a member of the
Athina Trust Group offering financial services that include Fund
and Private Wealth services to high-net-worth individuals, fund
managers/promoters.
KEMA Bldg, 5th Floor East,
21 Akademias Avenue, 2107,
Nicosia - Cyprus
Contact: Andreas Athinodorou - CEO
(+357) 22 057 560
andreas.athinodorou@atgcorporate.com
www.atgcorporate.com
CORPORATE SERVICES
ANDREAS HADJIMICHAEL
CEO
EXECUTIVE BUSINESS CONSULTANTS LTD
Executive Business Consultants Limited is an international
Fiduciary and Family Office Service Firm based in, and operating
out of, Larnaca, Cyprus. It is a fully independent and privately
owned service firm having its roots established since 1987. EBC
operates under a boutique style concept, providing specialized
and tailor-made solutions and services to High-Net-Worth
Individuals and their corporate structures. Since its existence
EBC has managed to develop and build strong business links with
both local and international Financial Institutions, and other
professionals together creating a strong worldwide network of
reputable and trusteed associates working together as a team
to provide our clients the knowledge and expertise required for
satisfying their needs.
Simou Menardou 8, Ria Court 8, 4th Floor,
Office 402, 6015 Larnaca - Cyprus
PO. Box 42633, 6051
Contact: Andreas Hadjimichael - CEO
(+357) 24 823 999
andreas@executive.com.cy
www.executive.com.cy
CORPORATE SERVICES
ISAVELLA EVRIPIDOU
CEO/FOUNDER
GFSC GLOBAL
GFSC Global is a leading Corporate and Legal Group of Companies
Licensed and Regulated Worldwide. Since our establishment,
GFSC Global assists with a full range of corporate, legal, financial,
licensing, gaming, crypto, ico/sto, blockchain, immigration, tax
advice, accounting, banking and administration services across
the world. Our services are offered in more than 70 jurisdictions,
including advising, planning, formation and incorporation as
well as management of international structures, full licensing
and post-licensing supports. Through our Licensed Service
Providers, professional Consultants and Tax Advisors, we assist in
choosing the most convenient jurisdictions, subject to your needs,
operations and business intentions. GFSC GLOBAL is a member
with CYFA, CIA, ACAMs, IIA, CIFA and many other associations.
Agias Zonis 22A, Iakovou center,
Office 101, 3027, Limassol - Cyprus
Isavella Evripidou – CEO/Founder
(+357) 25 269 400
Evripidou.i@gfscglobal.com
www.gfscglobal.com, www.gciecorp.com
CORPORATE SERVICES
SARA GUNNERVIK
MANAGING PARTNER
KENDRIS (CYPRUS) LIMITED
KENDRIS is your Swiss partner in Cyprus for family office,
trust and fiduciary services, international tax and legal advice,
accounting, outsourcing, aviation advisory and art management.
KENDRIS is fully owned and operated by its management and
employees. KENDRIS Group employs around 180 specialists,
and our clients comprise companies, individuals, and families
as well as family offices, financial institutions, law firms and tax
consultancies. We offer our clients tailored solutions to help them
achieve their objectives. Our strong presence and our specific
know-how in various sectors and markets make us an expert
and reliable partner for corporate clients, private clients, and
institutional clients.
Spyrou Kyprianou 50, Irida 3
12th Floor, Larnaca 6057 - Cyprus
Contact: Sara Gunnervik –
Office Managing Partner
(+357) 24 631 300
s.gunnervik@kendris.com
www.kendris.com
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CORPORATE SERVICES
STAVROS PAVLOU
CEO
PAGECORP GROUP
Pagecorp Group is a leading provider of corporate,
administration, secretarial and other related services based
in Cyprus, with a worldwide network of professional affiliates.
Licensed by the Cyprus Securities and Exchange Commission
(CySEC) and with over 20 years of experience in the fiduciary
and corporate services sector, the Group advises major local
and international organizations, institutions and groups, as
well as start-ups and entrepreneurs on all aspects of their
corporate needs, including relocating/headquartering in Cyprus.
Furthermore, the legal consultants, company administrators,
accountants and support staff of the Group can assist clients on
all matters relating to Cyprus International Trusts, international
tax planning, accounting, financial advisory, tax administration
and other related services.
334 Agiou Andreou & Eleftheriou Venizelou
corner, Vashiotis Business Centre, Ground
floor offices, 3035 Limassol - Cyprus
Contact: Stavros Pavlou - CEO
(+357) 25 878 866
info@pagecorpgroup.com
www.pagecorpgroup.com
CORPORATE SERVICES
GEORGE AYIOMAMITIS
MANAGING DIRECTOR
SOVEREIGN GROUP - CYPRUS
Sovereign is a leading independent provider of corporate,
private client and retirement planning services. Currently
managing over 20,000 structures for a wide variety of clients –
companies, entrepreneurs, private investors or high net worth
individuals (HNWIs) and their families – and have assets under
administration in excess of £20 billion. As an international
provider with a presence in over 20 jurisdictions around the
world, Sovereign is dedicated to offering integrated advice,
products and services to internationally mobile businesses
and people that have sophisticated and often complex needs.
Sovereign assist them to generate, structure and protect their
income and assets in the most efficient way.
16 Herodotou Street,
Limassol, 3095 - Cyprus
Contact: George Ayiomamitis
- Managing Director
(+357) 25 733 440
cy@SovereignGroup.com
www.SovereignGroup.com
CORPORATE SERVICES
ANDREAS MERCOURI
MANAGING DIRECTOR
TRIDENT TRUST COMPANY (CYPRUS) LIMITED
Founded in 1978, the Trident Trust Group is one of the largest
independent global providers of corporate, trust, fund, marine and
fiduciary services. With presence in more than 24 Jurisdictions
ensures access to a range of services that extends from traditional
corporate domicile representation to the administration
of complex trust and fund structures. Trident Trust Cyprus
established its presence over 25 years ago, is regulated by the
Cyprus Securities and Exchange Commission, and is today one
of the largest members of the local financial services industry,
employing over 80 professionally qualified staff.
Griva Digeni 115, Trident Centre
3101 Limassol - Cyprus
Contact: Andreas Mercouri -
Managing Director
(+357) 25 820 650
cyprus@tridenttrust.com
www.tridenttrust.com
CORPORATE SERVICES
NICK TERRY
MANAGING DIRECTOR
VISTRA (CYPRUS) LTD
At Vistra, we believe your business and your people can make a
difference in the world. That’s why our work is focused on helping
our clients act with confidence and speed to seize opportunity
wherever it arises. As a global corporate service provider and
fund administrator with more than 5,000 professionals in over 45
jurisdictions, we empower legal entities globally to work smarter,
grow faster, act responsibly, protect capital and scale across
borders — by doing what we do best: reducing risk and enhancing
efficiency. Discover how we can help you and your business seize
opportunity today by exploring our services at vistra.com.
2nd Floor Sotiri Tofini 4
Agios Athanasios, 4102 Limassol - Cyprus
Contact: Nick Terry - Managing Director
(+357) 25 817 411
Nick.Terry@vistra.com
www.vistra.com
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CYPRUSCOUNTRY REPORT 2022
ECONOMIC ANALYSIS
FIONA MULLEN
DIRECTOR
SAPIENTA ECONOMICS LTD
Sapienta Economics is a Nicosia-based economic consultancy
producing top-level analysis primarily on Cyprus for a range
of prestigious clients, including banks, oil/gas majors, big four
accounting firms and over a dozen embassies. Our services
include bespoke consultancy and the monthly Sapienta Country
Analysis Cyprus. Each month we take an in-depth look at prospects
for political stability, government effectiveness, a resolution of the
Cyprus problem, structural policies including natural gas, fiscal
performance, debt sustainability, banking sector stability and the
latest economic trends. No other organization offers such breadth
and depth of inter-related issues. Sapienta Economics and its
Director Fiona Mullen are independent, with no political ties in
Cyprus or abroad and no investment in Cyprus shares or bonds.
Tenedou 7, No 401, Lykavitos,
CY1055 Nicosia - Cyprus
Contact: Fiona Mullen - Director
(+357) 99 338 224
fiona.mullen@sapientaeconomics.com
www.sapientaeconomics.com
ENERGY
DEMETRIS C. FESSAS
ACTING DIRECTOR GENERAL
CYPRUS HYDROCARBONS COMPANY (CHC)
CHC is the National Oil and Gas Company of Cyprus. As a stateowned
company, CHC undertakes the commercial management
of the ownership rights of the Republic of Cyprus that arise from
the contracts with which it has entered into with oil and gas
companies within its Exclusive Economic Zone. The vision of
CHC is aligned with that of the Government of Cyprus, which is
to ensure the sustainable development of hydrocarbon resources
present in the Exclusive Economic Zone of the Republic of Cyprus,
in order to maximize the benefits for Cypriot society and future
generations.
53 Strovolou Avenue, Victory Building,
2018 Strovolos, Nicosia - Cyprus
Contact: Demetris Fessas –
Acting Director General
(+357) 22 203 880
d.fessas@chc.com.cy
www.chc.com.cy
EXECUTIVE EDUCATION
MARIOS SIATHAS
CHIEF EXECUTIVE OFFICER
EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)
The EIMF is an accredited and licensed Education Group that
offers learning and development opportunities, including
Global Qualifications, across an array of areas. EIMF possesses
a strong concentration within the areas of financial and
professional services (regulation, compliance, AML, banking,
funds), accounting, legal, management, as well as Information-
Technology through its New Horizons Computer Learning Centers.
Knowledge is delivered by established subject-matter experts,
through classroom, Live Online, eLearning and customized
learning solutions. With a presence in London, Brussels, Frankfurt,
Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and
Bucharest and over 5,000 students annually, 330+ programmes,
60+ instructors and 25 international Certifications, make the EIMF
a leader in the field of vocational education in the wider region.
25 Megaron Street, 2032 Strovolos
Nicosia - Cyprus
Contact: Marios Siathas -
Chief Executive Officer
(+357) 22 274 470
msiathas@eimf.eu
www.eimf.eu
FINANCIAL ADVISORY
DEMETRIS TAXITARIS
CHIEF EXECUTIVE OFFICER
MAP S.PLATIS GROUP
MAP S.Platis Group is a leading financial services consulting Group
with clients that include regulators, banks, funds and fund managers,
investment firms, brokers, fintech firms, insurance firms and payment
and electronic money institutions. Our expert team, currently
comprising over 400 high-calibre professionals, provides unique
and tailored solutions in licensing, regulatory compliance, risk management,
internal audit, human resources, regulatory technology,
information technology, business resilience, information security
including cybersecurity, governance, executive training and innovation
consulting to financial and other firms in the UK, Cyprus and the
EU. Thanks to our vast regulatory compliance experience, continued
interaction with regulatory authorities, unparalleled track record,
global network of associates and wealth of resources, our team can
support any client’s regulatory needs efficiently and effectively.
74 Archiepiskopou Makariou C, Floors 2-3,
Mesa Geitonia, 4003, Limassol - Cyprus
Contact: Herodotos Michael - Senior
Manager, Authorisations and Regulatory
Business Development (+357) 25 351 335
info@mapsplatis.com
www.mapsplatis.com
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CYPRUSCOUNTRY REPORT 2022
FUND ADMINISTRATION
ANDREAS ATHINODOROU
CEO
ATG FUND SERVICES
‘Creating Protecting and Growing Wealth’: We offer a
comprehensive range of services including initial fund structuring
advice, licensing, fund set up, fund management support, fund
administration/back-office, registrar transfer agent services, NAV
and regulatory reporting. As our clients’ trusted service partner
we act as a single contact point for their structures, centrally
coordinating all fund parties including the fund manager,
investors, depositary and the regulator. Our clients are Cyprus,
Cayman Islands and BVI funds that invest in liquid securities,
private equity, real estate, shipping and crypto assets. ATG Fund
Services is a member of the Athina Trust Group offering financial
services that include Corporate and Private Wealth services to
high-net-worth individuals and corporates.
KEMA Bldg, 5th Floor East,
21 Akademias Avenue, 2107,
Nicosia - Cyprus
Contact: Andreas Athinodorou - CEO
(+357) 22 057 570
andreas.athinodorou@atgfunds.com
www.atgfunds.com
FUND MANAGEMENT
NIKOLAS CHARALAMBOUS
CEO
INVEQO FUND MANAGEMENT LTD
Inveqo Fund Management Ltd (INVEQO) is an Alternative
Investment Fund Manager, authorised and supervised by the
Cyprus Securities and Exchange Commission (CySEC) with
license number AIFM32/56/2013. The team brings together
several years of experience in fund and investment management
services in various jurisdictions such as the United Kingdom,
Malta, Luxembourg and Cyprus. INVEQO provides a range of
services, including portfolio management, risk management,
administration, fund set-up, licensing and registration, and
other fund related services. Our mission is to create value for our
investors, clients and associates by demonstrating principled
industry leadership, offering high-quality services, and innovative
solutions.
16 Navarinou Street, Agios Andreas
CY-1100, Nicosia - Cyprus
Nikolas Charalambous - CEO
(+357) 22 666 500
info@inveqo.net
www.inveqo.net
FUND MANAGEMENT
MARIA PAPAKOKKINOU
EXECUTIVE DIRECTOR
IXI INVESTMENTS
IXI Investments is authorized by CySEC as an Alternative
Investment Fund Manager, focused on achieving capital growth
with relatively low drawdowns and low correlation and by actively
managing exposures in the G10 currencies and gold. IXI applies a
robust in-house developed investment process and an efficient
execution framework that allows it to tap into the FX market in a
timely and systematic manner, from the signal generation stage
to trades execution. IXI employs sophisticated computational
systems for its trading and execution algorithms which implement
advanced quantitative, mathematical, and statistical models.
Syntagmatos Square, Old Port, Building X1,
1ST Floor, 3042 Limassol - Cyprus
Contact: Maria Papakokkinou - COO
(+357) 25 262 669
info@ixi.com
www.ixi.com
FUND MANAGEMENT
ANDREY NARUTSKIY
MANAGING DIRECTOR, CEO
LEON MFO INVESTMENTS LTD
Leon MFO Investments Ltd is an Alternative Investment Fund
Manager authorized and regulated by CySEC (license number
AIFM 37/56/2013). The firm provides discretionary portfolio
management, fund management and investment advice. Total
assets under management exceed $800mln. Recently, Leon
launched two funds which are addressed to professional and wellinformed
investors: a) LEON Income Fund RAIF VCIC PLC and b)
LEON Global Hedge Fund RAIF VCIC PLC.
37, Theklas Lisioti, Gemini House,
Office 301, CY-3030, Limassol - Cyprus
Contact: Andrey Narutskiy -
Managing Director, CEO
(+357) 25 268 120
leonmfo@leonmfo.com
www.leoninvestments.com.cy
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CYPRUSCOUNTRY REPORT 2022
FUND MANAGEMENT
GEORGE W. SAMS
CEO
WEALTH FUND SERVICES LTD
Wealth Fund Services Ltd is a global advisory and asset
management company, based in Cyprus and licensed by
CySEC (Cyprus Securities & Exchange Commission) as an AIFM
management company with license No 6/78/2012. It operates
in the field of setting-up, running and managing UCITS Mutual
Fund, Registered Alternative Fund (RAIF) and Alternative
Investment Fund (AIF) in line with the recent EU Directive which is
implemented by the Cypriot legislation. It also offers Discretionary
Asset management and Advisory services to HNI and Institutional
clients. The primary goal of the Company is the protection of the
assets under management remaining focused on achieving high
return yields and providing top quality services to its investors.
Kennedy 12-14, Kennedy Business Center
Office 305, 1087, Nicosia - Cyprus
Contact: George Sams - CEO
(+357) 22 755 506-07
info@wealthfs.com.cy
www.wealthfs.com.cy
INVESTMENT PROMOTION
EVGENIOS EVGENIOU
CHAIRMAN
INVEST CYPRUS
Invest Cyprus (Cyprus Investment Promotion Agency) is the
investment authority of the Government of Cyprus dedicated to
attract and facilitate foreign direct investment into the country.
In close collaboration with all governmental authorities and
public institutions, as well as the private sector, Invest Cyprus is
the country’s lead agent in establishing Cyprus as a world-class
destination for international business activity and investments.
Invest Cyprus’ mandate is to raise awareness of Cyprus as a
destination for FDI across the globe, providing certainty around all
aspects of operating a business in Cyprus and supporting potential
investors in developing their business case for investment into the
country.
9 Makariou III Avenue,
4th Floor, 1065 Nicosia - Cyprus
(+357) 22 441 133
info@investcyprus.org.cy
www.investcyprus.org.cy
INVESTMENT SERVICES
JOHNY ABUAITAH
CEO
WINDSOR BROKERS LTD
Windsor Brokers was established in Limassol Cyprus with roots
dating back to 1988. The Company was the first Cypriot Investment
Firm of its type to be licensed and regulated by the Central Bank
of Cyprus, and by 2004, it was regulated by the Cyprus Securities
and Exchange Commission. Our company’s mission is to empower
people in the pursuit of their financial goals. For over three
decades, we have remained committed to serving investors who
place security, integrity, and reliability at the forefront of their
investment goals.
Windsor Brokers Business Center,
Spyrou Kyprianou 53, Mesa Geitonia
4003 Limassol - Cyprus
Contact: Jabra Serieh - Director of Marketing
(+357) 25 500 700
Jabra.Serieh@WindsorBrokers.eu
www.windsorbrokers.eu
LAW FIRM
ANGELOS G. PAPHITIS
MANAGING PARTNER
A.G.PAPHITIS & CO. LLC
AGP & Co is a highly reputable, leading, dynamic and award
winning Law Firm. Our reputation for excellence is recognized
worldwide. Based in Cyprus with strong international presence
and a full service office in the UAE, we serve our clients as a team,
with a common focus on innovation, efficiency and agility. We
provide full service Legal, Corporate, FS Advisory & Regulatory
Compliance/AML, Crypto Licensing, Tax, Immigration, Relocation
and Real Estate services. AGP & Co consists of the following main
departments: Dispute Resolution; Corporate/Commercial; FS
Advisory & Regulatory Compliance; Real Estate & Immigration;
Tax-Accounting-Audit. Delivering excellent client service that
benefits from long and lasting relationships, we are dedicated to
providing our clients with superior results.
“AGP Chambers”, 84 Spyrou
Kyprianou Avenue,
4004 Limassol - Cyprus
Postal Address: P.O.Box 58419,
3734 Limassol - Cyprus
Contact: Angelos G. Paphitis
- Managing Partner
(+357) 25 731 000
angelos.paphitis@agplaw.com
www.agplaw.com
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CYPRUSCOUNTRY REPORT 2022
LAW FIRM
AGNI LIVERA
MANAGING DIRECTOR
AGNI LIVERA LLC
Agni Livera LLC is a highly experienced and fully serviced law firm,
based in Nicosia, Cyprus. Agni Livera LLC offers a complete array
of legal services specialising in the areas of Banking & Finance,
Company law, Insurance law, Debt Collection, Employment law,
Intellectual Property, Fund services, Regulatory and Compliance
services as well as a full range of Fiduciary services. Following
a client centric approach, the firms’ high-caliber lawyers are
equipped to accommodate all your legal needs, offering the
highest level of service and advice applicable in a fast and costefficient
way, always operating with discretion, professionalism,
integrity and transparency.
1-3 Bouboulinas Street, Bouboulina
Building, 3rd Floor, Office 34,
1060 Nicosia - Cyprus
Contact: Agni Livera – Managing Director
(+357) 22 552 733
agni@liveralaw.com
www.liveralaw.com
LAW FIRM
LORENZO TOFFOLONI
PARTNER
ANDREAS TH. SOFOKLEOUS LLC
With nearly 40 years of experience, Andreas Th. Sofokleous
LLC is a dynamic and modern boutique law firm. Andreas Th.
Sofokleous LLC has been ranked on top-notch legal directories
(such as Chambers and Partners) and received accomplishments
from different organizations. The firm specializes in private client
matters and corporate law (including cross border transactions). It
regularly advises high net worth individuals on a range of matters,
including tax planning, inheritance and asset management.
2, Agapinoros Street & Makariou III,
IRIS TOWER, Offices 403-405,
1076, Nicosia - Cyprus
Contact: Lorenzo Toffoloni - Partner
(+357) 22 763 601
info@aslaw.eu
www.aslaw.eu
LAW FIRM
ANTONIS PASCHALIDES
SENIOR PARTNER: HEAD OF
ENERGY LAW DEPARTMENT
ANTONIS PASCHALIDES & CO LLC
Antonis Paschalides & Co LLC is a boutique, medium-size law firm
based in Nicosia that has provided legal services on a local and
international level for over 40 years. The Firm has associates in
UK, Russia, Greece and France. The trust of clients and associates
in the high quality of work provided by the Firm is reflected on
the projects in which it is involved, and which include some of
the biggest investments ever made in Russia and Eastern Europe.
Main areas of practice: Mergers & Acquisitions, Corporate Law,
Banking, Civil & Commercial litigation, Family Law, Conveyance &
Estate Planning.
Makariou & Ayias Elenis 36,
Galaxias Building, 5th floor, Office
502, 1061 Nicosia - Cyprus
Contact: Lila Kartelia, Head of
Litigation Department
(+357) 22 661 661
l.kartelia@paschalides.com
www.paschalides.com
LAW FIRM
ARETI CHARIDEMOU
FOUNDER
ARETI CHARIDEMOU & ASSOCIATES LLC
Areti Charidemou & Associates LLC was established in 1990 with
a vision of being committed to excellence while creating a wellrespected
diverse portfolio of international clientele. Our areas
of expertise range from Property Law to Trust Law, Company
Law, Mergers and Acquisitions, Tax and Estate Law and Shipping
Law. Our knowledgeable professionals provide legal services in
a variety of issues including buying properties and investing in
Cyprus or abroad, advice on the optimum tax structure based
on the individual circumstances, incorporate companies in
Cyprus or abroad, support the operation of the companies after
the incorporation, provide nominee services if required, etc.
Our objective is to ensure that our clients, whether these are
individuals, small business entities or large organizations, benefit
from the best of legal advice.
Vasili Michailidi 21-23,
3026 Limassol - Cyprus
Contact: Areti Charidemou - Founder
(+357) 25 508 000
info@aretilaw.com
www.aretilaw.com
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CYPRUSCOUNTRY REPORT 2022
LAW FIRM
ELENI TZIONI
MANAGING DIRECTOR
E. TZIONI & ASSOCIATES LLC
E. Tzioni & Associates LLC is a fastly growing boutique law firm
based in Nicosia, Cyprus. With its innovative and flexible approach,
E. Tzioni & Associates LLC delivers the most efficient, complete
and optimum quality service available today. E. Tzioni & Associates
LLC takes the pride of covering a wide area of knowledge and
expertise possessing strong legal background and experience in
corporate and commercial matters, with a special emphasis on
mergers and acquisitions, banking and finance, joint ventures
and international, cross-border transactions and start-ups as
well as litigation matters. Our practice further possesses a robust
background in alternative investment funds and other regulated
entities, providing full services ranging from the set up to creation
and functioning.
7 Dositheou Street, Para Building,
Block A, Office 001, 1071 Nicosia - Cyprus
Contact: Eleni Tzioni - Managing Director
(+357) 22 932 293
info@tzionilaw.com.cy
www.tzionilaw.com.cy
LAW FIRM
ELIAS NEOCLEOUS
MANAGING PARTNER
ELIAS NEOCLEOUS & CO LLC
Award-winning Elias Neocleous & Co LLC is the largest law firm
in Cyprus and one of the top law firms in south east Europe. With
more than 150 lawyers and other professionals based in offices
in Cyprus, Brussels, Budapest, Kiev and Prague we offer a valueadded
service which is second to none. We are dedicated to
diversity in recruitment and to retaining experienced specialists
in every practice area. Combined with our investment in IT and
knowledge management infrastructure, this means we are able
to tackle the largest and most demanding national and crossborder
assignments. Elias Neocleous and Co LLC is professional,
responsive, innovative, and represents the legal practice of the
future.
Neocleous House, 195 Makarios Avenue,
P O Box 50613, Limassol CY 3608 - Cyprus
Contact: Elias Neocleous - Managing Partner
(+357) 25 110 110
info@neo.law
www.neo.law
LAW FIRM
GEORGE Z. GEORGIOU
MANAGING PARTNER
GEORGE Z. GEORGIOU & ASSOCIATES LLC
George Z. Georgiou & Associates LLC is a full-service Cypriot
law firm with offices in Nicosia and Limassol. It consists of
approx.70 lawyers, arbitrators, legal consultants and support
staff and is ranked in the main international legal directories:
Chambers & Partners, Legal 500 and Who’s Who Legal. The
Firm’s specialist departments include: Arbitration • Banking &
Finance • Commercial • Corporate (incl. M&A) • Data Protection •
Employment & Pensions • Estate Planning • EU Law • Family Law •
Intellectual Property & Media • Litigation (Cyprus & International)
• Private Client • Probate • Property & Construction • Regulatory
& Compliance • Tax • Tech. As the sole Cypriot member of the
international law alliances Ius Laboris and GALA, it is able to
provide any client with prompt, fully-coordinated, yet locally
specific advice from countries across the globe.
Head Office: 1 Iras Street,
1060 Nicosia - Cyprus
(+357) 22 763 340
admin@gzg.com.cy
www.gzg.com.cy
LAW FIRM
LEANDROS PAPAPHILIPPOU
MANAGING PARTNER
L PAPAPHILIPPOU & CO LLC
L Papaphilippou & Co LLC was founded in 1963. Through constant
and consistent work, it is now one of the leading and most
respectable law firms in Cyprus. The firm quickly established
strong presence in the fields of corporate and shipping law,
litigation, banking and finance, wealth management and
immigration, thus achieving good cross-border reputation, which
led to the development of a concrete international professional
network and client base. Our list of clients includes regulatory
bodies, local and international banking and financial institutions,
insurance, shipping and listed companies, multinationals and
high net worth individuals.
17 Ifigenias Street, 2007 Strovolos,
P.O.Box 28541, 2080 Nicosia - Cyprus
Contact: Leandros Papaphilippou
- Managing Partner
(+357) 22 271 000
info@papaphilippou.eu
www.papaphilippou.eu
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CYPRUSCOUNTRY REPORT 2022
LAW FIRM
NICKY XENOFONTOS
FOUNDER, MANAGING
PARTNER
N. XENOFONTOS LLC LAW FIRM
N. Xenofontos LLC is a specialist, boutique business centric law
firm, servicing both private clients and businesses. In providing
our specialised services we deploy a collaborative workflow,
resulting in efficient and solid advice, experience, with agility.
Our specialist, tailored expertise ecompasses these core
services: Corporate Advisory; Corporate Secretarial / Corporate
Administration; Professional Fiduciary services; Trusts / Estate
Planning / Establishment and administration; M&A / Joint Ventures;
Intellectual Property; Insolvency, Bankruptcy and Restructuring;
Contractual; Legal Opinions; Compliance, AML , Regulatory and
Privacy law; Legal Training / Seminars / Webinars; Real Estate;
Employment; Immigration & Migration. Our philosophy is simple:
“Knowledge is of no use unless put into practice” - Anton Chekhov
4 Promitheos Street,
Executive Centre, 1st floor, office M01
1065 Nicosia - Cyprus
Contact: Nicky Xenofontos –
Founder, Managing Partner
(+357) 22 25 20 77
nicky@xenofontosllc.com
www.xenofontosllc.com
LAW FIRM
STAVROS PAVLOU
SENIOR AND MANAGING
PARTNER
PATRIKIOS PAVLOU & ASSOCIATES LLC
Patrikios Pavlou & Associates LLC is a leading law firm in Cyprus.
With nearly 60 years of experience in the local and international
legal market, the Firm has developed distinguished expertise
in dispute resolution and ADR and a renowned legal consulting
department. The legal teams are constantly involved in some of the
largest cross-border banking, financial and corporate transactions
and handle complex litigation, arbitration and mediation matters.
In close cooperation with the associated Pagecorp Group, the
Firm provides its clients with a comprehensive range of corporate
and other related services. The Firm is highly recommended by
prestigious legal directories worldwide for its distinctive legal
services.
Patrician Chambers, 332
Agiou Andreou Street,
3035 Limassol - Cyprus
Contact: Stavros Pavlou - Senior
and Managing Partner
(+357) 25 871 599
spavlou@pavlaw.com
www.pavlaw.com
LAW FIRM
CELIA POURGOURA
PARTNER
POURGOURA & ASPRI LLC
We are a progressive commercial Law Firm, comprising of a team
of dynamic and highly specialised lawyers with diverse academic
and professional backgrounds. Our paramount objective is to offer
the highest level of professional and personalised service to the
client, yet in a quick, efficient and affordable manner. Our mission
is to establish ongoing and long term relations with our clients
through commitment, specialisation and by offering tailor made
professional service by directing each client’s needs in a personal,
individual way. By choosing to work with us you are assured to
be provided with a complete all round solution regarding your
business affairs, as we maintain close relations with a vast number
of related disciplines in other cities and overseas.
33 Klimentos Street, Office 401,
1061 Nicosia - Cyprus
Contact: Vasiliki Pourgoura
(+357) 22 460 831
celia.pourgoura@ca-advocates.com
www.ca-advocates.com
LAW FIRM
STELIOS AMERICANOS
MANAGING PARTNER
STELIOS AMERICANOS & CO LLC
Stelios Americanos & Co LLC is a full services, highly innovative
law firm with headquarters based in Nicosia, Cyprus and a
branch in Athens, Greece. It specializes in corporate, commercial
and banking law, corporate and commercial litigation, real
estate, financial advisory & regulation and blockchain legal
advisory. Stelios Americanos & Co LLC provides its services to
governmental organizations, international banking institutions,
public companies and multinational corporations. Moreover
Stelios Americanos & Co LLC has created close relationships with
reputable international legal and consulting firms and is, thus,
able to assist clients with their cross-border transactions and
needs. Today, Stelios Americanos & Co LLC is considered one of the
leading law firms in Cyprus in the areas of its specialty.
12, Demostheni Severi Av.
Office 601, 6th Floor 1080 Nicosia - Cyprus
Contact: Stelios Americanos
- Managing Partner
(+357) 22 465 500
stelios@americanoslaw.com
www.americanoslaw.com
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CYPRUSCOUNTRY REPORT 2022
NON PROFIT
MARIA MARKIDOU
GEORGIADOU
MANAGING DIRECTOR
CYPRUS SEEDS
Cyprus Seeds is a non-profit organization with the mission to
support the commercialization of innovative academic research
in Cyprus. To achieve its objectives, Cyprus Seeds offers an
annual 12M program to a small number of scientific teams whose
projects give breakthrough solutions to world problems from any
area, including health, environment, and art. In addition to grants,
it offers mentoring, business skills training, and networking
with investors. Cyprus Seeds is funded through donations
from Foundations, corporations, and individuals in Cyprus and
abroad. Among the great achievements of Cyprus Seeds are the
signing for two option-to-be licensing agreements, the creation
of one start-up company, and the spinning out of the University
of Cyprus a solar energy research project.
Antinou 18, Strovolos,
Nicosia, 2034 - Cyprus
Contact: Maria Markidou Georgiadou
- Managing Director
(+357) 22 364 522
maria@cyprusseeds.com
www.cyprusseeds.com
REAL ESTATE
MICHALIS
HADJIPANAYIOTOU
CEO
CYBARCO DEVELOPMENT LTD
Cybarco is the leading luxury property developer in Cyprus. Part
of the prestigious Lanitis Group, Cybarco is behind many of the
island’s landmark projects, including Aphrodite Hills Golf Resort,
Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Marina
and Trilogy Limassol Seafront. Cybarco is also responsible for
the exclusive sales of the luxury properties at Limassol Greens,
the most anticipated new golf resort in Cyprus. With over 75
years’ experience at the top of its industry, Cybarco has earned its
reputation for outstanding quality and dedicated customer care by
consistently delivering projects to the highest standards.
10 Tefkrou Anthia Street,
Dali Industrial Zone, 2540 Nicosia - Cyprus
Contact: Michalis Hadjipanayiotou - CEO
(+357) 22 741 300
info@cybarco.com
www.cybarco.com
REAL ESTATE
GEORGE IOANNOU
CEO
KORANTINA HOMES
With over 30 years of experience in developing some of the most
luxurious, high aesthetic, projects in Cyprus, Korantina Homes
has become the most reputable name in the development of
luxury and exclusive properties. Our company emphasizes
establishing long-lasting relationships with our clients by offering
personalized services. Our award-winning flagship luxury resorts,
Cap St Georges, Coral Residences and Soho Resort have attracted
exclusive clientele from every corner of the globe including several
celebrities and internationally renowned jet setters. Our group has
also expanded into the tourism & hospitality sector by developing
the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star
hotel located at Soho Resort.
Trikomou Str. 32, 8560
Pegeia Paphos, Cyprus
Contact: Melina Rafti – Business
Development Director
(+357) 26 623 536
info@korantinahomes.com
www.korantinahomes.com
REAL ESTATE
EVANGELIA ELIADOU
EXECUTIVE DIRECTOR
PAFILIA PROPERTY DEVELOPERS LTD
Pafilia is the largest privately-owned residential developer in
Cyprus, dedicated to delivering the best in concept, design,
quality and service. With a vast property portfolio and projects
in enviable locations throughout Cyprus and Greece, we offer
excellent investment opportunities and lifestyle orientated
homes. Pafilia is also the developer behind three groundbreaking
destination resorts, ONE – the tallest residential
seafront tower in Europe, NEO – a unique development of 4
towers on the Limassol seafront and Minthis - the islands most
exclusive leisure and lifestyle resort conveniently located in the
wine producing region of Paphos.
Pafilia House,
33 Nicodemou Mylona Street,
P.O. Box 60159, 8101 Pafos - Cyprus
Contact: Andrea Lindsay –
Group Marketing Manager
(+357) 26 848 800
info@pafilia.com
www.pafilia.com
115

CYPRUSCOUNTRY REPORT 2022
REAL ESTATE
SAVVAS KAKOS
CEO AND BOARD DIRECTOR
QUALITY GROUP
Quality Group is one of the leading investment and development
organizations in Cyprus and the Mediterranean, with over 30
years of experience, operating in numerous projects. The group
managed to transform from a traditional construction company
into a strong organisation by embracing the diversification that
the market had to offer. Through trusting the market, the group
managed to build a diversified client-based portfolio, providing
a variety of investment options. As a result, Quality Group has
evolved through four distinct fundamental pillars: Quality Property
Developments, Quality Hospitality, Quality Education, and Quality
Medical. Our commitment to a people-focused approach as well as
our uncompromising dedication to quality ensures that excellence
and client satisfaction is delivered.
41, Costantinou Paleologou str.
6036, Larnaca - Cyprus
(+357) 24 821 855
Info@qualitydevelopments.com
qualitygroupcyprus.com
REAL ESTATE
MICHALIS
HADJIPANAYIOTOU
EXECUTIVE DIRECTOR
TRILOGY LIMASSOL SEAFRONT
Brought to life by a world-class collaboration of architects,
designers and developers, Trilogy is an exciting new beachfront
development in the heart of Limassol. Three landmark buildings
surrounding a bustling inner plaza, Trilogy is a place to live, work
and play. Its luxury apartments blend the aspirational dream of
high-end living, with the sophistication of urban cool. State-ofthe-art
offices also enjoy first-class services and uninterrupted
sea views from every window. Three distinct social areas offer
resident-only facilities for secluded leisure and relaxation, as well
as a lively public plaza that can be enjoyed and experienced by
everyone. Your story begins here…
341, 28th October Avenue
3106 Limassol - Cyprus
Contact: Yiorgos Georghiou - Sales Director
(+357) 25 362 800
info@trilogylimassol.com
www.trilogylimassol.com
RECRUITMENT
SOPHIE ARISTODEMOU
CO-FOUNDER
CAREERFINDERS RECRUITMENT SERVICES LIMITED
CareerFinders Recruitment Services Limited is one of Cyprus’
most well-respected and established providers of tailor-made
recruitment solutions to many of the largest and most well-known
local and international companies operating across the Island.
With offices in both Nicosia and Limassol, our highly experienced
team of recruitment professionals have the knowledge and
expertise to ensure that our clients receive the most suitable
and well-qualified candidates to suit their recruitment needs.
The industry sectors we service include Accounting/Audit, Legal,
Corporate/Fiduciary, Information Technology, Shipping, Oil & Gas,
Banking/Finance and many more. If you are a company seeking to
recruit the very best talent in Cyprus, please contact us today.
Head Office: 6th Floor, Athlos Building,
28 Nikis Avenue, Nicosia 1086 - Cyprus
Contact: Sophie Aristodemou - Director
(+357) 22 002 285
jobs@careerfinders.com.cy
www.careerfinders.com.cy
RECRUITMENT
STEVE SLOCOMBE
FOUNDER / DIRECTOR
GRS RECRUITMENT
With more than 17 years of presence and experience in Cyprus,
our expertise in the provision of Recruitment, Payroll, HR,
and Outplacements services is un-paralleled. By working in
partnership with our clients, we provide tailored services based
on a thorough understanding of each client’s circumstances
and needs. We specialise in: Permanent Recruitment Search &
Selection, Temporary Recruitment Services, Payroll Solutions,
Recruitment Process Outsourcing, Salary Benchmarking,
Outplacement and Psychometric Personality Assessment.
Our team consists of a highly capable team with international
experience and local knowledge.
Head office: Agathangelou Business Centre,
101 Gladstonos Street,
Limassol, 3032 - Cyprus
Contact: Steve Slocombe - Founder/Director
(+357) 25 342 720
jobs@grsrecruitment.com
www.grsrecruitment.com
116

CYPRUSCOUNTRY REPORT 2022
RESEARCH INSTITUTION
PROF. COSTAS N.
PAPANICOLAS
PRESIDENT
THE CYPRUS INSTITUTE
The Cyprus Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit
research and educational institution with a strong scientific
and technological orientation. It is a regional Center of Excellence,
addressing issues of regional interest but of global significance,
with an emphasis on cross-disciplinary research and international
collaborations. Areas of research include Solar Thermal Energy
and Energy Storage, Climate and Environmental Research,
Technologies for Archaeology and Cultural Heritage, High-
Performance Computing, Simulation and Hyper-infrastructures.
CyI is also an accredited, degree-granting institution of higher
education that offers unique, high-quality Master’s and PhD
programs to select students from around the world, and provides
training for future researchers and scholars in partnership with
leading international universities.
20 Konstantinou Kavafi
2121 Aglantzia - Cyprus
Contact: Dr. Nicolas Jarraud - Assistant
Vice-President for Institute Affairs
(+357) 22 208 700
international.relations@cyi.ac.cy
www.cyi.ac.cy
TRANSPORT & LOGISTICS
GEORGE MAVROS
MANAGING DIRECTOR
SKYLINK SERVICES LTD
Skylink Services Ltd is a provider of ground handling services
for Executive Aviation Aircraft in Cyprus. We began operations
in 1998, filling the gap in the Executive Aircraft ground handling
market at both International Airports of Cyprus, Larnaca and
Paphos. Skylink Services owns and operates the only FBO facility
at Larnaka Airport offering around-the-clock professional VIP
aircraft and passenger handling services. Currently representing
over 400 companies that own or operate executive aircraft
worldwide. Skylink Services also manages and operates the
Heads of State Lounge facility at Larnaka International Airport.
This Lounge is used by all Heads of State visiting the Republic of
Cyprus as well as a host of other visiting dignitaries.
P.O. Box 43012, Larnaca Airport,
6650 Larnaca - Cyprus
(+357) 24 840 900
(+357) 24 643 334 24hr Operation
flightops@skylink.com.cy
www.skylink.com.cy
TRANSPORT & LOGISTICS
SOFOCLES TYMVIOS
CEO
SWISSPORT CYPRUS LIMITED
Swissport has been present in Cyprus since January 2006
providing Passenger, Ramp, Ticketing, Cargo, and executive
aviation services at both the island’s airports. It is a subsidiary
of Swissport International, the world’s largest Airport provider
of ground and air cargo services, active at over 287 airports in
45 countries across all five continents. With more than 850
client-companies Swissport provides airport ground services
for 97 million passengers, and 5.1 million tons of cargo at
121 warehouses world-wide per annum, with a workforce of
48,000. In Cyprus Swissport employs over 500 people, trained
at the highest level and in line with industry standards and
procedures.
Office 2, Larnaka International Airport
Contact: Michael Kokkinos -
Commercial Manager
(+357) 24 008 781
Michael.kokkinos@swissport.com
www.swissport.com
WEB DEVELOPMENT
ALEX CONSTANTI
MANAGING DIRECTOR
IDEASEVEN DIGITAL
Ideaseven are a dynamic, enthusiastic online digital development
agency with over 17 years of experience. We focus on providing
global solutions in digital marketing, web & app development,
branding and design services. At ideaseven, we understand
that design and development requires continuous mutual
communication with our clients. Together, we can provide a
constantly productive and evolving project. We can help visualize
even the craziest ideas, converting them into elegant, awesome
experiences and catchy products. We have worked with a lot of
prestigious brands and have delivered award winning projects
throughout the years.
Pentadactylou 2, office 104,
6060, Larnaca - Cyprus
Contact: Alex Constanti – Managing Director
(+357) 24 823 832
info@ideaseven.com
www.ideaseven.com
117

TheProfilerGroup
16, Elia Papakyriakou, Suite 101,
Engomi, 2415 Nicosia, Cyprus
cyprus@theprofilergroup.com
www.theprofilergroup.com
www.cyprusprofile.com