2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
other European schemes, most of which restrict benefits to income from patents and<br />
supplementary patent certificates.<br />
<strong>2022</strong> saw more global names invest in <strong>Cyprus</strong>, with European digital neobanking<br />
platform Revolut, valued at US$33 billion, becoming the first entity to receive approval<br />
as a crypto-asset service provider from the <strong>Cyprus</strong> regulator. The authorisation<br />
will enable Revolut to offer crypto services to its 17 million customers in the EEA<br />
out of a new crypto-asset hub in <strong>Cyprus</strong>. Revolut said its choice was down to the<br />
sophisticated regulatory regime of the country, which has already attracted the likes<br />
of Crypto.com, eToro and BitPanda. A leading US consumer services and applications<br />
software provider, TangoMe, also announced plans to launch offices in <strong>Cyprus</strong>. The<br />
internationally renowned tech company, with an annual revenue of around US$350<br />
million, will establish a strong presence in Limassol with a sizeable number of<br />
employees relocating to <strong>Cyprus</strong>.<br />
Another project set to bolster <strong>Cyprus</strong>’ efforts to become a regional telecoms and data<br />
hub and attract more investment, was <strong>Cyprus</strong>’ leading telecoms provider Cyta signing<br />
a €850 million venture with Greece and Saudi Arabia for the construction of the East<br />
Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,<br />
the modernisation of state infrastructure and speeding up the adoption of cloud<br />
services in <strong>Cyprus</strong> were key targets of the signing of a Memorandum of Understanding<br />
with Amazon Web Services (AWS) in <strong>2022</strong>, a collaboration that will open up a new era<br />
of opportunities.<br />
INVESTING IN EDUCATION<br />
32<br />
<strong>Cyprus</strong> is developing into a regional<br />
education and knowledge hub with<br />
the rapid expansion of tertiary education<br />
and its universities steadily climbing up<br />
global rankings. The country has already<br />
established synergies with international<br />
universities, most notably the University<br />
of Nicosia launching the island’s first degree<br />
programme in medicine in collaboration<br />
with St George’s Medical School at<br />
the University of London, and University<br />
of Central Lancashire – <strong>Cyprus</strong> (UCLan),<br />
IThe number of foreign<br />
students choosing <strong>Cyprus</strong><br />
for their studies has almost<br />
tripled in the last five years,<br />
representing over 60 different<br />
countries and supporting the<br />
growth of <strong>Cyprus</strong> into a true<br />
global educational centre
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