2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
<strong>Cyprus</strong> is gaining traction as a headquartering (HQ) destination – and particularly<br />
with tech companies from all over the world. Although the island has enjoyed a<br />
strong reputation as an established international business centre and influential global<br />
shipping hub for decades, its appeal as an attractive jurisdiction for communications<br />
and technology companies is rapidly growing.<br />
There are many factors that have contributed to this rise in interest in <strong>Cyprus</strong>. Its<br />
geographical location, advantageous regulatory framework and EU membership<br />
coupled with convenient EMEA access have already attracted many companies to set<br />
up operations and regional headquarters on its shores. Another key factor often cited<br />
by companies choosing <strong>Cyprus</strong> is the safe and relaxed Mediterranean lifestyle it offers<br />
expat professionals and their families. However, the more recent boost has come from<br />
the country’s strong focus on investing in and building up its communications and<br />
technology infrastructure and the introduction of new incentives geared at facilitating<br />
more non-EU business.<br />
EASE OF DOING BUSINESS<br />
Another key attraction for companies to relocate strategic operations to the island<br />
has been the fact that set-up and operational costs are comparatively low when<br />
looking at more mature jurisdictions on mainland Europe – a big deciding factor for<br />
many companies in today’s economic climate.<br />
Doing business in and from <strong>Cyprus</strong> is simple and straightforward. The country has<br />
modern infrastructure and telecommunications. A transparent regulatory and legal<br />
framework and a strong financial and professional services base with decades of solid<br />
international experience. <strong>Cyprus</strong> has more than 4,000 registered accountants and<br />
700 registered accounting firms – which include all major global firms – and more<br />
than 3,000 registered lawyers and around 160 law firms. It has an advantageous EUapproved<br />
tax regime with numerous incentives for corporations and individuals alike.<br />
<strong>Cyprus</strong> provides direct access to the EU Single Market of half a billion consumers<br />
and its geostrategic location between three continents provides efficient access to<br />
the wider EMEA region. Thanks to this, <strong>Cyprus</strong> enjoys business-friendly time zones,<br />
enabling international companies to do business with the East in the morning, Europe<br />
throughout the day and with the West in the afternoon. In addition, the island has good<br />
air connectivity through two international airports with major cities in Europe and key<br />
destinations in Asia, North Africa and the Middle East, as well as sophisticated ports to<br />
support operations.<br />
As a secure EU environment in an often<br />
turbulent region, <strong>Cyprus</strong> is an especially<br />
ideal base for regional headquarters<br />
or ancillary and support services for<br />
investors with clients in the wider<br />
Eastern Mediterranean and Middle East<br />
region. For example, prominent news<br />
organisation AFP, has capitalised on this<br />
aspect and uses the island as their base<br />
between Europe and the Middle East due<br />
to its security, convenient time zone and<br />
travel times, and reliable communication<br />
infrastructure.<br />
IIts geographical location,<br />
advantageous regulatory<br />
framework and EU membership<br />
coupled with convenient<br />
EMEA access have already<br />
attracted many companies to<br />
set up operations and regional<br />
headquarters on its shores.<br />
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