2022-2023 Cyprus Country Report

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TheProfilerGroup<br />

Global Edition <strong>2022</strong><br />

cyprusprofile.com<br />

CYPRUS<br />

COUNTRY REPORT <strong>2022</strong><br />

HQ MAGNET:<br />

Increase in global companies migrating to <strong>Cyprus</strong><br />


FDI <strong>Cyprus</strong> maintains<br />

strong pull factor with<br />

global investors<br />

SECTORS TO WATCH Energy,<br />

Investment Funds, ICT, Film,<br />

Research and Education<br />

WHO’S WHO Guide to <strong>Cyprus</strong>’<br />

leading companies,<br />

executives and advisors

CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

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November <strong>2022</strong><br />

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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Contents<br />


Key Facts & Figures 6<br />


A Key Player in the East Med 10<br />


A Diversified Future 14<br />


Growth Fuelled by Resilience 22<br />


EU Investment Destination 30<br />


Minister of Energy, Commerce, and Industry Natasa Pilides 42<br />


HQ Magnet 44<br />


Attracting Non-EU Business 50<br />


Find out more about the economic sectors of <strong>Cyprus</strong> 56<br />


Guide to doing business in <strong>Cyprus</strong> including business costs, commercial and<br />

residential property, and salary survey 58<br />


Tax and Regulatory Regime of <strong>Cyprus</strong> 65<br />


The Profiler Group Essential Expat Guide 72<br />


Leading Developments in <strong>Cyprus</strong> 91<br />


The definitive guide to <strong>Cyprus</strong>’ leading companies, executives, and professional<br />

advisors 95<br />


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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

CYPRUS<br />

AT A<br />

GLANCE<br />

Lying at the crossroads of Europe, Asia and Africa, <strong>Cyprus</strong> has long served as a<br />

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

the Mediterranean Sea and shares a maritime border with Egypt 300km to the<br />

south, Lebanon 108km to the east and Turkey 71km to the north, while mainland<br />

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

strategic location has long made it a jewel in the crown of the powers of the day.<br />

PAPHOS<br />

(Pafos)<br />

101,900<br />

Paphos<br />

International<br />

Airport<br />


(Lemesos)<br />

258,900<br />


(Lefkosia)<br />

351,600<br />

Larnaca<br />

International<br />

Airport<br />


(Larnaka)<br />

154,200<br />

35ºN<br />

33ºE<br />


(Ammochostos)<br />

51,500<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

CYPRUS<br />

DATA<br />


EU & Eurozone<br />

World Trade<br />

Organization<br />

United Nations<br />

Council of Europe<br />

Commonwealth<br />

World Bank & IMF<br />


89.1%<br />

Greek Orthodox<br />

2.9% Roman Catholic<br />

2.0% Protestant/Anglican<br />

1.8% Muslim<br />

1.7% Unknown/Atheist<br />

1.0% Buddhist<br />

1.5% Other<br />


918,100<br />

Republic of <strong>Cyprus</strong><br />

79%<br />

Cypriot<br />

21%<br />

Non-Cypriot<br />


Greek &<br />

Turkish<br />

(business generally<br />

conducted in English)<br />

TIME<br />

+2 Hours<br />

ahead of GMT<br />


340 days<br />

of sunshine/year<br />

AREA & SIZE<br />

9,251 km 2<br />

(3,355 km 2 in the<br />

occupied area)<br />


132<br />

(persons per km 2 )<br />


38<br />


Euro (€)<br />


503 mm<br />

average annual<br />


+13ºC<br />

Winter<br />

+34ºC<br />

Summer<br />


<strong>Cyprus</strong> Mail<br />

Phileleftheros<br />

Politis<br />

CyBC<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

CYPRUS<br />




€23.4<br />

billion<br />

(2021)<br />


€26,031<br />

(2021)<br />

12.3%<br />

Taxes & Subsidies<br />

5.4%<br />

Construction<br />

7.5%<br />

Mining, manufacturing,<br />

electricity & water<br />

GDP<br />


73.1%<br />

Services<br />

1.8%<br />

Agriculture,<br />

forestry & fishing<br />


7.5%<br />

(2021)<br />


5.5%<br />

(2021)<br />


2.3%<br />

(2021)<br />


Standard & Poor’s<br />

BBB<br />


TAX RATE<br />

12.5%<br />



1.3 days<br />



IFRS<br />

Fitch<br />

BBB- Moody’s<br />

Ba1<br />

(September <strong>2022</strong>)<br />


UK<br />

Germany<br />

Italy<br />

France<br />

Israel<br />

Greece<br />

China<br />

CRIME<br />

0.9 per<br />

100 persons<br />

<strong>Cyprus</strong> is the safest<br />

country in the world for<br />

young people out of<br />

184 countries across<br />

the globe.<br />


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

International Limited, a private English company limited by guarantee. All rights reserved.<br />

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

CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


A Key Player in<br />

the East Med<br />

The geostrategic location of <strong>Cyprus</strong> at the crossroads<br />

of three continents, and its friendly diplomatic<br />

relations with regional neighbours and beyond,<br />

have helped establish the island as an international<br />

business centre and key player in the East Med.<br />

T<br />

he Republic of <strong>Cyprus</strong> is a unitary presidential representative republic, where the<br />

President of <strong>Cyprus</strong> is both head of state and head of government, and executive<br />

power is exercised by the government. Legislative power is vested in both the<br />

government and the parliament, and the judiciary is independent of the executive and<br />

the legislature. The seventh president of the Republic of <strong>Cyprus</strong>, Nicos Anastasiades,<br />

was re-elected for another five-year term on 4 February 2018. The conservative<br />

candidate and head of the DISY party won his second term following a run-off<br />

presidential election with a majority of 55.99% of the vote. The next presidential<br />

elections in <strong>Cyprus</strong> will be held on 5 February <strong>2023</strong>. If no candidate receives a majority<br />

of the vote, a runoff will be held on 12 February <strong>2023</strong>. The incumbent president is not<br />

eligible to run due to the two-term limit.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

The division of <strong>Cyprus</strong> remains one of<br />

the most long-standing and prominent<br />

issues in the political arena. UN-brokered<br />

peace talks between the Greek and Turkish<br />

Cypriot leaderships, which first began in<br />

1968, are still ongoing. These negotiations<br />

are aimed at finding a sustainable solution<br />

to the ‘<strong>Cyprus</strong> Problem’, which led to the<br />

de facto division of the island between<br />

the mainly Greek-speaking south and the<br />

mainly Turkish-speaking north for over<br />

four decades. Anastasiades and Turkish<br />

Cypriot leader Ersin Tatar have been<br />

holding talks in a bid to reunify the island<br />

though this has proved to be challenging<br />

as Tatar openly supports a two-state<br />

solution. Efforts to resume the UN-led<br />

talks are underway, but rising tensions<br />

since 2020 between <strong>Cyprus</strong>, Greece and<br />

Turkey over hydrocarbons explorations<br />

in <strong>Cyprus</strong>’ Exclusive Economic Zone (EEZ)<br />

and the upcoming presidential elections<br />

have complicated the process further.<br />




The 1960 constitution provided for power<br />

sharing between the Greek Cypriot and<br />

Turkish Cypriot communities. Votes<br />

on important issues required separate<br />

parliamentary majorities, and the<br />

Greek Cypriot president and the Turkish<br />

Cypriot vice president both had the right<br />

of veto on important decisions. The<br />

system of government is presidential,<br />

with the separation of powers between<br />

the executive and the legislature. The<br />

presidential term lasts five years, with the<br />

next presidential election due in February<br />

<strong>2023</strong>. Ministers, who are appointed by<br />

the president, cannot hold seats in the<br />

House of Representatives. The House of<br />

Representatives is elected by proportional<br />

representation. Its normal term is five years.<br />


In 1960 <strong>Cyprus</strong> gained independence from Britain and became a unitary state of both<br />

Greek- and Turkish-Cypriots (respectively around 80% and 20% of the population). In<br />

July 1974, a right-wing coup backed by the military junta in power in Greece overturned<br />

the democratically elected government, forcing the Cypriot President Archbishop<br />

Makarios to flee. This prompted Turkey, one of the guarantor powers, which also include<br />

Greece and the UK, to send its troops into the island to support the Turkish Cypriot<br />

minority. Fierce fighting followed and the ensuing ceasefire line – known as the Green<br />

Line and patrolled by United Nations troops – has effectively partitioned the island<br />

ever since. However, visitors can safely access either side through various checkpoints<br />

along the Green Line. Today, Nicosia is the world’s last divided capital since the fall of<br />

the Berlin Wall. The population of the southern two-thirds of the island, controlled<br />

by the government of the Republic of <strong>Cyprus</strong>, is almost entirely Greek Cypriot, while<br />

the population of the northern third, controlled by the breakaway Turkish Republic of<br />

Northern <strong>Cyprus</strong> (recognised only by Turkey) comprises Turkish Cypriots, settlers from<br />

the Turkish mainland and around 42,000 Turkish troops.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Colonised by the ancient Greeks in 1400 BC, <strong>Cyprus</strong> has had a succession of foreign<br />

rulers through the centuries, including the Romans, the Byzantines, the Franks<br />

and the Venetians, whose 300-year rule ended in 1571 when the island became part<br />

of the Ottoman Empire. After almost 250 years of Ottoman rule, <strong>Cyprus</strong> was placed<br />

under British administration in 1878. The island finally became independent in 1960<br />

after a protracted and violent struggle against the colonial power between 1955 and<br />

1959. After lengthy negotiations, Britain, Greece and Turkey drafted a constitution for<br />

the new state, along with Treaties of Guarantee and Alliance. The Republic of <strong>Cyprus</strong><br />

came into being in August 1960. The constitution and the two accompanying treaties<br />

established a complex power-sharing structure between Greek and Turkish Cypriots,<br />

which precluded partition of the island, or union with Greece or Turkey. Both countries,<br />

along with Britain, were also designated guarantors of the independence, territorial<br />

integrity and security of the Republic. The constitution<br />

provided for a Greek Cypriot president and a Turkish<br />

Cypriot vice president, while the Turkish Cypriot<br />

community was granted three ministerial positions out<br />

of a total of 10, and 15 out of the 50 seats in the House of<br />

Representatives. After intercommunal strife between<br />

the two communities in 1963, Turkish Cypriots vacated<br />

their seats. Since then, ministerial positions have<br />

increased to 11, all duties carried out by Greek Cypriots<br />

and the number of parliamentary seats has extended to<br />

80 of which 30% (24) are allocated to Turkish Cypriots<br />

as per the constitution but remain vacant.<br />

Nicos Anastasiades<br />

President of the<br />

Republic of <strong>Cyprus</strong><br />


President of the Republic of <strong>Cyprus</strong> - Nicos Anastasiades<br />

Minister of Foreign Affairs - Ioannis Kasoulides<br />

Minister of Finance - Constantinos Petrides<br />

Minister of Interior – Nicos Nouris<br />

Minister of Defence – Charalambos Petrides<br />

Minister of Health - Michalis Hadjipantelas<br />

Minister of Education, Sport and Youth – Prodromos Prodromou<br />

Minister of Transport, Communications and Works – Yiannis Karousos<br />

Minister of Energy, Commerce and Industry – Natasa Pilides<br />

Minister of Agriculture, Rural Development and Environment - Costas Kadis<br />

Minister of Labour and Social Insurance - Kyriakos I. Koushos<br />

Minister of Justice and Public Order – Stephie Dracos<br />

Government Spokesman – Marios Pelekanos<br />

Shipping Deputy Minister – Vassilis Demetriades<br />

Deputy Minister of Tourism – Savvas Perdios<br />

Deputy Minister of Research, Innovation and Digital Policy – Kyriacos Kokkinos<br />

Deputy Minister of Social Welfare – Anastasia Anthousi<br />

Deputy Minister of Culture – Yiannis Toumazis<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


<strong>Cyprus</strong> joined the EU on 1 May 2004<br />

together with nine other European<br />

countries. Under the terms of its accession<br />

the entire island is considered technically<br />

to be a member of the European Union,<br />

despite its continued division and the<br />

fact that the government of the Republic<br />

has no effective authority in the northern<br />

part of the island. However, the terms<br />

of the acquis communautaire, the EU’s<br />

body of laws, have been suspended in the<br />

north. <strong>Cyprus</strong> has historically followed a<br />

non-aligned foreign policy, although it<br />

increasingly identifies with the West in<br />

its cultural affinities and trade patterns<br />

and maintains close relations with<br />

Greece. Turkey refuses to recognise the<br />

government of the Republic of <strong>Cyprus</strong>, The Presidential Palace<br />

arguing that the latter – as established by<br />

the Constitution of 1960 – ceased to exist when the intercommunal violence that broke<br />

out in December 1963 ended Turkish Cypriot participation in government. As a result,<br />

Turkey still refuses to allow Cypriot-flagged vessels access to its ports, despite pressure<br />

from the European Union. <strong>Cyprus</strong> is a member of the United Nations and most of<br />

its agencies, as well as the Commonwealth of Nations, World Bank, International<br />

Monetary Fund and Council of Europe. In addition, the country has signed the General<br />

Agreement on Tariffs and Trade (GATT) and the Multilateral Investment Guarantee<br />

Agency Agreement (MIGA).<br />


Dominant<br />

Political Parties:<br />

Democratic Rally (DISY),<br />

a right-wing party<br />

Progressive Party of<br />

the Working People (AKEL),<br />

a left-wing party<br />

Democratic Party (DIKO),<br />

a centre-right party<br />

Smaller<br />

Political Parties:<br />

Movement of Social Democracy<br />

(EDEK), a social democratic party<br />

Ecologists Movement, also known<br />

as the <strong>Cyprus</strong> Green Party<br />

Democratic Front (DIPA), a<br />

centrist political party<br />

National People’s Front (E.L.A.M.),<br />

an ultranationalist party<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


A Diversified Future<br />

Renowned since antiquity, <strong>Cyprus</strong> has reinvented itself<br />

multiple times and is going through another exciting<br />

transformation today. The island nation has big ambitions<br />

to diversify its economy by placing innovation at its core,<br />

while it continues to attract professional expats and<br />

foreign investors to its shores thanks to its relaxed lifestyle<br />

coupled with bourgeoning prospects in multiple sectors.<br />

Located in the eastern Mediterranean at the crossroads of Europe, the Middle East<br />

and Africa, <strong>Cyprus</strong>’ strategic position has always played a key role in shaping its<br />

10,000-year history and in developing the island into a convenient centre for trade<br />

and international business. Despite being a country of less than a million people,<br />

the Republic of <strong>Cyprus</strong> has steadily built itself into a thriving business centre over<br />

the decades. An EU and eurozone member for over a decade, and with one of the<br />

highest educated populations in Europe, <strong>Cyprus</strong> has built a strong service-based<br />

economy. Its low-cost business environment with a wealth of support services, a<br />

sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an<br />

extensive network of double taxation agreements with 67 countries – has developed<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

<strong>Cyprus</strong> into an important European and regional financial and business services<br />

hub. The country is also one of Europe’s favourite holiday destinations, enjoying<br />

340 days of glorious sunshine a year and boasts a beautiful coastline teeming with<br />

stretches of golden sand, secluded bays and rocky coves, all surrounded by some of<br />

the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted<br />

with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms<br />

to exquisite Byzantine art and magnificent Venetian architecture. Add to<br />

this the vibrant and cosmopolitan lifestyle where East meets West, <strong>Cyprus</strong> offers the<br />

perfect balance between business and leisure.<br />


While the Republic of <strong>Cyprus</strong> is a<br />

Greek-speaking nation, English<br />

is almost universally spoken and is the<br />

language of international business.<br />

German, French and Russian speakers<br />

are also easily found, thanks to the high<br />

number of Cypriots with international<br />

degrees, the country’s commercial ties<br />

with the global business community,<br />

and the island’s popularity as a tourist<br />

destination. <strong>Cyprus</strong> is well known for its<br />

hospitality, a fact reflected in the Greek word, xenos, used for both stranger and guest.<br />

Life is meant to be enjoyed in <strong>Cyprus</strong>, which is renowned for its excellent quality of<br />

life. Cafe culture predominates, with both business and social meetings taking place<br />

over a leisurely frappe (iced coffee) in the numerous cafes in every town and city. As<br />

with most Mediterranean cultures, food also plays a vital role in family and social<br />

life. The famous <strong>Cyprus</strong> meze – a large selection of small, delectable dishes – is best<br />

enjoyed siga siga (slowly) and al fresco.<br />


<strong>Cyprus</strong> has a resilient economy that has time and time again proven its capacity<br />

to adjust to continuously changing conditions and bounce back from external<br />

shocks. Before its independence from<br />

the UK in 1960, the <strong>Cyprus</strong> economy was<br />

primarily based on agriculture and the<br />

export of minerals. However, in the last<br />

few decades the country has established<br />

itself as a serious international business<br />

and service centre for shipping, financial<br />

services and commerce, and is classified<br />

by the World Bank as a high-income<br />

country. The island’s accession to the EU<br />

in 2004 with the subsequent adoption<br />

of the euro in 2008, was the catalyst for<br />

its transformation into a competitive<br />

financial and business services hub. I<br />

15<br />

Offering a tax-efficient<br />

EU company domicile, the<br />

country is also emerging as<br />

a compelling destination for<br />

regional headquarters and<br />

a base for tech companies,<br />

as well as an increasingly<br />

attractive location for fund<br />

managers and promoters

CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Following the country’s financial crisis<br />

in 2013, <strong>Cyprus</strong> undertook a major<br />

reform agenda and while still facing<br />

some economic challenges, the small<br />

EU nation has demonstrated resilience<br />

and an ability to bounce back to growth.<br />

The year 2015 signalled a sooner-thanexpected<br />

exit from recession and a rapid<br />

economic turnaround followed, with 2017<br />

recording almost 4% growth – earning<br />

<strong>Cyprus</strong> praise as an economic success<br />

story. <strong>Cyprus</strong>’ resilience in the face of the<br />

pandemic was once again evident with<br />

GDP growth reaching a strong 5.5% in<br />

2021, although the European Commission<br />

forecasts a downturn to 3.2% growth in<br />

<strong>2022</strong>. Consistent credit rating upgrades<br />

have further boosted confidence and<br />

foreign direct investment has been<br />

flowing into all key sectors. <strong>Cyprus</strong> has<br />

retained and strengthened its status as an<br />

attractive investment gateway to the EU<br />

and other high-growth markets, as well<br />

as a secure base to tap into opportunities<br />

in the Middle East. Offering a tax-efficient<br />

EU company domicile, the country is also<br />

emerging as a compelling destination<br />

for regional headquarters and a base for<br />

tech companies, as well as an increasingly<br />

attractive location for fund managers and<br />

promoters.<br />


<strong>Cyprus</strong> has big ambitions in the<br />

investment funds sector to establish<br />

itself as a contender in the global asset<br />

management industry. The steady growth<br />

in both Assets under Management and in<br />

the number of fund structures licensed<br />

and active in <strong>Cyprus</strong> have underlined<br />

the strength and appeal of the novice<br />

domicile. Assets under Management<br />

(AuM) have seen a formidable increase<br />

from €2.7 billion in 2016 to €11.1 billion in<br />

the first quarter of <strong>2022</strong>, showing that it is<br />

not the sector’s size but its fast growth that<br />

has impressed, and is being recognised<br />

by the global asset management and<br />


& FIGURES<br />

EU Member since 2004,<br />

Eurozone member since 2008<br />

<strong>Cyprus</strong>’ maritime sector accounts<br />

for €1 billion in annual revenue and<br />

is around 7% of the island’s GDP<br />

<strong>Cyprus</strong> is an established<br />

international business and service<br />

centre for shipping, financial<br />

services and commerce, and is<br />

classified by the World Bank as<br />

a high-income country<br />

Investment funds have already<br />

invested more than €2 billion<br />

in several sectors of the Cypriot<br />

economy, such as shipping,<br />

hospitality, education, healthcare,<br />

and renewable energy<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

investor community. Investment funds have already invested more than €2 billion<br />

in several sectors of the Cypriot economy, such as shipping, hospitality, education,<br />

healthcare, and renewable energy. <strong>Cyprus</strong> offers both EU-regulated Undertakings of<br />

Collective Investment in Transferable Securities (UCITS) and Alternative Investment<br />

Funds (AIFs). In July 2018, the country upgraded its AIF framework and introduced<br />

Registered AIFs (RAIFs), which do not require authorisation by the supervising <strong>Cyprus</strong><br />

Securities and Exchange Commission (CySEC) to commence operations provided they<br />

are externally managed by an Alternative Investment Fund Manager (AIFM) based<br />

in <strong>Cyprus</strong> or another EU country. The upgraded legislation has been hailed ‘groundbreaking’<br />

and offers a significantly more time- and cost-efficient means of establishing<br />

AIFs in <strong>Cyprus</strong>. Today, the majority of alternative investment funds in <strong>Cyprus</strong> are of a<br />

small and medium size and focus on debt and equity securities, real estate and private<br />

equity. However, <strong>Cyprus</strong> has also attracted larger funds including one with assets of<br />

€500 million under management. The number of alternative investment funds has<br />

more than doubled in the last five years and foreign UCITS are now widely marketed<br />

in <strong>Cyprus</strong>, including ones promoted by international financial institutions such as JP<br />

Morgan, UBS and Julius Baer.<br />


A<br />

major success story for <strong>Cyprus</strong> has been the maritime sector, which accounts for<br />

around €1 billion in annual revenue and approximately 7% of the island’s GDP<br />

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

shipmanagement and business services to the industry, the <strong>Cyprus</strong> Registry is<br />

classified as the third largest merchant fleet in the European Union and the 11 th largest<br />

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

the top three in the world. The sector has seen growth in the past few years and <strong>Cyprus</strong><br />

is currently looking at restructuring the commercial shipping sector to strengthen its<br />

competitive edge. Since introducing an advantageous EU-approved tonnage tax system<br />

in 2010, the island has continued to attract increasing numbers of shipping companies<br />

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

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

managed fleet.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Apart from the sun and the sea,<br />

<strong>Cyprus</strong> has few natural resources<br />

and has been dependent on oil imports<br />

to satisfy its energy demands. However,<br />

the substantial discovery of natural gas<br />

and potential oil deposits in <strong>Cyprus</strong>’<br />

Exclusive Economic Zone (EEZ) in<br />

the Mediterranean Sea is expected to<br />

change all this. Exploratory drillings by<br />

global energy giants have confirmed<br />

natural gas reserves that could meet<br />

<strong>Cyprus</strong>’ domestic gas demand for over<br />


IThe country’s top-tier<br />

universities and research<br />

institutes are also playing a<br />

pivotal part in these efforts<br />

to create a more sustainable<br />

energy mix through innovation<br />

in smart tech and research in<br />

ways to battle climate change<br />

100 years, and a surplus for export. The<br />

hydrocarbons race in <strong>Cyprus</strong>’ waters has attracted international energy heavyweights,<br />

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

waters for new discoveries and multiple auxiliary services companies have set up<br />

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

become a bit of a boom segment for <strong>Cyprus</strong> recently. The government is placing strong<br />

focus on renewable energy and working towards achieving a zero-carbon economy.<br />

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

in these efforts to create a more sustainable energy mix through innovation in smart<br />

tech and research in ways to battle climate change.<br />


The technology space in <strong>Cyprus</strong> is seeing a fresh boost with more state support to the<br />

sector, the launch of new national strategies to integrate innovative tech, and fresh<br />

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

its new focus on long-term development outcomes, <strong>Cyprus</strong> is determined to diversify<br />

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

IT in <strong>Cyprus</strong> is the financial sector, followed by the telecoms providers and the public<br />

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

area where <strong>Cyprus</strong> punches well above its weight. Unprecedented investment into the<br />

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

innovation and research hub, but as a regional centre of excellence providing strong<br />

links with the global scientific and technical innovation community.<br />


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

Covid the country saw consecutive years of record-breaking numbers of tourist<br />

arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,<br />

tourist arrival figures are rebounding and new projects currently underway are<br />

set to strengthen and upgrade <strong>Cyprus</strong>’ tourism product and encourage more yearround<br />

visitors, a strategy <strong>Cyprus</strong> is fully committed to. These projects range from the<br />

construction of new golf courses, luxury marina developments and the upgrading of<br />

the island’s wellness and medical tourism product. A new and exciting prospect is the<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Kourion<br />

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

integrated resort, run by a consortium with renowned Hong Kong player Melco, will<br />

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


The <strong>Cyprus</strong> real estate sector was showing strong market performance straight<br />

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

However, by October 2021, sales to the European market increased 68% and <strong>2022</strong><br />

has shown dynamic momentum in sales so far. <strong>Cyprus</strong>’ appeal has remained strong<br />

amongst international investors, expats and retirees thanks to its Mediterranean<br />

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

conveniently located between three continents. <strong>Cyprus</strong> has one of the highest home<br />

ownership rates in Europe and also has a longstanding market for second homes and<br />

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

developments, increased foreign investment in top hotels and major infrastructure<br />

projects springing up, <strong>Cyprus</strong>’ attractiveness as a property investment location is set to<br />

grow in the coming years.<br />

Ayia Napa Marina<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


<strong>Cyprus</strong>’ FDI appeal has been on an upward trajectory thanks to a robust economy.<br />

Real GDP growth averaged 4.6% in 2015-19 and in 2021 the economy showed<br />

strong performance with 5.5% growth, regaining lost ground from the height of the<br />

Covid-19 pandemic. For the last several years, <strong>Cyprus</strong> has been a hive of activity with<br />

several notable projects already implemented or in the pipeline, strengthening the<br />

country’s image and appeal. Foreign investment flows have been significant. In the<br />

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

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

playing a significant role, while investment in communications is now also beginning<br />

to gain importance. Ongoing improvements in the macroeconomic and financial<br />

environment have also revived international interest in around 30 major development<br />

projects on the island. Investment opportunities in <strong>Cyprus</strong>’ large-scale projects span<br />

various sectors, including high-value tourism and housing developments, projects with<br />

a special focus on golf courses and luxury marinas, as well as education, energy, and<br />

more recently the international film sector. The growth performance of <strong>Cyprus</strong> over<br />

the last five years has been exceptional and even exceeded international expectations,<br />

while successive credit rating upgrades and new incentives have attracted billions in<br />

foreign investment since 2015, with significant inflows from the US, Asia, Russia and the<br />

Middle East. <strong>Cyprus</strong>’ liberalised Foreign Direct Investment Policy, both for EU citizens<br />

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

the most attractive centres for FDI in Europe.<br />

Parklane Limassol<br />


Offering a professional yet relaxed atmosphere that makes doing business<br />

pleasurable as well as profitable, <strong>Cyprus</strong>’ Mediterranean lifestyle coexists happily<br />

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

both worlds: a safe and comfortable environment for family life and a sophisticated<br />

infrastructure from which to grow and develop business. <strong>Cyprus</strong> combines numerous<br />

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

corporate tax rate and tax breaks for high earners, its pro-business government<br />

and highly skilled workforce – as well as promising growth and development across<br />

numerous economic sectors. With <strong>Cyprus</strong>’ prospects on the rise, the country has all the<br />

right elements firmly in place to strengthen its reputation as an international centre of<br />

business excellence in one of Europe’s most interesting investment locations. n<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Growth Fuelled<br />

by Resilience<br />

The economy of <strong>Cyprus</strong> has consistently surprised<br />

by its ability to bounce back from times of adversity,<br />

underscoring the strength of the small island<br />

nation. Despite several shocks in the last decade<br />

the country has managed to stay on track, diversify<br />

and attract new investment, earning its reputation<br />

as one of the most resilient EU economies.<br />

For its small size, <strong>Cyprus</strong> punches above its weight and has become synonomous<br />

with the word resilience. Following a decade of significant economic shocks, the<br />

country has shown consistent ability to rebound. The economy recovered swiftly after<br />

the banking crisis in 2013, returning to investment grade rating in 2018 and recording<br />

annual average real GDP growth of 5.4% in 2016-19. The economy also rebounded<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

quickly after the global pandemic in 2020. The figures tell a remarkable story with real<br />

GDP growth hitting -5.0% in 2020 and rocketing back to 5.5% in 2021. During the past<br />

few years the banks have consolidated, boosted and diversified their capital base and<br />

cut non-performing loans by over 80%. At the same time, the government reformed its<br />

public finances, brought debt back to sustainable levels and paid off its debt to the IMF<br />

five years early. These achievements gave the government the fiscal space to extend<br />

sustained support to enterprises affected by the pandemic.<br />

Substantial financial support for the EU’s green and digital transition agenda has<br />

given renewed impetus to digitisation, liberalisation and green reforms, while new<br />

incentives continue to be launched to attract a broad array of quality foreign investment.<br />

This fresh focus is set to raise the economy’s competitiveness further and leverage the<br />

eurozone economy’s highly educated population.<br />


The <strong>Cyprus</strong> economy is dominated by services, which accounted for 83.4% of gross<br />

value added in 2021, while industry accounted for 8.5%, construction 6.1% and<br />

agriculture, forestry and fishing 2.0%. Over the past two decades the economy has<br />

diversified. While tourism remains one of the most significant sectors – especially<br />

because of its wider impact on retail, transport, construction and employment –<br />

its value-added contribution, when narrowly defined as accommodation and food<br />

services, has now been overtaken by professional services, communications, financial<br />

services and real estate.<br />

Diversification has been made possible by the growing importance of <strong>Cyprus</strong> as<br />

an international business centre. Information and communication services have<br />

expanded rapidly from a low base, as the country takes advantage of its geostrategic<br />

location at the intersection of three continents. Administrative services are also rising<br />

fast, boosted by the growing compliance industry. As in many advanced countries, the<br />

largest single sector is wholesale and retail trade, serving the general population as<br />

well as incoming tourists.<br />


I<br />

mportant structural support in <strong>Cyprus</strong>’ efforts to stay on its robust growth path<br />

is coming from the Deputy Ministry of Research, Innovation and Digital Policy,<br />

which was established in March 2020 and was key to accelerating digitisation of the<br />

public sector at the height of the pandemic. The government has also launched a<br />

raft of initiatives to support competitiveness and the green transition. These include<br />

incentives for the island’s budding wine sector, to support entrepreneurship and for<br />

energy upgrades in buildings.<br />

Key prospects lie in energy including renewables, interconnectivity, tourism and<br />

headquartering. Energy prospects arise from offshore natural gas finds, further<br />

electricity liberalisation and investment in renewables, while opportunities for<br />

interconnectivity will come from the submarine electricity cables that will link <strong>Cyprus</strong><br />

to the European and African continents. Investment in expanding and upgrading the<br />

island’s tourism offering will continue, while prospects for headquartering have been<br />

boosted by the government’s early public health interventions to rapidly contain the<br />

pandemic. This has further enhanced the country’s reputation as a safe eurozone<br />

location in which to do business.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

6.0<br />


IMF EC Sapienta<br />

5.0<br />

4.0<br />

3.0<br />

2.0<br />

1.0<br />

0.0<br />

-1.0<br />

5.7<br />

5.7<br />

5.7<br />

5.3<br />

5.3<br />

5.3<br />

-5.0<br />

2020<br />

-5.0<br />

-5.0<br />

5.5<br />

5.5<br />

5.5<br />

2.0<br />

3.2<br />

4.7<br />

3.5<br />

2.1<br />

0.8<br />

2018 2019 2021 <strong>2022</strong> (f) <strong>2023</strong> (f)<br />

-2.0<br />

-3.0<br />

-4.0<br />

-5.0<br />



25<br />

25<br />

20<br />

20<br />

15<br />

15<br />

10<br />

5<br />

18.9<br />

20.2 21.6 23.0 21.6 23.4<br />

22,229<br />

23,554<br />

24,840<br />

26,090<br />

24,235<br />

26,031<br />

10<br />

5<br />

0<br />

2016 2017 2018 2019 2020 2021<br />

2016 2017 2018 2019 2020 2021<br />

0<br />

Sources: IMF, Staff <strong>Report</strong>, June <strong>2022</strong> • European Commission Summer Interim Forecast, July <strong>2022</strong><br />

Sapienta <strong>Country</strong> Analysis <strong>Cyprus</strong>, August <strong>2022</strong> • Cystat<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Agriculture<br />

& mining<br />

2.2%<br />

Construction<br />

6.1%<br />

Accommodation<br />

& food services<br />

5.3%<br />

Professional services<br />

8.8%<br />

Other services<br />

40.5%<br />

Manufacturing,<br />

electricity, gas & water<br />

8.4%<br />

Financial<br />

services<br />

8.2%<br />

Wholesale &<br />

retail trade<br />

11.1%<br />

Public administration<br />

& defence<br />

9.5%<br />

120<br />


IMF EC Sapienta<br />

100<br />

80<br />

60<br />

40<br />

20<br />

0<br />

91.1<br />

91.1<br />

91.1<br />

115.0<br />

115.0<br />

115.0<br />

103.9<br />

103.6<br />

103.6<br />

2019 2020 2021<br />

<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />

97.7<br />

93.9<br />

89.7<br />

94.1<br />

88.8<br />

82.0<br />

87.8<br />

n/a<br />

70.9<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


0.0<br />

-1.0<br />

-5.7<br />

2019 2020 2021<br />

<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />

-5.7<br />

-5.7<br />

-10.1<br />

-10.1<br />

-10.1<br />

-7.3<br />

-7.2<br />

-7.2<br />

-8.2<br />

-8.8<br />

-8.3<br />

-6.8<br />

-7.2<br />

-8.6<br />

-5.7<br />

n/a<br />

-8.2<br />

-2.0<br />

-3.0<br />

-4.0<br />

-5.0<br />

-6.0<br />

-7.0<br />

-8.0<br />

-9.0<br />

-10.0<br />

IMF EC Sapienta<br />

7.0<br />

6.0<br />



INFLATION (%)<br />

IMF EC Sapienta<br />

5.0<br />

4.0<br />

3.0<br />

2.0<br />

1.0<br />

0.0<br />

0.5<br />

0.5<br />

2019<br />

0.5<br />

-1.1<br />

-1.1<br />

2020<br />

-1.1<br />

2.3<br />

2.3<br />

2021<br />

2.3<br />

5.3<br />

7.0<br />

7.7<br />

2.3<br />

3.3<br />

4.7<br />

2.0<br />

n/a<br />

4.5<br />

<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


IMF EC Sapienta<br />

8.0<br />

2019 2020 2021<br />

<strong>2022</strong> (f) <strong>2023</strong> (f) 2024 (f)<br />

7.0<br />

6.0<br />

5.0<br />


Standard & Poor’s<br />

BBB<br />


DBRS<br />

BBB<br />

STABLE<br />

Fitch Ratings<br />

BBB-<br />

STABLE<br />

Moody’s<br />

BA1<br />

STABLE<br />


(non-performing exposures as % of gross loans; scaled y-axis)<br />

Source: Central Bank of <strong>Cyprus</strong><br />

50<br />

40<br />

30<br />

20<br />

10<br />

0<br />

46.4<br />

42.5<br />

30.5<br />

28.0<br />

DEC’16 DEC’17 DEC’18<br />

DEC’19 DEC’20 DEC’21<br />

17.7<br />

11.1<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

FDI LIABILITIES IN €/MILLION (investments in <strong>Cyprus</strong>)<br />

2011<br />

28,909<br />

2012<br />

53,807<br />

2013<br />

19,586<br />

2014<br />

38,828<br />

2015<br />

26,118<br />

2016<br />

7,722<br />

2017<br />

12,762<br />

2018<br />

-565<br />

2019<br />

37,357<br />

2020<br />

-132<br />



(€/billion) Source: Central Bank of <strong>Cyprus</strong><br />

Russia 97<br />

Luxembourg 60<br />

Switzerland 49<br />

Jersey 24<br />

Netherlands 19<br />

British Virgin Islands 13<br />

Ukraine 12<br />

United Kingdom 12<br />

Guernsey 12<br />

France 4<br />


€389 BILLION<br />

INWARD FDI (liabilities)<br />

BY COUNTRY 2019<br />

(€/million) Source: Central Bank of <strong>Cyprus</strong><br />

Luxembourg 13,127<br />

Switzerland 4,403<br />

Russia 4,116<br />

United States 3,848<br />

Netherlands 755<br />

China 442<br />

United Kingdom 210<br />

British Virgin Islands 128<br />

Ukraine 33<br />

Lebanon 31<br />


€23,389 MILLION<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Transport<br />

equipment<br />

1,079<br />

Mineral<br />

products<br />

661<br />

Chemicals<br />

530<br />

Live animals<br />

313<br />

Machinery &<br />

electrical equipment<br />

214<br />

Food, beverages<br />

& tobacco<br />

109<br />

Base metals &<br />

products<br />

90<br />

Vegetable<br />

products<br />

66<br />

Unclassified<br />

39<br />

Other<br />

185<br />

TOTAL EXPORTS Includes re-exports €3,287 MILLION<br />


FOR GOODS IN 2021<br />

(€/million)<br />

Includes re-exports • Source: Cystat<br />

Greece 252<br />

Lebanon 285<br />

Marshall Islands 251<br />

United Kingdom 213<br />

British Virgin Islands 202<br />

Libya 181<br />




(€/million) Source: Cystat<br />

Consumer goods 2,418<br />

Intermediate inputs 2,360<br />

Transport equipment & parts 1,768<br />

of which: ships & boats 898<br />

Capital goods 559<br />

Fuels & lubricants 1,346<br />

Unclassified 81<br />


€8,531 MILLION<br />

Germany<br />

527<br />

Netherlands<br />

437<br />

Italy<br />

872<br />

Greece<br />

2,036<br />

Israel<br />

403<br />


OF GOODS IN 2021<br />

(€/million)<br />

Source: Cystat<br />

China<br />

430<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


EU Investment<br />

Destination<br />

<strong>Cyprus</strong> has attracted formidable foreign<br />

investment from around the world with billions<br />

flowing into new projects in multiple sectors,<br />

proving the island nation continues to have a<br />

strong pull factor with global investors.<br />

<strong>Cyprus</strong> has been a hive of activity in recent years, with several notable projects<br />

already implemented or in the pipeline, strengthening the country’s image and<br />

foreign direct investment (FDI) appeal. Large-scale real estate projects, luxury marinas<br />

and tourism infrastructure, coupled with developing opportunities in the energy, asset<br />

management and shipping sectors have all reinforced <strong>Cyprus</strong>’ status as an interesting<br />

investment destination.<br />

An added benefit of <strong>Cyprus</strong> is its geostrategic location and secure and stable EU<br />

environment in an often-turbulent region. These factors coupled with the introduction<br />

of new incentives are encouraging increasing numbers of companies from across<br />

the world to set up headquarters on the island, solidifying its position as an attractive<br />

gateway to both established and developing markets. More recently, <strong>Cyprus</strong> has also<br />

started to gain serious traction in attracting more innovative high-tech organisations<br />

to set up on its shores – rebranding itself as an emerging tech hub.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Successive credit rating upgrades over the years and the continuous introduction<br />

of new incentives have attracted billions in foreign investment to <strong>Cyprus</strong>, with<br />

substantial inflows from the US, Asia, the Middle East and Eastern Europe. The sectors<br />

that have seen the most significant FDI so far are: finance, most notably in shipping;<br />

real estate in new luxury developments and infrastructure projects; information and<br />

communication; retail trade; and professional services, in particular head-office<br />

activities.<br />

Although having faced some serious<br />

economic shocks over the last ten years,<br />

the resilience and growth performance<br />

of <strong>Cyprus</strong> has been exceptional and even<br />

exceeded international expectations.<br />

Real GDP growth averaged 5.3% in 2015-<br />

19, and while 2020 marked a critical<br />

downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth<br />

bouncing back to 5.5%. Foreign investment flows have been significant. In the tenyear<br />

period 2012-2021, net inflows reached almost €18 billion. This investment was<br />

driven by equity, with the shipping/shipping finance and real estate sectors playing<br />

an important role.<br />


The technology and communications sector in <strong>Cyprus</strong> has become fiercely<br />

competitive, with a number of players deploying cutting edge solutions to both<br />

increase their local market share and generate growth through the launch of new<br />

technology and products. 5G was rolled out in 2021, making <strong>Cyprus</strong> the first EU state to<br />

achieve 100% 5G coverage.<br />

<strong>Cyprus</strong> is already home to a number<br />

of major tech firms, such as NCR,<br />

Amdocs, Wargaming, 3CX, Exness,<br />

Bolt, Thomson Reuters, Melsoft Games,<br />

and Nexters, and has gained ground<br />

in successfully attracting investment<br />

capital in blockchain. The country’s startup<br />

community has also grown stronger<br />

with more than 200 enterprises and<br />

4,000 entrepreneurs, fostering more<br />

opportunities for business angels and<br />

venture capitalists looking to invest<br />

risk capital in exchange for equity in<br />

promising business ideas. In addition, a<br />

key attraction for high-tech companies<br />

is the <strong>Cyprus</strong> Intellectual IP Box Regime,<br />

I5G was rolled out in 2021, making<br />

<strong>Cyprus</strong> the first EU state to achieve<br />

100% coverage<br />

IIn the ten-year period 2012-2021,<br />

net inflows reached almost<br />

€18 billion<br />

which provides a competitive maximum<br />

tax rate of 2.5% on income earned from<br />

IP assets. <strong>Cyprus</strong>’ regime also applies to<br />

a wider range of income compared to<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

other European schemes, most of which restrict benefits to income from patents and<br />

supplementary patent certificates.<br />

<strong>2022</strong> saw more global names invest in <strong>Cyprus</strong>, with European digital neobanking<br />

platform Revolut, valued at US$33 billion, becoming the first entity to receive approval<br />

as a crypto-asset service provider from the <strong>Cyprus</strong> regulator. The authorisation<br />

will enable Revolut to offer crypto services to its 17 million customers in the EEA<br />

out of a new crypto-asset hub in <strong>Cyprus</strong>. Revolut said its choice was down to the<br />

sophisticated regulatory regime of the country, which has already attracted the likes<br />

of Crypto.com, eToro and BitPanda. A leading US consumer services and applications<br />

software provider, TangoMe, also announced plans to launch offices in <strong>Cyprus</strong>. The<br />

internationally renowned tech company, with an annual revenue of around US$350<br />

million, will establish a strong presence in Limassol with a sizeable number of<br />

employees relocating to <strong>Cyprus</strong>.<br />

Another project set to bolster <strong>Cyprus</strong>’ efforts to become a regional telecoms and data<br />

hub and attract more investment, was <strong>Cyprus</strong>’ leading telecoms provider Cyta signing<br />

a €850 million venture with Greece and Saudi Arabia for the construction of the East<br />

Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,<br />

the modernisation of state infrastructure and speeding up the adoption of cloud<br />

services in <strong>Cyprus</strong> were key targets of the signing of a Memorandum of Understanding<br />

with Amazon Web Services (AWS) in <strong>2022</strong>, a collaboration that will open up a new era<br />

of opportunities.<br />


32<br />

<strong>Cyprus</strong> is developing into a regional<br />

education and knowledge hub with<br />

the rapid expansion of tertiary education<br />

and its universities steadily climbing up<br />

global rankings. The country has already<br />

established synergies with international<br />

universities, most notably the University<br />

of Nicosia launching the island’s first degree<br />

programme in medicine in collaboration<br />

with St George’s Medical School at<br />

the University of London, and University<br />

of Central Lancashire – <strong>Cyprus</strong> (UCLan),<br />

IThe number of foreign<br />

students choosing <strong>Cyprus</strong><br />

for their studies has almost<br />

tripled in the last five years,<br />

representing over 60 different<br />

countries and supporting the<br />

growth of <strong>Cyprus</strong> into a true<br />

global educational centre

CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

18th<br />

á 50 PLACES<br />

<strong>Cyprus</strong> ranked in 18th place in the<br />

2021 Greenfield FDI Performance<br />

Index, climbing 50 places<br />

compared to the year before<br />

Top 10<br />

<strong>Cyprus</strong> is in the top10<br />

ranking of countries that<br />

stand out for the post-pandemic<br />

investment recovery<br />

á150%<br />

Greenfield investments in <strong>Cyprus</strong><br />

rose by 150% in the first half of <strong>2022</strong><br />

from the same period of 2019<br />

á600%<br />

increase in software and<br />

IT investments in <strong>Cyprus</strong><br />

between 2019 and <strong>2022</strong><br />

Sector<br />

Source: FDI Intelligence<br />

Source: FDI Intelligence<br />


€/Billion<br />

Finance & Insurance 41.7<br />

Real Estate 4.8<br />

Information & Communication 1.4<br />

Professional Scientific & Technical 1.3<br />

Total (including others) 52.7<br />

being the first British university to establish a campus on the island. This has since<br />

been followed by the announcement of the American University of Beirut (AUB) to establish<br />

a €29 million campus in Paphos in <strong>2023</strong> – branded the American University of<br />

Beirut-Mediterraneo. The aim is to accommodate over 2,000 students in the coming<br />

years.<br />

<strong>Cyprus</strong> hosts an impressive and<br />

fast-growing R&I ecosystem, featuring<br />

high quality academic and research institutions<br />

and six Centres of Excellence (CoE).<br />

The <strong>Cyprus</strong> Institute has established itself<br />

as a significant research institute with<br />

global networks of excellence supported<br />

by significant EU funding. The number<br />

I<strong>Cyprus</strong> hosts an impressive and<br />

fast-growing R&I ecosystem,<br />

featuring high quality academic<br />

and research institutions and<br />

six Centres of Excellence (CoE)<br />

of foreign students choosing <strong>Cyprus</strong> for their studies has almost tripled in the last five<br />

years, representing over 60 different countries and supporting the growth of <strong>Cyprus</strong><br />

into a true global educational centre. This fact underlines the great opportunities that<br />

exist in <strong>Cyprus</strong> for the establishment of new universities, colleges and institutes.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


The 2017 commercialisation of the country’s largest port in Limassol marked a new<br />

era for <strong>Cyprus</strong> as a commercial hub. The port privatisation came in the context of<br />

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

terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation<br />

deal with Eurogate International GmbH and leading Emirati logistics giant DP World<br />

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

the new port operators have injected millions in upgrading services and infrastructure.<br />

The more recent contract for the Larnaca<br />

port and marina was signed with<br />

a Cypriot-Israeli consortium, Eldeman<br />

Holding BV and Alexandrou Corporate<br />

Services Ltd, in late 2020 and is expected<br />

to attract around €1.2 billion in construction<br />

and real estate development – making<br />

it one of the biggest infrastructure investments<br />

to date in <strong>Cyprus</strong>.<br />

One of <strong>Cyprus</strong>’ most successful export<br />

services has been the maritime industry.<br />

The growth of <strong>Cyprus</strong>’ resident shipping<br />

sector over the past 50 years has developed<br />

IThere has been a fivefold<br />

increase in the number of<br />

shipping companies that have<br />

registered with <strong>Cyprus</strong>’<br />

specialised shipping<br />

taxation system<br />

boosting the sector’s<br />

revenue by around 25%<br />

a strong maritime cluster that caters to the<br />

needs of <strong>Cyprus</strong>-based companies, including banking, professional services, insurance<br />

and IT. The cluster is consistently attracting more quality tonnage and shipping-related<br />

companies to its shores. Between 2010 – when the <strong>Cyprus</strong> tonnage tax system was<br />

approved by the European Commission – and 2021, there has been a fivefold increase<br />

in the number of shipping companies that have registered with <strong>Cyprus</strong>’ specialised<br />

shipping taxation system, boosting the sector’s revenue by around 25%.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

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

to open a post-Brexit EU subsidiary in <strong>Cyprus</strong>, reaffirming the island’s position as one<br />

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

shipping firm P&O Ferries decided to register its English Channel operating fleet<br />

under the <strong>Cyprus</strong> flag to take advantage of the benefits and security it provides. Two<br />

of the industry’s most highly respected privately-owned shipmanagement companies,<br />

Columbia Shipmanagement and Marlow Navigation – both based in <strong>Cyprus</strong> – merged<br />

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

companies. Another transaction constituting FDI was the 2018 buyout<br />

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

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

natural gas finds within <strong>Cyprus</strong>’ Exclusive Economic Zone (EEZ) and efforts to exploit<br />

it in cooperation with neighbouring countries have expanded opportunities for the<br />

island’s already thriving shipping sector.<br />


<strong>Cyprus</strong>’ hydrocarbons discoveries captured the attention of global energy<br />

heavyweights when US company Noble Energy, now acquired by US giant Chevron,<br />

made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic<br />

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

have all secured exploration licences and conducted exploratory drilling. ExxonMobil<br />

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

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

August <strong>2022</strong>. Further discoveries could be announced within the next year.<br />

In 2019 <strong>Cyprus</strong> agreed to build a subsea pipeline connecting Aphrodite to Egypt’s<br />

liquefaction plants and concluded a production-sharing deal with Noble Energy<br />

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

ENI, Kogas, ExxonMobil,<br />

Royal Dutch Shell,<br />

and Total have all<br />

secured exploration<br />

licences and conducted<br />

exploratory drilling<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

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

worth US$200 million have been completed in <strong>Cyprus</strong>’ EEZ by oil and gas companies,<br />

underlining their continued commitment to <strong>Cyprus</strong>.<br />

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

opportunities have come to the fore. In December 2019, <strong>Cyprus</strong> signed a landmark<br />

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

Vassilikos. The consortium constructing the project includes China Petroleum Pipeline<br />

Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen<br />

Ship Management. The terminal will include a floating storage and regasification unit<br />

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

expected to be completed in <strong>2023</strong>, attracted €150 million in finance from the European<br />

Investment Bank (EIB), €80 million from the European Bank for Reconstruction and<br />

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

an equity contribution of €43 million from the Electricity Authority of <strong>Cyprus</strong> (EAC).<br />

Parallel to this, <strong>Cyprus</strong> has been ramping up its renewables capacity, with support<br />

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

sector could be one of the most attractive areas for investment and joint ventures<br />

with other countries. For example, Israel has been interested in cooperating with its<br />

Cypriot counterparts in establishing pilot projects where new Israeli tech could be<br />

tested in <strong>Cyprus</strong>. Also, the UAE and Saudi Arabia have been pioneers in clean energy,<br />

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

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

of clean energy – could support the EU’s<br />

hydrogen strategy through <strong>Cyprus</strong> as<br />

I<strong>Cyprus</strong> has been ramping<br />

up its renewables capacity,<br />

with support from the EU’s<br />

€1.2 billion Recovery and<br />

Resilience Facility (RFF)<br />

an interconnector to Saudi’s biggest<br />

hydrogen production plant currently<br />

under construction. The long-awaited full<br />

liberalisation of the electricity production<br />

market in <strong>Cyprus</strong> has seen many delays,<br />

but once this materialises it would<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

allow a fresh inflow of new private players operating in both renewables and gas to<br />

compete in the local market – and in a broader regional market thanks to the EuroAsia<br />

Interconnector project to connect <strong>Cyprus</strong>, Israel and Greece via submarine electricity<br />

cable and the related EuroAfrica Interconnector to connect Egypt.<br />


Today, <strong>Cyprus</strong> banks maintain high levels of capital adequacy and liquidity but<br />

continue to grapple with managing their non-performing loan (NPL) portfolios.<br />

The restructuring of the banking sector after 2013 attracted important international<br />

institutional investors and fresh foreign capital and encouraged accelerated sales of<br />

NPLs. These developments substantially<br />

reduced risk and enabled the financial<br />

system to operate on a healthier basis.<br />

The island also hosts a thriving forex<br />

industry with many global giants basing<br />

their operational headquarters in <strong>Cyprus</strong>.<br />

In addition, the investment funds sector<br />

has grown exponentially in the last few<br />

years with Assets under Management<br />

(AuM) seeing a staggering increase from<br />

€2.7 billion in 2016 to €11.1 billion in the<br />

first quarter of <strong>2022</strong>, proving <strong>Cyprus</strong><br />

is being recognised by the global asset<br />

management community. Investment<br />

funds have already invested more than<br />

€2 billion in several sectors of the Cypriot<br />

economy, such as shipping, hospitality,<br />

education, healthcare, and renewable<br />

energy.<br />

IThe investment funds sector<br />


has grown exponentially in<br />

the last few years with Assets<br />

under Management (AuM)<br />

seeing a staggering increase<br />

from €2.7 billion in 2016 to<br />

€11.1 billion<br />

in the first quarter of <strong>2022</strong>,<br />

proving <strong>Cyprus</strong> is being<br />

recognised by the global asset<br />

management community<br />

<strong>Cyprus</strong> continues to be on the top of the list for investors, holiday-home seekers, expats<br />

and retirees. Tourism and real estate have always been robust sectors of the Cypriot<br />

economy, and a concerted effort to diversify the <strong>Cyprus</strong> offering in recent years has paid<br />

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

years underlines the fact that tourism-related real estate and infrastructure continues<br />

to be one of the most attractive investment opportunities in <strong>Cyprus</strong>. Pre-pandemic years<br />

of record-breaking tourism numbers saw the island attract new interest in conference,<br />

sports, health and wellness tourism. The construction and investment in multipurpose<br />

projects and mixed-use developments such as luxury marinas, golf courses and more<br />

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

the ongoing strategy to upgrade <strong>Cyprus</strong>’ tourism product. The new casino resort, City<br />

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

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

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

Spurred by this unique development, <strong>Cyprus</strong> garnered another landmark investment<br />

deal in <strong>2022</strong> with Israeli business magnate Gilad Shabtai investing in over 130,000 m 2<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Artist Impression: City of Dreams Mediterranean<br />

Artist Impression: Grand Hyatt Limassol<br />

Artist Impression: Ritz-Carlton Residences<br />

IMajor investments have also<br />

of land for development surrounding the<br />

new integrated casino resort in Limassol.<br />

been made in the hospitality<br />

The destination and value of the area are<br />

set to be elevated by this key real estate<br />

industry with acquisitions<br />

investment.<br />

and the construction of new<br />

Proposals include the development<br />

of exclusive seven-star facilities<br />

luxury hotels by renowned<br />

providing bespoke services for owners<br />

hotel management chains<br />

and investors. Plans are also in place<br />

for additional investment by the former<br />

majority shareholder of telecoms start-up Viber into the further expansion of the area<br />

in the future – which is a solid vote of confidence in the vast growth potential of <strong>Cyprus</strong>.<br />

Following the success of Limassol Marina, more investment has flowed into marina<br />

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

construction with berthing facilities and a commercial village now fully operational.<br />

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


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

luxury villas, apartments and facilities. With significant Egyptian investment backing<br />

the innovative project and the seafront residences are expected to be completed by<br />

<strong>2023</strong>. In addition, the €110 million Paralimni Marina project is set to be completed in<br />

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

Engineers SA for a luxury marina in Paphos.<br />

Major investments have also been made in the hospitality industry with acquisitions<br />

and the construction of new luxury hotels by renowned hotel management chains. The<br />

Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world,<br />

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

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

resort by the Radisson Hotel Group worldwide.<br />

In 2019, the Luxury Collection, part of Marriott International, opened the Parklane<br />

Luxury Collection Resort & Spa resort in Limassol, marking Marriott International’s<br />

entry into <strong>Cyprus</strong>. In July 2020, Hyatt Hotels Corporation announced a management<br />

agreement with Anolia Holdings Limited for the launch of the first Hyatt hotel in <strong>Cyprus</strong>.<br />

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

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

development, comprised of residential apartments and private villas totalling more<br />

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

between Singapore-headquartered Oxley Holdings and Planetvision on the Limassol<br />

beachfront. The project will be the first Sofitel Resort with branded residences in<br />

Europe and is expected to be completed by <strong>2023</strong>.<br />

Following global trends and faced with an aging population, investing in health and<br />

wellness developments as well as rehabilitation and bespoke retirement villages has<br />

enormous potential. An early example of this is the Eden Seniors Resort in Larnaca<br />

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

village in <strong>Cyprus</strong>. The €16 million retirement village, branded Lazaris Mill, will consist<br />

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

room hotel, and provide bespoke facilities. The first residents are expected in spring<br />

<strong>2023</strong>. Another upcoming project in Paphos is Cypress Park, a new luxury residential<br />

development turning retirement into a five-star resort stay.<br />


Not one to rest on its laurels, <strong>Cyprus</strong> has been steadily sharpening its competitive<br />

edge by streamlining processes to better cater to investors and by strengthening<br />

new sectors to support its already more established industries.<br />

Investment opportunities in <strong>Cyprus</strong>’ large-scale projects span various sectors,<br />

including high-value tourism and housing developments, projects with a special focus<br />

on golf courses and luxury marinas, as well as education, energy, and more lately, the<br />

international film sector.<br />

Special schemes and incentives are in<br />

place to facilitate headquartering, which<br />

covers the sectors of technology, asset<br />

management, investment funds, shipping<br />

1,200 COMPANIES<br />

and higher education, and ‘Olivewood’<br />

for the international film industry. A that have relocated or expanded<br />

new government Action Plan launched<br />

their activities in <strong>Cyprus</strong><br />

in 2021 also provides new incentives to<br />

Ithe BFU has catered to more than<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

attract non-EU talent and companies to establish operations in <strong>Cyprus</strong>. The recent<br />

introduction of a Business Facilitation Unit (BFU) promises to be a gamechanger for<br />

ease of setting up in <strong>Cyprus</strong>. The BFU specialises in fast-tracking business setup,<br />

permitting and licensing for companies, their employees and families, and in less than<br />

two years of operation, the BFU has catered to more than 1,200 companies that have<br />

relocated or expanded their activities in <strong>Cyprus</strong>.<br />

To better facilitate FDI, the country’s investment promotion agency, Invest <strong>Cyprus</strong>,<br />

has developed an online investment matchmaking platform branded the Project Bank,<br />

to help investors identify the right market opportunities for projects based in <strong>Cyprus</strong>.<br />

With solid and continuous interest in the tourism sector, Invest <strong>Cyprus</strong> has also set<br />

up a dedicated and specialised unit, TourInvest, to promote investment opportunities<br />

in the tourism and hospitality sector. In cooperation with the Deputy Ministry of Tourism<br />

and other stakeholders, the unit focuses on attracting multimillion-euro investment<br />

into large-scale infrastructure projects.<br />

In addition, Invest <strong>Cyprus</strong> hosts the annual International Investment Awards, where<br />

it honoured seven companies in <strong>2022</strong> for their contributions to <strong>Cyprus</strong>, namely Brain-<br />

Rocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and SYKES.<br />


C<br />

yprus’ liberalised FDI Policy, both for EU citizens and investors from third countries,<br />

along with its favourable tax regime makes it one of the most attractive investment<br />

targets in Europe. At 12.5% <strong>Cyprus</strong>’ corporate tax rate is one of the most competitive in<br />

the EU and new tax-neutral reforms that are on the way will simplify and modernise<br />

the tax system further. The country’s extensive network of double taxation treaties<br />

with 67 countries have strengthened its position as a business gateway and a preferred<br />

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

business, top-tier professional services, and high quality of life renders <strong>Cyprus</strong> not only<br />

a wise business and investment choice but also a great relocation destination. n<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Minister of Energy, Commerce and Industry<br />

Natasa Pilides<br />

What are your expectations for the economic sectors<br />

in your Ministry’s Portfolio for <strong>2022</strong> - <strong>2023</strong>?<br />

<strong>Cyprus</strong> has evolved through the years into a modern and cosmopolitan business<br />

centre, through coordinated efforts of the private and public sectors. The Ministry of<br />

Energy, Commerce and Industry has a vital role in formulating the policies and reforms<br />

that enhance the country’s position as an ideal trade and energy hub in the eastern<br />

Mediterranean landscape, as well as an ideal location for companies to do business in<br />

sectors such as technology, shipping, pharmaceuticals and financial services.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

The mission of the Ministry is to implement our integrated strategy for the transition<br />

to a green and circular economy, through a mixture of targeted policies and measures<br />

intended to promote energy efficiency, a smart and environmentally friendly industry,<br />

the enhancement of commerce and exports and the sustainable development of our<br />

hydrocarbon and RES resources.<br />

To this end, our National Energy and Climate Plan (NECP), which provides a detailed<br />

roadmap until 2030, is based on European values and strategies and, most importantly,<br />

the EU Green Deal that calls for climate neutrality by 2050. Inter alia, <strong>Cyprus</strong>’ NECP<br />

provides for the introduction of green taxation, the liberalisation of the electricity<br />

market, the facilitation of energy renovations in buildings, the acceleration of electric<br />

mobility, the connection of the electricity grids of <strong>Cyprus</strong>, Crete and Israel and the<br />

operation of a one-stop-centre to simplify and accelerate the permitting procedures<br />

for renewable energy projects. In addition, it includes energy efficiency and renewable<br />

energy investments targeting households, businesses, municipalities, the wider public<br />

sector and non-governmental organisations.<br />

An important part of <strong>Cyprus</strong>’ energy strategy is our hydrocarbons sector, with the<br />

discovery of significant natural gas reserves in the Exclusive Economic Zone of the<br />

Republic; this calls for the optimum and sustainable development of the hydrocarbon<br />

resources of <strong>Cyprus</strong>, in order to contribute towards maximising the relevant revenues<br />

and boosting the country’s economy, as well as contributing to the energy sources of<br />

EU countries. The establishment and<br />

IThe development of the gas industry in <strong>Cyprus</strong> establishment and<br />

has, in fact, attracted significant FDI to<br />

development of the gas industry<br />

the island, which will hopefully generate<br />

the expected fiscal benefits and create in <strong>Cyprus</strong> has, in fact, attracted<br />

substantial job opportunities throughout<br />

significant FDI to the island.<br />

the entire industry chain.<br />

Another sector offering great opportunities for investment, is <strong>Cyprus</strong>’ industry. In<br />

order to tackle both the green and digital transition, as well as the sharp increases and<br />

volatility of energy prices and inflation, we are fully utilising the EU’s Recovery and Resilience<br />

Facility and the European Investment and Structural Funds, for the implementation<br />

of a series of measures targeting, for instance, digitalisation of activities and a<br />

circular economy model. In this framework, we are optimistic that we can strengthen<br />

the sector’s resilience and improve its competitiveness, increasing further its contribution<br />

to GDP for the period <strong>2022</strong>-<strong>2023</strong>, from around 9% where it stands now.<br />

True to its business-orientated culture and constantly seeking to facilitate the ease of<br />

doing business on the island, the Republic of <strong>Cyprus</strong> has launched, in <strong>2022</strong>, the Business<br />

Facilitation Unit (BFU), through which business set-up, licensing and permitting is<br />

fast-tracked. The fast-growing number of registrations of foreign companies carried<br />

out by the BFU during <strong>2022</strong> – over 1,200 in the first 10 months of the year, indicate the<br />

successful implementation of the Government’s new strategy for attracting international<br />

businesses and talent. Moreover, as the existing investment policy has been radically<br />

reviewed and simplified, a series of policy measures have been adopted, such as improved<br />

tax incentives and introduction of the digital nomad visa, which have encouraged many<br />

companies to establish and scale their presence in <strong>Cyprus</strong>.<br />

The trend of foreign companies’ registrations in the BFU clearly shows that most are<br />

operating in the information and technology sector, as well in professional services.<br />

The increase is expected to continue, contributing to <strong>Cyprus</strong>’ economic growth and<br />

generating sustainable development in many areas of our economy and society. n<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


HQ Magnet<br />

Cutting-edge tech companies from around<br />

the world are flocking to <strong>Cyprus</strong>, highlighting<br />

a rising trend of international business<br />

migrating to the island and strengthening the<br />

HQ hub’s growing innovation ecosystem.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

<strong>Cyprus</strong> is gaining traction as a headquartering (HQ) destination – and particularly<br />

with tech companies from all over the world. Although the island has enjoyed a<br />

strong reputation as an established international business centre and influential global<br />

shipping hub for decades, its appeal as an attractive jurisdiction for communications<br />

and technology companies is rapidly growing.<br />

There are many factors that have contributed to this rise in interest in <strong>Cyprus</strong>. Its<br />

geographical location, advantageous regulatory framework and EU membership<br />

coupled with convenient EMEA access have already attracted many companies to set<br />

up operations and regional headquarters on its shores. Another key factor often cited<br />

by companies choosing <strong>Cyprus</strong> is the safe and relaxed Mediterranean lifestyle it offers<br />

expat professionals and their families. However, the more recent boost has come from<br />

the country’s strong focus on investing in and building up its communications and<br />

technology infrastructure and the introduction of new incentives geared at facilitating<br />

more non-EU business.<br />


Another key attraction for companies to relocate strategic operations to the island<br />

has been the fact that set-up and operational costs are comparatively low when<br />

looking at more mature jurisdictions on mainland Europe – a big deciding factor for<br />

many companies in today’s economic climate.<br />

Doing business in and from <strong>Cyprus</strong> is simple and straightforward. The country has<br />

modern infrastructure and telecommunications. A transparent regulatory and legal<br />

framework and a strong financial and professional services base with decades of solid<br />

international experience. <strong>Cyprus</strong> has more than 4,000 registered accountants and<br />

700 registered accounting firms – which include all major global firms – and more<br />

than 3,000 registered lawyers and around 160 law firms. It has an advantageous EUapproved<br />

tax regime with numerous incentives for corporations and individuals alike.<br />

<strong>Cyprus</strong> provides direct access to the EU Single Market of half a billion consumers<br />

and its geostrategic location between three continents provides efficient access to<br />

the wider EMEA region. Thanks to this, <strong>Cyprus</strong> enjoys business-friendly time zones,<br />

enabling international companies to do business with the East in the morning, Europe<br />

throughout the day and with the West in the afternoon. In addition, the island has good<br />

air connectivity through two international airports with major cities in Europe and key<br />

destinations in Asia, North Africa and the Middle East, as well as sophisticated ports to<br />

support operations.<br />

As a secure EU environment in an often<br />

turbulent region, <strong>Cyprus</strong> is an especially<br />

ideal base for regional headquarters<br />

or ancillary and support services for<br />

investors with clients in the wider<br />

Eastern Mediterranean and Middle East<br />

region. For example, prominent news<br />

organisation AFP, has capitalised on this<br />

aspect and uses the island as their base<br />

between Europe and the Middle East due<br />

to its security, convenient time zone and<br />

travel times, and reliable communication<br />

infrastructure.<br />

IIts geographical location,<br />

advantageous regulatory<br />

framework and EU membership<br />

coupled with convenient<br />

EMEA access have already<br />

attracted many companies to<br />

set up operations and regional<br />

headquarters on its shores.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

<strong>Cyprus</strong> also has a highly educated and multilingual population which provides a<br />

vast talent pool for companies to hire from, but as an EU member state, it also provides<br />

easy opportunities to headhunt talent from within the Union, which has a workforce of<br />

over 240 million people. However, the new tranche of incentives also enables the easy<br />

transfer of non-EU staff and talent to <strong>Cyprus</strong>.<br />


Whether looking to build bespoke headquarters or to rent turn-key offices, <strong>Cyprus</strong><br />

caters for companies of all sizes and budgets. The recent surge of interest in<br />

<strong>Cyprus</strong> from companies has driven the development of new multi-use office complexes<br />

and signature commercial developments primarily in Limassol and Nicosia over the<br />

last few years. Many of these projects offer incredible facilities and amazing views<br />

across the Mediterranean Sea and combine luxury residential and commercial space.<br />

Traditionally, the majority of international companies choose Limassol, due to the<br />

seaside lifestyle, the large expat community and the short distance to both Larnaca and<br />

Paphos international airports. The coastal<br />

city and shipping hub has grown to<br />

become the main international business<br />

centre, while inland capital city Nicosia<br />

attracts multinationals that require<br />

closer access to ministries, embassies<br />

and government departments. However,<br />

Nicosia is currently transforming into the<br />

main knowledge and innovation core of<br />

the island, attracting entrepreneurs with<br />

strong interest in tech and R&D.<br />

I<strong>Cyprus</strong> enjoys businessfriendly<br />

time zones, enabling<br />

international companies<br />

to do business with the<br />

East in the morning, Europe<br />

throughout the day and with<br />

the West in the afternoon.<br />


Major multinational firms in the ICT industry, including consulting, fintech and<br />

regtech firms, have set up a base in <strong>Cyprus</strong> for various corporate services, such as<br />

sales and marketing, project management, software development, systems integration,<br />

testing services, training and development, disaster recovery and business continuity,<br />

as well as joint R&D among countries in the region.<br />

However, <strong>Cyprus</strong> has seen a fresh boost in interest from global tech companies in<br />

recent years, with increasing numbers relocating or expanding operations in <strong>Cyprus</strong>.<br />

This sector has become a primary target and focus for the government, with plans to<br />

launch more incentives specifically for the tech sector to build up a dynamic cluster<br />

similar to <strong>Cyprus</strong>’ shipping industry – which is the largest third-party shipmanagement<br />

centre in Europe and the largest crew management centre in the world.<br />

Global companies such as NCR, Kardex, Wargaming, 3CX, TSYS, Amdocs, Exness, Bolt,<br />

Melsoft Games, Kyndryl, and Nexters are just some examples of businesses that have<br />

based operational or corporate management functions on the island. More recently,<br />

online giant Amazon set up a data service arm in <strong>Cyprus</strong> – presenting a big win for the<br />

jurisdiction. In addition, global heavyweights such as Microsoft, Oracle, SAP and IBM<br />

have been based in <strong>Cyprus</strong> for decades.<br />

<strong>2022</strong> saw new big-hitters invest in <strong>Cyprus</strong>, with European digital banking platform<br />

Revolut becoming the first entity to receive approval as a crypto-asset service<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

provider from the <strong>Cyprus</strong> regulator. The<br />

authorisation will enable Revolut to offer<br />

crypto services to its 17 million customers<br />

in the EEA out of a new crypto-asset hub<br />

in <strong>Cyprus</strong>. Revolut said its choice was<br />

down to the sophisticated regulatory<br />

regime of the country, which has already<br />

attracted the likes of Crypto.com, eToro<br />

and BitPanda. Also leading US consumer<br />

services and applications software<br />

provider, TangoMe, announced plans to<br />

launch offices in <strong>Cyprus</strong>.<br />

I<strong>2022</strong> saw new big-hitters<br />

invest in <strong>Cyprus</strong>, with European<br />

digital banking platform<br />

Revolut becoming the first<br />

entity to receive approval as a<br />

crypto-asset service provider<br />

from the <strong>Cyprus</strong> regulator.<br />

Other prominent players that have chosen <strong>Cyprus</strong> are TheSoul Publishing, one<br />

of the largest online publishers in the world with 1.5 billion followers. The company<br />

develops videos across 100 channel brands in 19 different languages, including some<br />

of the most-subscribed YouTube channels such as 5-Minute Crafts, Slick Slime Sam<br />

and Bright Side. Innovative software company BrainRocket is aiming to make <strong>Cyprus</strong><br />

a central software hub in Europe, while global leader in trading and risk management<br />

for capital markets Murex is also bolstering its EMEA footprint from <strong>Cyprus</strong>. Also,<br />

Medicover, a multinational specialised diagnostic and healthcare services provider has<br />

invested in Cypriot innovative biotech, while US business process outsourcing provider<br />

SYKES – now part of Sitel Group – has been expanding its operations in <strong>Cyprus</strong> over the<br />

last five years.<br />

A crucial element especially when it comes to the ICT and tech industry is guarding<br />

intellectual property (IP), and <strong>Cyprus</strong> offers strong and advantageous IP protection<br />

through domestic legislation and a network of EU and international agreements. The<br />

IP regime of <strong>Cyprus</strong> is largely responsible for the growing interest in the jurisdiction.<br />

Digital goods are increasingly more valuable and the favourable tax and business<br />

environment in <strong>Cyprus</strong> has made it a hub for digital business goods, IT software, and<br />

related services. In addition, with <strong>Cyprus</strong> currently placing a strong focus on developing<br />

the jurisdiction into a science, tech and start-up hub, the country also provides<br />

companies with an ideal sandbox for new emerging tech like blockchain, artificial<br />

intelligence and big data. This has also helped foster a growing start-up community<br />

with more than 200 enterprises and 4,000 entrepreneurs, creating more opportunities<br />

for business angels and venture capitalists looking to invest risk capital in exchange for<br />

equity in promising business ideas.<br />


Continuously looking to improve its offering and to simplify procedures for companies<br />

looking to establish or expand their activities in <strong>Cyprus</strong>, the government launched<br />

a new Action Plan in 2021. This new set of incentives has considered the best practices<br />

from other European countries, with emphasis on domains related to technology, shipping,<br />

innovation, research and development, biogenetics and biotechnology, without excluding<br />

any other companies that choose <strong>Cyprus</strong> as their place of business.<br />

The Plan includes legislative proposals for more tax breaks and introduced a<br />

Business Facilitation Unit (BFU) serving as a single point of contact for companies<br />

to help with all aspects of their set up. Another significant move is implementing<br />

better provisions for employing highly skilled third-country nationals by simplifying<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

<strong>Cyprus</strong> is an ideal base for region-wide corporate coordination and central<br />

management functions, sales, marketing and customer service.<br />

As a pro-business, neutral, cost-effective and politically stable country,<br />

<strong>Cyprus</strong> offers companies a perfect<br />

climate to successfully compete in<br />

the region and beyond.<br />

the process of granting immigration and work permits. In addition, <strong>Cyprus</strong> is issuing<br />

Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.<br />

With these new incentives, <strong>Cyprus</strong> can also serve as a strategic location for UK<br />

companies choosing to retain a presence in Europe. Human talent, an attractive IP regime,<br />

alongside a thriving professional services industry, means that <strong>Cyprus</strong> is able<br />

to offer significant benefits to businesses seeking to build headquarters in Europe.<br />

Also, the fact that its legal and regulatory framework is based on English Common<br />

Law principles offer companies the advantage to continue operating in an EU jurisdiction<br />

with a familiar UK legal framework.<br />


The healthy economic growth and growing investor confidence of the past few years,<br />

coupled with emerging prospects in the real estate, investment funds, shipping and<br />

energy sectors have provided a strong pull factor for companies to set up in <strong>Cyprus</strong><br />

and use it as a launch pad both into the EU market place and other emerging or highgrowth<br />

markets in the region.<br />

However, a key element that expat<br />

executives consistently note as being the<br />

real decider for choosing <strong>Cyprus</strong> over<br />

other jurisdictions is the climate and<br />

the lifestyle the island offers. The overall<br />

stability and high quality of life makes<br />

<strong>Cyprus</strong> an easy choice, and its 340 days<br />

of sunshine and pristine beaches are the<br />

icing on the cake. Consistently ranked as<br />

one of the safest countries in the world,<br />

the excellent healthcare and educational<br />

I<strong>Cyprus</strong> currently placing a<br />

strong focus on developing the<br />

jurisdiction into a science, tech<br />

and start-up hub, the country<br />

also provides companies with an<br />

ideal sandbox for new emerging<br />

tech like blockchain, artificial<br />

intelligence and big data.<br />

systems, and the welcoming environment<br />

score high on the list – especially for<br />

expats with families. Incentives and competitive personal tax rates are an added<br />

bonus, but ultimately it is <strong>Cyprus</strong>’ overall package that facilitates efficient cross-border<br />

business and allows these companies to successfully compete on a truly global scale.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


ACCESS<br />

u Skilled multilingual local talent<br />

u Global talent through<br />

fast-track procedures<br />

u EU’s single market of over<br />

500 million people<br />

u Emerging and high<br />

growth markets<br />

u Over 40 EU Trade Agreements<br />

u Double Tax Agreements<br />

with 67 Countries<br />

u Geostrategic location<br />

between three continents<br />


u Pro-business environment<br />

u Transparent and<br />

reliable regulation<br />

u EU and Eurozone Member<br />

u Positive economic outlook<br />

u Established international<br />

business centre<br />

u Compliance with EU and<br />

international laws<br />


u Low crime rates – ranked<br />

as one of the safest<br />

countries in the world<br />

u Easy integration for expats<br />

u Quality healthcare and excellent<br />

international education facilities<br />

u High quality of life in<br />

a safe location<br />

u English-speaking society<br />

u 340 days of sunshine to<br />

enjoy outdoor living<br />

u Wide range of real estate options<br />

with competitive prices<br />


u Strong network of professional<br />

and financial services<br />

u Government-backed<br />

incentives and mechanisms<br />

to facilitate business<br />

u Low set-up and<br />

operational costs<br />

u Attractive tax regime for both<br />

companies and individuals<br />

u Competitive Intellectual<br />

Property (IP) regime<br />

u Sandbox for new emerging tech<br />

like blockchain, AI and Big Data<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Attracting<br />

Non-EU Business<br />

<strong>Cyprus</strong> has launched a new action plan to attract foreign businesses<br />

to establish or expand their activities on the island. <strong>Cyprus</strong> already<br />

provides many competitive advantages, but this new set of incentives<br />

is geared to ramp up interest for companies to set up headquarters<br />

in the country. The plan has taken into account the best practices<br />

from other European countries, with emphasis on domains related<br />

to technology, shipping, innovation, research and development,<br />

biogenetics and biotechnology, without excluding any other<br />

companies that choose <strong>Cyprus</strong> as their place of business. The new<br />

strategy which aims to promote foreign investment and stimulate<br />

economic activity was implemented on January 1, <strong>2022</strong>.<br />


The previous Fast Track Business Activation mechanism for companies of foreign<br />

interest has been transformed into a Business Facilitation Unit for foreign<br />

companies operating in <strong>Cyprus</strong> or for foreign companies that wish to expand their<br />

operations in the country. The new Unit is responsible for the various services required<br />

for the establishment of corporate entities:<br />

• new company name approval and registration<br />

• registration with Social Insurance and VAT authorities, and with Income Tax<br />

authorities<br />

• guidance in relation to the establishment, licensing and operations of companies<br />

• issuance and renewal of residence and employment permits for staff employed by<br />

foreign companies<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



The government has revised the policy for the employment of highly skilled<br />

personnel from third countries employed by companies of foreign interests, as well<br />

as for those employed by Cypriot companies which give added value to the economy<br />

and the local workforce.<br />


• companies operating in <strong>Cyprus</strong> and are of foreign interest/shareholding and<br />

maintain fully fledged offices<br />

• <strong>Cyprus</strong> shipping companies<br />

• <strong>Cyprus</strong> companies involved in innovation and technology<br />

• <strong>Cyprus</strong> pharmaceutical companies or companies that operate in the fields of<br />

biogenetics or biotechnology<br />



• a minimum monthly gross salary of €2,500<br />

• candidate must hold a university degree or equivalent, or have a minimum 2 years’<br />

relevant experience<br />

• minimum two-year contract<br />

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

years<br />

• a work permit can also be granted to the spouse of the eligible individual that<br />

obtains a visa with this scheme<br />

There is a maximum number of third country nationals that may be employed under<br />

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

in a period of five years from the date of<br />

joining the Business Facilitation Unit.<br />

Wargaming Headquarters, Nicosia<br />

In case five years have passed and it is<br />

not possible to employ 30% of Cypriot<br />

workers, it will be re-examined on a caseby-case<br />

basis.<br />

Eligible companies will also be allowed<br />

to employ third-country nationals as<br />

support staff with a gross monthly salary<br />

less than €2,500. The employment of<br />

third-country nationals as support staff<br />

is allowed, provided that it does not<br />

exceed 30% of the total support staff and<br />

provided that the third country nationals<br />

and the employers have entered into an<br />

employment contract approved by the<br />

relevant authority in accordance with<br />

the applicable law. The amount of their<br />

salary is to be determined by the current<br />

legislation.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





Company registration in <strong>Cyprus</strong> is simple and<br />

efficient. This is an example of the required<br />

steps for a simple and straightforward set up in<br />

<strong>Cyprus</strong> for a small or medium sized company.<br />



Registration must be done at the Department of Registrar of Companies<br />

and Intellectual Property. It is advised to seek professional advice and<br />

once your lawyer has filed for registration, it can be expedited and<br />

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

or administrative service provider’s fees not included.<br />


A ‘Letter of Intent’ must be submitted along with the supportive<br />

documents required through email to the Business Facilitation Unit<br />

(BFU) to register the company as Company with Foreign Interests.<br />

This takes no more than seven (7) business days.<br />


Finally, you must book an appointment to register the company’s<br />

employees with the Civil Registry & Migration Department (CRMD).<br />

Only 3-5 employees per appointment, administrative cost is €330<br />

per employee, lawyer’s or administrative service provider’s fees not<br />

included. Once you book an appointment, the licence of the employee for<br />

temporary residence and employment takes 40 days to be issued.<br />

• Simply visit the booking website. Select a convenient language<br />

option and choose: Town (Nicosia)→ Third-country nationals→<br />

Companies registered at the Business Facilitation Unit and select a date.<br />

• Regarding the stipulations for ‘Employing Third-<strong>Country</strong><br />

Nationals’ please visit this webpage of the CRMD’s website and have a<br />

look at the documents and fees.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Family reunification rights are granted to third-country nationals employed by this<br />

revised policy and regulated by the Business Facilitation Unit. Direct and free access<br />

to the labour market as paid employees is granted to spouses of the third-country<br />

nationals who have obtained a residence and work permit in <strong>Cyprus</strong>, through this<br />

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

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


The action plan provides for the simplification and acceleration of the process of<br />

granting immigration and work permits under Category E – Long-Term Resident<br />

Status to persons who have been offered permanent employment and whose<br />

employment does not create undue local competition.<br />


Significantly the new Action Plan provides for the introduction and the issuing of<br />

Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.<br />


Third-country nationals who are either self-employed or are employees who work<br />

remotely using information and communication technologies to communicate with<br />

their clients or employers who must be outside <strong>Cyprus</strong>.<br />


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

another two years<br />

• can be accompanied by family members, to whom a residence permit is granted<br />

upon request, which will expire at the same time as that of the main applicant<br />

• during their stay in <strong>Cyprus</strong>, the spouse or partner and the minor members of the<br />

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

in the country<br />


• must show evidence of sufficient resources at a fixed income level of a minimum<br />

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

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

wife/husband/partner and another 10% per child)<br />

• must have insurance coverage and a clean criminal record<br />

• the aforementioned prerequisites are indicative and additional requirements are<br />

applicable<br />

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

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

tax residents of <strong>Cyprus</strong> provided they are not tax residents in any other state.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


The new Action Plan also includes the introduction of new tax benefits and tax<br />

breaks which were submitted to the House of Representatives in 2021.<br />


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

annual income from their employment of €55,000<br />

• extension of the tax exemption applicable to eligible employees in <strong>Cyprus</strong> who<br />

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

domiciled in the Republic for a period of 17 years prior to the commencement of<br />

their employment<br />

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

entitled to benefit from this exemption for the remaining period of the 17 years<br />

• extension of the 50% tax exemption for investment in certified innovative<br />

companies to corporate investors. The regime that was in force until the end of<br />

June 2021 allowed the tax exemption only to natural persons<br />

• a 120% capital allowance on expenses that relate to R&D<br />

View from 360, Cyfield<br />


The government has introduced the right to submit an application for naturalisation<br />

after five years of residency and employment in <strong>Cyprus</strong> instead of the former<br />

seven-year rule or a further reduction to four years if the potential applicants meet<br />

the criteria of holding a recognised certificate of very good knowledge of the Greek<br />

language. n<br />



you have a local partner<br />

on the ground.<br />

As the national investment authority, Invest<br />

<strong>Cyprus</strong> acts as a single point of contact and one<br />

stop shop for existing and potential investors.<br />

Our dedicated team provides after care and<br />

facilitation services, including supporting you in<br />

site selection, setting up offices, staff immigration<br />

and relocation procedures while continuing to<br />

grow its extensive portfolio of available<br />

projects and investment opportunities.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Sector Profiles<br />





















HEALTH<br />





CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


DOING<br />



€<br />

<strong>Cyprus</strong>’ business-friendly infrastructure and cando<br />

attitude has brought it worldwide recognition<br />

as an international business centre. The country<br />

offers a winning package for both international<br />

entrepreneurs and investors with its sophisticated<br />

business environment, highly skilled workforce<br />

and cost-effective, yet high quality of life.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Respect, hospitality and personal trust are the cornerstones of the Cypriot business<br />

environment. An island nation with a long history of dealing with foreign traders<br />

and businesses, Cypriot businesspeople are international in their outlook and astute<br />

and knowledgeable in their negotiations. Punctuality is expected, business dress is<br />

formal for both men and women, especially at the beginning of a business relationship,<br />

and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone<br />

conferences or written communications, which are regarded as too impersonal, and<br />

place great importance on building personal relationships with business partners or<br />

connections. Trust is the key to successful business dealings in <strong>Cyprus</strong>.<br />


Greek and Turkish are the official languages of <strong>Cyprus</strong>. However, English, the<br />

legacy of the British who ruled <strong>Cyprus</strong> from 1878 to 1960, is widely spoken and is<br />

the language of business. Many Cypriots also speak French, German or Russian.<br />


Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to<br />

Friday. Although in summer some offices take a longer lunch break or finish early.<br />

Nicosia<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


An EU base within the eurozone, <strong>Cyprus</strong> remains one of the few international<br />

business centres offering low operational costs and a high standard of living.<br />

Office space and residential property in Nicosia, the capital and major business<br />

centre, is relatively inexpensive when compared to other European capitals.<br />

In terms of cost of living, <strong>Cyprus</strong> remains one of the most advantageous places to<br />

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

time, residents of <strong>Cyprus</strong> enjoy a high standard of living and exceptional quality of<br />

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

Business Costs <strong>Cyprus</strong> EU27 Average<br />

Labour (business sector) €18.30 €29.10<br />

Communications (services & equipment)* 109 100<br />

Electricity (households) €0.2204/kWh €0.2369/kWh<br />

Electricity (non-households) €0.1946/kWh €0.1445/kWh<br />

* EU average is set to equal 100<br />

Source: Eurostat (2021)<br />

Limassol Marina<br />


<strong>Cyprus</strong> offers a full range of properties for both commercial and residential use<br />

situated in key locations across the island. While the exclusive, top-level market<br />

is currently the most sought after, the island has a good stock of properties available,<br />

from townhouses and apartments, to villas and seaside bungalows in five-star gated<br />

developments. Nicosia and Limassol are the main business centres. Office space<br />

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

business centres also offer ready-to-move-into offices. They usually include fully<br />

equipped offices that are available on demand with flexible terms, meeting rooms<br />

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

for comparable commercial spaces in continental Europe, and offices, retail or other<br />

commercial space is widely available for purchase or for rent.<br />


Skylink Services Ltd is part of the Skylink Group of Companies. The company is well-established and provides<br />

ground handling services for General Aviation Aircraft in <strong>Cyprus</strong>. We began operations in 1992, filling the gap in<br />

the Executive Aircraft ground handling market, at both international airports of <strong>Cyprus</strong>, Larnaca and Pafos.<br />

Larnaca International Airport<br />

P.O.Box 43012, CY 6650 Larnaca - <strong>Cyprus</strong><br />

T: +357 24 84 09 00 • F: +357 24 66 58 05<br />

24hr Operations<br />

T: +357 24 64 33 34 • F: +357 24 64 35 99

CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


300<br />

200<br />

European<br />

Union<br />

Europe<br />

(others)<br />

100<br />

0<br />

225<br />

216<br />

199<br />

199<br />

197<br />

171<br />

134<br />

128<br />

122<br />

122<br />

119<br />

109<br />

104<br />

100<br />

99<br />

99<br />

Dublin<br />

Copenhagen<br />

Paris<br />

Luxembourg<br />

Stockholm<br />

Helsinki<br />

Berlin<br />

The Hague<br />

Madrid<br />

Vienna<br />

Lisbon<br />

Rome<br />

Vilnius<br />

Brussels<br />

Valletta<br />

Ljubljana<br />

Budapest<br />

Tallinn<br />

Athens<br />

Prague<br />

Zagreb<br />

Riga<br />

Bratislava<br />

Warsaw<br />

Bucharest<br />

Nicosia<br />

Sofia<br />

London<br />

Geneva<br />

Rejkjavik<br />

Oslo<br />

Podgorica<br />

98<br />

98<br />

98<br />

96<br />

94<br />

84<br />

81<br />

74<br />

71<br />

64<br />

46<br />

278<br />

227<br />

188<br />

178<br />

54<br />

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

Source: Eurostat<br />


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

region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.<br />

OFFICE SALE AND RENTAL PRICES PER CITY (<strong>2022</strong>)<br />

Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />

Famagusta €1,300-€1,500 €6-€10<br />

Larnaca €1,800-€2,500 €8-€10<br />

LImassol €4,500-€6,500 €20-€40<br />

Nicosia €3,500-€4,500 €12-€22<br />

Paphos €1,400-€2,000 €7-€10<br />

Source: Danos International Property Consultants<br />


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

valuable resources, offering high standards of productivity, technical expertise<br />

and professional excellence at reasonable costs to businesses.<br />

According to the Statistical Service in <strong>Cyprus</strong>, the country records the most higher<br />

education graduates per capita (age 30-34) in the European Union.<br />

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

(males 71.2%, females 59.5%) in the Q2 of <strong>2022</strong>. The biggest percentage of employed<br />

persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture<br />

(2.5%).<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

SALARY SURVEY <strong>2022</strong> Source: GRS Recruitment<br />

JOB TITLE LOW (€) MID (€) HIGH (€)<br />

Management CEO 60,000 100,000 150,000<br />

Executive Director 60,000 100,000 140,000<br />

CFO 65,000 80,000 120,000<br />

Accounting & Finance Financial Controller 55,000 60,000 75,000<br />

Finance Manager / Senior Accountant 40,000 55,000 65,000<br />

Accountant / Auditor (Qualified) 34,000 38,000 45,000<br />

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

Account Assistant 16,000 22,000 25,000<br />

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

HR Manager 40,000 50,000 60,000<br />

HR Executive 18,000 21,000 24,000<br />

Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000<br />

Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000<br />

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

Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000<br />

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

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

Dealing Room Chief Dealer 45,000 52,000 60,000<br />

Dealer 24,000 33,000 45,000<br />

Junior Dealer 18,000 20,000 22,000<br />

IT Development Head of IT / CTO 60,000 80,000 140,000<br />

IT Manager / Development Manager 50,000 60,000 80,000<br />

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

IT Technician 20,000 24,000 36,000<br />

Developer* 28,000 42,000 60,000<br />

Marketing Department Head of Marketing 42,000 50,000 72,000<br />

Marketing Officer 24,000 30,000 36,000<br />

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

Marketing Executive 18,000 22,000 24,000<br />

Graphic Designer 24,000 30,000 36,000<br />

Content Writer 24,000 32,000 40,000<br />

Sales Department Head of Sales 42,000 60,000 75,000<br />

FX Sales* 20,000 24,000 30,000<br />

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

Administration Office Manager / PA / EA 18,000 28,000 39,000<br />

Administator / Receptionist 17,000 20,000 24,000<br />

Corporate Administrator 20,000 28,000 36,000<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Taxation<br />

<strong>Cyprus</strong> offers one of the most attractive tax regimes<br />

in Europe. A member of the European Union since<br />

2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance<br />

with the requirements of the EU and OECD. <strong>Cyprus</strong> has<br />

one of the lowest EU corporate tax rates at 12.5%. The<br />

island’s advantageous tax rate coupled with an extensive<br />

list of double tax treaties places it high on the list of<br />

preferred jurisdictions for international tax planners.<br />


The Corporation Tax Rate in <strong>Cyprus</strong> is 12.5%.<br />


All companies that are tax residents of <strong>Cyprus</strong> are taxed on their income accrued or<br />

derived from all sources in <strong>Cyprus</strong> and abroad. A non-<strong>Cyprus</strong> tax resident company<br />

is taxed on income accrued or derived from a business activity which is carried out<br />

through a permanent establishment in <strong>Cyprus</strong> and on certain income arising from<br />

sources in <strong>Cyprus</strong>. A company is considered tax resident of <strong>Cyprus</strong> if it is managed and<br />

controlled from <strong>Cyprus</strong>.<br />

Trilogy, Limassol<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption<br />

from all direct taxes and taxation under tonnage tax regime. The merchant shipping<br />

legislation applies to qualifying shipowners, charterers and ship managers, which<br />

are involved with the operation of qualifying community ships (ships under a CY flag<br />

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

foreign (non-community) ships (under conditions) and provided that they engage in<br />

qualifying activities. The legislation allows non community vessels to enter the tonnage<br />

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

requirement is not met, then non community vessels can still qualify if certain criteria<br />

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

a <strong>Cyprus</strong> ship.<br />


Profits of insurance companies are liable to corporation tax similar to all other<br />

companies except in the case where the corporation tax payable on taxable profit of life<br />

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

paid as additional corporation tax.<br />


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

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

basis relevant to the tax years.<br />


Taxation on a consolidated basis is not permitted and each company is required to<br />

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

there is a 75% parent subsidiary relationship, including subsidiaries under 75% control<br />

of a common parent company. Group loss relief is available only between resident<br />

companies (and EU-based companies/companies with which <strong>Cyprus</strong> has concluded a<br />

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

their country of residence).<br />


Corporate tax returns must be filed electronically by the 31 st of March of the year following<br />

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

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

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

1 st of August of the following year. If the income declared for the payment of the provisional<br />

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

to 10% of the difference between the final and provisional tax is payable.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



All <strong>Cyprus</strong> tax residents are taxed in <strong>Cyprus</strong> on all income accrued or derived from<br />

all sources in <strong>Cyprus</strong> and abroad such as employment income, rental income etc. (i.e.<br />

worldwide income).<br />

Individuals who are not tax residents of <strong>Cyprus</strong> are taxed on income accrued or<br />

derived from sources in <strong>Cyprus</strong>.<br />

An individual is tax resident in <strong>Cyprus</strong> if one of the following conditions are met:<br />

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

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

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

state for the same tax year and all the following conditions are cumulatively met:<br />

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

• he/she should pursue any business in <strong>Cyprus</strong> and/or to work in <strong>Cyprus</strong> and/or to be<br />

a director in a company tax resident in <strong>Cyprus</strong> at any time during the tax year<br />

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

owned or rented by him/her<br />

The personal income tax rates that apply to individuals are as follows:<br />

Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€)<br />

0-19,500 0 0 0<br />

19,501- 28,000 20 1,700 1,700<br />

28,001-36,300 25 2,075 3,775<br />

36,301-60,000 30 7,110 10,885<br />

60,001 and over 35<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


The individuals who were non-Cypriot tax residents prior to the commencement of<br />

their employment, but become Cypriot tax residents afterwards, are eligible for a 50%<br />

exemption from income tax if all the following conditions are met:<br />

• their remuneration from the employment exercised in <strong>Cyprus</strong> is over €55,000 per<br />

annum; and<br />

• they were not tax residents of <strong>Cyprus</strong> for 10 consecutive years prior to the<br />

commencement of their employment; and<br />

• the exemption is available from 1 January <strong>2022</strong>, it is granted from the first year of<br />

employment and it can be enjoyed for a period of 17 years<br />

• individuals with annual remuneration below €55,000 who were non-Cypriot<br />

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

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

The exemption is available from the 1 st of January following the year of commencement<br />

of the employment and can be enjoyed for a period of 7 years.<br />

It is important to note that the above provisions were recently introduced (published<br />

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

rules that were applicable until the publication date. The amended provisions also<br />

include certain transitional provisions that may enable the individuals that claimed<br />

the exemptions based on the previous rules to enjoy the exemptions based on the<br />

provisions included in the new rules. Furthermore, the individuals that do not fall within<br />

the transitional provisions, are eligible to continue claiming the exemption based on the<br />

previous rules for the remaining years, without being affected by the new rules.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


The tax year is the calendar year. Tax on employment income is withheld by the<br />

employer under the PAYE system and remitted to the tax authorities.<br />

Self-employed individuals pay tax through the provisional and self-assessment<br />

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

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

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

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

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

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

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

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

without deducting liabilities does not exceed the amount of €500,000).<br />

Limassol Seafront<br />


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

in <strong>Cyprus</strong>, on the acquisition of goods from other Member States and on the importation<br />

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

goods and services in <strong>Cyprus</strong> which are not subject to the zero rate, the reduced rates<br />

(5% and 9%) or are not exempt. <strong>Cyprus</strong> constitutes an attractive EU VAT jurisdiction<br />

applying several options permissible by the EU Directive among others a flexible VAT<br />

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

are not put into jeopardy, related entities can form a VAT group disregarding intragroup<br />

transactions and having a representative member submitting a single VAT<br />

return. Even such entities not incorporated in <strong>Cyprus</strong> can form a VAT Group in case<br />

they are tax resident or possessing an establishment in <strong>Cyprus</strong>.<br />


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

income earned by Cypriot tax resident and domiciled individuals. Non-domiciled<br />

Cypriot tax residents are exempt from SDC.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Simple, transparent and EU harmonised tax system following recommended<br />

OECD practices.<br />

Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive, Merger<br />

Directive and Interest and Royalties Directive).<br />

Extensive Tax Treaty network with 67 countries.<br />

A corporate income tax rate of 12.5%, one of the lowest within the EU with<br />

possibility to enjoy a much lower effective tax rate.<br />

Availability of a Notional Interest Deduction for companies receiving new equity<br />

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

by the new equity.<br />

IP Box regime based on the nexus approach which allows 80% deemed deduction<br />

on qualifying profits from the business use of qualifying IP.<br />

Increased deduction of 20% on the actual expenditure incurred for scientific<br />

research as well as research and development, subject to conditions.<br />

Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.<br />

Attractive tax jurisdiction for funds and attractive tax regime for fund managers.<br />

Capital gains are exempt from tax (except for capital gains arising from the<br />

disposal of immovable property located in <strong>Cyprus</strong>).<br />

Profits of a foreign Permanent Establishment exempt from tax.<br />

Gains from trading in securities (shares, bonds and certain other financial<br />

instruments) are exempt from tax.<br />

Unilateral credit relief for foreign taxes.<br />

No withholding tax on dividend, interest or royalty payments (for use of royalties<br />

outside of <strong>Cyprus</strong>) made abroad.<br />

No taxes on entry and on qualifying reorganisations.<br />

Carry forward of tax losses for five years.<br />

Tax incentives for expatriate employees taking up employment in <strong>Cyprus</strong><br />

(20%/50% exemption).<br />

Dividend income and interest income are exempt from SDC for non-domiciled<br />

individuals taking up tax residency in <strong>Cyprus</strong>.<br />

Possibility to obtain <strong>Cyprus</strong> tax residency by spending only 60-days in <strong>Cyprus</strong><br />

(subject to conditions).<br />

No inheritance tax.<br />

No immovable property tax.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


The Profiler Group<br />

Essential Expat Guide<br />

<strong>Cyprus</strong> is a top tourist destination for all seasons,<br />

and one of Europe’s hot spots for expats thanks to its<br />

thriving economy and relaxed Mediterranean lifestyle.<br />


Located in the Eastern Mediterranean at the crossroads of Europe, the Middle East,<br />

Asia and Africa, <strong>Cyprus</strong>’ strategic position has played a key role in shaping its history<br />

and in developing the island into a centre for trade and international business. <strong>Cyprus</strong><br />

enjoys around 340 days of glorious sunshine a year and boasts a coastline teeming with<br />

endless stretches of golden sands, secluded bays and rocky coves. Surrounded by the<br />

crystal-clear waters of the Mediterranean Sea, the island is dotted with the fascinating<br />

remains of history from Neolithic settlements and ancient city-kingdoms to exquisite<br />

Byzantine art and magnificent Venetian architecture.<br />

<strong>Cyprus</strong> is known for its hospitality – filoxenia – a fact reflected in the Greek word<br />

xenos which is used for both guest and stranger. Life is meant to be enjoyed in <strong>Cyprus</strong>,<br />

where emphasis is put on working to live, as opposed to living for work. Café culture<br />

predominates, with both business and social meetings taking place over a leisurely<br />

iced coffee frappé in the numerous cafes in every town and city.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


<strong>Cyprus</strong> has been coveted, conquered and colonised numerous times during its<br />

10,000-year history. The island attracted the interest of a succession of dominant<br />

powers in the region, which battled for it through the millennia. The first of these are<br />

believed to have been the Achaean Greeks who arrived in around 1200 BC introducing<br />

their language, religion and customs to the island. <strong>Cyprus</strong> was subsequently colonised<br />

by the Phoenicians, the Assyrians, the Egyptians and the Persians. In the 4th century<br />

BC, Alexander the Great claimed the island, which remained part of the Greek-Egyptian<br />

kingdom until 30 BC, when the Romans arrived, and <strong>Cyprus</strong> became a senatorial<br />

province. It was during this period that Saint Paul was said to have visited the island and<br />

converted the Roman governor to Christianity. <strong>Cyprus</strong> remained a Roman possession<br />

until the empire began to disintegrate in 330AD, when it became part of the Eastern<br />

Roman or Byzantine Empire.<br />

In 1191, <strong>Cyprus</strong> was conquered by the English king, Richard the Lionheart, while on<br />

his way to take part in the Third Crusade. He later sold the island to the Knights Templar,<br />

who consequently sold it on to the Franks or Lusignans, a dynasty which went on to<br />

rule <strong>Cyprus</strong> for almost 300 years, until the last of the Lusignans ceded the island to<br />

Venice in 1489. Despite building heavy fortifications around the island’s major cities of<br />

Famagusta and Nicosia, the Venetians were not able to withstand the invading Ottoman<br />

troops who conquered the island in 1571. <strong>Cyprus</strong> remained under Ottoman rule until<br />

the arrival of the British in 1878.<br />

The island’s long history offers visitors<br />

IThe island’s long history<br />

a journey of discovery paved with ancient<br />

archaeological treasures. The ancient offers visitors a journey of<br />

city-kingdoms of Kourion and Amathus,<br />

discovery paved with ancient<br />

and the Mosaics of Paphos, are considered<br />

among the finest mosaic floors in the archaeological treasures.<br />

Eastern Mediterranean. Other must-see<br />

historic sites include the Neolithic settlements of Choirokoitia and Kalavasos-Tenta,<br />

the Tombs of the Kings and the famous Sanctuary of Aphrodite, the Goddess of Love,<br />

who legend claims was born on this island.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

In more recent times, <strong>Cyprus</strong> gained independence from Britain in 1960, however<br />

a Greek sponsored coup d’état in 1974 was swiftly followed by an invasion of Turkish<br />

forces which occupied the northern one-third of the island. Despite numerous efforts<br />

over the intervening decades, the island remains de facto divided, and the selfdeclared<br />

Turkish Republic of Northern <strong>Cyprus</strong> (TRNC) remains unrecognised by the<br />

international community. The Greek Cypriot and Turkish Cypriot leaders continue to<br />

look for a solution to end the division of the island, but while negotiations have been<br />

slow, some progress is being made. The capital city, Nicosia, is still split between the<br />

two sides, though visitors can access either side from checkpoints at Ledra Palace and<br />

Ledra Street, and today Nicosia is the last remaining divided capital city in the world.<br />


<strong>Cyprus</strong> enjoys a Mediterranean climate, with long, warm, dry summers from May to<br />

October and mild winters with occasional rain, lasting from December to February.<br />

Summer and winter in <strong>Cyprus</strong> are separated by short autumn and spring seasons. The<br />

average daytime temperatures during summer range from +21C to +34C, although<br />

in high summer temperatures can reach as high as +40C. During the cooler months,<br />

temperatures can range between +7C and +15C although even during the height of winter<br />

there are generally six hours of bright sunshine during the day.<br />


C<br />

ypriots are highly educated and multilingual. The official languages of <strong>Cyprus</strong> are<br />

Greek and Turkish, however English is widely spoken and written and is the language of<br />

international business. German, French and Russian are also widely spoken in commerce,<br />

due both to the number of Cypriot graduates from overseas universities and the island’s<br />

commercial ties with the global business community.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Popular since the early 1980s with British and other European holidaymakers,<br />

<strong>Cyprus</strong> is well connected to Europe’s main cities, as well as to Asia and the Middle<br />

East. Flights from mainland Europe are quick, frequent and increasingly low cost. By<br />

air, <strong>Cyprus</strong> is 1.5hrs away from Athens, 4hrs from Frankfurt, 3.5hrs from Dubai and 5hrs<br />

from London.<br />


When it comes to a place to stay, <strong>Cyprus</strong> offers every conceivable type of accommodation,<br />

from budget-priced two and three-star hotels to a large range of upmarket<br />

and boutique hotels with four and five-star status. Agritourism houses are available<br />

for rent all over the island, often in the most picturesque villages, and give the traveller<br />

a unique opportunity to experience authentic <strong>Cyprus</strong> village life.<br />


M<br />

ore than a place just for lounging in the sun, there are lots of things happening in<br />

<strong>Cyprus</strong> all year round. From music concerts and cultural performances with big<br />

name stars, sports events, religious festivals with all the pomp and ceremony of the<br />

Greek Orthodox Church, to informative conferences where you can meet like minds.<br />

The <strong>Cyprus</strong> Rally has been held every year since 1970 and forms part of the World Rally<br />

Championship and the FIA Middle East Rally Championship, and attracts hordes of<br />

car enthusiasts, while the annual Historic <strong>Cyprus</strong> Rally draws crowds of vintage car<br />

enthusiasts. The Limassol Carnival Festival is a European carnival held annually in<br />

Limassol for over a century. The festival is a colourful 10-day event of people eating,<br />

singing, satire, games, wearing costumes, and attending parties. The festival culminates<br />

with a large parade, which includes an array of floats traversing the city.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Cultural events such as the Pharos Chamber Music Festival, the Kypria International<br />

Festival, which comprises music, dance and performance arts. The Pharos Arts<br />

Foundation has established a world-wide reputation for its commitment to excellence<br />

and for promoting classical music in <strong>Cyprus</strong>, having presented more than 500 concerts<br />

over the past 15 years. Outstanding musicians are hosted in the Pharos Arts Foundation’s<br />

Concert Series and the annual International Chamber Music Festival, with programmes<br />

ranging from ancient to contemporary.<br />

The Pharos Centre for Contemporary Art (PCCA) presents the work of major<br />

international artists. A variety of contemporary art forms are included in the Centre’s<br />

programme – visual, performance, photography, video – as well as lectures and<br />

discussions. Exhibitions are in many cases individually curated by internationally<br />

recognised curators from all over Europe.<br />

The Pafos Aphrodite Festival <strong>Cyprus</strong> organises and hosts an annual opera<br />

performance at the end of August or early September and has over the years invited a<br />

variety of internationally acclaimed companies and performances to the festival.<br />

Showcasing the rich viticulture of the island, <strong>Cyprus</strong> has created a wine trail project,<br />

offering six different organised routes for visitors to tour the island’s wine-producing<br />

regions. The reputation of the annual Limassol Wine Festival, launched in 1961, attracts<br />

over 100,000 visitors every August to the city’s municipal gardens to discover the wine<br />

portfolios of one of the oldest wine-producing countries in the world.<br />


I<br />

n <strong>Cyprus</strong> you can shop till you drop. The island is supplied with stores catering for all<br />

tastes and requirements. Most major British and European chains are represented<br />

on the island and there is a plethora of fashionable boutiques and big malls in Nicosia,<br />

Limassol and Paphos, selling designer brands including Louis Vuitton, Chanel, Dolce &<br />

Gabbana, Gucci, Roberto Cavalli, Calvin Klein, Kenzo, Gianfranco Ferre and many more.<br />

For those looking for something more unique, you can find traditional and handmade<br />

items that are quintessentially Cypriot in the old towns of the bigger cities, as well as in<br />

the many villages in the countryside.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


<strong>Cyprus</strong> offers a host of energetic pursuits to engage the visitor. Becoming increasingly<br />

popular as a destination for golfers, <strong>Cyprus</strong> offers first-class facilities with four<br />

professional courses in magnificent locations, and the development of several new<br />

courses in the pipeline. Spectacular pine-clad mountains in the centre of the island<br />

offer walkers and cyclists welcome respite from the heat. Breathe in the bracing pine<br />

scented air, whilst admiring the series of Venetian stone bridges and waterfalls that<br />

pepper various hiking trails in scenery that looks as if it has been lifted from a book<br />

of fairy tales. In winter months, skiers can test the slopes on Troodos whilst the rest<br />

of the island wear short sleeves and bask in winter sun. The island provides excellent<br />

opportunities for water sports, such as windsurfing and kitesurfing. There are also<br />

excellent dive sites and facilities, with one of the best wreck dives in the world, the<br />

Zenobia, situated off Larnaca. Other popular dive sites include Ayia Napa, Paphos and<br />

the Akamas Peninsula, where divers are often able to see artefacts such as Roman<br />

pottery on the seabed.<br />


I<br />

t is of course impossible to talk about <strong>Cyprus</strong> without mentioning the food. As with<br />

most Mediterranean countries, food plays an important role and is to be enjoyed<br />

at a leisurely pace with friends and family. One of the first Greek phrases to learn in<br />

<strong>Cyprus</strong> is siga siga, which means ‘slowly’, and is a mantra one will hear almost daily. The<br />

fabulous Cypriot food is to be savoured unhurriedly, usually al fresco with friends and<br />

family. Even a cup of coffee can be a two hour past time. Cypriot food bears a distinct<br />

resemblance to Greek cooking, but also has Turkish and Lebanese influences. As in<br />

other Mediterranean countries, eating is an activity to be savoured and enjoyed and is<br />

certainly not to be rushed in any way. Which is a good job as a traditional Cypriot meze<br />

– a meal of small plates similar to tapas – can consist of up to 30 dishes.<br />

Cypriot cuisine features lots of fresh fish, meat, beans, pulses and vegetables<br />

flavoured with lemon, fresh herbs and spices. <strong>Cyprus</strong> is also one of the world’s oldest<br />

grape-growing and winemaking regions, with its fruits of the grape ranging from<br />

delicate whites and full-bodied reds to the rich sweet, amber-coloured dessert nectar<br />

known as Commandaria. This is one of the oldest wines in the world, representing an<br />

ancient wine style documented in <strong>Cyprus</strong> back to 800 BC and has the distinction of<br />

being the world’s oldest named wine still in production, with the name Commandaria<br />

dating back to the crusades in the 12th century.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Within urban areas, buses run on fixed routes roughly every half hour, with<br />

services ending in the evenings at about 18:00 Monday to Friday and earlier on<br />

Saturdays. Some routes have no service on Sundays. Hours are extended until midnight<br />

during the tourist season and some urban routes now offer a night bus service on<br />

Fridays and Saturdays. Timetables are available from tourist offices or directly from the<br />

bus companies. Rural buses connect towns and villages and make frequent stops. The<br />

service is infrequent with schedules limited to one or two routes per day. These buses<br />

can often be smaller mini-buses. There<br />

are also buses providing a service linking<br />

all major towns. These are generally<br />

very regular, and all buses are modern<br />

and comply with European standards.<br />

A private company, Kapnos, provides<br />

a regular daily airport shuttle service<br />

between the major towns and cities and<br />

both of the island’s airports. There are no<br />

trains in <strong>Cyprus</strong>.<br />

www.cyprusbybus.com<br />

www.intercity-buses.com<br />

www.kapnosairportshuttle.com<br />


Car and motorcycle rental firms have offices in all towns, as well as at Larnaca and<br />

Paphos International Airports. Their rates vary according to the rental period,<br />

season of the year and extras. They usually offer unlimited mileage, and their cars can<br />

be delivered and collected at the airports by prior arrangement. Rental cars and bikes<br />

are usually delivered to the customer with a full tank of fuel paid for by the customer.<br />

When the car is returned, the customer receives a refund for any remaining fuel,<br />

unless stated otherwise in the contract. Drivers under 25 years of age holding a<br />

driving licence for less than three years must inform the car rental company so<br />

special insurance cover can be provided. Foreign visitors are strongly advised to read<br />

the rental agreement carefully and demand fulfilment of all their rights. Taxis are<br />

also very common, but before setting off on your journey discuss the pricing with the<br />

driver and ensure the meter is functioning. TravelExpress is another good option, as<br />

a private company, which provides a shared taxi service between cities in <strong>Cyprus</strong>. Taxi<br />

service app Bolt (formerly Taxify), which was created in Estonia, has also successfully<br />

launched in <strong>Cyprus</strong> operating in Nicosia and Limassol. The app allows users to set<br />

their location and see where the nearest partner taxi is and order it. The taxi can be<br />

tracked heading to the customer’s location and indicates how far away it is and how<br />

long it will take to arrive. Customers can also track their routes while inside the cab,<br />

preventing drivers from taking longer routes and overcharging for trips. Customers<br />

can also pay via their phones.<br />

www.travelexpress.com.cy<br />

www.bolt.eu<br />


Flavours<br />

oF<br />

<strong>Cyprus</strong><br />

ts@meci.gov.cy<br />



Our visiOn is tO be the aviatiOn<br />

industry’s mOst trusted<br />

single-sOurce grOund services<br />

and cargO handling prOvider.<br />

Swissport is a people-focused organisation – without our people we simply cannot meet<br />

our goals and achieve our vision. As such, we focus on the principles of sustainability and<br />

compliance, living by the “Three Ps”: People, Professionalism & Partnership.<br />

The ongoing professional development of the people within the Swissport family ensures that:<br />

• We show respect towards our people and their values<br />

• We do not compromise on safety and work with enthusiasm and enjoyment<br />

• We are pioneers; working constantly on achieving sustainable results,<br />

we creatively explore new options and improved solutions<br />

• Continually striving to exceed the expectations of our clients and our<br />

commitments, we deliver excellent service; in any place at any time<br />

The World of Swissport: With a workforce of some 48,000, the world’s leading provider of ground and<br />

air cargo services, is active at over 287 airports in 45 countries on six continents.<br />

AmericAs<br />



Argentina<br />

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Mexico<br />

Peru<br />

Trinidad & Tobago<br />

United States of America<br />

Algeria<br />

Austria<br />

Belgium<br />

Bulgaria<br />

<strong>Cyprus</strong><br />

Denmark<br />

Finland<br />

France<br />

Germany<br />

Ghana<br />

Greece<br />

Ireland<br />

Israel<br />

Italy<br />

Kenya<br />

Morocco<br />

Netherlands<br />

Oman<br />

South Africa<br />

Romania<br />

Saudi Arabia<br />

Spain<br />

South Africa<br />

Switzerland<br />

Tanzania<br />

United Kingdom<br />

Australia<br />

Japan<br />

New Zealand<br />

South Korea<br />

cargo services ground handling executive aviation<br />

For information about our services please contact:<br />

Michael Kokkinos • Phone: +357 24 008 781 • E: michael.kokkinos@swissport.com

CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Roads are well maintained in and between the main towns, and there are four-lane<br />

motorways connecting Nicosia with Limassol and Larnaca. Driving is on the left<br />

in <strong>Cyprus</strong> and the maximum speed limit on motorways is 100 kph (60 mph). <strong>Cyprus</strong><br />

accepts the driving licences of all EU Member States and any person with a valid licence<br />

may drive legally in <strong>Cyprus</strong>. According to EU rulings, driving licences issued before 1996<br />

do not have to be exchanged for the new Community Model and remain valid until their<br />

expiration. Non-EU citizens may drive on valid foreign licences for a certain period (for<br />

those with a US licence the period is six months). Relevant Consular authorities can<br />

provide further information.<br />


Office hours are generally 8:30am-1:00pm and 2:00pm-5:30pm, though in summer<br />

some offices take a long lunch break or finish early. Government offices are<br />

generally open from 7:30am-2:30pm, from Mondays to Fridays and until 6pm on<br />

Thursdays. Banks typically open at 8:30am and close at 1:30pm. International banks<br />

are open from 8:30am to 5:30pm. Shops are generally open from Mondays to Saturdays<br />

from 9am-7pm, with larger supermarkets, malls and tourist areas open all day on<br />

Sundays as well.<br />


C<br />

yprus offers a full range of properties for both commercial and residential use,<br />

situated in key locations across the island. While the exclusive, top-level market<br />

is currently the most sought after, the island has a good stock of properties available,<br />

from townhouses and apartments to villas and sea-side bungalows in five-star<br />

developments. Nicosia and Limassol are the main business centres. Office space<br />

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

business centres also offer ready-to-move into serviced offices. They usually include<br />

fully-equipped offices that are available on demand with flexible terms, meeting rooms<br />

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

for comparable commercial spaces in continental Europe, and offices, retail or other<br />

commercial space is widely available for purchase or for rent.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


There is a wealth of excellent private schools on the island, the majority of which are<br />

English speaking, but there are also French, Russian and Greek-speaking private<br />

schools. Fees are generally less than for the equivalent education in the UK. Public<br />

schools are free, and teaching is conducted in Greek. Tertiary education is provided<br />

by the six universities in <strong>Cyprus</strong> as well as several other colleges that offer a variety of<br />

vocational and academic courses.<br />

I<strong>Cyprus</strong> boasts<br />

internationally<br />

educated specialists<br />

with top-notch<br />

facilities and a plethora<br />

of medical insurance<br />

options available.<br />


Ranked by the World Health Organisation as one of the healthiest countries in the<br />

Mediterranean, <strong>Cyprus</strong> has an excellent healthcare system provided through both<br />

the private and public sector. <strong>Cyprus</strong> has recently introduced an island-wide NHS, which<br />

covers both inpatient and outpatient care and is available to all citizens and permanent<br />

residents. EU citizens who are visiting <strong>Cyprus</strong> can receive free outpatient or inpatient<br />

treatment with a European Health Card, which is issued by the health authority in their<br />

home country. However, this covers only essential treatment and not routine treatment.<br />

Non-EU visitors must pay for healthcare. <strong>Cyprus</strong> boasts internationally educated specialists<br />

with top-notch facilities and a plethora of medical insurance options available.<br />

www.gesy.org.cy<br />


Religious freedom is written into the Cypriot constitution and Greek Orthodox,<br />

Muslims, Catholics, Jews, Armenians and Maronites coexist peacefully on the island.<br />

However, the overwhelming majority of Cypriots are members of the Greek Orthodox<br />

Church, an institution that plays an important role in both personal and public life on<br />

the island.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

PETS<br />

<strong>Cyprus</strong> is a member of the Pet Travel Scheme which allows pets from any of the<br />

countries covered by the scheme to enter <strong>Cyprus</strong> without quarantine provided<br />

they meet specified anti-rabies, blood sampling and anti-worm/anti-tick hygiene<br />

requirements. The pet must be micro-chipped, vaccinated against rabies and blood<br />

tested, and can be brought into <strong>Cyprus</strong> only after six months have elapsed following a<br />

satisfactory blood test.<br />


<strong>Cyprus</strong> has an efficient and reliable postal service as well as an excellent<br />

telecommunications network. Cyta remains the main provider, offering a full range<br />

of telecommunications services. Other main providers are Epic, Primetel and Cablenet.<br />

<strong>Cyprus</strong>’ network boasts 100% 5G and broadband coverage.<br />

MEDIA & TV<br />

number of daily and weekly newspapers are published in <strong>Cyprus</strong>, some of which<br />

A are in the English language, including the <strong>Cyprus</strong> Mail. Many UK, European,<br />

Russian and Arabic newspapers can be bought in <strong>Cyprus</strong> a day or two after publication.<br />

Several terrestrial TV stations in <strong>Cyprus</strong> broadcasting locally produced programmes as<br />

well as international films, dramas and TV series. Cable and satellite television is widely<br />

available.<br />


C<br />

yprus offers one of the most attractive tax regimes in Europe. A member of the<br />

European Union since 2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance with<br />

the requirements of the EU and OECD. <strong>Cyprus</strong> has one of the lowest corporate tax rates<br />

in the European Union at 12.5%, while the maximum personal tax rate is 35%, those<br />

earning less than €19,500 are tax exempt.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


<strong>Cyprus</strong> has a well-developed banking system modelled on the British banking<br />

system. The Central Bank of <strong>Cyprus</strong> has the responsibility for monetary and credit<br />

policy. There are currently a number of domestic banks operating in <strong>Cyprus</strong>, including<br />

commercial banks and specialised financial institutions. Standard branch opening<br />

hours are usually from 8:30am-1:30pm Mondays to Fridays and from 3:15pm to 4:45pm<br />

on Monday afternoons only. International banks are open from 8:30am to 5:30pm.<br />


Many expatriates find they can afford domestic help that they could not have<br />

afforded at home and often choose to employ a helper for cleaning, cooking,<br />

general household chores and child minding.<br />


E<br />

lectricity = 240V 50Hz, 5 amp or 13 amp square three-pin British-style plugs.<br />

Electricity is provided by the Electricity Authority of <strong>Cyprus</strong> (EAC) and water is<br />

provided by the water board of the nearest main town. Many properties have solar<br />

water heating systems. <strong>Cyprus</strong> has no piped gas, but bottled gas is widely available in<br />

supermarkets. <strong>Cyprus</strong> makes use of the BS 1363, British 3-pin, 13A, 240V, 50Hz earthed<br />

and fused plug. The BS 1363 plug, also known as a ‘13-amp plug’, is a large plug that has<br />

3 rectangular prongs forming a triangle<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

CRIME<br />

<strong>Cyprus</strong> is the 5th safest country in the world, according to recent statistics, and one<br />

of the safest countries in the EU. It is safe to walk around all towns and villages<br />

whether day or night. Few locations in the world can offer the same level of security<br />

and stability that <strong>Cyprus</strong> does.<br />


As a member of the EU, under community<br />

laws EU nationals have the<br />

right to enter the country with an identity<br />

card or valid passport and to seek<br />

work. For non-EU nationals, employment<br />

permits have to be obtained before<br />

entering <strong>Cyprus</strong>. The nationals of many<br />

non-EU countries do not require a visa<br />

to enter <strong>Cyprus</strong> for a stay not exceeding<br />

three months. Details of visa-exempt<br />

countries and visa application procedures<br />

are available on the Ministry of<br />

Foreign Affairs website.<br />

www.mfa.gov.cy<br />


F<br />

ollowing the Turkish occupation of the north of the island in 1974, the island has<br />

been divided. In 2003 checkpoints opened for the first time allowing both sides to<br />

cross over with a passport or valid ID. It is perfectly safe to visit and explore the area. If<br />

travelling by car, insurance has to be purchased at the checkpoint. Various policies are<br />

available covering vehicles from three days to a full year. Cigarettes and alcohol cannot<br />

be taken from the north to the Republic of <strong>Cyprus</strong> and there are restrictions on certain<br />

foodstuffs, such as meat and dairy produce. There is a maximum limit of €260 of goods<br />

per person allowed to be brought across the UN-controlled buffer zone.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


Other factors that contribute to the enviable lifestyle of <strong>Cyprus</strong> include a superb road<br />

system with signs in both Greek and English, a reliable and efficient postal service,<br />

a large choice of schools, clubs, restaurants, gyms, theatres, cinemas, museums and<br />

art galleries. The local infrastructure is ideally suited for businesspeople who need to<br />

get things done. Thanks to its modern road network, extensive port facilities and two<br />

international airports, travel and transport in and beyond <strong>Cyprus</strong> is fast, efficient and<br />

economical.<br />


Milk (1ltr)<br />

€1.48<br />

Tomatoes (1 kg)<br />

€2.38<br />

Loaf of fresh white<br />

bread (500g)<br />

€1.66<br />

Bottle of midrange<br />

wine<br />

€7.00<br />

Domestic Beer<br />

(0.5l draught)<br />

€1.33<br />

Imported Beer<br />

(0.33l bottle)<br />

€2.03<br />

Three-course meal<br />

for two in midrange<br />

restaurant<br />

€50.00<br />

Cappuccino<br />

€3.13<br />

Water (1.5l bottle)<br />

€0.76<br />


notable British presence remains to this day and <strong>Cyprus</strong> has become home to a<br />

A large expat community. Today, <strong>Cyprus</strong> has the second highest percentage of<br />

foreign citizens in the European Union, with 13% of the total population from other EU<br />

member states, and around 7% from non-EU countries according to a survey of the<br />

EU’s statistical office. The biggest group of expats living in <strong>Cyprus</strong> consists of British<br />

nationals, but there are also large communities of Americans, Russians and other<br />

Eastern European nationals.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


➊ Nicosia<br />

Larnaca ➌<br />

Famagusta ➎<br />

➍<br />

Paphos<br />

Limassol<br />

➋<br />

➊NICOSIA is the capital of <strong>Cyprus</strong> and the main commercial and business centre<br />

and the seat of government. It boasts a world-famous archaeological museum,<br />

a thriving old city surrounded by fortified Venetian walls and a labyrinth of traditional<br />

streets. It is also the last remaining divided capital city in the world following the fall of<br />

the Berlin Wall. Visitors are usually couples, families and business people.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

➋LIMASSOL is the second largest city, situated between archaeological<br />

sites, the ancient kingdoms of Amathous, Kourion and Kolossi. The<br />

coastal town is also home to the famous Limassol Marina and the city’s<br />

geographical location provides easy access to mountainous villages and Troodos<br />

mountain. The city is a business centre attracting business executives, as well<br />

as couples, families and young people. It has developed significantly in recent<br />

years, emerging as a business hub as well as a party town with reputable beach<br />

bars, Carnival and Wine Festivals. Limassol has the largest port in <strong>Cyprus</strong>.<br />

LARNACA is the<br />

➌<br />

third largest city<br />

in <strong>Cyprus</strong> and<br />

is known for its<br />

palm-tree seafront<br />

promenade. It is home<br />

to the country’s primary<br />

airport, a seaport<br />

and a marina. It has a<br />

picturesque old town,<br />

salt lakes with flamingos<br />

in the winter, and a<br />

large marina. There is<br />

a wealth of historical<br />

interests around the<br />

town including the St<br />

Lazarus church, the<br />

Hala Sultan Tekke<br />

Muslim shrine, the<br />

historical Kiti church<br />

and the monastery<br />

of Stavrovouni. The<br />

city mostly attracts<br />

couples and families.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

➍PAPHOS is a popular coastal town. Visitors can enjoy spectacular scenery<br />

and some of <strong>Cyprus</strong>’ finest beaches, as well as ancient historical sites. Tourist<br />

attractions in Paphos include the Paphos mosaics, the Tombs of the Kings, which are<br />

UNESCO Heritage sites, the Venetian fortressed harbour and the Pillar of St Paul. The<br />

Akamas peninsula is one of the island’s residual unspoilt wildernesses and is home<br />

to endemic flora and fauna species. Paphos mostly attracts couples and families.<br />

➎The FAMAGUSTA REGION consists of Ayia Napa, Protaras, and<br />

Paralimni, and has many of the best beaches on the island. Ayia Napa<br />

in particular is a reputable party town for twenty-somethings and prime site<br />

for nightlife. The area mostly attracts young people, couples and families.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



Leading<br />

Developments<br />

in <strong>Cyprus</strong><br />


Blue Sky Villas<br />

Perivolia,<br />

Larnaca<br />

Type: Luxury Villas<br />

Price: Upon Request<br />

Developer: Quality Group<br />

Contact: (+357) 24 821 855<br />

info@qualitydevelopments.com<br />

qualitygroupcyprus.com<br />

Watch: Property Video<br />

Download: Brochure<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

PROPERTY SHOWCASE: Leading Developments in <strong>Cyprus</strong><br />


Habitat Residences<br />

Mall Area,<br />

Larnaca<br />

Type: 1,2,3 bedroom apartments<br />

Price: Upon Request<br />

Developer: Quality Group<br />

Contact: (+357) 24 821 855<br />

info@qualitydevelopments.com<br />

qualitygroupcyprus.com<br />

Watch: Property Video<br />

Download: Brochure<br />


Trilogy Limassol Seafront<br />

Limassol<br />

Type: 1 to 5-bedroom<br />

apartments and penthouses<br />

Price: €510,000 - €10,500,000<br />

Developer: Cybarco<br />

Development Ltd<br />

Contact: (+357) 25 362 800<br />

info@trilogylimassol.com<br />

Trilogylimassol.com<br />

Watch: Property Video<br />

Download: Brochure<br />

PAPHOS<br />

Akamas Bay Villas<br />

Latchi,<br />

Paphos<br />

Type: 3 and 4-bedroom<br />

beachfront villas<br />

Price: €1,390,000 - €3,000,000<br />

Developer: Cybarco<br />

Development Ltd<br />

Contact: (+357) 25 820 511<br />

info@cybarco.com<br />

Akamasbay.com<br />

Watch: Property Video<br />

Download: Brochure<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

PROPERTY SHOWCASE: Leading Developments in <strong>Cyprus</strong><br />

PAPHOS<br />

Cap St Georges Hotel & Resort<br />

Akamas,<br />

Paphos<br />

Type: Villas, 3, 4, 5 and<br />

6-bedroom villas<br />

Price: From €1,800,000 +<br />

Developer: Korantina Homes<br />

info@korantinahomes.com<br />

www.korantinahomes.com<br />

PAPHOS<br />

SOHO Resort<br />

Tourist Area,<br />

Paphos<br />

Type: Apartments on<br />

15-floor tower and Villas<br />

Price: €1,200,000 – 6,000,000<br />

Developer: Korantina Homes<br />

info@korantinahomes.com<br />

www.korantinahomes.com<br />

PAPHOS<br />

Topos Residence – Alto Design<br />

Minthis,<br />

Paphos<br />

Type: 2-bedroom suites and<br />

duplexes, 3-bedroom villas,<br />

3, 4 and 5+ bedroom residences<br />

Price: From €783,000<br />

Developer: Pafilia<br />

Property Developers<br />

Contact: (+357) 26 848 800<br />

info@pafilia.com<br />

www.minthisresort.com<br />

93<br />

Watch: Property Video<br />

Watch: Resort Video

asgleasing.cy<br />

Leasing. Simple.<br />

For All.<br />



WHO’S<br />

WHO<br />


The definitive guide<br />

to <strong>Cyprus</strong>’ leading<br />

companies, executives<br />

and professional advisers.<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


A. Zemenides & Co Ltd..................................................................................................................................... 99<br />

Baker Tilly South East Europe...................................................................................................................... 99<br />

Deloitte <strong>Cyprus</strong>.................................................................................................................................................... 99<br />

Demetriou & Associates Business Advisers Ltd (DBA).................................................................... 99<br />

Joannides + Co Ltd............................................................................................................................................100<br />

KPMG......................................................................................................................................................................100<br />

PwC <strong>Cyprus</strong>..........................................................................................................................................................100<br />

ServPro Accountants & Consultants......................................................................................................100<br />


Association of <strong>Cyprus</strong> Banks.......................................................................................................................101<br />

<strong>Cyprus</strong> Cannabis Association (CYCA)......................................................................................................101<br />

<strong>Cyprus</strong> Chamber of Commerce and Industry....................................................................................101<br />

<strong>Cyprus</strong> Fiduciary Association.....................................................................................................................101<br />

<strong>Cyprus</strong> Healthcare Tourism (CHT)........................................................................................................... 102<br />

<strong>Cyprus</strong> Hotel Association............................................................................................................................. 102<br />

<strong>Cyprus</strong> International Business Association (CIBA)........................................................................ 102<br />

<strong>Cyprus</strong> Investment Funds Association (CIFA)................................................................................... 102<br />

<strong>Cyprus</strong> Shipping Chamber..........................................................................................................................103<br />

<strong>Cyprus</strong> Union of Shipowners (CUS)........................................................................................................103<br />

Insurance Association of <strong>Cyprus</strong>.............................................................................................................103<br />

Society of Trust and Estate Practitioners (STEP) .............................................................................103<br />

The <strong>Cyprus</strong> Employers & Industrialists Federation (OEB)..........................................................104<br />

The <strong>Cyprus</strong> Tech Association.....................................................................................................................104<br />

The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC)............................................104<br />


Bank of <strong>Cyprus</strong> PLC..........................................................................................................................................104<br />

cdbbank (The <strong>Cyprus</strong> Development Bank Public Company Ltd).............................................. 105<br />

Eurobank <strong>Cyprus</strong> Ltd...................................................................................................................................... 105<br />

Societe Generale Bank – <strong>Cyprus</strong>.............................................................................................................. 105<br />


e-CNHC – E-C Natural Hydrocarbons Company Ltd..................................................................... 105<br />

PIVOT Consultants (<strong>Cyprus</strong>) Limited......................................................................................................106<br />


Alter Domus (<strong>Cyprus</strong>) Ltd.............................................................................................................................106<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

Andersen...............................................................................................................................................................106<br />

Aspen Trust Group...........................................................................................................................................106<br />

ATG Corporate Services................................................................................................................................. 107<br />

Executive Business Constultants Ltd..................................................................................................... 107<br />

GFSC Global......................................................................................................................................................... 107<br />

KENDRIS (<strong>Cyprus</strong>) Limited.......................................................................................................................... 107<br />

Pagecorp Group.................................................................................................................................................108<br />

Sovereign Group – <strong>Cyprus</strong>...........................................................................................................................108<br />

Trident Trust Company (<strong>Cyprus</strong>) Limited............................................................................................108<br />

Vistra (<strong>Cyprus</strong>) Ltd............................................................................................................................................108<br />


Sapienta Economics Ltd................................................................................................................................109<br />

ENERGY<br />

<strong>Cyprus</strong> Hydrocarbons Company (CHC).................................................................................................109<br />


European Institute of Management and Finance (EIMF)............................................................109<br />


MAP S.Platis Group..........................................................................................................................................109<br />


ATG Fund Services............................................................................................................................................110<br />


Inveqo Fund Management Ltd....................................................................................................................110<br />

IXI Investments..................................................................................................................................................110<br />

Leon MFO Investments Ltd...........................................................................................................................110<br />

Wealth Fund Services Ltd...............................................................................................................................111<br />


Invest <strong>Cyprus</strong>........................................................................................................................................................111<br />


Windsor Brokers Ltd.........................................................................................................................................111<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />


A.G. Paphitis & Co LLC.......................................................................................................................................111<br />

Agni Livera LLC................................................................................................................................................... 112<br />

Andreas Th.Sofokleous LLC.......................................................................................................................... 112<br />

Antonis Paschalides & Co LLC..................................................................................................................... 112<br />

Areti Charidemou & Associates LLC........................................................................................................ 112<br />

E. Tzioni & Associates LLC............................................................................................................................. 113<br />

Elias Neocleous & Co LLC............................................................................................................................... 113<br />

George Z. Georgiou & Associates LLC..................................................................................................... 113<br />

L Papaphilippou & Co LLC.............................................................................................................................. 113<br />

N. Xenofontos LLC Law Firm........................................................................................................................114<br />

Patrikios Pavlou & Associates LLC............................................................................................................114<br />

Pourgoura & Aspri LLC....................................................................................................................................114<br />

Stelios Americanos & Co LLC.......................................................................................................................114<br />


<strong>Cyprus</strong> Seeds........................................................................................................................................................ 115<br />


Cybarco Development Ltd............................................................................................................................. 115<br />

Korantina Homes.............................................................................................................................................. 115<br />

Pafilia Property Developers Ltd.................................................................................................................. 115<br />

Quality Group......................................................................................................................................................116<br />

Trilogy Limassol Seafront ............................................................................................................................116<br />


CareerFinders Recruitment Services Limited...................................................................................116<br />

GRS Recruitment ..............................................................................................................................................116<br />


The <strong>Cyprus</strong> Institute ........................................................................................................................................ 117<br />


Skylink Services Ltd ........................................................................................................................................ 117<br />

Swissport <strong>Cyprus</strong> Limited............................................................................................................................. 117<br />


Ideaseven Digital............................................................................................................................................... 117<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants,<br />

tax consultants and business advisors based in Limassol, <strong>Cyprus</strong>.<br />

We aim to provide excellent service in a professional manner and<br />

of the highest standards to our clients, both local and international.<br />

We aim to act as one-stop-shop for our clients providing them a<br />

full range of services. The boutique nature of our firm ensures that<br />

the clients enjoy personalized attention. Through our participation<br />

in the international network of associates IR GLOBAL we provide<br />

solutions to corporate and individual clients worldwide. Our<br />

objective is to assist our clients to achieve their goals.<br />

Omirou Street 61, Joanna Court,<br />

3rd Floor, 3091 Limassol - <strong>Cyprus</strong><br />

Contact: Afxentis Zemenides<br />

- Managing Director<br />

(+357) 25 745 800<br />

azemenides@zemenides.com.cy<br />

www.zemenides.com.cy<br />





Baker Tilly South East Europe is a full-service accounting<br />

and advisory firm, that offers industry specialised services<br />

in assurance, tax and advisory. Every day, more than 500<br />

professionals located in 16 offices throughout South East Europe<br />

(<strong>Cyprus</strong>, Greece, Romania, Bulgaria and Moldova) share their<br />

expertise to accelerate your business growth, by operating under a<br />

unified structure, directed by a single, central management team<br />

of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s<br />

challenges. We believe in the power of great relationships, by<br />

leading and listening to great conversations. Baker Tilly South East<br />

Europe is an independent member of Baker Tilly International, one<br />

of the world’s leading networks, uniting independent companies<br />

to provide top-quality professional services in both international<br />

and regional markets.<br />

Corner C Hatzopoulou & 30<br />

Griva Digheni Avenue,<br />

1066 Nicosia, <strong>Cyprus</strong> P.O.Box<br />

27783, 2433 Nicosia - <strong>Cyprus</strong><br />

Contact: Marios A. Klitou -<br />

Chief Executive Officer<br />

(+357) 22 458 500<br />

info@bakertilly.com.cy<br />

www.bakertilly.com.cy<br />





Deloitte Limited is among the leading professional services firms<br />

in <strong>Cyprus</strong>, providing audit & assurance, consulting, financial<br />

advisory, risk advisory, tax and related services, as well as a<br />

complete range of services to international business, through<br />

over 750 people in Nicosia and Limassol. Deloitte Limited, is the<br />

sub-licensed affiliate for <strong>Cyprus</strong> of Deloitte NSE LLP. As part<br />

of the Deloitte global network, with more than 345,000 people<br />

in over 150 countries and territories, Deloitte Limited has the<br />

advantage of global sharing of knowledge with local adaptation<br />

and personal approach, built on the solid foundations of over 60<br />

years of successful operations on the island.<br />

24 Spyrou Kyprianou Avenue,<br />

CY 1075, Nicosia - <strong>Cyprus</strong><br />

Contact: Michelle Karaolides -<br />

Head of Marketing & Communications<br />

(+357) 22 360 300<br />

infonicosia@deloitte.com<br />

www.deloitte.com/cy<br />





dba was established in 2017 by a team with more than 30 years<br />

experience in the professional financial services industry.<br />

The company provides an extensive range of services on most<br />

financial matters including auditing, accounting, taxation,<br />

financial and business consulting. We also specialise in the<br />

formation and management of companies, liquidation and<br />

dissolution of companies, the creation and administration<br />

of trusts and estates, IT consulting, and much more. dba<br />

comprises of 3 directors and more than 20 members of staff.<br />

Our commitment is to provide exceptional quality services to<br />

our clients, tailored to all their needs. dba is passionate about<br />

ideas, innovation, and always adopts a forward-looking proactive<br />

approach. The firm is a member of DFK International, the<br />

number 6 Association in the world.<br />

1 Salaminos Avenue, 1045 Nicosia - <strong>Cyprus</strong><br />

Contact: Elias Demetriou – Director<br />

(+357) 22 799 900<br />

e.demetriou@dbacy.com<br />

www.dbacy.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





Joannides + Co. Ltd is a leading firm of accountants and<br />

management consultants established in <strong>Cyprus</strong> for over 40<br />

years providing audit and assurance, taxation, business support<br />

services and management consulting to international companies<br />

and private clients. The firm has offices in Nicosia, Limassol<br />

and Larnaca offering its services with the utmost integrity,<br />

independence and objectivity with the aim to add significant<br />

value to its clients’ business performance. Joannides + Co. Ltd<br />

is a member of AGN International Ltd, a worldwide association<br />

of independent accounting and consulting firms operating in<br />

85 countries, is an approved training centre of the professional<br />

accounting institutes ICAEW and ACCA and in 2010 was awarded<br />

the quality award certification from the Institute of Certified<br />

Public Accountants of <strong>Cyprus</strong>.<br />

13, Agiou Prokopiou Str. 2406<br />

Egkomi, Nicosia - <strong>Cyprus</strong><br />

P.O.Box 25411, Nicosia 1309 - <strong>Cyprus</strong><br />

Contact: Davinia Joannidou - Director<br />

(+357) 22 556 556<br />

cy@joannides.com.cy<br />

www.joannides.com.cy<br />




KPMG<br />

KPMG is a global organisation of independent professional services<br />

firms providing Audit, Tax and Advisory services. KPMG operates<br />

in 144 countries and territories and has approximately 236.000<br />

people working in member firms around the world. KPMG has<br />

been operating in <strong>Cyprus</strong> since 1948 and currently employs more<br />

than 850 professionals working from 6 offices across the island<br />

(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous).<br />

By utilising the whole spectrum of KPMG International services<br />

and the deep knowledge in all major industries, KPMG provides its<br />

clients with solutions which address their unique characteristics.<br />

Clients look to KPMG for a consistent standard of service based<br />

on high-order professional capabilities, industry insight, local<br />

knowledge and expertise.<br />

14 Esperidon Street, 1087, Nicosia - <strong>Cyprus</strong><br />

Contact: Maria A. Papacosta -<br />

Board Member, Head of Clients and Markets<br />

(+357) 22 209 000<br />

maria.papacosta@kpmg.com.cy<br />

www.kpmg.com.cy<br />





In a world that is constantly evolving, our aim at PwC <strong>Cyprus</strong> is to<br />

find the right solutions to complex problems. We focus on quality<br />

and build strong relationships based on trust, creating value for<br />

our clients, stakeholders and society. Based on PwC’s new global<br />

strategy, “The New Equation”, we look at problems from different<br />

angles and present innovative solutions that make a difference<br />

and lead to sustained outcomes. More than 1,000 people in <strong>Cyprus</strong><br />

join forces with 327,000 professionals of our global network in<br />

155 countries and create an experienced team that combines<br />

intelligent approaches, experience and technological innovation.<br />

www.pwc.com.cy<br />

PwC Central, 43 Demostheni Severi Avenue,<br />

CY-1080 Nicosia - <strong>Cyprus</strong><br />

Contact: Konstantina Logotheti -<br />

Director, Marketing & Communications<br />

(+357) 22 555 000<br />

konstantina.logotheti@pwc.com<br />

www.pwc.com.cy<br />



FCCA<br />



ServPRO is a team of accountants, auditors, lawyers and<br />

consultants. A practicing member of ICPAC and ACCA, a National<br />

Member of Auditaxes International, an ACCA Approved Employer,<br />

an ISO 9001:2015 and an ISO 27001:2013 Certified Company.<br />

Our areas of expertise are Accounting & Finance, Advisory &<br />

Consulting, Audit & Assurance, Corporate & Legal, Economic<br />

Substance and Taxation. We have a stellar track record in<br />

delivering practical solutions to corporate and individual clients<br />

with a spherical, solution-driven and detail-oriented approach,<br />

while demonstrating an aptitude of professionalism, integrity and<br />

commercial acumen. During the remarkable year of 2021, we have<br />

celebrated 10 years of delivering an impeccable quality of services<br />

and practical solutions across a diversified range of industries to a<br />

growing multinational clientele.<br />

Accountants & Consultants<br />

1 Kinyra Street, Kinyras Tower,<br />

3rd Floor, 1102 Nicosia - <strong>Cyprus</strong><br />

Contact: Petros Theodotou FCCA -<br />

Founder & CEO<br />

(+357) 22 021 100<br />

info@servpro.com.cy<br />

www.servpro.com.cy<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





Through its representation of ten member banks that hold more<br />

than 95% market share, the Association of <strong>Cyprus</strong> Banks (ACB)<br />

is the voice of the local banking system. Its primary target is to<br />

promote best practices for the interest of the banking sector<br />

and the local economy. The ACB is a non-profit organization<br />

through which common positions are formulated and promoted<br />

on banking and financial issues when local legislative and<br />

governmental policies are determined. Through its more than<br />

53 years of operations, the ACB has gained the reputation of a<br />

prudent, reliable and consistent partner for various policy makers,<br />

organizations, media, institutions and the local society.<br />

15 Demetriou Karatasou Str, Office 401,<br />

P.O. Box 16113, 2086 Nicosia - <strong>Cyprus</strong><br />

Contact: Dr. Michael Kammas<br />

- Director General<br />

(+357) 22 664 293<br />

info@acb.com.cy<br />

www.acb.com.cy<br />





CYCA was formed in October 2019 under the auspices of <strong>Cyprus</strong><br />

Chamber of Commerce & Industry. We are leading the collective of<br />

individuals and businesses that will build the legal Cannabis Ecosystem<br />

in <strong>Cyprus</strong>, and advancing the interests of a responsible,<br />

compliant, transparent and high-quality industry. As global<br />

recognition of the benefits of legal Cannabis increases with<br />

governments around the world steadily moving to full legalization,<br />

there is a burgeoning need for high-quality products with known<br />

components; cultivated at large scale for consistent, reliable supply<br />

to users. <strong>Cyprus</strong> is primely positioned as an attractive center of<br />

excellence for production; research; genetics, and intellectual<br />

property from which the legal Cannabis industry can flourish.<br />

38 Grivas Dhigenis Ave. & 3 Deligiogis<br />

1066 Nicosia - <strong>Cyprus</strong><br />

Contact: Andria Andreou - President<br />

(+357) 99 672 366<br />

a.andreou@cy-ca.org<br />

www.cy-ca.org<br />






The <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) membership<br />

exceeds 10.000 enterprises representing over 95% of the local<br />

business community. 160 Professional Associations are affiliated<br />

to the CCCI including 41 Bilateral Associations. Its wide range of<br />

services include advisory, provision of business information,<br />

foreign trade exhibitions, trade missions & business fora abroad,<br />

business training courses & seminars, advice on European Union<br />

issues, labour relations matters, issue of Certificates of Origin and<br />

ATA-CARNETS and participation in EU programmes. CCCI is a full<br />

member of 12 International organizations including Eurochambers,<br />

the International Chamber of Commerce, SME United,<br />

Eurocommerce, GS1 and many other international organisations.<br />

Follow us on twitter @ccci_cyprus.<br />

38, Grivas Digenis Ave. &<br />

3 Deligiorgis Str. Chamber Building - <strong>Cyprus</strong><br />

Contact: Marios Tsiakkis - Secretary General<br />

(+357) 22 660 066<br />

secgen@ccci.org.cy<br />

www.ccci.org.cy<br />





The <strong>Cyprus</strong> Fiduciary Association (CYFA), established in 2011,<br />

is the representative body of regulated Administrative Service<br />

Providers (ASP’s) in <strong>Cyprus</strong>. With a vision to assist in forming a<br />

solid international business sector in <strong>Cyprus</strong> operating on high<br />

professional standards, ethics and integrity, the Association aims<br />

to serve industry providers by promoting their interests, raising<br />

sector awareness, supporting their operations, contributing to<br />

new legislations and delivering valuable training to professionals.<br />

The Association’s commitment to its purpose has established it<br />

among the most reputable and recognised organisations within<br />

the country, before public and regulatory authorities, other<br />

associations, as well as the business community in <strong>Cyprus</strong> and<br />

overseas.<br />

6, Emmanuel Roide Street, Fourth floor,<br />

Office 402, 1095, Nicosia - <strong>Cyprus</strong><br />

(+357) 22 256 263<br />

info@cyfa.org.cy<br />

www.cyfa.org.cy<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />






The <strong>Cyprus</strong> Healthcare Tourism (CHT) is a non-profit organization<br />

that was founded in November 2006 after an initiative taken by<br />

the <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) aiming<br />

to develop and promote <strong>Cyprus</strong> as a high quality Health Tourism<br />

destination. The CHT currently has more than 80 members who<br />

are actively involved in the <strong>Cyprus</strong> Health Tourism Industry. These<br />

vary from state-of-the-art hospitals and clinics to specialized<br />

travel agencies, wellness and rehabilitation centres as well as<br />

consulting firms. Most of the largest and best equipped hospitals<br />

are members of the CHT and they are all licensed by the <strong>Cyprus</strong><br />

Government and comply with EU regulations. Some of them have<br />

moved a step ahead towards gaining international accreditations.<br />

38 Grivas Dighenis & 3 Deligiorgis<br />

Street, Nicosia - <strong>Cyprus</strong><br />

Contact: Polis Peratikos - Executive Secretary<br />

+357) 22 889 744<br />

cyprushealth@ccci.org.cy<br />

www.cyhealthservices.com<br />





The <strong>Cyprus</strong> Hotel Association is the Hoteliers National Trade<br />

Union. The history of its foundation goes back to the beginning of<br />

the 1930s. Today the vast majority of all hotel establishments and<br />

other licensed tourist accommodation units, all over <strong>Cyprus</strong>, are<br />

members of the <strong>Cyprus</strong> Hotel Association. The most important<br />

aims of the Association are as follows: The protection and<br />

promotion of the interests of the hoteliers as employers and as<br />

professionals, as well as of the interests of <strong>Cyprus</strong> in general; The<br />

promotion and upgrading of the <strong>Cyprus</strong> tourism development; The<br />

upgrading and development of the hotel establishments in <strong>Cyprus</strong><br />

and the improvement of the professional level of the hoteliers; The<br />

solidarity between its members.<br />

Andreas Araouzos Str., No 12,<br />

Hesperides Building, 1076 Nicosia - <strong>Cyprus</strong><br />

Contact: Philokypros Roussounides<br />

- Director General<br />

(+357) 22 452 820<br />

cha@cyprushotelassociation.org<br />

www.cyprushotelassociation.org<br />






CIBA is a non-governmental, fully independent association,<br />

financed by membership fees only. Its activities and initiatives are<br />

organised and carried out by its General Secretary and Executive<br />

Committee of (max.) 12 persons. CIBA represents and safeguards<br />

the interests of the international businesses, their shareholders,<br />

managers and staff. The authorities recognize that CIBA<br />

represents the whole of the international business community<br />

in <strong>Cyprus</strong> and that it is instrumental in finding compromises<br />

between the required EU-driven legislation and international<br />

business requirements. CIBA annually awards the prestigious<br />

CIBA Excellence award to a member company that fulfils the<br />

specific criteria as set out by the Association.<br />

10 Pikionis Street, Highsight House<br />

3075 Limassol - <strong>Cyprus</strong><br />

Contact: Andreas Pishias - General Secretary<br />

(+357) 25 583 400<br />

ciba@ciba-cy.org<br />

www.ciba-cy.org<br />





CIFA is the Association of professionals, businesses, and<br />

organizations involved in the Investment Funds and Asset<br />

Management Sector in <strong>Cyprus</strong>. CIFA has nearly 400 members, legal<br />

and physical. The Mission of CIFA is to: Help its members capitalize<br />

on industry trends; Shape regulation; Enhance professionalism,<br />

integrity, and quality and Promote the <strong>Cyprus</strong> Investment Fund<br />

Industry. The Board is comprised of highly reputable industry<br />

professionals experienced in all aspects of the industry. CIFA is<br />

a full member of the European Funds and Asset Management<br />

Association and the International Investment Funds Association.<br />

The fund industry in <strong>Cyprus</strong> has been on a continuous increase,<br />

with Assets under Management exceeding €11 billion.<br />

Severis Building, 9 Makarios III Ave.,<br />

4th Floor, Lefkosia 1065 - <strong>Cyprus</strong><br />

Contact: Maria Panayiotou - Board Secretary<br />

(+357) 22 441 133<br />

info@cifacyprus.org<br />

www.cifacyprus.org<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





The <strong>Cyprus</strong> Shipping Chamber is the trade association of the<br />

Shipping Industry in <strong>Cyprus</strong>. The main purpose of the Chamber<br />

is to promote the interests of <strong>Cyprus</strong> Shipping and to further<br />

the reputation of the <strong>Cyprus</strong> flag. The Chamber also acts as a<br />

lobbying group for the promotion and safeguard of the legitimate<br />

interests of its Member-companies, at national and international<br />

level. On the local front, the Chamber co-operates very closely<br />

with the Government in all shipping related matters. Moreover,<br />

the Chamber operates as a roving ambassador of <strong>Cyprus</strong><br />

Shipping through its membership and active participation at<br />

the International Chamber of Shipping (ICS) and the European<br />

Community Shipowners’ Associations (ECSA).<br />

City Chambers, 6 Regas Fereos Str.<br />

P.O.Box 56607, 3309, Limassol - <strong>Cyprus</strong><br />

Contact: Thomas A. Kazakos<br />

– Director General<br />

(+357) 25 360 717<br />

csc@csc-cy.org<br />

www.csc-cy.org<br />



CEO<br />


<strong>Cyprus</strong> Union of Shipowners, as the major representative<br />

Organization of the <strong>Cyprus</strong> Flag vessels, is committed to the firm<br />

growth of our National Registry and the establishment of Limassol<br />

as a world-class Maritime Centre. The cooperation between<br />

our Union, the Shipping Deputy Ministry and the Ministry of<br />

Finance resulted to an exceptional Framework that induced<br />

prominent Shipping Companies, P&I Clubs and other Shipping<br />

related Service Providers to establish management offices in<br />

<strong>Cyprus</strong>. Moreover, the solidification of the global reach of our<br />

Union and its institutional status has curved our participation in<br />

IMO Committees, as Government Consultants, both mandatory<br />

and effective.<br />

17, Gordonos Str., Suite 301,<br />

3070 Limassol - <strong>Cyprus</strong><br />

Contact: Katerina Michael - PR Manager<br />

(+357) 25 818 161<br />

cus@cus.com.cy<br />

www.cus.com.cy<br />






The Insurance Association of <strong>Cyprus</strong> is the accredited and<br />

representative body of the Cypriot insurance industry, with 29<br />

member insurance companies operating in <strong>Cyprus</strong>, accounting<br />

for approximately 98% of total gross written premiums. As<br />

the leading and united voice of the <strong>Cyprus</strong> insurance market<br />

its mission is to promote the industry’s views and positions to<br />

policymakers and legislators. It is also particularly active with<br />

respect to work aiming at the modernization of the sector, the<br />

continuous improvement of the level and quality of service to the<br />

public, the enhancement of consumers’ trust and confidence in<br />

insurance products and their providers, and the strengthening of<br />

the institution of insurance.<br />

23, Zenon Sozos str., 1st floor<br />

1075 Nicosia - <strong>Cyprus</strong><br />

Contact: Andreas Athanasiades<br />

– Director General<br />

(+357) 22 452 990<br />

info@iac.org.cy<br />

www.iac.org.cy<br />





STEP is the global professional association for practitioners who<br />

specialise in family inheritance and succession planning. STEP<br />

works to improve public understanding of the issues families<br />

face in this area and promotes education and high professional<br />

standards among its members. STEP members help families<br />

plan for their futures, from drafting a will to advising on issues<br />

concerning international families, protection of the vulnerable,<br />

family businesses and philanthropic giving. Today STEP has<br />

more than 20,000 members across 96 countries from a range of<br />

professions, including lawyers, accountants and other specialists.<br />

The <strong>Cyprus</strong> branch of STEP numbers over 185 experienced<br />

professionals from all over <strong>Cyprus</strong>, and is active in the spread of<br />

industry related knowledge, through regular conferences and<br />

presentations.<br />

P.O.Box 24789, 1303 Nicosia - <strong>Cyprus</strong><br />

itsi - STEP <strong>Cyprus</strong> Chairwoman<br />

(+357) 22 777 787<br />

Contact: Stella Kammitsi<br />

skammitsi@raza.com.cy<br />

www.step.org<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />






The <strong>Cyprus</strong> Employers and Industrialists Federation (OEB) was<br />

founded in 1960. Today, its members are active in all sectors of<br />

the economy and employ more than 60% of the private sector’s<br />

workforce. OEB is a pancyprian independent organisation<br />

comprising of more than 100 of the main professional / sectoral<br />

Associations, as well as hundreds of companies from the<br />

Agricultural, Manufacturing, Construction, Commercial and<br />

Services Sectors. In total, OEB has more than 10.000 Members<br />

/ Enterprises. OEB is established as a dynamic force in <strong>Cyprus</strong>’<br />

socio - economic development and welfare and acts as the main<br />

advocate and representative of the business community.<br />

`<br />

years<br />

4, <strong>Cyprus</strong> Employers & Industrialists<br />

Federation Street, 2000 Nicosia /<br />

P.O.Box 21657, 1511 Nicosia - <strong>Cyprus</strong><br />

Contact: Michalis Antoniou - Director General<br />

(+357) 22 643 000<br />

info@oeb.org.cy<br />

www.oeb.org.cy<br />





The <strong>Cyprus</strong> Tech Association, a non-for-profit entity, aspires<br />

to provide a dynamic platform for all tech professionals and<br />

international ICT companies established in <strong>Cyprus</strong> to discuss,<br />

promote, and address common challenges. It also provides a<br />

formal representation to all its members to forums, public and<br />

private entities, as well as offers direction on key strategic issues,<br />

including the economic importance of the ICT sector and policy<br />

advocacy.<br />

Makariou III Avenue,<br />

4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 441 133<br />

info@techcyprus.org.cy<br />

www.cyprustechassociation.org.cy<br />






The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC) is the<br />

competent authority for regulating the accounting profession and the<br />

sole recognised body of Auditors by the state in <strong>Cyprus</strong>. Established in<br />

1961, ICPAC currently has more than 5.500 professional accountants<br />

as members and 3.500 students. ICPAC houses all professional<br />

accountants, supports and promotes the activities and interests of the<br />

accountancy profession, safeguards the reputation of the profession<br />

and adherence to the Code of Ethics, as well as provides for the<br />

continuous professional development and updating of members. In<br />

addition, ICPAC is also a competent authority under the Anti-Money<br />

Laundering law, the laws on the Regulation of Enterprises Providing<br />

Administrative Services and the Insolvency Practitioners Law, as well<br />

as one of the primary stakeholders of the economy of the country.<br />

11 Byron Avenue, CY-1096, Nicosia - <strong>Cyprus</strong><br />

Contact: Kyriakos Iordanou<br />

– General Manager<br />

(+357) 22 870 030<br />

info@icpac.org.cy<br />

www.icpac.org.cy<br />





Established in 1899, Bank of <strong>Cyprus</strong> is currently the leading<br />

banking and financial services Group in <strong>Cyprus</strong>, operating 64<br />

branches in <strong>Cyprus</strong> and representative offices in Russia, Ukraine<br />

an China. The Bank is the only financial institution in the region<br />

that is concurrently regulated by three different corporate<br />

governance codes (UK Corporate Governance Code, <strong>Cyprus</strong><br />

Stock Exchange Corporate Governance Code and Central Bank<br />

of <strong>Cyprus</strong> Internal Governance Directive) and in four different<br />

European jurisdictions (<strong>Cyprus</strong>, Ireland, the UK and the EU).<br />

Through the Wealth Services Division we offer a wide range of<br />

investment products and specialized services, including Private<br />

Banking, Affluent Banking, Institutional Wealth & Custody,<br />

Brokerage & Asset Management as well as Investment Banking.<br />

51 Stassinou, 2002 Strovolos,<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Emilios Tannousis -<br />

Manager Wealth Management<br />

(+357) 22 128 000<br />

info@bankofcyprus.com<br />

www.bankofcyprus.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



CEO<br />



Founded in 1963, cdbbank (<strong>Cyprus</strong> Development Bank) is today one<br />

of the country’s leading niche financial institutions dedicated to<br />

satisfying the needs of domestic and international clients. cdbbank<br />

offers a wide range of specialised financial services and products,<br />

designed to accommodate the sophisticated requirements of its<br />

clientele which consists of corporate and institutional clients and<br />

high net worth individuals. The Bank’s vision is to be the reference<br />

Bank for businesspeople. Relying on its long-term experience and<br />

high level of expertise, cdbbank aspires to establish long-term<br />

relationships of trust with its clients, always delivering excellence<br />

and value.<br />

50 Arch. Makarios III Ave.,<br />

1065 Nicosia - <strong>Cyprus</strong><br />

Contact: Liza Philippou - Head, Network<br />

Business and Communication<br />

(+357) 22 846 500<br />

info@cdb.com.cy<br />

www.cdb.com.cy<br />



CEO<br />


Since the commencement of our operations in August 2007,<br />

we have achieved impressive growth rates, while consistently<br />

demonstrating healthy profitability, as well as, a strong capital<br />

base and liquidity position. We currently operate a network of eight<br />

Banking Centers across the island. With tailor-made products and<br />

services based on our clients’ needs, our business model sets us<br />

apart from our competitors, focusing on the areas of Corporate<br />

Banking, Wealth Management, International Business Banking,<br />

Shipping, Global Markets and Affluent Banking.<br />

28, Spyrou Kyprianou Avenue,<br />

1075 Nicosia, P.O Box 27236,<br />

1643 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 208 000<br />

info@eurobank.com.cy<br />

www.eurobank.com.cy<br />



CEO<br />


Societe General Bank – <strong>Cyprus</strong> (SGBCy) draws on more than thirty<br />

years of accumulated experience in global banking in <strong>Cyprus</strong> as<br />

well as all the advantages of being part of an international Group.<br />

The bank is present in the most important big cities in <strong>Cyprus</strong>:<br />

Nicosia, Limassol and Larnaca. SGBCy activities are organized<br />

around private banking, corporate banking and international<br />

businesses. Banking services encompass a wide range of<br />

diversified, standard and tailor-made services that are conceived<br />

to answer the broadest range of customers’ needs. The bank<br />

pursues long-term relationships with its high net worth and<br />

corporate customers in order to meet fully their expectations.<br />

88 Dighenis Akritas & 36 Kypranoros<br />

Street, 1061 Nicosia - <strong>Cyprus</strong><br />

Contact: Hovik Arslanian -<br />

Assistant General Manager<br />

(+357) 80 007 777<br />

Hovik.Arslanian@sgbcy.com<br />

www.sgcyprus.com<br />



CEO<br />


The company provides advisory, project management and<br />

consultancy services in the oil & gas and energy sectors and aims<br />

to contribute to the successful development of these Sectors for<br />

the future of <strong>Cyprus</strong>. The CEO has over 35-years international<br />

experience in promoting and developing oil & gas business and<br />

projects spanning Europe, Asia and Africa. We can assist our clients<br />

in developing their business in <strong>Cyprus</strong>, evaluating opportunities<br />

and providing in depth professional advice and support.<br />

11 Tyrtaiou Street, 1087 Nicosia - <strong>Cyprus</strong><br />

Contact: Dr Charles Ellinas - CEO<br />

(+357) 97 705 060<br />

Charles.ellinas@yahoo.com<br />

www.e-cnhc.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





We are a leading contributor of simplified, nimble integrated,<br />

customized solutions, Cross-border Business transactions and<br />

strategies in Asia and Europe. Deep well recognized local expertise<br />

with Global connectivity and vision form part of the solutions<br />

we deliver to entrepreneurs and Government clients looking<br />

for substance in Financial services Industry, Capital markets,<br />

Taxation, Corporate advisory and Investment funds Industry. Our<br />

insights assist you to be more proactive, effective and profitable<br />

especially in fast growing India, Greece and <strong>Cyprus</strong>. We are<br />

committed to providing best in class service, compliant and<br />

transparent solutions, with increased focus on localization and<br />

developing local markets.<br />

<br />

<br />

PIVOT, member of TSSAG<br />

<br />

88 Markarios III Avenue<br />

1077 Nicosia - <strong>Cyprus</strong><br />

Contact: Panayiotis Gregoriades<br />

The - CEO & Director<br />

(+357) 22 731 002<br />

The Securities Services Advisory Group<br />

pgregoriades@pivotcyprus.com<br />

www.pivotcyprus.com<br />

<br />

<br />





Alter Domus is a fully integrated service provider dedicated to<br />

private equity, infrastructure, real asset, and debt capital markets<br />

sectors. Our 3,600 employees across more than 35 offices in 20<br />

countries provide end-to-end solutions to alternative investment<br />

managers, freeing up time for them to focus on their core activities<br />

of sourcing capital and executing deals. Our local team in <strong>Cyprus</strong><br />

works diligently to help clients meet their growing regulatory<br />

obligations and keep up with increasing investor demands.<br />

Offering fund administration, corporate services, transfer pricing,<br />

and domiciliation services, you can rely on our on-the-ground<br />

expertise to help you take advantage of opportunities as they arise.<br />

11 Limassol Avenue, Galatariotis Building,<br />

2112, PO Box 27282, 1643 Nicosia - <strong>Cyprus</strong><br />

Contact: Evdokia Stavraki - Director<br />

(+357) 22 465 151<br />

Evdokia.Stavraki-Stephanou@<br />

alterdomus.com<br />

www.alterdomus.com<br />





Andersen in <strong>Cyprus</strong> is the Cypriot member firm of Andersen<br />

Global®, an international association of member firms comprised<br />

of tax and legal professionals worldwide. Andersen Cy is a<br />

regulated accounting firm based in Nicosia providing a wide range<br />

of professional services mainly to international clients. The firm<br />

is a member of the Institute of Certified Public Accountants of<br />

<strong>Cyprus</strong> and the <strong>Cyprus</strong> VAT Association. With worldwide presence<br />

through the member firms and collaborating firms of Andersen<br />

Global, client service and solutions are coordinated seamlessly<br />

between service lines and locations to ensure clients receive bestin‐class,<br />

comprehensive solutions.<br />

140 Athalassas Avenue,<br />

2024 Nicosia - <strong>Cyprus</strong><br />

Contact: Nakis Kyprianou<br />

- Managing Partner<br />

(+357) 22 456 333<br />

nakis.kyprianou@cy.Andersen.com<br />

cy.Andersen.com<br />





The Aspen Trust Group is a leading corporate service and financial<br />

planning provider; established in 1998 and licensed by ICPAC, our<br />

Group provides International Structuring and Tax Management<br />

solutions to Corporates and High Net Worth Individuals. Specific<br />

services include entity setup and management, legal and<br />

administration support, banking and tax compliance, financial<br />

management and restructuring, re-domiciliation, patent<br />

registration, residency and citizenship, cross- border mergers,<br />

family office services and headquartering. We build long term,<br />

trusted relationships with clients and associates, aiming to add<br />

value to their businesses and be part of their success stories. Our<br />

team consists of qualified accountants, lawyers and MBA-holders<br />

who undergo rigorous training to provide tailor-made solutions.<br />

77 Limassol Avenue<br />

Elia House, Nicosia 2121 - <strong>Cyprus</strong><br />

Contact: Marina Zevedeou -<br />

Co-founder and CEO<br />

(+357) 22 418 730<br />

marina.zevedeou@aspentrust.com<br />

www.aspentrust.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



CEO<br />


‘Creating Protecting and Growing Wealth’: We offer a<br />

comprehensive range of services that include initial structuring<br />

advice, company/trust formation, corporate administration, legal<br />

and company secretarial, tax compliance, accounting and financial<br />

reporting. As our clients’ trusted service partner, we act as a single<br />

contact point for their structure’s needs and centrally coordinate<br />

all parties including the shareholders and directors, banks, legal<br />

advisers and others. Our <strong>Cyprus</strong> solutions include the IP box, EU<br />

headquartering, tech/crypto-asset solutions and international<br />

trusts/foundations. ATG Corporate Services is a member of the<br />

Athina Trust Group offering financial services that include Fund<br />

and Private Wealth services to high-net-worth individuals, fund<br />

managers/promoters.<br />

KEMA Bldg, 5th Floor East,<br />

21 Akademias Avenue, 2107,<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Andreas Athinodorou - CEO<br />

(+357) 22 057 560<br />

andreas.athinodorou@atgcorporate.com<br />

www.atgcorporate.com<br />



CEO<br />


Executive Business Consultants Limited is an international<br />

Fiduciary and Family Office Service Firm based in, and operating<br />

out of, Larnaca, <strong>Cyprus</strong>. It is a fully independent and privately<br />

owned service firm having its roots established since 1987. EBC<br />

operates under a boutique style concept, providing specialized<br />

and tailor-made solutions and services to High-Net-Worth<br />

Individuals and their corporate structures. Since its existence<br />

EBC has managed to develop and build strong business links with<br />

both local and international Financial Institutions, and other<br />

professionals together creating a strong worldwide network of<br />

reputable and trusteed associates working together as a team<br />

to provide our clients the knowledge and expertise required for<br />

satisfying their needs.<br />

Simou Menardou 8, Ria Court 8, 4th Floor,<br />

Office 402, 6015 Larnaca - <strong>Cyprus</strong><br />

PO. Box 42633, 6051<br />

Contact: Andreas Hadjimichael - CEO<br />

(+357) 24 823 999<br />

andreas@executive.com.cy<br />

www.executive.com.cy<br />





GFSC Global is a leading Corporate and Legal Group of Companies<br />

Licensed and Regulated Worldwide. Since our establishment,<br />

GFSC Global assists with a full range of corporate, legal, financial,<br />

licensing, gaming, crypto, ico/sto, blockchain, immigration, tax<br />

advice, accounting, banking and administration services across<br />

the world. Our services are offered in more than 70 jurisdictions,<br />

including advising, planning, formation and incorporation as<br />

well as management of international structures, full licensing<br />

and post-licensing supports. Through our Licensed Service<br />

Providers, professional Consultants and Tax Advisors, we assist in<br />

choosing the most convenient jurisdictions, subject to your needs,<br />

operations and business intentions. GFSC GLOBAL is a member<br />

with CYFA, CIA, ACAMs, IIA, CIFA and many other associations.<br />

Agias Zonis 22A, Iakovou center,<br />

Office 101, 3027, Limassol - <strong>Cyprus</strong><br />

Isavella Evripidou – CEO/Founder<br />

(+357) 25 269 400<br />

Evripidou.i@gfscglobal.com<br />

www.gfscglobal.com, www.gciecorp.com<br />





KENDRIS is your Swiss partner in <strong>Cyprus</strong> for family office,<br />

trust and fiduciary services, international tax and legal advice,<br />

accounting, outsourcing, aviation advisory and art management.<br />

KENDRIS is fully owned and operated by its management and<br />

employees. KENDRIS Group employs around 180 specialists,<br />

and our clients comprise companies, individuals, and families<br />

as well as family offices, financial institutions, law firms and tax<br />

consultancies. We offer our clients tailored solutions to help them<br />

achieve their objectives. Our strong presence and our specific<br />

know-how in various sectors and markets make us an expert<br />

and reliable partner for corporate clients, private clients, and<br />

institutional clients.<br />

Spyrou Kyprianou 50, Irida 3<br />

12th Floor, Larnaca 6057 - <strong>Cyprus</strong><br />

Contact: Sara Gunnervik –<br />

Office Managing Partner<br />

(+357) 24 631 300<br />

s.gunnervik@kendris.com<br />

www.kendris.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



CEO<br />


Pagecorp Group is a leading provider of corporate,<br />

administration, secretarial and other related services based<br />

in <strong>Cyprus</strong>, with a worldwide network of professional affiliates.<br />

Licensed by the <strong>Cyprus</strong> Securities and Exchange Commission<br />

(CySEC) and with over 20 years of experience in the fiduciary<br />

and corporate services sector, the Group advises major local<br />

and international organizations, institutions and groups, as<br />

well as start-ups and entrepreneurs on all aspects of their<br />

corporate needs, including relocating/headquartering in <strong>Cyprus</strong>.<br />

Furthermore, the legal consultants, company administrators,<br />

accountants and support staff of the Group can assist clients on<br />

all matters relating to <strong>Cyprus</strong> International Trusts, international<br />

tax planning, accounting, financial advisory, tax administration<br />

and other related services.<br />

334 Agiou Andreou & Eleftheriou Venizelou<br />

corner, Vashiotis Business Centre, Ground<br />

floor offices, 3035 Limassol - <strong>Cyprus</strong><br />

Contact: Stavros Pavlou - CEO<br />

(+357) 25 878 866<br />

info@pagecorpgroup.com<br />

www.pagecorpgroup.com<br />





Sovereign is a leading independent provider of corporate,<br />

private client and retirement planning services. Currently<br />

managing over 20,000 structures for a wide variety of clients –<br />

companies, entrepreneurs, private investors or high net worth<br />

individuals (HNWIs) and their families – and have assets under<br />

administration in excess of £20 billion. As an international<br />

provider with a presence in over 20 jurisdictions around the<br />

world, Sovereign is dedicated to offering integrated advice,<br />

products and services to internationally mobile businesses<br />

and people that have sophisticated and often complex needs.<br />

Sovereign assist them to generate, structure and protect their<br />

income and assets in the most efficient way.<br />

16 Herodotou Street,<br />

Limassol, 3095 - <strong>Cyprus</strong><br />

Contact: George Ayiomamitis<br />

- Managing Director<br />

(+357) 25 733 440<br />

cy@SovereignGroup.com<br />

www.SovereignGroup.com<br />





Founded in 1978, the Trident Trust Group is one of the largest<br />

independent global providers of corporate, trust, fund, marine and<br />

fiduciary services. With presence in more than 24 Jurisdictions<br />

ensures access to a range of services that extends from traditional<br />

corporate domicile representation to the administration<br />

of complex trust and fund structures. Trident Trust <strong>Cyprus</strong><br />

established its presence over 25 years ago, is regulated by the<br />

<strong>Cyprus</strong> Securities and Exchange Commission, and is today one<br />

of the largest members of the local financial services industry,<br />

employing over 80 professionally qualified staff.<br />

Griva Digeni 115, Trident Centre<br />

3101 Limassol - <strong>Cyprus</strong><br />

Contact: Andreas Mercouri -<br />

Managing Director<br />

(+357) 25 820 650<br />

cyprus@tridenttrust.com<br />

www.tridenttrust.com<br />





At Vistra, we believe your business and your people can make a<br />

difference in the world. That’s why our work is focused on helping<br />

our clients act with confidence and speed to seize opportunity<br />

wherever it arises. As a global corporate service provider and<br />

fund administrator with more than 5,000 professionals in over 45<br />

jurisdictions, we empower legal entities globally to work smarter,<br />

grow faster, act responsibly, protect capital and scale across<br />

borders — by doing what we do best: reducing risk and enhancing<br />

efficiency. Discover how we can help you and your business seize<br />

opportunity today by exploring our services at vistra.com.<br />

2nd Floor Sotiri Tofini 4<br />

Agios Athanasios, 4102 Limassol - <strong>Cyprus</strong><br />

Contact: Nick Terry - Managing Director<br />

(+357) 25 817 411<br />

Nick.Terry@vistra.com<br />

www.vistra.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





Sapienta Economics is a Nicosia-based economic consultancy<br />

producing top-level analysis primarily on <strong>Cyprus</strong> for a range<br />

of prestigious clients, including banks, oil/gas majors, big four<br />

accounting firms and over a dozen embassies. Our services<br />

include bespoke consultancy and the monthly Sapienta <strong>Country</strong><br />

Analysis <strong>Cyprus</strong>. Each month we take an in-depth look at prospects<br />

for political stability, government effectiveness, a resolution of the<br />

<strong>Cyprus</strong> problem, structural policies including natural gas, fiscal<br />

performance, debt sustainability, banking sector stability and the<br />

latest economic trends. No other organization offers such breadth<br />

and depth of inter-related issues. Sapienta Economics and its<br />

Director Fiona Mullen are independent, with no political ties in<br />

<strong>Cyprus</strong> or abroad and no investment in <strong>Cyprus</strong> shares or bonds.<br />

Tenedou 7, No 401, Lykavitos,<br />

CY1055 Nicosia - <strong>Cyprus</strong><br />

Contact: Fiona Mullen - Director<br />

(+357) 99 338 224<br />

fiona.mullen@sapientaeconomics.com<br />

www.sapientaeconomics.com<br />

ENERGY<br />




CHC is the National Oil and Gas Company of <strong>Cyprus</strong>. As a stateowned<br />

company, CHC undertakes the commercial management<br />

of the ownership rights of the Republic of <strong>Cyprus</strong> that arise from<br />

the contracts with which it has entered into with oil and gas<br />

companies within its Exclusive Economic Zone. The vision of<br />

CHC is aligned with that of the Government of <strong>Cyprus</strong>, which is<br />

to ensure the sustainable development of hydrocarbon resources<br />

present in the Exclusive Economic Zone of the Republic of <strong>Cyprus</strong>,<br />

in order to maximize the benefits for Cypriot society and future<br />

generations.<br />

53 Strovolou Avenue, Victory Building,<br />

2018 Strovolos, Nicosia - <strong>Cyprus</strong><br />

Contact: Demetris Fessas –<br />

Acting Director General<br />

(+357) 22 203 880<br />

d.fessas@chc.com.cy<br />

www.chc.com.cy<br />





The EIMF is an accredited and licensed Education Group that<br />

offers learning and development opportunities, including<br />

Global Qualifications, across an array of areas. EIMF possesses<br />

a strong concentration within the areas of financial and<br />

professional services (regulation, compliance, AML, banking,<br />

funds), accounting, legal, management, as well as Information-<br />

Technology through its New Horizons Computer Learning Centers.<br />

Knowledge is delivered by established subject-matter experts,<br />

through classroom, Live Online, eLearning and customized<br />

learning solutions. With a presence in London, Brussels, Frankfurt,<br />

Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and<br />

Bucharest and over 5,000 students annually, 330+ programmes,<br />

60+ instructors and 25 international Certifications, make the EIMF<br />

a leader in the field of vocational education in the wider region.<br />

25 Megaron Street, 2032 Strovolos<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Marios Siathas -<br />

Chief Executive Officer<br />

(+357) 22 274 470<br />

msiathas@eimf.eu<br />

www.eimf.eu<br />





MAP S.Platis Group is a leading financial services consulting Group<br />

with clients that include regulators, banks, funds and fund managers,<br />

investment firms, brokers, fintech firms, insurance firms and payment<br />

and electronic money institutions. Our expert team, currently<br />

comprising over 400 high-calibre professionals, provides unique<br />

and tailored solutions in licensing, regulatory compliance, risk management,<br />

internal audit, human resources, regulatory technology,<br />

information technology, business resilience, information security<br />

including cybersecurity, governance, executive training and innovation<br />

consulting to financial and other firms in the UK, <strong>Cyprus</strong> and the<br />

EU. Thanks to our vast regulatory compliance experience, continued<br />

interaction with regulatory authorities, unparalleled track record,<br />

global network of associates and wealth of resources, our team can<br />

support any client’s regulatory needs efficiently and effectively.<br />

74 Archiepiskopou Makariou C, Floors 2-3,<br />

Mesa Geitonia, 4003, Limassol - <strong>Cyprus</strong><br />

Contact: Herodotos Michael - Senior<br />

Manager, Authorisations and Regulatory<br />

Business Development (+357) 25 351 335<br />

info@mapsplatis.com<br />

www.mapsplatis.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



CEO<br />


‘Creating Protecting and Growing Wealth’: We offer a<br />

comprehensive range of services including initial fund structuring<br />

advice, licensing, fund set up, fund management support, fund<br />

administration/back-office, registrar transfer agent services, NAV<br />

and regulatory reporting. As our clients’ trusted service partner<br />

we act as a single contact point for their structures, centrally<br />

coordinating all fund parties including the fund manager,<br />

investors, depositary and the regulator. Our clients are <strong>Cyprus</strong>,<br />

Cayman Islands and BVI funds that invest in liquid securities,<br />

private equity, real estate, shipping and crypto assets. ATG Fund<br />

Services is a member of the Athina Trust Group offering financial<br />

services that include Corporate and Private Wealth services to<br />

high-net-worth individuals and corporates.<br />

KEMA Bldg, 5th Floor East,<br />

21 Akademias Avenue, 2107,<br />

Nicosia - <strong>Cyprus</strong><br />

Contact: Andreas Athinodorou - CEO<br />

(+357) 22 057 570<br />

andreas.athinodorou@atgfunds.com<br />

www.atgfunds.com<br />



CEO<br />


Inveqo Fund Management Ltd (INVEQO) is an Alternative<br />

Investment Fund Manager, authorised and supervised by the<br />

<strong>Cyprus</strong> Securities and Exchange Commission (CySEC) with<br />

license number AIFM32/56/2013. The team brings together<br />

several years of experience in fund and investment management<br />

services in various jurisdictions such as the United Kingdom,<br />

Malta, Luxembourg and <strong>Cyprus</strong>. INVEQO provides a range of<br />

services, including portfolio management, risk management,<br />

administration, fund set-up, licensing and registration, and<br />

other fund related services. Our mission is to create value for our<br />

investors, clients and associates by demonstrating principled<br />

industry leadership, offering high-quality services, and innovative<br />

solutions.<br />

16 Navarinou Street, Agios Andreas<br />

CY-1100, Nicosia - <strong>Cyprus</strong><br />

Nikolas Charalambous - CEO<br />

(+357) 22 666 500<br />

info@inveqo.net<br />

www.inveqo.net<br />





IXI Investments is authorized by CySEC as an Alternative<br />

Investment Fund Manager, focused on achieving capital growth<br />

with relatively low drawdowns and low correlation and by actively<br />

managing exposures in the G10 currencies and gold. IXI applies a<br />

robust in-house developed investment process and an efficient<br />

execution framework that allows it to tap into the FX market in a<br />

timely and systematic manner, from the signal generation stage<br />

to trades execution. IXI employs sophisticated computational<br />

systems for its trading and execution algorithms which implement<br />

advanced quantitative, mathematical, and statistical models.<br />

Syntagmatos Square, Old Port, Building X1,<br />

1ST Floor, 3042 Limassol - <strong>Cyprus</strong><br />

Contact: Maria Papakokkinou - COO<br />

(+357) 25 262 669<br />

info@ixi.com<br />

www.ixi.com<br />





Leon MFO Investments Ltd is an Alternative Investment Fund<br />

Manager authorized and regulated by CySEC (license number<br />

AIFM 37/56/2013). The firm provides discretionary portfolio<br />

management, fund management and investment advice. Total<br />

assets under management exceed $800mln. Recently, Leon<br />

launched two funds which are addressed to professional and wellinformed<br />

investors: a) LEON Income Fund RAIF VCIC PLC and b)<br />

LEON Global Hedge Fund RAIF VCIC PLC.<br />

37, Theklas Lisioti, Gemini House,<br />

Office 301, CY-3030, Limassol - <strong>Cyprus</strong><br />

Contact: Andrey Narutskiy -<br />

Managing Director, CEO<br />

(+357) 25 268 120<br />

leonmfo@leonmfo.com<br />

www.leoninvestments.com.cy<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />



CEO<br />


Wealth Fund Services Ltd is a global advisory and asset<br />

management company, based in <strong>Cyprus</strong> and licensed by<br />

CySEC (<strong>Cyprus</strong> Securities & Exchange Commission) as an AIFM<br />

management company with license No 6/78/2012. It operates<br />

in the field of setting-up, running and managing UCITS Mutual<br />

Fund, Registered Alternative Fund (RAIF) and Alternative<br />

Investment Fund (AIF) in line with the recent EU Directive which is<br />

implemented by the Cypriot legislation. It also offers Discretionary<br />

Asset management and Advisory services to HNI and Institutional<br />

clients. The primary goal of the Company is the protection of the<br />

assets under management remaining focused on achieving high<br />

return yields and providing top quality services to its investors.<br />

Kennedy 12-14, Kennedy Business Center<br />

Office 305, 1087, Nicosia - <strong>Cyprus</strong><br />

Contact: George Sams - CEO<br />

(+357) 22 755 506-07<br />

info@wealthfs.com.cy<br />

www.wealthfs.com.cy<br />





Invest <strong>Cyprus</strong> (<strong>Cyprus</strong> Investment Promotion Agency) is the<br />

investment authority of the Government of <strong>Cyprus</strong> dedicated to<br />

attract and facilitate foreign direct investment into the country.<br />

In close collaboration with all governmental authorities and<br />

public institutions, as well as the private sector, Invest <strong>Cyprus</strong> is<br />

the country’s lead agent in establishing <strong>Cyprus</strong> as a world-class<br />

destination for international business activity and investments.<br />

Invest <strong>Cyprus</strong>’ mandate is to raise awareness of <strong>Cyprus</strong> as a<br />

destination for FDI across the globe, providing certainty around all<br />

aspects of operating a business in <strong>Cyprus</strong> and supporting potential<br />

investors in developing their business case for investment into the<br />

country.<br />

9 Makariou III Avenue,<br />

4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 441 133<br />

info@investcyprus.org.cy<br />

www.investcyprus.org.cy<br />



CEO<br />


Windsor Brokers was established in Limassol <strong>Cyprus</strong> with roots<br />

dating back to 1988. The Company was the first Cypriot Investment<br />

Firm of its type to be licensed and regulated by the Central Bank<br />

of <strong>Cyprus</strong>, and by 2004, it was regulated by the <strong>Cyprus</strong> Securities<br />

and Exchange Commission. Our company’s mission is to empower<br />

people in the pursuit of their financial goals. For over three<br />

decades, we have remained committed to serving investors who<br />

place security, integrity, and reliability at the forefront of their<br />

investment goals.<br />

Windsor Brokers Business Center,<br />

Spyrou Kyprianou 53, Mesa Geitonia<br />

4003 Limassol - <strong>Cyprus</strong><br />

Contact: Jabra Serieh - Director of Marketing<br />

(+357) 25 500 700<br />

Jabra.Serieh@WindsorBrokers.eu<br />

www.windsorbrokers.eu<br />

LAW FIRM<br />




AGP & Co is a highly reputable, leading, dynamic and award<br />

winning Law Firm. Our reputation for excellence is recognized<br />

worldwide. Based in <strong>Cyprus</strong> with strong international presence<br />

and a full service office in the UAE, we serve our clients as a team,<br />

with a common focus on innovation, efficiency and agility. We<br />

provide full service Legal, Corporate, FS Advisory & Regulatory<br />

Compliance/AML, Crypto Licensing, Tax, Immigration, Relocation<br />

and Real Estate services. AGP & Co consists of the following main<br />

departments: Dispute Resolution; Corporate/Commercial; FS<br />

Advisory & Regulatory Compliance; Real Estate & Immigration;<br />

Tax-Accounting-Audit. Delivering excellent client service that<br />

benefits from long and lasting relationships, we are dedicated to<br />

providing our clients with superior results.<br />

“AGP Chambers”, 84 Spyrou<br />

Kyprianou Avenue,<br />

4004 Limassol - <strong>Cyprus</strong><br />

Postal Address: P.O.Box 58419,<br />

3734 Limassol - <strong>Cyprus</strong><br />

Contact: Angelos G. Paphitis<br />

- Managing Partner<br />

(+357) 25 731 000<br />

angelos.paphitis@agplaw.com<br />

www.agplaw.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

LAW FIRM<br />




Agni Livera LLC is a highly experienced and fully serviced law firm,<br />

based in Nicosia, <strong>Cyprus</strong>. Agni Livera LLC offers a complete array<br />

of legal services specialising in the areas of Banking & Finance,<br />

Company law, Insurance law, Debt Collection, Employment law,<br />

Intellectual Property, Fund services, Regulatory and Compliance<br />

services as well as a full range of Fiduciary services. Following<br />

a client centric approach, the firms’ high-caliber lawyers are<br />

equipped to accommodate all your legal needs, offering the<br />

highest level of service and advice applicable in a fast and costefficient<br />

way, always operating with discretion, professionalism,<br />

integrity and transparency.<br />

1-3 Bouboulinas Street, Bouboulina<br />

Building, 3rd Floor, Office 34,<br />

1060 Nicosia - <strong>Cyprus</strong><br />

Contact: Agni Livera – Managing Director<br />

(+357) 22 552 733<br />

agni@liveralaw.com<br />

www.liveralaw.com<br />

LAW FIRM<br />




With nearly 40 years of experience, Andreas Th. Sofokleous<br />

LLC is a dynamic and modern boutique law firm. Andreas Th.<br />

Sofokleous LLC has been ranked on top-notch legal directories<br />

(such as Chambers and Partners) and received accomplishments<br />

from different organizations. The firm specializes in private client<br />

matters and corporate law (including cross border transactions). It<br />

regularly advises high net worth individuals on a range of matters,<br />

including tax planning, inheritance and asset management.<br />

2, Agapinoros Street & Makariou III,<br />

IRIS TOWER, Offices 403-405,<br />

1076, Nicosia - <strong>Cyprus</strong><br />

Contact: Lorenzo Toffoloni - Partner<br />

(+357) 22 763 601<br />

info@aslaw.eu<br />

www.aslaw.eu<br />

LAW FIRM<br />





Antonis Paschalides & Co LLC is a boutique, medium-size law firm<br />

based in Nicosia that has provided legal services on a local and<br />

international level for over 40 years. The Firm has associates in<br />

UK, Russia, Greece and France. The trust of clients and associates<br />

in the high quality of work provided by the Firm is reflected on<br />

the projects in which it is involved, and which include some of<br />

the biggest investments ever made in Russia and Eastern Europe.<br />

Main areas of practice: Mergers & Acquisitions, Corporate Law,<br />

Banking, Civil & Commercial litigation, Family Law, Conveyance &<br />

Estate Planning.<br />

Makariou & Ayias Elenis 36,<br />

Galaxias Building, 5th floor, Office<br />

502, 1061 Nicosia - <strong>Cyprus</strong><br />

Contact: Lila Kartelia, Head of<br />

Litigation Department<br />

(+357) 22 661 661<br />

l.kartelia@paschalides.com<br />

www.paschalides.com<br />

LAW FIRM<br />




Areti Charidemou & Associates LLC was established in 1990 with<br />

a vision of being committed to excellence while creating a wellrespected<br />

diverse portfolio of international clientele. Our areas<br />

of expertise range from Property Law to Trust Law, Company<br />

Law, Mergers and Acquisitions, Tax and Estate Law and Shipping<br />

Law. Our knowledgeable professionals provide legal services in<br />

a variety of issues including buying properties and investing in<br />

<strong>Cyprus</strong> or abroad, advice on the optimum tax structure based<br />

on the individual circumstances, incorporate companies in<br />

<strong>Cyprus</strong> or abroad, support the operation of the companies after<br />

the incorporation, provide nominee services if required, etc.<br />

Our objective is to ensure that our clients, whether these are<br />

individuals, small business entities or large organizations, benefit<br />

from the best of legal advice.<br />

Vasili Michailidi 21-23,<br />

3026 Limassol - <strong>Cyprus</strong><br />

Contact: Areti Charidemou - Founder<br />

(+357) 25 508 000<br />

info@aretilaw.com<br />

www.aretilaw.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

LAW FIRM<br />




E. Tzioni & Associates LLC is a fastly growing boutique law firm<br />

based in Nicosia, <strong>Cyprus</strong>. With its innovative and flexible approach,<br />

E. Tzioni & Associates LLC delivers the most efficient, complete<br />

and optimum quality service available today. E. Tzioni & Associates<br />

LLC takes the pride of covering a wide area of knowledge and<br />

expertise possessing strong legal background and experience in<br />

corporate and commercial matters, with a special emphasis on<br />

mergers and acquisitions, banking and finance, joint ventures<br />

and international, cross-border transactions and start-ups as<br />

well as litigation matters. Our practice further possesses a robust<br />

background in alternative investment funds and other regulated<br />

entities, providing full services ranging from the set up to creation<br />

and functioning.<br />

7 Dositheou Street, Para Building,<br />

Block A, Office 001, 1071 Nicosia - <strong>Cyprus</strong><br />

Contact: Eleni Tzioni - Managing Director<br />

(+357) 22 932 293<br />

info@tzionilaw.com.cy<br />

www.tzionilaw.com.cy<br />

LAW FIRM<br />




Award-winning Elias Neocleous & Co LLC is the largest law firm<br />

in <strong>Cyprus</strong> and one of the top law firms in south east Europe. With<br />

more than 150 lawyers and other professionals based in offices<br />

in <strong>Cyprus</strong>, Brussels, Budapest, Kiev and Prague we offer a valueadded<br />

service which is second to none. We are dedicated to<br />

diversity in recruitment and to retaining experienced specialists<br />

in every practice area. Combined with our investment in IT and<br />

knowledge management infrastructure, this means we are able<br />

to tackle the largest and most demanding national and crossborder<br />

assignments. Elias Neocleous and Co LLC is professional,<br />

responsive, innovative, and represents the legal practice of the<br />

future.<br />

Neocleous House, 195 Makarios Avenue,<br />

P O Box 50613, Limassol CY 3608 - <strong>Cyprus</strong><br />

Contact: Elias Neocleous - Managing Partner<br />

(+357) 25 110 110<br />

info@neo.law<br />

www.neo.law<br />

LAW FIRM<br />




George Z. Georgiou & Associates LLC is a full-service Cypriot<br />

law firm with offices in Nicosia and Limassol. It consists of<br />

approx.70 lawyers, arbitrators, legal consultants and support<br />

staff and is ranked in the main international legal directories:<br />

Chambers & Partners, Legal 500 and Who’s Who Legal. The<br />

Firm’s specialist departments include: Arbitration • Banking &<br />

Finance • Commercial • Corporate (incl. M&A) • Data Protection •<br />

Employment & Pensions • Estate Planning • EU Law • Family Law •<br />

Intellectual Property & Media • Litigation (<strong>Cyprus</strong> & International)<br />

• Private Client • Probate • Property & Construction • Regulatory<br />

& Compliance • Tax • Tech. As the sole Cypriot member of the<br />

international law alliances Ius Laboris and GALA, it is able to<br />

provide any client with prompt, fully-coordinated, yet locally<br />

specific advice from countries across the globe.<br />

Head Office: 1 Iras Street,<br />

1060 Nicosia - <strong>Cyprus</strong><br />

(+357) 22 763 340<br />

admin@gzg.com.cy<br />

www.gzg.com.cy<br />

LAW FIRM<br />




L Papaphilippou & Co LLC was founded in 1963. Through constant<br />

and consistent work, it is now one of the leading and most<br />

respectable law firms in <strong>Cyprus</strong>. The firm quickly established<br />

strong presence in the fields of corporate and shipping law,<br />

litigation, banking and finance, wealth management and<br />

immigration, thus achieving good cross-border reputation, which<br />

led to the development of a concrete international professional<br />

network and client base. Our list of clients includes regulatory<br />

bodies, local and international banking and financial institutions,<br />

insurance, shipping and listed companies, multinationals and<br />

high net worth individuals.<br />

17 Ifigenias Street, 2007 Strovolos,<br />

P.O.Box 28541, 2080 Nicosia - <strong>Cyprus</strong><br />

Contact: Leandros Papaphilippou<br />

- Managing Partner<br />

(+357) 22 271 000<br />

info@papaphilippou.eu<br />

www.papaphilippou.eu<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />

LAW FIRM<br />





N. Xenofontos LLC is a specialist, boutique business centric law<br />

firm, servicing both private clients and businesses. In providing<br />

our specialised services we deploy a collaborative workflow,<br />

resulting in efficient and solid advice, experience, with agility.<br />

Our specialist, tailored expertise ecompasses these core<br />

services: Corporate Advisory; Corporate Secretarial / Corporate<br />

Administration; Professional Fiduciary services; Trusts / Estate<br />

Planning / Establishment and administration; M&A / Joint Ventures;<br />

Intellectual Property; Insolvency, Bankruptcy and Restructuring;<br />

Contractual; Legal Opinions; Compliance, AML , Regulatory and<br />

Privacy law; Legal Training / Seminars / Webinars; Real Estate;<br />

Employment; Immigration & Migration. Our philosophy is simple:<br />

“Knowledge is of no use unless put into practice” - Anton Chekhov<br />

4 Promitheos Street,<br />

Executive Centre, 1st floor, office M01<br />

1065 Nicosia - <strong>Cyprus</strong><br />

Contact: Nicky Xenofontos –<br />

Founder, Managing Partner<br />

(+357) 22 25 20 77<br />

nicky@xenofontosllc.com<br />

www.xenofontosllc.com<br />

LAW FIRM<br />





Patrikios Pavlou & Associates LLC is a leading law firm in <strong>Cyprus</strong>.<br />

With nearly 60 years of experience in the local and international<br />

legal market, the Firm has developed distinguished expertise<br />

in dispute resolution and ADR and a renowned legal consulting<br />

department. The legal teams are constantly involved in some of the<br />

largest cross-border banking, financial and corporate transactions<br />

and handle complex litigation, arbitration and mediation matters.<br />

In close cooperation with the associated Pagecorp Group, the<br />

Firm provides its clients with a comprehensive range of corporate<br />

and other related services. The Firm is highly recommended by<br />

prestigious legal directories worldwide for its distinctive legal<br />

services.<br />

Patrician Chambers, 332<br />

Agiou Andreou Street,<br />

3035 Limassol - <strong>Cyprus</strong><br />

Contact: Stavros Pavlou - Senior<br />

and Managing Partner<br />

(+357) 25 871 599<br />

spavlou@pavlaw.com<br />

www.pavlaw.com<br />

LAW FIRM<br />




We are a progressive commercial Law Firm, comprising of a team<br />

of dynamic and highly specialised lawyers with diverse academic<br />

and professional backgrounds. Our paramount objective is to offer<br />

the highest level of professional and personalised service to the<br />

client, yet in a quick, efficient and affordable manner. Our mission<br />

is to establish ongoing and long term relations with our clients<br />

through commitment, specialisation and by offering tailor made<br />

professional service by directing each client’s needs in a personal,<br />

individual way. By choosing to work with us you are assured to<br />

be provided with a complete all round solution regarding your<br />

business affairs, as we maintain close relations with a vast number<br />

of related disciplines in other cities and overseas.<br />

33 Klimentos Street, Office 401,<br />

1061 Nicosia - <strong>Cyprus</strong><br />

Contact: Vasiliki Pourgoura<br />

(+357) 22 460 831<br />

celia.pourgoura@ca-advocates.com<br />

www.ca-advocates.com<br />

LAW FIRM<br />




Stelios Americanos & Co LLC is a full services, highly innovative<br />

law firm with headquarters based in Nicosia, <strong>Cyprus</strong> and a<br />

branch in Athens, Greece. It specializes in corporate, commercial<br />

and banking law, corporate and commercial litigation, real<br />

estate, financial advisory & regulation and blockchain legal<br />

advisory. Stelios Americanos & Co LLC provides its services to<br />

governmental organizations, international banking institutions,<br />

public companies and multinational corporations. Moreover<br />

Stelios Americanos & Co LLC has created close relationships with<br />

reputable international legal and consulting firms and is, thus,<br />

able to assist clients with their cross-border transactions and<br />

needs. Today, Stelios Americanos & Co LLC is considered one of the<br />

leading law firms in <strong>Cyprus</strong> in the areas of its specialty.<br />

12, Demostheni Severi Av.<br />

Office 601, 6th Floor 1080 Nicosia - <strong>Cyprus</strong><br />

Contact: Stelios Americanos<br />

- Managing Partner<br />

(+357) 22 465 500<br />

stelios@americanoslaw.com<br />

www.americanoslaw.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />






<strong>Cyprus</strong> Seeds is a non-profit organization with the mission to<br />

support the commercialization of innovative academic research<br />

in <strong>Cyprus</strong>. To achieve its objectives, <strong>Cyprus</strong> Seeds offers an<br />

annual 12M program to a small number of scientific teams whose<br />

projects give breakthrough solutions to world problems from any<br />

area, including health, environment, and art. In addition to grants,<br />

it offers mentoring, business skills training, and networking<br />

with investors. <strong>Cyprus</strong> Seeds is funded through donations<br />

from Foundations, corporations, and individuals in <strong>Cyprus</strong> and<br />

abroad. Among the great achievements of <strong>Cyprus</strong> Seeds are the<br />

signing for two option-to-be licensing agreements, the creation<br />

of one start-up company, and the spinning out of the University<br />

of <strong>Cyprus</strong> a solar energy research project.<br />

Antinou 18, Strovolos,<br />

Nicosia, 2034 - <strong>Cyprus</strong><br />

Contact: Maria Markidou Georgiadou<br />

- Managing Director<br />

(+357) 22 364 522<br />

maria@cyprusseeds.com<br />

www.cyprusseeds.com<br />




CEO<br />


Cybarco is the leading luxury property developer in <strong>Cyprus</strong>. Part<br />

of the prestigious Lanitis Group, Cybarco is behind many of the<br />

island’s landmark projects, including Aphrodite Hills Golf Resort,<br />

Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Marina<br />

and Trilogy Limassol Seafront. Cybarco is also responsible for<br />

the exclusive sales of the luxury properties at Limassol Greens,<br />

the most anticipated new golf resort in <strong>Cyprus</strong>. With over 75<br />

years’ experience at the top of its industry, Cybarco has earned its<br />

reputation for outstanding quality and dedicated customer care by<br />

consistently delivering projects to the highest standards.<br />

10 Tefkrou Anthia Street,<br />

Dali Industrial Zone, 2540 Nicosia - <strong>Cyprus</strong><br />

Contact: Michalis Hadjipanayiotou - CEO<br />

(+357) 22 741 300<br />

info@cybarco.com<br />

www.cybarco.com<br />



CEO<br />


With over 30 years of experience in developing some of the most<br />

luxurious, high aesthetic, projects in <strong>Cyprus</strong>, Korantina Homes<br />

has become the most reputable name in the development of<br />

luxury and exclusive properties. Our company emphasizes<br />

establishing long-lasting relationships with our clients by offering<br />

personalized services. Our award-winning flagship luxury resorts,<br />

Cap St Georges, Coral Residences and Soho Resort have attracted<br />

exclusive clientele from every corner of the globe including several<br />

celebrities and internationally renowned jet setters. Our group has<br />

also expanded into the tourism & hospitality sector by developing<br />

the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star<br />

hotel located at Soho Resort.<br />

Trikomou Str. 32, 8560<br />

Pegeia Paphos, <strong>Cyprus</strong><br />

Contact: Melina Rafti – Business<br />

Development Director<br />

(+357) 26 623 536<br />

info@korantinahomes.com<br />

www.korantinahomes.com<br />





Pafilia is the largest privately-owned residential developer in<br />

<strong>Cyprus</strong>, dedicated to delivering the best in concept, design,<br />

quality and service. With a vast property portfolio and projects<br />

in enviable locations throughout <strong>Cyprus</strong> and Greece, we offer<br />

excellent investment opportunities and lifestyle orientated<br />

homes. Pafilia is also the developer behind three groundbreaking<br />

destination resorts, ONE – the tallest residential<br />

seafront tower in Europe, NEO – a unique development of 4<br />

towers on the Limassol seafront and Minthis - the islands most<br />

exclusive leisure and lifestyle resort conveniently located in the<br />

wine producing region of Paphos.<br />

Pafilia House,<br />

33 Nicodemou Mylona Street,<br />

P.O. Box 60159, 8101 Pafos - <strong>Cyprus</strong><br />

Contact: Andrea Lindsay –<br />

Group Marketing Manager<br />

(+357) 26 848 800<br />

info@pafilia.com<br />

www.pafilia.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />





Quality Group is one of the leading investment and development<br />

organizations in <strong>Cyprus</strong> and the Mediterranean, with over 30<br />

years of experience, operating in numerous projects. The group<br />

managed to transform from a traditional construction company<br />

into a strong organisation by embracing the diversification that<br />

the market had to offer. Through trusting the market, the group<br />

managed to build a diversified client-based portfolio, providing<br />

a variety of investment options. As a result, Quality Group has<br />

evolved through four distinct fundamental pillars: Quality Property<br />

Developments, Quality Hospitality, Quality Education, and Quality<br />

Medical. Our commitment to a people-focused approach as well as<br />

our uncompromising dedication to quality ensures that excellence<br />

and client satisfaction is delivered.<br />

41, Costantinou Paleologou str.<br />

6036, Larnaca - <strong>Cyprus</strong><br />

(+357) 24 821 855<br />

Info@qualitydevelopments.com<br />

qualitygroupcyprus.com<br />






Brought to life by a world-class collaboration of architects,<br />

designers and developers, Trilogy is an exciting new beachfront<br />

development in the heart of Limassol. Three landmark buildings<br />

surrounding a bustling inner plaza, Trilogy is a place to live, work<br />

and play. Its luxury apartments blend the aspirational dream of<br />

high-end living, with the sophistication of urban cool. State-ofthe-art<br />

offices also enjoy first-class services and uninterrupted<br />

sea views from every window. Three distinct social areas offer<br />

resident-only facilities for secluded leisure and relaxation, as well<br />

as a lively public plaza that can be enjoyed and experienced by<br />

everyone. Your story begins here…<br />

341, 28th October Avenue<br />

3106 Limassol - <strong>Cyprus</strong><br />

Contact: Yiorgos Georghiou - Sales Director<br />

(+357) 25 362 800<br />

info@trilogylimassol.com<br />

www.trilogylimassol.com<br />





CareerFinders Recruitment Services Limited is one of <strong>Cyprus</strong>’<br />

most well-respected and established providers of tailor-made<br />

recruitment solutions to many of the largest and most well-known<br />

local and international companies operating across the Island.<br />

With offices in both Nicosia and Limassol, our highly experienced<br />

team of recruitment professionals have the knowledge and<br />

expertise to ensure that our clients receive the most suitable<br />

and well-qualified candidates to suit their recruitment needs.<br />

The industry sectors we service include Accounting/Audit, Legal,<br />

Corporate/Fiduciary, Information Technology, Shipping, Oil & Gas,<br />

Banking/Finance and many more. If you are a company seeking to<br />

recruit the very best talent in <strong>Cyprus</strong>, please contact us today.<br />

Head Office: 6th Floor, Athlos Building,<br />

28 Nikis Avenue, Nicosia 1086 - <strong>Cyprus</strong><br />

Contact: Sophie Aristodemou - Director<br />

(+357) 22 002 285<br />

jobs@careerfinders.com.cy<br />

www.careerfinders.com.cy<br />





With more than 17 years of presence and experience in <strong>Cyprus</strong>,<br />

our expertise in the provision of Recruitment, Payroll, HR,<br />

and Outplacements services is un-paralleled. By working in<br />

partnership with our clients, we provide tailored services based<br />

on a thorough understanding of each client’s circumstances<br />

and needs. We specialise in: Permanent Recruitment Search &<br />

Selection, Temporary Recruitment Services, Payroll Solutions,<br />

Recruitment Process Outsourcing, Salary Benchmarking,<br />

Outplacement and Psychometric Personality Assessment.<br />

Our team consists of a highly capable team with international<br />

experience and local knowledge.<br />

Head office: Agathangelou Business Centre,<br />

101 Gladstonos Street,<br />

Limassol, 3032 - <strong>Cyprus</strong><br />

Contact: Steve Slocombe - Founder/Director<br />

(+357) 25 342 720<br />

jobs@grsrecruitment.com<br />

www.grsrecruitment.com<br />


CYPRUSCOUNTRY REPORT <strong>2022</strong><br />






The <strong>Cyprus</strong> Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit<br />

research and educational institution with a strong scientific<br />

and technological orientation. It is a regional Center of Excellence,<br />

addressing issues of regional interest but of global significance,<br />

with an emphasis on cross-disciplinary research and international<br />

collaborations. Areas of research include Solar Thermal Energy<br />

and Energy Storage, Climate and Environmental Research,<br />

Technologies for Archaeology and Cultural Heritage, High-<br />

Performance Computing, Simulation and Hyper-infrastructures.<br />

CyI is also an accredited, degree-granting institution of higher<br />

education that offers unique, high-quality Master’s and PhD<br />

programs to select students from around the world, and provides<br />

training for future researchers and scholars in partnership with<br />

leading international universities.<br />

20 Konstantinou Kavafi<br />

2121 Aglantzia - <strong>Cyprus</strong><br />

Contact: Dr. Nicolas Jarraud - Assistant<br />

Vice-President for Institute Affairs<br />

(+357) 22 208 700<br />

international.relations@cyi.ac.cy<br />

www.cyi.ac.cy<br />





Skylink Services Ltd is a provider of ground handling services<br />

for Executive Aviation Aircraft in <strong>Cyprus</strong>. We began operations<br />

in 1998, filling the gap in the Executive Aircraft ground handling<br />

market at both International Airports of <strong>Cyprus</strong>, Larnaca and<br />

Paphos. Skylink Services owns and operates the only FBO facility<br />

at Larnaka Airport offering around-the-clock professional VIP<br />

aircraft and passenger handling services. Currently representing<br />

over 400 companies that own or operate executive aircraft<br />

worldwide. Skylink Services also manages and operates the<br />

Heads of State Lounge facility at Larnaka International Airport.<br />

This Lounge is used by all Heads of State visiting the Republic of<br />

<strong>Cyprus</strong> as well as a host of other visiting dignitaries.<br />

P.O. Box 43012, Larnaca Airport,<br />

6650 Larnaca - <strong>Cyprus</strong><br />

(+357) 24 840 900<br />

(+357) 24 643 334 24hr Operation<br />

flightops@skylink.com.cy<br />

www.skylink.com.cy<br />



CEO<br />


Swissport has been present in <strong>Cyprus</strong> since January 2006<br />

providing Passenger, Ramp, Ticketing, Cargo, and executive<br />

aviation services at both the island’s airports. It is a subsidiary<br />

of Swissport International, the world’s largest Airport provider<br />

of ground and air cargo services, active at over 287 airports in<br />

45 countries across all five continents. With more than 850<br />

client-companies Swissport provides airport ground services<br />

for 97 million passengers, and 5.1 million tons of cargo at<br />

121 warehouses world-wide per annum, with a workforce of<br />

48,000. In <strong>Cyprus</strong> Swissport employs over 500 people, trained<br />

at the highest level and in line with industry standards and<br />

procedures.<br />

Office 2, Larnaka International Airport<br />

Contact: Michael Kokkinos -<br />

Commercial Manager<br />

(+357) 24 008 781<br />

Michael.kokkinos@swissport.com<br />

www.swissport.com<br />





Ideaseven are a dynamic, enthusiastic online digital development<br />

agency with over 17 years of experience. We focus on providing<br />

global solutions in digital marketing, web & app development,<br />

branding and design services. At ideaseven, we understand<br />

that design and development requires continuous mutual<br />

communication with our clients. Together, we can provide a<br />

constantly productive and evolving project. We can help visualize<br />

even the craziest ideas, converting them into elegant, awesome<br />

experiences and catchy products. We have worked with a lot of<br />

prestigious brands and have delivered award winning projects<br />

throughout the years.<br />

Pentadactylou 2, office 104,<br />

6060, Larnaca - <strong>Cyprus</strong><br />

Contact: Alex Constanti – Managing Director<br />

(+357) 24 823 832<br />

info@ideaseven.com<br />

www.ideaseven.com<br />


TheProfilerGroup<br />

16, Elia Papakyriakou, Suite 101,<br />

Engomi, 2415 Nicosia, <strong>Cyprus</strong><br />

cyprus@theprofilergroup.com<br />

www.theprofilergroup.com<br />


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