2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
<strong>Cyprus</strong> is an ideal base for region-wide corporate coordination and central<br />
management functions, sales, marketing and customer service.<br />
As a pro-business, neutral, cost-effective and politically stable country,<br />
<strong>Cyprus</strong> offers companies a perfect<br />
climate to successfully compete in<br />
the region and beyond.<br />
the process of granting immigration and work permits. In addition, <strong>Cyprus</strong> is issuing<br />
Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.<br />
With these new incentives, <strong>Cyprus</strong> can also serve as a strategic location for UK<br />
companies choosing to retain a presence in Europe. Human talent, an attractive IP regime,<br />
alongside a thriving professional services industry, means that <strong>Cyprus</strong> is able<br />
to offer significant benefits to businesses seeking to build headquarters in Europe.<br />
Also, the fact that its legal and regulatory framework is based on English Common<br />
Law principles offer companies the advantage to continue operating in an EU jurisdiction<br />
with a familiar UK legal framework.<br />
ACHIEVING WORK-LIFE BALANCE<br />
The healthy economic growth and growing investor confidence of the past few years,<br />
coupled with emerging prospects in the real estate, investment funds, shipping and<br />
energy sectors have provided a strong pull factor for companies to set up in <strong>Cyprus</strong><br />
and use it as a launch pad both into the EU market place and other emerging or highgrowth<br />
markets in the region.<br />
However, a key element that expat<br />
executives consistently note as being the<br />
real decider for choosing <strong>Cyprus</strong> over<br />
other jurisdictions is the climate and<br />
the lifestyle the island offers. The overall<br />
stability and high quality of life makes<br />
<strong>Cyprus</strong> an easy choice, and its 340 days<br />
of sunshine and pristine beaches are the<br />
icing on the cake. Consistently ranked as<br />
one of the safest countries in the world,<br />
the excellent healthcare and educational<br />
I<strong>Cyprus</strong> currently placing a<br />
strong focus on developing the<br />
jurisdiction into a science, tech<br />
and start-up hub, the country<br />
also provides companies with an<br />
ideal sandbox for new emerging<br />
tech like blockchain, artificial<br />
intelligence and big data.<br />
systems, and the welcoming environment<br />
score high on the list – especially for<br />
expats with families. Incentives and competitive personal tax rates are an added<br />
bonus, but ultimately it is <strong>Cyprus</strong>’ overall package that facilitates efficient cross-border<br />
business and allows these companies to successfully compete on a truly global scale.<br />
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