2023 Doing Business in Cyprus (India Edition)

TheProfilerGroup
DOING BUSINESS
CYPRUS
INDIA EDITION

DOING BUSINESS C YPRUS
2
INDIA EDITION
TheProfilerGroup
The Profiler Group is a specialist publisher of country information
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EUROPE
16, Elia Papakyriakou, Suite 101,
Engomi, 2415 Nicosia, Cyprus
cyprus@theprofilergroup.com
www.theprofilergroup.com
www.cyprusprofile.com
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RESEARCH & CONTRIBUTIONS
The Profiler Group staff
PUBLICATION DATE
December 2023
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A NEW PERSPECTIVE
The countdown to a new
destination has begun, with
workers at Trilogy putting their
final touches on the plaza
exteriors, the landscaping,
and the tower facades.
Offices at the sky-rise
development sold out last
year and there are only twenty
apartments available for
sale in the upfront towers.
Another success story
by Cybarco, with a new
community in the making.
is nothing quite like Trilogy. It’s so much more
than a place to live, work and play. It’s an experience.
“There
For everyone. From the apartment owner and the
office executive to the visitor in one of our restaurants or
the passer-by.” This is Trilogy. An urban oasis with the buzz
of a European city, right at the heart of Limassol’s seafront.
Executive Director and Cybarco Development’s CEO, Michalis
Hadjipanayiotou, is no stranger to the transformation a project
like this brings to a city and its community, having also been
involved in the fruition of Limassol Marina and The Oval. “It’s
always so exciting to watch our vision come to reality. The
Project Management team has been working around the
clock to bring this vibrant destination to life and we’re all really
looking forward to it! It’s the reason we recently rebranded. It’s
a new perspective for everyone.”
The third and final building – part of the second phase
which includes a private oasis for the use of all residents
– is already 75% sold and its construction on the rear side
of the plot is well underway. The luxurious and spacious
seaview apartments at “North Residences” offer an unrivalled
opportunity to be a part of Trilogy’s unique experience, just
150m from the beach and with prices from €680,000. “This
last piece of the Trilogy puzzle meets current demand for first
or second homeowners and investors attracted to our rental
yields. It combines stunning design with breathtaking views
of the sea, the city, the development’s oasis, and its iconic
upfront towers. It’s impossible to find other apartments in
Limassol, at this distance from the sea, and at these prices,
with 6,700m 2 of private landscaped gardens, a children’s play
area, swimming pools and pool bar literally on their doorstep.

Residents will leave their apartment, take the lift to ground
level, walk through the North Residences’ reception lobby,
past their private crèche, gym, café, and wet spa, and out into
the oasis. It’s a truly fantastic way to enjoy Trilogy, its five-star
hotel facilities and services, and the 6,850m 2 public plaza.”
An on-site team of dedicated professionals has already been
set up to undertake Trilogy’s rentals, property, and lifestyle
management, all under one central reception.
Along with details on the facilities, announcements on the
‘names’ behind the plaza restaurants, shops and hair salon
are in the planning. With food tastings for menus in their final
stages and branding teams working behind the scenes to bring
the very best Mediterranean flair to Trilogy, there is no doubt
that a place for togetherness is in the making; an energised
community living life with a new and inspiring view of the future.
For more information on
the available properties at
Trilogy visit the website
trilogylimassol.com
or contact +357 25 362800.
A DESTINATION BY

DOING BUSINESS C YPRUS
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INDIA EDITION
Contents
08
12
20
24
38
40
46
50
54
58
60
66
72
74
78
CYPRUS AT A GLANCE
Key Facts & Figures
COUNTRY OVERVIEW
Small Island, Big Ambitions
INSIGHT
Minister of Energy, Commerce, and Industry George Papanastasiou
FOREIGN DIRECT INVESTMENT
Secure EU Investment Destination
INSIGHT
Minister of Foreign Affairs Constantinos Kombos
INTERVIEW
High Commissioner of India to the Republic of Cyprus
Madhumita Hazarika Bhagat
INTERVIEW
High Commissioner of the Republic of Cyprus to India
Evagoras Vryonides
SPOTLIGHT
Cyprus Real Estate
PROPERTY SHOWCASE
Leading Developments in Cyprus
INSIGHT
CEO of Invest Cyprus
INCENTIVES
Attracting Non-EU Business
INTERVIEW
Cyprus-India Business Association President Chrysilios Pelekanos
WHO’S WHO IN CYPRUS
The definitive guide to Cyprus’ leading companies, executives, and
professional advisors
BUSINESS OPERATING ENVIRONMENT
Business operating environment guide including taxation, business costs,
commercial and residential property, and salary survey
TAXATION
Tax and Regulatory Regime of Cyprus

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©2023 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. All rights reserved.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.

DOING BUSINESS C YPRUS
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INDIA EDITION
CYPRUS
AT A
GLANCE
Lying at the crossroads of Europe, Asia and Africa, Cyprus has long served as a
major eastern trading post. It is a small country, but the third largest island in
the Mediterranean Sea and shares a maritime border with Egypt 300km to the
south, Lebanon 108km to the east and Turkey 71km to the north, while mainland
Greece lies 800km to the north-west. With 10,000 years of history, the island’s
strategic location has long made it a jewel in the crown of the powers of the day.
PAPHOS
(Pafos)
100,175
Paphos
International
Airport
LIMASSOL
(Lemesos)
262,236
NICOSIA
(Lefkosia)
350,824
Larnaca
International
Airport
LARNACA
(Larnaka)
155,753
35ºN
33ºE
FAMAGUSTA
(Ammochostos)
54,282

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INDIA EDITION
CYPRUS
DATA
MEMBERSHIPS
EU & Eurozone
World Trade
Organization
United Nations
Council of Europe
Commonwealth
World Bank & IMF
RELIGION
89.1%
Greek Orthodox
TOTAL POPULATION (2021)
923,272
Republic of Cyprus
80%
Cypriot
20%
Non-Cypriot
OFFICIAL LANGUAGES
Greek &
Turkish
(business generally
conducted in English)
TIME
+2 Hours
ahead of GMT
AREA & SIZE
9,251 km 2
(3,355 km 2 in the
occupied area)
POPULATION DENSITY
136
(persons per km 2 )
MEDIAN AGE
38.5
CURRENCY
Euro (€)
SUNSHINE
340 days
of sunshine/year
2.9% Roman Catholic
2.0% Protestant/Anglican
1.8% Muslim
1.7% Unknown/Atheist
1.0% Buddhist
1.5% Other
AVERAGE TEMPERATURE
+13ºC
Winter
+34ºC
Summer
MAIN MEDIA
Cyprus Mail
Phileleftheros
Politis
CyBC

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INDIA EDITION
CYPRUS
BUSINESS
FIGURES
TOTAL GDP
€27.8
billion
(2022)
GDP PER CAPITA
€30,434
(2022)
12%
Taxes & Subsidies
4.8%
Construction
7.3%
Mining, manufacturing,
electricity & water
GDP
BY SECTOR
74.3%
Services
1.6%
Agriculture,
forestry & fishing
UNEMPLOYMENT
6.8%
(2022)
GDP GROWTH
5.6%
(2022)
INFLATION
8.1%
(2022)
INTERNATIONAL RANKINGS
Standard & Poor’s
BBB
CORPORATE
TAX RATE
12.5%
TIME TO START
UP A BUSINESS
1.3 days
ACCOUNTING
STANDARD
IFRS
Fitch
BBB Moody’s
Baa2
(November 2023)
MAIN TRADING PARTNERS
UK
Germany
Italy
France
Israel
Greece
China
CRIME
1.29
per 100k
population

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INDIA EDITION
COUNTRY OVERVIEW
Small Island, Big Ambitions
Cyprus continues to attract professional expats and
foreign investors to its shores thanks to its relaxed
lifestyle coupled with bourgeoning prospects in
multiple sectors. The island nation has a long and rich
history and is undergoing yet another transformation
as it places strong focus on innovation, technology,
and renewables to future proof its economy.
Located in the Eastern Mediterranean at the crossroads of Europe, the Middle East
and Africa, Cyprus’ strategic position has always played a key role in shaping its
10,000-year history and in developing the island into a convenient centre for trade
and international business. Despite being a country of less than a million people,
the Republic of Cyprus has steadily built itself into a thriving business centre over
the decades. An EU and eurozone member and with one of the highest educated
populations in Europe, Cyprus has built a strong service-based economy. Its lowcost
business environment with a wealth of support services, a sophisticated ICT
infrastructure and investor-friendly tax regime – backed up by an extensive network
of double taxation agreements with 68 countries – has developed Cyprus into an

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

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INDIA EDITION
Following the country’s financial crisis
in 2013, Cyprus undertook a major
reform agenda and while still facing
some economic challenges, the small
EU nation has demonstrated resilience
and an ability to bounce back to growth.
The year 2015 signalled a sooner-thanexpected
exit from recession and a rapid
economic turnaround followed, with 2017
recording almost 4% growth – earning
Cyprus praise as an economic success
story. Cyprus’ resilience in the face of the
pandemic was once again evident with
GDP growth reaching a strong 5.6% in
2022, although the European Commission
forecasts a downturn to 2.2% growth in
2023. Consistent credit rating upgrades
have further boosted confidence and
foreign direct investment has been
flowing into all key sectors. Cyprus has
retained and strengthened its status
as an attractive investment gateway to
the EU and other high-growth markets,
as well as a secure base to tap into
opportunities in the Middle East. Offering
a tax-efficient EU company domicile, the
country is emerging as an increasingly
attractive location for fund managers and
promoters, and a compelling destination
for regional headquarters and a base for
tech companies.
GROWING TECH CLUSTER
The technology space in Cyprus is
seeing a fresh boost with more state
support to the sector, the launch of new
national strategies to integrate innovative
tech, and fresh incentives to attract
more digital nomads, IT start-ups and
regional headquarters. With its new focus
on long-term development outcomes,
Cyprus is determined to diversify and
harness growth with a technology-driven
economy. The biggest spender by far
on IT in Cyprus is the financial sector,
followed by the telecoms providers and
the public service. Albeit one of the
smallest EU member states, research and
EU Member since 2004,
Eurozone member since 2008
Cyprus is the EU’s largest
shipmanagement centre and
amongst the top three in the world
Cyprus is an established
international business and service
centre for shipping, financial
services and commerce, and
is classified by the World Bank
as a high-income country
With its new focus on longterm
development outcomes,
Cyprus is determined to diversify
and harness growth with a
technology-driven economy.

DOING BUSINESS C YPRUS
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INDIA EDITION
development is an area where Cyprus punches well above its weight. Unprecedented
investment into the sector and ground-breaking projects are establishing this small
island, not only as an innovation and research hub, but as a regional centre of excellence
providing strong links with the global scientific and technical innovation community.
INVESTMENT FUND BOOM
C
yprus has big ambitions in the investment funds sector to target a bigger piece
of the global asset management pie. The steady growth in both Assets under
Management and in the number of fund structures licensed and active in Cyprus have
underlined the strength and appeal of the novice domicile. Assets under Management
(AuM) have seen a formidable increase from €2.7 billion in 2016 to €10.7 billion in
the second quarter of 2023, showing that it is not the sector’s size but its fast growth
that has impressed, and is being recognised by the global asset management and
investor community. Investment funds have already invested more than €2.5 billion
in several sectors of the Cypriot economy, such as shipping, hospitality, education,
healthcare, and renewable energy. Cyprus offers both EU-regulated Undertakings of
Collective Investment in Transferable Securities (UCITS) and Alternative Investment
Funds (AIFs). In July 2018, the country upgraded its AIF framework and introduced
Registered AIFs (RAIFs), which do not require authorisation by the supervising Cyprus
Securities and Exchange Commission (CySEC) to commence operations provided they
are externally managed by an Alternative Investment Fund Manager (AIFM) based
in Cyprus or another EU country. The upgraded legislation has been hailed ‘groundbreaking’
and offers a significantly more time- and cost-efficient means of establishing
AIFs in Cyprus. Today, the majority of alternative investment funds in Cyprus are of a
small and medium size and focus on debt and equity securities, real estate and private
equity. However, Cyprus has also attracted larger funds including one with assets of
€500 million under management. The number of alternative investment funds has
more than doubled in the last five years and foreign UCITS are now widely marketed in
Cyprus, including ones promoted by major international financial institutions.

DOING BUSINESS C YPRUS
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INDIA EDITION
major success story for Cyprus
A has been the maritime sector,
which accounts for around €1 billion in
annual revenue and approximately 7%
of the island’s GDP – and of this figure,
shipmanagement alone accounts for 5%.
Apart from offering shipmanagement
and business services to the industry, the
Cyprus Registry is classified as the third
largest merchant fleet in the European
Union and the 11th largest in the world.
In addition, Cyprus is the EU’s largest
GLOBAL SHIPPING HUB
ICyprus has retained and
strengthened its status as
an attractive investment
gateway to the EU and
other high-growth markets,
as well as a secure base
to tap into opportunities
in the Middle East
shipmanagement centre and amongst
the top three in the world. The sector has seen growth in the past few years and Cyprus
is currently looking at restructuring the commercial shipping sector to strengthen its
competitive edge. Since introducing an advantageous EU-approved tonnage tax system
in 2010, the island has continued to attract increasing numbers of shipping companies
from across the world. The country’s maritime capital, Limassol, is home to some of the
most influential names in shipping today managing around 20% of the world’s thirdparty
managed fleet.
EAST MED ENERGY PLAYER
Apart from the sun and the sea, Cyprus has few natural resources and has been
dependent on oil imports to satisfy its energy demands. However, the substantial
discovery of natural gas and potential oil deposits in Cyprus’ Exclusive Economic Zone
(EEZ) in the Mediterranean Sea is expected to change all this. Exploratory drillings
by global energy giants have confirmed natural gas reserves that could meet Cyprus’
domestic gas demand for over 100 years, and a surplus for export. The hydrocarbons
race in Cyprus’ waters has attracted international energy heavyweights, such as Total,
ENI, Chevron, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s waters
for new discoveries and multiple auxiliary services companies have set up to support
these efforts. With 340 days of sunshine to harness, solar energy has also become a
bit of a boom segment for Cyprus recently. The government is placing strong focus
on renewable energy and working towards achieving a zero-carbon economy. The
country’s top-tier universities and research institutes are also playing a pivotal role in
these efforts to create a more sustainable energy mix through innovation in smart tech
and research in ways to battle climate change.
DIVERSIFYING TOURISM
Tourism has been a key driving force of the Cypriot economy for decades, and pre-
Covid the country saw consecutive years of record-breaking numbers of tourist
arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,
tourist arrival figures are rebounding and new projects currently underway are set
to strengthen and diversify Cyprus’ tourism product and encourage more yearround
visitors, a strategy Cyprus is fully committed to. These projects range from the

DOING BUSINESS C YPRUS
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INDIA EDITION
Kourion
construction of new golf courses, luxury marina developments and the upgrading of
the island’s wellness and medical tourism product. A new and exciting prospect is the
Republic’s first-ever luxury casino resort. The €600 million integrated resort, run by a
consortium with renowned Hong Kong player Melco, exceeds five-star status and has
opened a whole new market for niche tourism on the island.
APPEALING REAL ESTATE
The Cyprus real estate sector was showing strong market performance straight
through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.
However, 2022 and 2023 have showed dynamic momentum in sales, underlining the
strong confidence of both local and foreign buyers in the market. Cyprus’ appeal has
remained strong amongst international investors, expats and retirees thanks to its
Mediterranean climate, high quality of life and safety, as well as its status as an EU
member state conveniently located between three continents. Cyprus has one of the
highest home ownership rates in Europe and also has a longstanding market for
second homes and holiday villas, making the economy heavily reliant on the sector.
With new up-market developments, increased foreign investment in top hotels and
major infrastructure projects springing up, Cyprus’ attractiveness as a property
investment location is set to grow in the coming years.
Ayia Napa Marina

DOING BUSINESS C YPRUS
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INDIA EDITION
STRONG FDI FLOWS
Cyprus’ FDI appeal has been on an upward trajectory thanks to a robust economy.
Real GDP growth averaged 4.6% in 2018-2022 despite the Covid-19 pandemic.
For the last several years, Cyprus has been a hive of activity with several notable
projects already implemented or in the pipeline, strengthening the country’s image
and appeal. Foreign investment flows have been significant. In the ten-year period
2013-2022, net inflows reached €13.5 billion. This investment was driven by equity,
with real estate, communications and headquartering playing a significant role.
Ongoing improvements in the macroeconomic and financial environment have
also revived international interest in around 30 major development projects on the
island. Investment opportunities in Cyprus’ large-scale projects span various sectors,
including high-value tourism and housing developments, projects with a special
focus on golf courses and luxury marinas, as well as education, energy, and more
recently the international film sector. The growth performance of Cyprus over the
last five years has been exceptional and even exceeded international expectations,
while successive credit rating upgrades and new incentives have attracted billions
in foreign investment, with significant inflows from the US, Asia, and the Middle
East. Cyprus’ liberalised Foreign Direct Investment Policy, both for EU citizens and
investors from third countries, along with its favourable tax regime makes it one of
the most attractive centres for FDI in Europe.
Parklane Limassol
BUSINESS AND PLEASURE
Offering a professional yet relaxed atmosphere that makes doing business
pleasurable as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily
with a cutting-edge international business hub, allowing investors to enjoy the best of
both worlds: a safe and comfortable environment for family life and a sophisticated
infrastructure from which to grow and develop business. Cyprus combines numerous
advantages as a business base with its EU-approved tax regime, competitive 12.5%
corporate tax rate and tax breaks for high earners, its pro-business government
and highly skilled workforce – as well as promising growth and development across
numerous economic sectors. With Cyprus’ prospects on the rise, the country has all the
right elements firmly in place to strengthen its reputation as an international centre of
business excellence in one of Europe’s most interesting investment locations. n

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DOING BUSINESS C YPRUS
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INDIA EDITION
INSIGHT
Minister of Energy, Commerce and Industry
George
Papanastasiou

DOING BUSINESS C YPRUS
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INDIA EDITION
Cyprus and India are currently deepening their
bilateral ties in terms of trade and investment.
Which sectors of the Cyprus economy could
provide the most investment potential for India
at the moment, and how can Cyprus facilitate
more business from Indian investors?
Cyprus and India have traditionally enjoyed excellent relations, based on mutual
respect and close cooperation, particularly in the context of international
organisations such as the UN and the Commonwealth. In fact, the bilateral ties between
the two countries, which in 2022 celebrated 60 years of diplomatic relations, have been
growing stronger over the years, focusing mainly on trade, economic, scientific and
tourist cooperation, including business-to-business contacts.
As an EU Member State since 2004 and a member of Eurozone since 2008, Cyprus
has evolved into a modern and cosmopolitan business centre offering opportunities
for investment across a wide range of sectors. As a result, Cyprus has been attracting
a fast-growing number of international companies in recent years, operating in the
areas of technology, shipping and financial services.
In this context, and through its 68 double taxation agreements, as well as the
more than 40 EU trade agreements with third countries, our island can serve as an
ideal business and trade hub for Indian companies. Moreover, it can be a welcoming
destination for those entrepreneurs interested in expanding their regional operations
or entering the European Market, whilst at the same time offering a safe and reliable
gateway for investment in the EU, the Middle East and North Africa.
Cyprus is also fast becoming one of the top emerging investment fund centres in
Europe, in part due to its continuous efforts to upgrade its legislative and regulatory
framework, which is backed by an attractive tax regime and a strong network of
financial and professional services
providers. The country has developed into
a key regional and cost-efficient domicile
for investment funds, private equity
firms and asset managers, with its many
advantages beginning to attract notable
interest from India.
We have confidence in our country’s
existing dynamic investment portfolio,
and we are positive that there is great
potential in investing in even more
sectors of strategic importance for
the government, such as research
and innovation, information and
ICyprus’ commitment to the
green transition, combined with
the forthcoming liberalisation of
the electricity market, creates
new opportunities for Indian
investment in infrastructure,
especially for power generation
from renewable energy sources
and for energy storage.

DOING BUSINESS C YPRUS
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INDIA EDITION
communication technology, hospitality and tourism, healthcare, education, and
renewable energy.
For instance, Cyprus’ commitment to the green transition, combined with the
forthcoming liberalisation of the electricity market, creates new opportunities for
Indian investment in infrastructure, especially for power generation from renewable
energy sources and for energy storage.
Additionally, our growing technology, innovation, and research sector, serving as a
bridge between Europe, the Middle East and North Africa, has transformed Cyprus into
a promising location for high-technology businesses. Well-known global technology
companies such as Amdocs, NCR, Wargaming, eToro and 3CX, have already established
their presence on the island.
A number of government initiatives
have, in fact, paved the way for a vibrant
technology ecosystem in Cyprus, in which
tech companies have the opportunity to
grow and expand in today’s ever changing
global market.
The government has also introduced a
strategy for attracting both high-skilled
talent and international businesses that
ICyprus is contributing
actively towards the further
enhancement of India-EU
relations, in the framework of
the ongoing negotiations for an
EU-India Free Trade Agreement.
wish to set up, relocate or expand their activities in Cyprus, aiming to enhance the
country’s position as an international, high-growth business centre. An important part
of this new strategy is the Business Facilitation Unit, that operates under the auspices
of the Ministry of Energy, Commerce and Industry, providing fast-track business setup
to international companies.
Overall, Cyprus is trying to boost bilateral trade and facilitate more business with
India by raising awareness on the benefits that our island has to offer. To this end, Cyprus
has recently proceeded with the opening of a Trade Centre in India (15 November
2022), whereas Invest Cyprus signed an MoU with Invest India (25 January 2022).
Moreover, even within the EU itself, Cyprus is contributing actively towards the further
enhancement of India-EU relations, in the framework of the ongoing negotiations for
an EU-India Free Trade Agreement. n

ADVISORY · ASSURANCE · TAX
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today
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They represent what we stand for and what
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DOING BUSINESS C YPRUS
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INDIA EDITION
FOREIGN DIRECT INVESTMENT
Secure EU
Investment
Destination
Cyprus continues to attract significant foreign
investment from around the world with billions flowing
into new projects and sectors, proving the island
nation’s strong FDI appeal among global investors.
core benefit of Cyprus is its geostrategic location, offering a secure and stable
A EU environment in an often-turbulent region. These factors coupled with the
introduction of new incentives are encouraging increasing numbers of companies from
the region and across the world to set up headquarters on the island, solidifying its position
as an attractive gateway to both established and developing markets. More recently,
Cyprus has also started to gain serious traction in attracting more innovative high-tech
organisations to set up on its shores – rebranding itself as an emerging tech hub.
Cyprus’ reputation as a safe place to do business has brought with it a hive of new
investment activity in recent years, with several notable projects already implemented
or in the pipeline, strengthening the country’s image and foreign direct investment (FDI)
appeal. In 2017-2021 the top three sectors for inward FDI were real estate, information
and communications, and professional services. These sectors have been boosted by
large-scale real estate projects, luxury marinas and tourism infrastructure, a growing
tech sector, and the island’s attractiveness as a centre for headquartering. There are
also emerging opportunities in the energy, asset management and shipping sectors, all
of which reinforce Cyprus’ status as a compelling investment destination.

DOING BUSINESS C YPRUS
25
INDIA EDITION
STRONG REBOUND TO GROWTH
Successive credit rating upgrades over the years and the continuous introduction
of new incentives have attracted billions in foreign investment to Cyprus, with
substantial inflows from the US, non-EU countries, and Asia including the Middle East.
Although having withstood some serious economic shocks over the last ten years,
the resilience and growth performance of Cyprus has been exceptional and even
exceeded international expectations. Real
ICyprus GDP growth averaged 4.6% in 2018-2022
was ranked third
despite the Covid-19 pandemic, the war
worldwide in the recovery
in Ukraine and other related disruptions.
Foreign investment flows have been of foreign direct investments
significant. In the ten-year period 2013-
after the pandemic.
2022, net inflows (liabilities) reached €13.5
billion. This investment was driven by equity, with data on transactions suggesting that
real estate, communications and headquartering all played an important role.
Cyprus was ranked third worldwide in the recovery of foreign direct investments
after the pandemic, according to the country’s investment promotion agency, Invest
Cyprus. According to the Greenfield FDI Performance Index of FDI Intelligence, direct
investments in Cyprus showed a 150% increase in the first half of 2022, compared to
the corresponding period in 2019. Also noteworthy is the increase in investments in
software and IT, which reached a 600% increase in 2022 compared to the corresponding
period in 2019.
THRIVING TECH HUB
IIn 2022 the country boasted
almost 450 start-ups and scaleups
with a combined value of
€3.7 billion
The technology and communications
sector in Cyprus has become fiercely
competitive, with a number of players
deploying cutting edge solutions to both
increase their local market share and
generate growth through the launch of
new technology and products. 5G was
rolled out in 2021, making Cyprus the first
EU state to achieve 100% 5G coverage.
Cyprus is already home to a number of
major tech firms, such as NCR, Amdocs,
Wargaming, 3CX, Exness, Bolt, Thomson
Reuters, Melsoft Games, Easybrain
and Nexters, and has gained ground in
successfully attracting investment capital
in blockchain. The country’s start-up
community has been growing rapidly. In
2021, Cyprus broke national records with
€85.5 million raised by start-ups, and
in 2022 the country boasted almost 450
start-ups and scale-ups with a combined
value of €3.7 billion. With an estimated
4,000 entrepreneurs, the buzzing hub is

DOING BUSINESS C YPRUS
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INDIA EDITION
fostering more opportunities for business angels and venture capitalists looking to
invest risk capital in exchange for equity in promising business ideas. In addition,
a key attraction for high-tech companies is the Cyprus Intellectual Property (IP) Box
Regime, which provides a competitive maximum tax rate of 2.5% on income earned
from IP assets. Cyprus’ regime also applies to a wider range of income compared to
other European schemes, most of which restrict benefits to income from patents and
supplementary patent certificates.
The year 2022 saw more global names invest in Cyprus, with European digital
neobanking platform Revolut, valued at US$33 billion, becoming the first entity to
receive approval as a crypto-asset service provider from the Cyprus regulator. The
authorisation enables Revolut to offer crypto services to its 17 million customers in the
EEA out of a new crypto-asset hub in Cyprus. Revolut said its choice was down to the
sophisticated regulatory regime of the country, which has already attracted the likes
of Crypto.com, eToro and BitPanda. A leading US consumer services and applications
software provider, TangoMe, also announced plans to launch offices in Cyprus. The
internationally renowned tech company, with an annual revenue of around US$350
million, will establish a strong presence in Limassol with a sizeable number of
employees relocating to Cyprus.
Another project set to boost Cyprus as a regional telecoms and data hub, was
leading telecoms provider Cyta signing a €850 million venture with Greece and Saudi
Arabia for the construction of the East Med Corridor (EMC) – a global digital highway
linking Europe with Asia. In addition, the modernisation of state infrastructure and
speeding up the adoption of cloud services in Cyprus were key targets of the signing
of a Memorandum of Understanding with Amazon Web Services (AWS) in 2022, a
collaboration that will open up a new era of opportunities.
EXPANDING EDUCATION AND R&I
Cyprus is developing into a regional
education and knowledge hub with
the rapid expansion of tertiary education
and its universities steadily climbing up
global rankings. The country has already
established synergies with international
universities, most notably the University
of Nicosia launching the island’s first
degree programme in medicine in
collaboration with St George’s Medical
School at the University of London,
and University of Central Lancashire –
IDirect investments in
Cyprus showed a
150% increase
in the first half of 2022

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INDIA EDITION
4th
IN EMERGING EUROPE
11th
GLOBALLY
Cyprus is one of the top
overachievers in the Greenfield
FDI Performance Index of 2023
3rd
worldwide in the post-pandemic
recovery of foreign
direct investments
€4.6
billion
direct and indirect economic
impact of the Cyprus ICT
sector at the end of 2022
á600%
increase in software and
IT investments in Cyprus
between 2019 and 2022
Source: FDI Intelligence
Source: FDI Intelligence
IIn 2017-2021 the top three sectors
Cyprus (UCLan), being the first British
university to establish a campus on the
island. This has since been followed by for inward FDI were real estate,
the American University of Beirut (AUB),
information and communications,
which established a €29 million campus
in Paphos in 2023 – branded AUB- and professional services.
Mediterraneo. The aim is to accommodate over 2,000 students in the coming years.
Cyprus hosts an impressive and fast-growing R&I ecosystem, featuring high quality
academic and research institutions and seven Centres of Excellence (CoE). The Cyprus
Institute has established itself as a significant research institute with global networks
of excellence supported by significant EU funding. The number of foreign students
choosing Cyprus for their studies has almost tripled in the last five years, representing
over 60 different countries and supporting the growth of Cyprus into a true global
educational centre. This fact underlines the great opportunities that exist in Cyprus for
the establishment of new universities, colleges and institutes.

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INDIA EDITION
PORTS AND SHIPPING
The 2017 commercialisation of the country’s largest port in Limassol marked a
new era for Cyprus as a commercial hub. The port privatisation came amidst the
first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading
terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation
deal with Eurogate International GmbH and leading Emirati logistics giant DP World
Limited is projected to boost state coffers with €2 billion over the next 25 years, while
the new port operators have injected millions in upgrading services and infrastructure.
Larnaca port is expected to have a new terminal by 2027. The contract for the Larnaca
IThe growth of Cyprus’ resident
port and marina was awarded to Kition
Ocean Holdings Ltd, a Cypriot-Israeli
consortium comprising Eldeman Holding shipping sector over the
BV and Alexandrou Corporate Services
past 50 years has developed
Ltd, in late 2020 and Phase 1 works will
begin in 2024. The marina is expected to a strong maritime cluster
attract around €1.2 billion in construction
that caters to the needs of
and real estate development – making
it one of the biggest infrastructure Cyprus-based companies,
investments to date in Cyprus.
including banking, professional
One of Cyprus’ most successful export
services has been the maritime industry, services, insurance, and IT.
which now has a dedicated Deputy
Ministry of Shipping. The growth of Cyprus’ resident shipping sector over the past 50
years has developed a strong maritime cluster that caters to the needs of Cyprus-based
companies, including banking, professional services, insurance, and IT. The cluster
is consistently attracting more quality tonnage and shipping-related companies to
its shores. Between 2010 – when the Cyprus tonnage tax system was approved by the
European Commission – and 2021, there has been more than a fivefold increase in the
number of shipping companies that have registered with Cyprus’ specialised shipping
taxation system, boosting the sector’s revenue by around 25%. Also, a new limited

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DOING BUSINESS C YPRUS
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INDIA EDITION
liability shipping company law was adopted in October 2022, allowing for streamlined
services via the Deputy Shipping Ministry.
The shipping cluster has been growing with new entrants relocating to Cyprus. Some
examples include the decision in 2022 by leading oil tanker company Frontline to move
from Bermuda to Cyprus, and the move in 2018 by leading London ship insurer P&I Club
to open a post-Brexit EU subsidiary in Cyprus, reaffirming the island’s position as one
of the top global hubs for shipping. Another triumph came in early 2019, when British
shipping firm P&O Ferries decided to register its English Channel operating fleet
under the Cyprus flag to take advantage of the benefits and security it provides. When
it comes to shipmanagement, all the large ship managers have offices in Cyprus. Two
of the industry’s most highly respected privately-owned shipmanagement companies,
Columbia Shipmanagement and Marlow Navigation – both based in Cyprus – merged
in 2017 to form Columbia Marlow, creating one of the world’s largest ship and crewmanagement
companies. Another FDI transaction was the 2018 buyout of Limassolbased
Songa Offshore SE by Transocean Ltd, the world’s largest offshore drilling
contractor for oil and gas wells, in a deal worth US$3.4 billion. In addition, natural
gas finds within Cyprus’ Exclusive Economic Zone (EEZ) and efforts to exploit it in
cooperation with neighbouring countries have expanded opportunities for the island’s
already thriving shipping sector.
NEW ENERGY OPPORTUNITIES
C
yprus’ hydrocarbons discoveries captured the attention of global energy
heavyweights when US company Noble Energy, now acquired by US giant Chevron,
made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion
cubic feet (tcf) in the offshore Aphrodite field in Block 12. Chevron owns the licence to
Aphrodite in consortium with Shell and NewMed, while ExxonMobil and Qatar Energy
hold licences in Blocks 5 and 10.

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ENI of Italy and Total Energies of France hold the largest number of licences (Blocks
2, 3, 6, 7, 8, 9 and 11) while Kogas of South Korea shares the licences with ENI and Total
(Blocks 2, 3 and 9).
ExxonMobil announced the discovery of an estimated 5 to 8 tcf in ‘Glaucus-1’ of
Block 10 in 2019, while ENI confirmed Block 6 discoveries of around 2.5 tcf in ‘Cronos-1’
and 2-3.5 tcf in ‘Zeus-1’ in late 2022. Further drilling has taken place and updates and
confirmations of discoveries could be announced within the next year, including a final
decision on the development of Aphrodite.
In addition to offshore discoveries in the last decade, a range of other new energy
opportunities have come to the fore. In December 2019, Cyprus signed a landmark
deal with a Chinese-led consortium to build a €290 million LNG import terminal at
Vassilikos. The consortium constructing the project includes China Petroleum Pipeline
Engineering Co. Ltd, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen
Ship Management. The terminal will include a floating storage and regasification
unit (FSRU), a jetty for mooring the FSRU and related infrastructure at Vassilikos. The
FSRU, expected to be completed by the end of 2024, attracted €150 million in finance
from the European Investment Bank (EIB), €80 million from the European Bank for
Reconstruction and Development (EBRD), €101 million from the EU’s Connecting
Europe Facility as well as an equity contribution of €43 million from the Electricity
Authority of Cyprus (EAC).
Parallel to this, Cyprus has been ramping up its renewables and storage capacity,
with support from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The
renewable energy sector could be one of
the most attractive areas for investment
ICyprus has been ramping up
its renewables and storage
capacity, with support from
the EU’s €1.2 billion Recovery
and Resilience Facility (RFF).
and joint ventures with other countries.
For example, the UAE and Saudi Arabia
have been pioneers in clean energy,
especially in the field of hydrogen, and
are keen to export its RES know-how and
create synergies. Saudi Arabia – dubbed

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INDIA EDITION
to become one of the biggest producers of clean energy – could support the EU’s
hydrogen strategy through Cyprus as an interconnector to Saudi’s biggest hydrogen
production plant currently under construction.
The long-awaited full liberalisation of the electricity production market in Cyprus
has seen many delays, but once this materialises it would allow a fresh inflow of new
private players operating in both renewables and gas to compete in the local market
– and in a broader regional market, thanks to the EuroAsia Interconnector project to
connect Cyprus, Israel and Greece via a submarine electricity cable along with the
related EuroAfrica Interconnector to connect Egypt.
STABLE BANKING AND RISING INVESTMENT FUNDS
Cyprus banks maintain high levels of
capital adequacy and liquidity and
have cut their non-performing loan (NPL)
ratios to single digits. The restructuring
of the banking sector after 2013 attracted
important international institutional
investors and fresh foreign capital and
encouraged accelerated sales of NPLs.
These developments substantially
reduced risk and enabled the financial
system to operate on a healthier basis.
The island also hosts a thriving forex
industry with many global giants basing
their operational headquarters in Cyprus.
In addition, the investment funds sector
has grown exponentially in the last few
IThe restructuring of the
years with Assets under Management
(AuM) seeing a staggering increase from
€2.7 billion in 2016 to €10.7 billion in the second quarter of 2023, proving Cyprus is
being recognised by the global asset management community. Investment funds have
already invested more than €2.5 billion in several sectors of the Cypriot economy, such
as shipping, hospitality, education, healthcare, and renewable energy.
TOURISM AND HIGH-END REAL ESTATE
banking sector after
2013 attracted important
international institutional
investors and fresh foreign
capital and encouraged
accelerated sales of NPLs.
These developments
substantially reduced risk and
enabled the financial system to
operate on a healthier basis.
Cyprus continues to be on the top of the list for investors, holiday-home seekers,
expats and retirees. Tourism and real estate have always been robust sectors of the
Cypriot economy, and a concerted effort to diversify Cyprus’ offering in recent years
has paid off. The number of foreign investors closing multimillion-euro deals in the last
several years underlines the fact that tourism-related real estate and infrastructure
continues to be one of the most attractive investment opportunities in Cyprus. Total
sales in 2022 reached more than €4.2 billion.
Pre-pandemic years of record-breaking tourism numbers saw the island attract
new interest in conference, sports, health and wellness tourism. The construction and
investment in multipurpose projects and mixed-use developments such as luxury
marinas, golf courses and more recently the island’s first-ever and only integrated
luxury casino resort, are all part of the ongoing strategy to upgrade Cyprus’ tourism

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DOING BUSINESS C YPRUS
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INDIA EDITION
Artist Impression: City of Dreams Mediterranean
Artist Impression: Grand Hyatt Limassol
Artist Impression: Ritz-Carlton Residences
ITourism and real estate have
product. The new casino resort, City of
Dreams Mediterranean, has extensive
always been robust sectors
facilities and five-star status. The casino
resort is Hong Kong-based Melco’s first
of the Cypriot economy,
expansion outside of Asia and is the
and a concerted effort to
biggest casino of its kind in Europe, with
the investment of €600 million for this
diversify Cyprus’ offering in
mega project.
recent years has paid off.
Spurred by this unique development,
Cyprus garnered another landmark
investment deal in 2022 with Israeli business magnate Gilad Shabtai investing in over
130,000 m 2 of land for development surrounding the new integrated casino resort in
Limassol. The destination and value of the area are set to be elevated by this key real
estate investment.
Proposals include the development of exclusive seven-star facilities providing
bespoke services for owners and investors. Plans are also in place for additional

DOING BUSINESS C YPRUS
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INDIA EDITION
investment by the former majority shareholder of telecoms start-up Viber into the
further expansion of the area in the future – which is a solid vote of confidence in the
vast growth potential of Cyprus.
Following the success of Limassol Marina, more investment has flowed into marina
developments on the Cypriot coast. The €300 million luxury Ayia Napa Marina is under
construction with berthing facilities and a commercial village now fully operational.
The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of
luxury villas, apartments and facilities. With significant Egyptian investment backing
the innovative project and the seafront residences are expected to be completed by
2023. In addition, the €110 million Paralimni Marina project is set to be completed in
2024, while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting
Engineers SA for a luxury marina in Paphos.
Major investments have also been made in the hospitality industry with acquisitions
and the construction of new luxury hotels by renowned hotel management chains. The
Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world,
has big plans to grow its existing portfolio in the country to six hotels and almost 1,000
rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach
resort by the Radisson Hotel Group worldwide.
In 2019, the Luxury Collection, part of Marriott International, opened the Parklane
Luxury Collection Resort & Spa in Limassol, marking Marriott International’s entry into
Cyprus. In July 2020, Hyatt Hotels Corporation announced a management agreement
with Anolia Holdings Limited for the launch of the first Hyatt hotel in Cyprus. The
300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. The new
beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury
development, comprised of residential apartments and private villas totalling more
than 80,000 m 2 . Israeli conglomerate Fattal Group has also been expanding its portfolio
in Cyprus in 2023, and currently manages nine hotel units on the island and has
invested more than €300 million in Cyprus' tourism sector. The legendary Berengaria
Hotel in the Troodos Mountains is also being restored by bbf Group and Thanos Hotels
& Resorts with an investment of €35 million. The completion of the hotel, which will be
named Berengaria Luxury Boutique Hotel, is expected in 2026.
Following global trends and faced with an aging population, investing in health and
wellness developments as well as rehabilitation and bespoke retirement villages has
enormous potential. An early example of this is the Eden Seniors Resort in Larnaca
which opened its doors in 2018. Paphos is due to see the first dedicated retirement village
in Cyprus. The €16 million retirement village, branded Lazaris Mill, will consist of 82
individual apartments, ranging from studios to larger flats and a small 24-room hotel,
and provide bespoke facilities. Another upcoming project in Paphos is Cypress Park, a
new luxury residential development turning retirement into a five-star resort stay.
SOLID INVESTOR SUPPORT
Cyprus has been steadily sharpening its competitive edge by streamlining processes
to better cater to investors and by strengthening new sectors to support its already
more established industries. Investment
opportunities in Cyprus’ large-scale
projects span various sectors, including
high-value tourism and housing Cyprus’ large-scale projects
developments, projects with a special
IInvestment opportunities in
span various sectors

DOING BUSINESS C YPRUS
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INDIA EDITION
focus on golf courses and luxury marinas, as well as education, energy, and more
recently, the international film sector.
Special schemes and incentives are in place to facilitate headquartering, which
covers the sectors of technology, asset management, investment funds, shipping and
higher education, and ‘Olivewood’ for the international film industry. A new government
Action Plan has launched fresh incentives to attract non-EU talent and companies to
establish operations in Cyprus. The recent introduction of a Business Facilitation Unit
(BFU), together with a digital nomad visa, promises to be a gamechanger for ease of
setting up in Cyprus. With a particular focus on high-tech and innovative companies,
pharmaceuticals and shipping, the BFU specialises in fast-tracking business setup,
permitting and licensing for companies, their employees and families.
To better facilitate FDI, the country’s investment promotion agency, Invest Cyprus,
has also developed an online investment matchmaking platform branded the Project
Bank, to help investors identify the right market opportunities for projects based in
Cyprus.
ATTRACTIVE INVESTMENT LOCATION
C
yprus’ liberalised FDI Policy, both for EU citizens and investors from third countries,
along with its favourable tax regime makes it one of the most attractive investment
targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the most competitive in
the EU and new tax-neutral reforms that are on the way will simplify and modernise
the tax system further. The country’s extensive network of double taxation treaties
with 68 countries have strengthened its position as a business gateway and a preferred
location for corporate headquarters. The country’s skilled talent, low cost of doing
business, top-tier professional services, and high quality of life renders Cyprus not only
a wise business and investment choice but also a great relocation destination. n

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INDIA EDITION
CYPRUS-INDIA RELATIONS
C
yprus and India have traditionally enjoyed excellent relations. These are
premised on deep friendship, mutual respect, and close cooperation.
India supported Cyprus during its struggle for independence from British
colonial rule, and diplomatic relations between the two countries
were established on 10 February 1962, two years after Cyprus gained
independence.
The foundations of the long-standing relationship were laid by the first
President of the Republic of Cyprus, Archbishop Makarios, and the first
prime minister of independent India Jawaharlal Nehru. They were among
the pioneers of the Non-Alignment Movement, who realised the aspirations
of their respective people for self-determination and nationhood.
Over the decades, the relationship has grown stronger, with India
and Cyprus keen on promoting and upgrading their bilateral relations
and increasingly focusing on economic and trade cooperation. On the
economic front, India is a priority country in Cyprus’ Strategy for Economic
Diplomacy. In the last three years, Cyprus has been among the top 10
Foreign Direct Investment (FDI) countries in India, with accumulated
investment of almost US$12 billion during the last 20 years – investing in
sectors such as Information and Communication Technology (ICT) services,
pharmaceuticals, shipping, manufacturing and construction. The economic
ties between Cyprus and India are being further developed in areas such as
renewable energy, trade, shipping, research and innovation, tourism and in
the field of digital cooperation.
In turn, Cyprus has been re-classified in Category 1 of Foreign Portfolio
Investors (FPIs) in India, only the third non-FATF country to be given this
exception by the Central Government of India. The classification offers
facilitation of Cyprus investment funds for investors and asset managers
in the Indian markets, further cementing Cyprus’ reputation as a prime
hub for businesses navigating the European and Indian markets. In
December 2021, Invest India and Invest Cyprus signed an MoU with the
intention of enhancing their mutual investment activities and promoting
overall business cooperation, and the two nations are currently engaged in
negotiations for an EU-India Free Trade Agreement.
To better facilitate more trade and business links between the two
countries, Cyprus proceeded with the opening of a Trade Centre at the
Cyprus High Commission in New Delhi in 2022. Cyprus also has an Honorary
Consulate in Kolkata, while a new Honorary Consulate should open in 2024
in Mumbai, the financial centre of the country.
Both India and Cyprus have acknowledged the crucial role of technology
and innovation in propelling economic progress. India today has the thirdlargest
start-up ecosystem in the world, and it is predicted to expand rapidly.
The success of Indian start-ups and the growing start-up ecosystem in Cyprus
and Europe present a significant opportunity for cross-border cooperation
and expansion. Also, the flourishing tech industry in India, coupled with the
emerging tech sector in Cyprus, can lay a robust groundwork for more techcentric
collaborations in the future.

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INDIA EDITION
INSIGHT
Minister of Foreign Affairs
Constantinos
Kombos
Cyprus and India have placed strong focus
on further strengthening their bilateral
relations. What are the key pillars that form this
diplomatic relationship and how do you see
this partnership developing in the future?

DOING BUSINESS C YPRUS
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INDIA EDITION
Cyprus-India relations have deep history and are based on solid political, economic,
and cultural foundations. Our bilateral cooperation has always been and remains
dynamic and ever evolving.
On the political front, India maintains a principled stance on the Cyprus question.
We are grateful to India for its staunch support to our efforts to reach a viable and
comprehensive solution leading to the reunification of our country, in line with the
relevant UN Security Council resolutions.
On the economic front, India is a priority country in Cyprus’ Strategy for Economic
Diplomacy. In the last three years, Cyprus has been among the top 10 Foreign Direct
Investment (FDI) countries in India, investing in sectors such as Information and
Communication Technology (ICT) services, pharmaceuticals, shipping, manufacturing
and construction. Furthermore, we will continue to strengthen the economic ties
between Cyprus and India in areas such as renewable energy, trade, shipping, research
and innovation, tourism and in the field of digital cooperation.
In the field of connectivity, we have
welcomed the recent announcement of
the India-Middle East-Europe Economic
Corridor (IMEC) and we believe that
Cyprus, with its strategic geographical
location, can contribute to the realisation
of this significant project.
Cyprus can also serve as a bridge,
connecting India to Europe, and thus
bringing together people, cultures
and civilisations. Cyprus attaches high
importance to the EU-India strategic
IWe have strengthened our
diplomatic presence in India
by establishing a commercial
office at the High Commission
of Cyprus in New Delhi in
2022, and we are planning to
open an Honorary Consulate
in Mumbai in the next year.
partnership, which we view as key in
strengthening a rules-based international order and as an important parameter for
addressing global challenges. In this respect, we will continue to be vocal in our support
for a free trade agreement between the European Union and India.
In recent years, we have strengthened our diplomatic presence in India by
establishing a commercial office at the High Commission of Cyprus in New Delhi in
2022, and we are planning to open an Honorary Consulate in Mumbai in the next year.
In the past five months, I had the pleasure to meet twice with my Indian counterpart,
Dr Subrahmanyam Jaishankar, and in those meetings we had the opportunity to
discuss practical ways on how to maximise the mutual benefit in our relationship. Our
meetings have been building on Dr Jaishankar’s recent visit to Cyprus in December
2022, when three important bilateral documents were signed: a Memorandum of
Understanding on Defence and Military Cooperation, a framework agreement on
International Solar Alliance, and a Declaration of Intent on Migration and Mobility.
Further exchange of high-level visits in 2024 will add to the existing momentum.
India is a valuable global partner for Cyprus. Our relationship has deep roots,
historical basis and great potential for the future. We will continue to work steadfastly
in bringing our two countries closer, for our mutual benefit. n

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INDIA EDITION
INTERVIEW
High Commissioner of India to the Republic of Cyprus
Madhumita
Hazarika Bhagat
The success of Indian start-ups and the growing
start-up ecosystem in Cyprus present a significant
opportunity for cross-border collaboration and
expansion. Prospects for partnerships in areas
such as IT, software development, and fintech are
significant, says Madhumita Hazarika Bhagat.

DOING BUSINESS C YPRUS
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INDIA EDITION
How would you describe the current bilateral
relations between India and Cyprus?
India and the Republic of Cyprus have enjoyed a deep and enduring friendship
since establishing diplomatic ties on February 10, 1962. This relationship has been
influenced by a variety of factors, including historical events and cultural interactions.
The bond between the two nations was further strengthened through a close
association with Archbishop Makarios III, the first President of the Republic of Cyprus.
This relationship set the stage for the robust ties that exist today. India has been a
steadfast supporter of Cyprus in all international affairs, backing its independence
struggle and consistently advocating for a resolution to the Cyprus issue based on
United Nations Security Council resolutions, international law, and EU acquis.
Despite the geographical distance, India and Cyprus have nurtured cultural
exchanges and personal connections. The Indian community in Cyprus, while relatively
small, has facilitated cultural exchange and business links between the two countries.
Indian expats in Cyprus have also contributed to strengthening the ties between the
two nations. Economic relations between India and Cyprus have developed, with both
nations seeking to enhance trade and investment links.
In the past decade, both India and Cyprus have underscored the significance of
sustainability, innovation, and technology in their respective strategic visions for
the future. This shared dedication to addressing the modern world’s challenges and
opportunities highlights the dynamic nature of the relationship between the two
countries.
What significant key projects are there between the two
countries at the moment, and what kind of projects or
cooperation would you like to see developed in the future?
I
ndia and Cyprus have maintained robust economic relations, with trade and
investment being the cornerstones of our bilateral ties. The relationship is
characterised by mutual respect, shared values, and a commitment to promoting
economic growth and development.
India re-classified Cyprus in Category 1 of Foreign Portfolio Investors (FPIs) in
India, it is the third non-FATF country to be given this exception. The classification
offers facilitation of Cyprus investment funds for investors and asset managers in the
Indian markets. In December 2021, Invest India and Invest Cyprus signed an MoU with
the intention of enhancing their mutual investment activities and promoting overall
business cooperation.
Today, the Republic of Cyprus is the tenth largest FDI investor in India with
accumulated investment of almost US$12 billion during the last 20 years. The COVID19

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INDIA EDITION
pandemic has highlighted the importance of stronger economic cooperation, in the
health and pharmaceutical sectors. Pharmaceuticals, iron and steel ceramic products,
electrical machinery are some of the major items of export from India to Cyprus.
Bilateral trade between the two countries has steadily increased over recent years and
stood at US$198.05 million for April 2022-March 2023. Looking ahead, the prospects
for enhancing economic ties between India and Cyprus have good potential in tourism,
technology including fintech and AI, education and trade.
Cyprus has been a convenient EU base for foreign companies
for decades, in your view what factors have contributed
to the appeal of Cyprus as a business jurisdiction?
The Republic of Cyprus has been a popular business jurisdiction for several reasons.
As a member of the European Union, Cyprus adheres to EU regulations and
directives. This provides businesses with certainty and stability. Cyprus ranks high
on Ease of Doing Business and Innovation indices in Europe providing a conducive
business climate for companies to operate in. Cyprus has a Common Law legal system
based on English law, which is widely recognised, stable and offers predictability for
businesses. In addition, Cyprus has an advanced telecommunications network and
infrastructure, which is crucial for modern businesses. These factors have contributed
to making Cyprus an attractive jurisdiction.
What kind of new opportunities does Cyprus offer Indian
businesses or investors at the moment, and vice versa?
Both India and Cyprus have acknowledged the crucial role of technology and
innovation in propelling economic progress. India today has the third-largest
start-up ecosystem in the world and is predicted to expand rapidly. Indian start-ups
have been making significant strides in recent years, with many achieving remarkable
success. Several start-ups are now household names in India. More importantly, Indian
start-ups are providing innovative solutions not just for Indian markets but for global
consumers. This was evident in the recent participation of Indian start-ups at the
Reflect Festival in Limassol.
Cyprus is strategically located at the crossroads between Europe, Africa, and
Asia and can function as an effective
first port of call for Indian start-ups
IThe prospects for enhancing
economic ties between India
and Cyprus have good potential
in tourism, technology including
fintech and AI, education and trade.
looking to expand into the EU market. In
addition, the success of Indian start-ups
and the growing start-up ecosystem in
Cyprus and Europe present a significant
opportunity for cross-border cooperation
and expansion. Also, the flourishing tech

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INDIA EDITION
industry in India, coupled with the emerging tech sector in Cyprus, can lay a robust
groundwork for tech-centric collaborations. Opportunities for partnerships in areas
such as IT, software development, and fintech can be investigated.
As the global focus shifts towards eco-friendly energy solutions, there is potential for
India and Cyprus to collaborate on renewable energy initiatives, such as solar and wind
power. Given Cyprus’ geographical advantage for solar energy generation, it could be a
valuable partner in India’s transition to cleaner energy sources.
India’s burgeoning pharmaceutical sector and Cyprus’ established healthcare
industry present another avenue for collaboration. Joint efforts in pharmaceutical
research, development, and distribution could lead to outcomes that are beneficial for
both countries. Enhancing connections in education and research can foster human
capital development and knowledge exchange. The establishment of joint academic
programmes and research initiatives can further solidify our economic relations.
India has a strong innovation and technology ecosystem,
how could this expertise be applied in Cyprus?
India’s strong innovation and technology ecosystem could be applied in Cyprus
in several ways. Indian tech start-ups have shown significant growth and have
attracted global investors. This expertise could be shared with Cyprus’ emerging startup
ecosystem to foster innovation and entrepreneurship. India has made substantial
investments in research and development (R&D), which has led to advancements in
various sectors including agriculture, manufacturing, automation and biotechnology.
Cyprus too has a vibrant R&D ecosystem. Exchange of best practices and projects could
be encouraged to find synergies and boost the outcomes of these research capabilities.
India has a large pool of skilled professionals in the IT sector. Cyprus too attracts
some of the best talent in technology in the region. Collaborative programmes could
be established to exchange knowledge and skills between the workforce in India and
Cyprus. India’s fintech sector has seen rapid growth. Partnerships could be explored
in this area that could add value to India’s and Cyprus’ fintech ecosystems in areas
of e-governance, digital payments, and online services. India has been investing
in renewable energy projects. Similar initiatives could be undertaken in Cyprus,
leveraging its geographical advantage for solar energy generation. These are just a
few examples of how India’s innovation and technology expertise could be applied in
Cyprus. The actual possibilities are vast and could lead to mutually beneficial outcomes.
How do you see the relationship of the two
countries developing in the future?
I
ndia and Cyprus have a robust framework for bilateral investment. The two countries
have signed a Double Taxation Avoidance Agreement (DTAA), which has been in force
since 1994. This agreement was further revised in 2016, putting in place global best
practices and minimum standards. This agreement has facilitated a significant amount

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IJoint efforts in pharmaceutical
of Foreign Direct Investment (FDI) from
Cyprus to India. Looking ahead, there
are several areas where we can further research, development, and
strengthen our investment ties. These
distribution could lead to
include sectors such as information
technology, pharmaceuticals, renewable outcomes that are beneficial
energy, tourism, and shipping, where both
for both countries.
countries have significant capabilities.
We are working on facilitating greater interaction between the business
communities of both countries through business forums and trade fairs. Such
interactions would help in identifying new areas of cooperation and investment. In
September 2023, eight Indian start-ups, selected by Startup India, our national startup
incubator ecosystem, participated in the Reflect Festival in Cyprus. India was the
partner country for the event for the first time and the response has been encouraging.
Indian start-ups are not just developing solutions for India, they are developing
solutions for the world.
While we have taken great strides in enhancing our investment relations, but
there remains significant potential for further growth. The existing policies and
past accomplishments between India and Cyprus provide a robust basis for future
collaboration. By concentrating on areas
such as technology, financial services,
tourism, and maritime commerce, we
can further amplify the investment
opportunities between our two nations.
The High Commission of India to Cyprus
is dedicated to fostering and cultivating
these prospects to stimulate economic
development and fortify the bilateral
relationship. n

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INTERVIEW
High Commissioner of the Republic of Cyprus to India
Evagoras Vryonides
India and Cyprus have a longstanding friendship
which is being reinforced by new efforts to
increase mutual investment activities and
promote deeper business cooperation in multiple
economic sectors, says Evagoras Vryonides.

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How would you describe the current bilateral
relations between Cyprus and India?
Relations between Cyprus and India go back to the founding of the two countries
decades ago, as well as in the collaboration by their respective leaders President
Makarios and Prime Minister Jawaharlal Nehru in the establishment of the Non-
Aligned Movement. Naturally, with our entry into the European Union in 2004 we
had to move on, but the genuine sentiments of national ties remain strong to this day.
Our long-standing relationship both in bilateral and multilateral spheres has been
consistently strengthened over the decades. It is a relationship which is premised
on deep friendship, mutual respect and close cooperation. In recent years this bond
has been strengthened with high level delegations from India, including the former
President of India, the current External Affairs Minister, visiting Cyprus. In addition
to the High Commission in New Delhi, Cyprus maintains an Honorary Consulate in
Kolkata, a city which boasts high artistic venues and creativity, and a new Honorary
Consulate is under way in Mumbai, the financial centre of the country.
Cyprus has focused on developing stronger
economic links and trade relations with India over
the years, what kind of joint projects have the
two countries participated in and what new
prospects are there to increase cooperation?
C
yprus and India cooperate in the areas of economy, commercial activities and
investment within the framework of various Agreements and Memoranda of
Understanding signed between the two countries over the years. The two countries
are poised to consistently work together towards further strengthening cooperation
in areas such as information technology, science, financial services, shipping,
pharmaceuticals, tourism and renewable energy – particularly solar energy. In
this regard, Cyprus signed the Framework Agreement to join the International
Solar Alliance (ISA) in December 2022, and became the 92 nd Member State of the
Alliance. During the 6 th Congress of the ISA, held in New Delhi, Cyprus became a
member of the Credentials Committee to evaluate the accession of new members.
India recently also accorded a special status to Cyprus enabling Category 1 of Foreign
Portfolio Investors (FPIs) to invest in Indian capital markets. A number of Indian entities
have already set up establishments in Cyprus or are in a strategic alliance. From time
to time, Invest Cyprus engages in promoting growth of business between the two
countries. Cyprus offers very high professional quality of financial segment solutions.
Regarding the IMEC trade corridor (Indian-Middle East-European Economic
Corridor), as announced during the recent G20 Summit in New Delhi, with shipping
and rail infrastructure from India to Europe, via the UAE, Saudi Arabia, Israel and
ending up in Greece, Italy and France, Cyprus finds itself naturally in the way of the

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trade route and can certainly contribute as an alternative location to berth or refuel
ships. Cyprus also participated in the 3 rd Global Maritime Conference of Mumbai, one of
the main shipping gatherings of key players of the industry around the world.
Cyprus is a strong regional hub and EU base
for international business and offers many
advantages for companies engaged in cross-border
activities, what advantages does Cyprus offer
specifically to Indian business?
As India is an important trade and investment partner for the EU, and holds
significant additional potential in this regard, the resumption of the much-awaited
negotiations between the EU and India to establish a Free Trade Agreement (FTA)
in June 2022, after a gap of nine years, was truly a major positive development. It is
our true hope that during the next round of negotiations, the two sides would make
further progress in the course of concluding the negotiations. Additionally, with its low
corporate tax rate, high quality of skilled professionals, expertise of European laws, also
similar base of legal systems (based on Commonwealth laws), Cyprus is considered a
gateway to Europe and appears attractive to foreign investors – offering additional tax
benefits which aim at bringing Indian investors to Europe at a more attractive cost than
many other European locations.
What sectors or niche segments in Cyprus do you
think have untapped potential in terms of attracting
more Indian investment and cooperation?
In terms of investment, Cyprus
remains among the 10 largest sources of
FDI in India, and thanks to India’s decision
to reclassify Cyprus regulated funds and
fund managers as Category 1 FPIs led to
an increase of over 100% in the FPIs and
is a sector which will continue to grow.
Moreover, in December 2021, Invest India
and Invest Cyprus signed an MoU, with the
aim of strengthening bilateral efforts for
increasing mutual investment activities,
and for promoting business cooperation
between the companies from both sides.
The Trade Office of the High
Commission in New Delhi facilitates the
IThe two countries are poised
to consistently work together
towards further strengthening
cooperation in areas such
as information technology,
science, financial services,
shipping, pharmaceuticals,
tourism and renewable energy
– particularly solar energy.

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INDIA EDITION
opportunities for commercial exchanges
between the two countries and promotes
bilateral trade. This December, Cypriot
companies will participate in the wellknown
SIAL international food fair In
India. I believe that with the restart of
the Mumbai Honorary Consulate, we
will be able to accelerate the business
IIndia and Cyprus have a large
percentage of SMEs, and this
is an area of cooperation for
direct access, from India into
Cyprus and into Europe.
relationships between both countries. India and Cyprus have a large percentage of
SMEs, and this is an area of cooperation for direct access, from India into Cyprus and
into Europe.
What new prospects do you see to further strengthen
relations with India, and how do you see the relationship
of the two nations developing in the future?
There is already a Bilateral Cultural Cooperation Agreement between the two
countries since 1980. Within the next months, the new Executive Programme
covering the period 2024-2027 will be signed. I have already met with the Director
General of the Indian Council of Cultural Relations and there is the common willingness
to further tighten and strengthen the bilateral relations in the cultural field. We are
happy to announce that in November, the Cypriot dance group SELAS visited India
for performances in various cities, with the support of the Deputy Ministry of Culture.
Several Art exhibitions and other cultural activities are also planned within 2024. n

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SPOTLIGHT
Cyprus
Real Estate
The Cyprus real estate industry has continued its strong
growth in 2023, underlining robust confidence of both
Cypriot and foreign property buyers. Sales reached
€672 million in the first nine months of the year, with
coastal business hub Limassol, followed by Paphos on
the west coast taking the lion’s share of contracts.

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Cyprus has long been a firm favourite for property buyers worldwide thanks to its
high quality of life, safe environment and Mediterranean climate. In addition, the
country’s EU membership, its thriving international business centre and strategic
position at the crossroads of three continents remain key pull-factors for residential
buyers, relocating companies, and investors alike.
Property sales have remained strong in the last year despite rising interest rates. In
the first three quarters of 2023 real estate sales in Cyprus rose year on year by a robust
19.9%. While Limassol had the largest absolute number of sales in January-September
(3,842), the largest increase was in the up-and-coming coastal town of Larnaca, where
sales saw a year-on-year increase of 36.4%.
Sales to Cypriots continue to dominate, accounting for 54% of the total in the
first three quarters of 2023. Sales to Cypriots have been driven both by government
subsidies, for example, for first-time buyers, but also by steady growth in the household
population. However, in terms of growth, sales to non-EU citizens grew most quickly
in 2023, rising by 67.6% year on year in the first nine months of 2023, with reports of
increasing demand from Lebanon and Israel.
REAL ESTATE SALES BY REGION
Contracts of sale unless otherwise indicated
Jan-Sep Jan-Sep % change
2022 2023 year on year
Nicosia 2,043 2,159 5.7
Limassol 3,315 3,842 15.9
Larnaca 1,734 2,348 35.4
Famagusta 490 567 15.7
Paphos 2,028 2,603 28.4
All Cyprus 9,610 11,519 19.9
Source: Department of Lands and Surveys. © Sapienta Economics Ltd.
CYPRIOT AND NON-CYPRIOT PROPERTY SALES
Jan-Sep Jan-Sep % change % of total in
2022 2023 year on year Jan-Sep 2023
Cypriot contracts 5,476 6,230 13.8 54.1
EU contracts 1,859 1,476 -20.6 12.8
Non-EU contracts 2,275 3,813 67.6 33.1
Total contracts 9,610 11,519 19.9 100.0
Source: Department of Lands and Surveys. © Sapienta Economics Ltd.

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PROPERTY PRICE INDICATORS SHOW INCREASE IN PRICES
Given the strength of sales and the rising construction prices, it is not surprising that
the various residential property price indices point to rising prices, even though
the degree of increase differs depending on the index. The index prepared by the
Statistical Service, Cystat, which is based on actual sales, reports an increase in prices
of 5.9% in the first quarter of 2023 and 3.1% in the second. The Central Bank of Cyprus
index, which is based on a larger sample of valuations, reports a year-on-year increase
in prices of 7.7% in the first quarter of 2023 and 7.4% in the second. This is the fastest
pace of growth since 2008 according to the Central Bank index.
Apartment prices measured by the Central Bank index are clearly rising faster than
those of houses. In the second quarter of 2023 they rose by 10.1% compared with an
increase of 5.6% for houses in the same quarter. This probably also underlines the
importance of the local residential market in property purchases, especially after the
withdrawal of the Cyprus Investment Programme in 2020.
The Central Bank index shows a fairly large discrepancy by district, however. While
apartment prices in Paphos rose by 16.3% in the second quarter of 2023, thanks to strong sales,
apartment prices in Nicosia increased by a more modest 4.2% and in Famagusta by 2.5%.
All residential property
PROPERTY PRICE INDICATORS
% change over the same period of the previous year
2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2
Cystat 2.1 5.3 4.4 5.9 3.1
Central Bank of Cyprus 4.7 6.3 6.6 7.7 7.4
Houses
Central Bank of Cyprus 3.5 5.2 5.6 6.6 5.6
Ask Wire -0.8 1.4 1.0 3.1 4.6
Apartments
Central Bank of Cyprus 7.0 8.0 7.7 8.4 10.1
Ask Wire 6.3 9.4 9.9 12.3 12.2
Other
Ask Wire holiday houses -1.9 0.4 0.9 3.1 3.7
Land Registry: average unit 8.4 32.2 3.9 3.8 16.8
value of transfers (a)
(a) Parcels may vary in size; Sapienta Economics calculations.
Sources: Cystat; Central Bank of Cyprus; Ask Wire; Department of Lands and Surveys. © Sapienta Economics Ltd.

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PROPERTY-PRICE INDICES
There are three regular property-price indices
produced in Cyprus and one which Sapienta
Economics calculates from parcel transfers.
u The Cystat index is hedonic (adjusted for changes in
quality) and is based on actual sales. The Cystat index does
not give a breakdown by region or by property type.
u The Central Bank of Cyprus index is also hedonic but is based on bank
valuations, as opposed to current sales, although recent sales are also
considered in valuations. The Central Bank of Cyprus index gives a
breakdown by region and by property type (apartments and houses).
u The Ask WiRE index, which is a fairly new index largely based
on actual sales prices but also adjusted to consider ‘thin trading
and an inherent lag in price recording’ in Cyprus. It gives a
breakdown by region and property type, including commercial
property (retail, warehouses and offices). It also distinguishes
between residential and holiday houses/apartments.
u Sapienta Economics also uses data from the Department of Lands
and Surveys (Land Registry) to calculate the average price per unit
of parcel transfers. This is not a market price, as it will include, for
example, debt-for-property swaps by banks, and parcels may also
vary in size. However, it can be an indicator of forced acquisitions.
The three public indices give different results because of their different
focus. Out of the three the Central Bank probably lags the most, as
property valuations tend to be made on the basis of sales in the previous
period. However, it has the advantage of being based on a larger data set
than the Cystat index, especially in periods when sales are stagnant.

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PROPERTY
SHOWCASE
Leading
Developments
in Cyprus

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PROPERTY SHOWCASE: Leading Developments in Cyprus
LIMASSOL
Limassol Greens
Limassol
Type: Villas 3-6 Bed, Townhouses
3 Bed, Apartments 2-3 Bed
Price: €550,000 - €5,500,000
Developer: Lanitis Golf Public Co Ltd
Contact: (+357) 25 888 700
info@limassolgreens.com
www.limassolgreens.com
Watch: Property Video
Download: Brochure
LIMASSOL
Limassol Marina
Limassol
Type: 3 and 4 bedroom apartments
and villas with private berths
or access to the beach
Price: €3,900,000 – €9,600,000
Developer: Limassol Marina Ltd.
Shareholders: Avax S.A., Francoudi &
Stephanou Ltd, Cybarco Ltd, LMDC Ltd,
G Paraskevaides Ltd, and Stamoland Properties Ltd.
Contact: (+357) 25 020 020
info@limassolmarina.com
www.limassolmarina.com
Watch: Property Video
LIMASSOL
ONE by Pafilia Property Developers
28th October Avenue,
Limassol
Type: 2-3 bedroom apartments,
4 bedroom duplex,
6 bedroom penthouse
Price: From €1,950,000
Developer: Pafilia Property Developers
Contact: (+357) 26 848 800
info@pafilia.com
pafilia.com/one-limassol
Watch: Property Video

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INDIA EDITION
PROPERTY SHOWCASE: Leading Developments in Cyprus
LIMASSOL
Trilogy Limassol Seafront
Limassol
Type: 1 to 5-bedroom apartments
and penthouses
Price: €680,000 - €10,500,000
Developer: Cybarco Development Ltd
Contact: (+357) 25 362 800
info@trilogylimassol.com
Trilogylimassol.com
Watch: Property Video
Download: Brochure
PAPHOS
Akamas Bay Villas
Latchi,
Paphos
Type: 3 and 4-bedroom
beachfront villas
Price: €1,520,000 - €3,000,000
Developer: Cybarco Development Ltd
Contact: (+357) 25 820 511
info@cybarco.com
Akamasbay.com
Watch: Property Video
Download: Brochure
PAPHOS
Cap St Georges Hotel & Resort
Akamas,
Paphos
Type: Villas, 3, 4, 5 and
6-bedroom villas
Price: From €1,800,000 +
Developer: Korantina Homes
info@korantinahomes.com
www.korantinahomes.com
Watch: Property Video

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PROPERTY SHOWCASE: Leading Developments in Cyprus
PAPHOS
Minthis Topos Residence
Minthis,
Paphos
Type: 3, 4 and 5+ bedroom
residences, 3-bedroom villa,
2-bedroom suites and duplexes
Price: From €845,000
Developer: Pafilia Property Developers
Contact: (+357) 26 848 800
info@pafilia.com
www.minthisresort.com
Watch: Property Video
Watch: Resort Video
PAPHOS
Royal Bay
Tourist Area,
Paphos
Type: Villas, 3,4,5 and 6-bedroom
villas and 2-3 bedroom apartments
Price: From €950.000 -5.000.000
Developer: Korantina Homes
Contact: info@korantinahomes.com
www.korantinahomes.com
Watch: Property Video
PAPHOS
SOHO Resort
Tourist Area,
Paphos
Type: Apartments on
15-floor tower and Villas
Price: €1,200,000 – 6,000,000
Developer: Korantina Homes
info@korantinahomes.com
www.korantinahomes.com
Watch: Property Video

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INSIGHT
CEO, Invest Cyprus
Marios Tannousis

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India and Cyprus have a strong relationship and have
been fostering closer economic and political ties in the
last few years. In terms of investment, what kind of activity
has Cyprus attracted from India and what type of Indian
foreign investment would you like to see in the future?
I
n an era of dynamic global economic shifts, Cyprus and India stand poised at the
threshold of a remarkable partnership, exemplifying the power of international
collaboration and shared ambitions. As the CEO of Invest Cyprus, I am proud to
articulate our strategic focus on India, a priority country in Cyprus’ economic diplomacy
strategy. This focus is not merely aspirational; it’s a committed effort towards nurturing
and expanding our bilateral economic relations.
At the heart of this relationship is the recognition of Cyprus as a gateway to the
European Union for Indian businesses and investors. This strategic positioning is
pivotal, offering seamless access to the EU market and serving as a springboard for
Indian enterprises to scale new heights.
The existing investment landscape between our nations speaks volumes about the
potential for future collaboration. Indian investments in Cyprus are already thriving
across diverse sectors such as shipping, technology, and hospitality. Moreover, the
reciprocal flow of Foreign Direct Investments (FDIs) is robust, with over US$12 billion of
investments made in India through Cyprus, since 2000. These investments span critical
sectors like technology, ICT, pharmaceuticals, shipping, industry, and construction.
Our collaboration extends beyond investments. Invest Cyprus and Invest India have
forged an active Memorandum of Understanding (MoU), laying a concrete foundation
for mutual support and shared growth. This MoU is a testament to our dedication to
work hand-in-hand, fostering an environment conducive to business expansion and
innovation.
One of the most significant opportunities lies in the financial services sector.
Indian asset managers can leverage Cyprus as a hub for registering investment funds,
enabling them to invest across Europe and other high-growth markets. Recognising
Cyprus as a qualified jurisdiction for Indian funds invested abroad, we offer a reliable
and advantageous base for Indian investors.
Both Cyprus and India place special emphasis on sustainability, innovation, and
technology. These shared values form the bedrock of our economic relations and open
avenues for further cooperation. By focusing on these key areas, we can drive forward a
partnership that is not only profitable, but also sustainable and forward-looking.
Looking ahead, India is a central component of Invest Cyprus’ redesigned strategy for
the period 2024-2026. This strategy underscores our commitment to deepening ties
with India, exploring new sectors of cooperation, and ensuring that our partnership
evolves in line with global economic trends and mutual interests.
The economic relationship between Cyprus and India is not just burgeoning, it is
ripe with opportunities. Together we can transform this partnership into a beacon of
economic cooperation, mutual growth, and shared prosperity. At Invest Cyprus, we are
committed to this vision and are eager to embark on this journey alongside our Indian
counterparts. n

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INCENTIVES
Attracting
Non-EU Business
Cyprus has launched a new action plan to attract foreign businesses
to establish or expand their activities on the island. Cyprus already
provides many competitive advantages, but this new set of incentives
aims to ramp up the number of companies establishing headquarters
on the island. The plan has considered the best practices from other
European countries, with emphasis on domains related to technology,
shipping, innovation, research and development, pharmaceuticals,
biogenetics and biotechnology and tertiary education without
excluding any other companies that choose Cyprus as their place of
business. The new strategy which aims to promote foreign investment
and stimulate economic activity was implemented in January 2022.
THE BUSINESS FACILITATION UNIT
The previous Fast Track Business Activation mechanism for companies of foreign
interest has been transformed into a Business Facilitation Unit for foreign
companies operating in Cyprus, or for foreign companies that wish to expand their
operations in the country. The Unit is responsible for the various services required for
the establishment of corporate entities:
• expedite new company name approval and registration
• facilitate registration with Social Insurance Services, direct
(income) and indirect (VAT) tax authorities
• guidance in relation to the establishment, licensing and operations of companies

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RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY PAID THIRD-
COUNTRY NATIONALS AND SUPPORTING STAFF
The government has revised the policy for the employment of highly paid personnel
from third countries employed by companies of foreign interests, as well as for
those employed by Cypriot companies which give added value to the economy and the
local workforce.
ELIGIBLE COMPANIES:
• companies operating in Cyprus and are of foreign interest/
shareholding and maintain fully-fledged offices
• public companies registered on any recognised stock exchange
• Cyprus shipping companies
• Cyprus companies involved in innovation and technology
• Cyprus pharmaceutical companies or companies that
operate in the fields of biogenetics or biotechnology
• Cyprus Private Institutions of Tertiary (Higher) Education
ELIGIBLE COMPANIES CAN EMPLOY HIGHLY PAID THIRD-COUNTRY
NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:
• a minimum monthly gross salary of €2,500
• candidate must hold a university degree or equivalent, or
have a minimum 2 years’ relevant experience
• minimum two-year contract
All companies under the Strategy commit to invest 30% of their total staff in Cypriots/
EU citizens over a period of five years. In five years from the date of the enforcement of
the Strategy, that is after 2.1.2027, the ratio for new hires will be checked. If a company
does not adhere to the 70:30 ratio, cases will be evaluated on their own merits.
Eligible companies will also be allowed to employ third-country nationals as
support staff with a gross monthly salary of less than €2,500. The employment of
third-country nationals as support staff
is allowed, provided that it does not
Wargaming Headquarters, Nicosia
exceed 30% of the total support staff and
provided that the third country nationals
and the employers have entered into an
employment contract approved by the
relevant authority, the Department of
Labour, in accordance with the applicable
law. The amount of their salary is to be
determined by the current legislation.
BENEFITS FOR THIRD
COUNTRY NATIONALS:
• work permits will be issued within
a one-month period and will be
valid for up to three years
• a work permit can also be granted to
the spouse of the eligible individual
that obtains a visa with this scheme

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INDIA EDITION
CASE STUDY
THREE-STEP PROCEDURE TO
REGISTER AN ENTITY, ENTER THE
BFU REGISTER AND EMPLOY THIRD-
COUNTRY HIGH SKILLED PERSONNEL
Company registration in Cyprus is simple and
efficient. This is an example of the required
steps for a simple and straightforward set up in
Cyprus for a small or medium sized company.
THREE EASY STEPS:
1
REGISTRATION OF THE COMPANY
Registration must be done at the Department of Registrar of Companies and
Intellectual Property. It is advised to seek professional advice and once your
lawyer has filed for registration, it can be expedited and completed in one (1)
business day. The administrative cost is €465, lawyer’s or administrative service
provider’s fees not included. Breakdown of registration fees, typical example for
a Private Limited Liability Company: €165 registration fee + €100 accelerated
procedure + €200 company’s full set of certificates by accelerated procedure.
2
SUBMIT AN E-APPLICATION TO THE BFU
An online application form must be submitted supported by a ‘Letter
of Intent’ and other relevant documents required to the Business
Facilitation Unit (BFU) to register the company as Company with Foreign
Interests. This takes no more than seven (7) business days.
3
VISIT THE CIVIL REGISTRY & MIGRATION DEPARTMENT
FOR OBTAINING PERMITS FOR THE EMPLOYEES
Finally, you must prepare the documentation and go through the
application procedure to register the company’s employees with the Civil
Registry & Migration Department (CRMD). For registration of the first employees
of new companies registered as Companies with Foreign Interests by the Business
Facilitation Unit, service at the CRMD will be on a first come-first served basis,
without an appointment. For the rest of the applications, predetermined fixed
weekly appointments for specific providers have been set, based on volume and
frequency of applications submitted. In such appointments, it is expected that
approximately 3-5 applications may be submitted. Smaller offices and individuals
will be served daily on a first come-first served basis, without an appointment. In
such cases, it is expected that no more than 3 applications are submitted. Applicable
fees per case can be found on the website of the CRMD which do not exceed €330
per employee, lawyer’s or administrative service provider’s fees not included. The
residence permit of the employee for temporary residence and employment takes
approximately 40 days to be issued, in the case of a positive review.

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INDIA EDITION
FAMILY REUNIFICATION RIGHTS
Family reunification rights are granted to third-country nationals employed by this
revised policy and regulated by the Business Facilitation Unit. Direct and free access
to paid employment (excluding self employment) is granted to spouses of the thirdcountry
nationals who have obtained a residence and employment permit in Cyprus,
through this revised policy and who receive a minimum gross monthly salary of €2,500.
This right does not extend to supporting staff who receive a monthly salary of less than
€2,500.
DIGITAL NOMAD VISA
Significantly, the new Action Plan provides for the introduction and the issuing of
Digital Nomad Visas with a maximum initial limit of 500 beneficiaries.
WHO IS ELIGIBLE:
Third-country nationals who are either self-employed or employees who work
remotely using information and communication technologies to communicate with
their clients or employers who must be outside Cyprus.
WHAT RIGHTS DO YOU GET:
• right to stay in the country for up to one year, with the
right to renew their visas for another two years
• can be accompanied by family members, to whom a residence permit is granted
upon request, which will expire at the same time as that of the main applicant
• during their stay in Cyprus, the spouse or partner and the minor
members of the main applicant’s family are not allowed to
engage in any kind of economic activity in the country
WHAT ARE THE CONDITIONS:
• must show evidence of sufficient resources at a fixed income level of
a minimum €3,500/month to cover living expenses during their stay
without burdening the national welfare system (the amount is increased
by 20% in case they have a spouse/partner and another 15% per child)
• must have a clean criminal record and healthcare insurance coverage
• the aforementioned prerequisites are indicative and
additional requirements are applicable
In the event that the holders of Digital Nomad Visas reside in the Republic for one or
more periods that cumulatively exceed 183 days, within the same tax year, they are
considered tax residents of Cyprus provided that they are not tax residents in any other
state.

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INDIA EDITION
TAX INCENTIVES
The incentives also include the introduction of new tax benefits and tax breaks.
BROADENING TAX INCENTIVES:
• a 50% tax exemption to be granted to new and existing employees relocating/
relocated to Cyprus with employment remuneration of €55,000 and above (with
the requirement that they were not Cyprus residents during the previous 10 years)
• beneficiaries of this tax benefit should be entitled to this benefit
for a period of 17 years from the year of employment
TAX EXEMPTION EXTENSION FOR INVESTMENTS IN INNOVATIVE COMPANIES:
• extension of the 50% tax exemption for equity investment in
certified innovative companies to corporate investors
INCREASED (COMPARED TO THE REAL) TAX DEDUCTION FOR
RESEARCH AND DEVELOPMENT EXPENDITURE:
• granting an increased discount on research and development
expenditure (e.g., by 20%). Eligible research and development expenses
will be deducted from taxable income at 120% of actual expenses
NATURALISATION
law proposal to change the naturalisation criteria is currently being discussed in
A Parliament.
View from 360, Cyfield

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DOING BUSINESS C YPRUS
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INDIA EDITION
INTERVIEW
President, Cyprus-India Business Association
Chrysilios Pelekanos
Cyprus offers a comprehensive business ecosystem
making it a compelling prospect for Indian
enterprises setting their sights on Europe, and
there is considerable room to enhance the current
trade volumes and investment flows between
Cyprus and India, says Chrysilios Pelekanos.

DOING BUSINESS C YPRUS
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INDIA EDITION
How would you describe the current trade
relations between Cyprus and India?
Regarding trade relations, Cyprus is among the 10 largest investors in India with
an accumulative investment of US$12 billion during the last two decades. Cyprus
is classified as Foreign Portfolio Investors (FPIs) eligible for a Category 1 licence, and
is one of the three countries, outside Financial Action Task Force (FATF) countries, to
obtain such an approval from the Central Government of India. This classification offers
facilitation of investment funds from Cyprus for investors and asset managers in the
Indian markets, further cementing Cyprus’ reputation as a prime hub for businesses
navigating the European and Indian markets.
Furthermore, the potential for expanding these trade relations is enormous. There
is considerable room to enhance the current trade volumes and investment flows
between Cyprus and India. With increasing globalisation and the ongoing development
of new economic sectors, both countries stand to benefit significantly from deeper
collaboration in areas such as technology, renewable energy, tourism, and maritime
trade. This untapped potential offers a promising avenue for future growth, reinforcing
the already strong ties between Cyprus and India.
What economic sectors in Cyprus have seen
significant investment and participation from
India, and in what type of projects and activity?
In recent years, the economic collaboration between Cyprus and India has expanded
significantly, touching various sectors with substantial investments and active
participation. The key areas of focus include fintech, renewable energy, shipping, and
tourism.
In regard to fintech and information technology, India’s renowned expertise in IT and
innovative fintech solutions has found a receptive market in Cyprus. The island’s
stable regulatory framework, combined with its strategic location as a gateway to
Europe, has made it an attractive destination for Indian IT firms and fintech start-ups.
Projects in these sectors often involve
the development of digital banking
solutions, cybersecurity innovations, and
blockchain technologies.
As the global emphasis on sustainability
grows, the partnership between Cyprus
and India in renewable energy has gained
ICyprus is among the 10 largest
investors in India with an
accumulative investment of US$12
billion during the last two decades.
momentum. Indian companies have been involved in various projects in Cyprus,
focusing on solar energy development, wind energy, and other sustainable technologies.
This collaboration is strengthened by Cyprus’ commitment to green energy initiatives
and India’s vast expertise and market in renewable energy.

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INDIA EDITION
Cyprus’ established reputation in shipping and maritime services has attracted
Indian investments. Indian companies are engaging in joint ventures and collaborations
in shipping operations, maritime logistics, and related services, leveraging Cyprus’
strategic position in the Mediterranean.
With Cyprus being a popular tourist destination, there has been a growing interest
from Indian investors in the tourism and hospitality sector. This includes investments
in hotel and resort developments, travel services, and cultural exchange programmes
aimed at boosting tourism between the two countries.
These sectors represent just a snapshot of the diverse range of activities and projects
where Indian investment and participation are making a significant impact in Cyprus.
The collaboration between the two countries continues to evolve, opening new avenues
for economic growth and mutual benefit.
What advantages does Cyprus offer specifically
to Indian companies and investors?
Cyprus’ strategic location at the crossroads of Europe, Asia, and Africa naturally
positions it as a ‘Gateway to Europe’. For Indian enterprises eyeing a European
venture, Cyprus offers a unique blend of benefits. Cyprus boasts a robust legal system
that instils investor confidence and a tax structure acclaimed for its competitive edge,
benefiting both corporations and individuals. The island’s reservoir of multilingual,
educated talent is a boon for companies seeking a skilled workforce.
Furthermore, Cyprus’ commitment to international standards, showcased by its
investment-grade status and unwavering adherence to global norms, amplifies its
appeal. This, combined with a tranquil political landscape, strong regulatory framework,
expansive flight connectivity, and state-of-the-art infrastructure, underscores its
allure. Rounding off its merits, Cyprus’ flexible migration policies cater generously to
non-EU shareholders, providing businesses the freedom to harness global talent. In
essence, Cyprus offers not just a geographical pivot but a comprehensive business
ecosystem, making it a compelling
prospect for Indian enterprises setting
their sights on Europe.
We have recently seen a growing
trend amongst non-EU multinational
corporations aspiring to plant their flags
in European territories, and Cyprus could
serve as an ideal sandbox for businesses
aiming to familiarise themselves with
EU regulations. Its smaller scale offers
a less stringent and easy-to-navigate
environment to test the waters and adapt
IThe economic collaboration
between Cyprus and India has
expanded significantly, touching
various sectors with substantial
investments and active
participation. The key areas of
focus include fintech, renewable
energy, shipping, and tourism.
to European standards at a relatively
lower cost compared to larger continental European countries. On the other side, the
fact that Cyprus ranks among the top 10 countries in India with cumulative investments
of US$12 billion during April 2000-September 2022, underscores its pivotal role in
Indo-European economic dynamics.

DOING BUSINESS C YPRUS
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INDIA EDITION
What new prospects and opportunities could be cultivated
to facilitate more business between Cyprus and India?
T
he collaboration potential between India and Cyprus is vast and goes beyond the
traditional sectors. Consider the rise of domains like fintech, renewable energy,
and agrotech. These are not merely emerging industries; they are the frontiers of the
future, teaming with opportunities yet to be harnessed.
India has carved out a name for itself in the global landscape with its impressive
IT talent pool and ground-breaking tech innovations. It’s not just about the sheer
numbers; it’s the quality of innovation and the speed of adaptation that sets India apart.
Pair this with Cyprus’ robust regulatory environment and strategic positioning, and we
have a formula for success in the fintech sector. Cyprus, serving as a platform to the
European market, can be a formidable ally for Indian start-ups and businesses aiming
for a European presence.
Similarly, the realms of renewable energy and agrotech offer avenues for synergistic
growth. As global focus shifts toward sustainable energy, Cyprus’ policies and
commitment to green initiatives can find a perfect partner in India’s technological
prowess and its vast renewable energy market.

DOING BUSINESS C YPRUS
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INDIA EDITION
On the flip side, Cyprus’ enviable
position in shipping and tourism presents
a lucrative proposition for India. With its
vast coastline and a booming middleclass
population with an appetite for
travel, India can significantly benefit
from Cyprus’ established shipping routes
and renowned tourist hotspots. Cyprus
can serve as a preferred destination for
IThe island’s stable regulatory
framework, combined with its
strategic location as a gateway
to Europe, has made it an
attractive destination for Indian
IT firms and fintech start-ups.
Indian tourists while also acting as a logistics hub, catering to India’s expansive export
market.
Moreover, the synergies are not limited to industries. It’s about creating an ecosystem
where businesses from both countries can thrive. This can range from provision
of training and education in established industries in Cyprus to India’s young and
dynamic workforce and/or India’s IT hubs offering tech solutions to Cypriot enterprises.
The possibilities are endless. In essence, this collaboration isn’t about one country
benefiting at the expense of another. It’s a win-win. It’s clear that this is not a one-sided
partnership, both nations bring unique and invaluable strengths to the table.
How does the Cyprus-India Business
Association (CIBA) support and foster business
links between the two countries?
CIBA envisions a dynamic role in shaping the business landscape between India and
Cyprus. The roadmap has always been ambitious yet achievable. Our key role is the
facilitation of more business-to-business engagements, trade fairs, and knowledgesharing
sessions, as well as the organisation of more business delegations between
the two countries. These delegations act as a platform for both countries to meet and
explore opportunities of mutual interest.
Other key aims of CIBA are the active promotion of Cyprus as not just a business
destination, but as the gateway of India to the European Union, the engagement with
policymakers from both countries to ensure a seamless business environment and to
foster collaborations in emerging sectors to encourage joint ventures and investments.
At the end of the day, we’re all about building strong, lasting business ties that help
both our countries grow. We value our shared history and trust. With that foundation,
we’re ready and excited to work together for a brighter future for both India and Cyprus
and to write the next promising chapter together. n

“WE ENRICH
THE LIVES
OF THOSE WHO
ENTRUST US”
REDEFINING THE ART OF
GLOBAL BUSINESS
The Aspen Trust Group team has extensive
international experience spanning over
20 different jurisdictions worldwide.
Our team, representing diverse ethnic
and cultural backgrounds, has been the
foundation of our Group for over two decades.
This diversity empowers us to build strong
connections with our equally diverse clientele.
MARINA ZEVEDEOU
• Chief Executive Officer
• President - Women Indian Chamber
of Commerce & Industry
• Cyprus Country Chair - G100 Global Trade Wing
Aspen Trust Group
Elia House 77, Limassol Avenue 2121, Nicosia - Cyprus
T: +357 2241 8888
F: +357 2266 8111
E: marina.zevedeou@aspentrust.com
W: www.aspentrust.com

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INDIA EDITION
WHO’S
WHO
CYPRUS BUSINESS DIRECTORY
-
-
-
-
-
-
Accounting
Agriculture, Forestry & Fishing
Associations & Organisations
Auditing & Assurance
Banking
Business Research
-
Capital Markets
The definitive
guide to Cyprus’
leading companies,
professional advisors,
government bodies
and industry
organisations.
-
-
-
-
-
Communications
Construction
Consulting
Corporate Services
Education & Research

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INDIA EDITION
-
Energy & Environment
-
Media & Marketing
-
Financial Services
-
Metals & Mining
-
Food & Beverage
-
Property & Real Estate
-
Government
-
Regulation & Supervision
-
Healthcare
-
Retail & Consumer Goods
-
Hospitality
-
Ship & Yacht Registration
-
HR & Recruitment
-
Tax Planning
-
Insurance
-
Technology
-
Investment Services
-
Telecommunications
-
Law Firms
-
Transportation & Logistics
-
Management Consulting
-
Trust & Fiduciary Services
-
Manufacturing & Industry
-
Utilities

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INDIA EDITION
BUSINESS OPERATING ENVIRONMENT
DOING
BUSINESS
IN CYPRUS
€
Cyprus’ business-friendly infrastructure and cando
attitude has brought it worldwide recognition
as an international business centre. The country
offers a winning package for both international
entrepreneurs and investors with its sophisticated
business environment, highly skilled workforce
and cost-effective, yet high quality of life.

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INDIA EDITION
BUSINESS CULTURE
Respect, hospitality and personal trust are the cornerstones of the Cypriot business
environment. An island nation with a long history of dealing with foreign traders
and businesses, Cypriot businesspeople are international in their outlook and astute
and knowledgeable in their negotiations. Punctuality is expected, business dress is
formal for both men and women, especially at the beginning of a business relationship,
and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone
conferences or written communications, which are regarded as too impersonal, and
place great importance on building personal relationships with business partners or
connections. Trust is the key to successful business dealings in Cyprus.
LANGUAGE
Greek and Turkish are the official languages of Cyprus. However, English, the
legacy of the British who ruled Cyprus from 1878 to 1960, is widely spoken and is
the language of business. Many Cypriots also speak French, German or Russian.
BUSINESS HOURS
Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to
Friday. Although in summer some offices take a longer lunch break or finish early.
Nicosia

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INDIA EDITION
BUSINESS COSTS
An EU base within the eurozone, Cyprus remains one of the few international
business centres offering low operational costs and a high standard of living.
Office space and residential property in Nicosia, the capital and major business
centre, is relatively inexpensive when compared to other European capitals.
In terms of cost of living, Cyprus remains one of the most advantageous places to
live, with cost of living lower than in most Western European countries. At the same
time, residents of Cyprus enjoy a high standard of living and exceptional quality of
life, as the balmy climate and low crime rate offer both comfort and peace of mind.
Business Costs Cyprus EU27 Average
Labour (business sector) €19.40 €30.05
Communications (services & equipment)* 77.20 94.70
Electricity (households) €0.3739/kWh €0.289/kWh
Electricity (non-households) €0.1921/kWh €0.1885/kWh
* EU average was set to equal 100 points for benchmark year 2015.
Source: Eurostat (2023)
COMMERCIAL AND RESIDENTIAL PROPERTY
Limassol Marina
Cyprus offers a full range of properties for both commercial and residential use
situated in key locations across the island. While the exclusive, top-level market
is currently the most sought after, the island has a good stock of properties available,
from townhouses and apartments, to villas and seaside bungalows in five-star gated
developments. Nicosia and Limassol are the main business centres. Office space
is available in purpose-built office blocks, in converted houses or flats. A number of
business centres also offer ready-to-move-into offices. They usually include fully
equipped offices that are available on demand with flexible terms, meeting rooms
and a receptionist service. Overall, rentals are around two-thirds of those charged
for comparable commercial spaces in continental Europe, and offices, retail or other
commercial space is widely available for purchase or for rent.

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INDIA EDITION
300
200
COMPARISON OF ESTIMATED AVERAGE RENT LEVELS
FOR FLATS, 2021 (BRUSSELS = 100)
European
Union
Europe
(others)
100
0
225
216
199
199
197
171
134
128
122
122
119
109
104
100
99
99
Dublin
Copenhagen
Paris
Luxembourg
Stockholm
Helsinki
Berlin
The Hague
Madrid
Vienna
Lisbon
Rome
Vilnius
Brussels
Valletta
Ljubljana
Budapest
Tallinn
Athens
Prague
Zagreb
Riga
Bratislava
Warsaw
Bucharest
Nicosia
Sofia
London
Geneva
Rejkjavik
Oslo
Podgorica
98
98
98
96
94
84
81
74
71
64
46
278
227
188
178
54
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2021.
Source: Eurostat
OFFICE SPACE
In terms of office rental and sales prices, Limassol continues to be the most expensive
region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.
OFFICE SALE AND RENTAL PRICES PER CITY (2022)
Sale Prices (per m 2 ) Rental Prices (per m 2 )
Famagusta €1,300-€1,500 €6-€10
Larnaca €1,800-€2,500 €8-€10
LImassol €4,500-€6,500 €20-€40
Nicosia €3,500-€4,500 €12-€22
Paphos €1,400-€2,000 €7-€10
Source: Danos International Property Consultants
HUMAN RESOURCES
Well-trained and versatile, the Cypriot workforce is one of the island’s most
valuable resources, offering high standards of productivity, technical expertise
and professional excellence at reasonable costs to businesses.
According to the Statistical Service in Cyprus, the country records the most higher
education graduates per capita (age 30-34) in the European Union.
The Cypriot labour force amounted to 482,385 persons or 65.1% of the population
(males 71.2%, females 59.5%) in the Q2 of 2022. The biggest percentage of employed
persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture
(2.5%).

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INDIA EDITION
SALARY SURVEY 2023 Source: GRS Recruitment
JOB TITLE LOW (€) MID (€) HIGH (€)
Management CEO 90,000 110,000 130,000
Executive Director 60,000 100,000 140,000
CFO 65,000 85,000 120,000
Accounting & Finance Financial Controller 55,000 65,000 80,000
Finance Manager / Senior Accountant 40,000 55,000 65,000
Accountant / Auditor (Qualified) 35,000 40,000 45,000
Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000
Account Assistant 18,000 22,000 25,000
HR Department Head of HR / Group HRM 50,000 80,000 100,000
HR Manager 40,000 50,000 60,000
HR Executive 21,000 24,000 28,000
Legal Deparment Head of Legal / Group Legal Head 65,000 90,000 130,000
Legal Advisor (Qualified Lawyer) 28,000 39,000 55,000
Legal Assistant / Paralegal / None Qualified Lawyer 18,000 22,000 26,000
Compliance, Anti-Money Head of Compliance 57,000 72,000 90,000
Laudering (AML), Counter - Compliance / AML / CTF Manager 42,000 46,000 52,000
Terrorist Financing (CTF) Compliance / AML / CTF Officer 2 8,000 36,000 42,000
Dealing Room Chief Dealer 50,000 55,000 65,000
Dealer 24,000 36,000 42,000
Junior Dealer 18,000 20,000 24,000
IT Department Head of IT / CTO 65,000 80,000 140,000
IT Manager / Development Manager 50,000 65,000 80,000
Quality Assurance(QA) / Tester 26,000 36,000 45,000
IT Technician 20,000 28,000 36,000
Developer 30,000 42,000 60,000
Marketing Department Head of Marketing 50,000 72,000 90,000
Marketing Officer 24,000 30,000 39,000
Digital Marketing Specialist (Social, PPC / SEO) 30,000 36,000 42,000
Marketing Executive 18,000 24,000 28,000
Sales Departmen Head of Sales 42,000 50,000 60,000
FX Sales 24,000 28,000 30,000
Sales Executive (Industries other than FX / Fintech) 18,000 24,000 26,000
Administration Office Manager / Personal Assistant 24,000 36,000 40,000
Administrator / Receptionist 18,000 20,000 24,000
Corporate Administrator 22,000 30,000 36,000

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INDIA EDITION
TAXATION
Tax and Regulatory
Regime of Cyprus
Cyprus offers one of the most attractive tax regimes
in Europe. A member of the European Union since
2004, Cyprus’ regulatory regime is in full compliance
with the requirements of the EU and OECD. Cyprus has
one of the lowest EU corporate tax rates at 12.5%. The
island’s advantageous tax rate coupled with an extensive
list of double tax treaties places it high on the list of
preferred jurisdictions for international tax planners.
CORPORATION TAX
The Corporation Tax Rate in Cyprus is 12.5%.
BASIS OF TAXATION
All companies that are tax residents of Cyprus are taxed on their income accrued or
derived from all sources in Cyprus and abroad. A non-Cyprus tax resident company is
taxed on income accrued or derived from a business activity which is carried out through
a permanent establishment in Cyprus and on certain income arising from sources in
Cyprus. A company is considered tax resident of Cyprus if it is managed and controlled
from Cyprus. As of 2023, a Cyprus incorporated company is by default considered a tax
resident of Cyprus provided it is not tax resident in any other jurisdiction.
Trilogy, Limassol

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INDIA EDITION
SPECIAL TYPES OF COMPANIES
SHIPPING COMPANIES
The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption
from all direct taxes and taxation under the tonnage tax regime. The merchant
shipping legislation applies to qualifying shipowners, charterers and ship managers,
which are involved with the operation of qualifying community ships (ships under a CY
flag or a flag of an EU member state or of a country in the European Economic Area)
and foreign (non-community) ships (under conditions) and provided that they engage
in qualifying activities. The legislation allows non-community vessels to enter the
tonnage tax regime provided the fleet is composed by at least 60% community vessels.
If this requirement is not met, then non-community vessels can still qualify if certain
criteria are met. Exemption is also given in relation to the salaries of officers and crew
aboard a Cyprus ship.
INSURANCE COMPANIES
Profits of insurance companies are liable to corporation tax similar to all other
companies except in the case where the corporation tax payable on taxable profit of life
insurance business is less than 1.5% of the gross premium. In this case the difference is
paid as additional corporation tax.
ADMINISTRATION AND COMPLIANCE
Tax Year: The tax year is the calendar year. The accounts of a company may be closed on
a date different from 31st of December, in which case taxable profits are apportioned
on a time basis relevant to the tax years.
CONSOLIDATED RETURNS
Taxation on a consolidated basis is not permitted and each company is required to
submit a separate standalone tax return. A set-off of group losses is possible provided
there is a 75% parent subsidiary relationship, including subsidiaries under 75% control
of a common parent company. Group loss relief is available only between resident
companies (and EU-based companies/companies with which Cyprus has concluded a
double tax treaty, provided that they have exhausted all options to utilize the losses in
their country of residence).
FILING REQUIREMENTS:
Corporate tax returns must be filed electronically by the 31 st of March of the year
following the year under consideration (i.e. 15 months from the year-end). Companies
are required to pay provisional tax in two equal instalments by 31 st of July and 31 st of
December of the year under consideration. Any underpayment is due to be settled
via self-assessment by 1 st of August of the following year. If the income declared for
the payment of the provisional tax is lower than 75% of the actual income as finally
determined, an additional tax equal to 10% of the difference between the final and
provisional tax is payable.

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INDIA EDITION
PERSONAL INCOME TAX
BASIS OF TAXATION
All Cyprus tax residents are taxed in Cyprus on all income accrued or derived from
all sources in Cyprus and abroad such as employment income, rental income etc. (i.e.
worldwide income).
Individuals who are not tax residents of Cyprus are taxed on income accrued or
derived from sources in Cyprus.
An individual is tax resident in Cyprus if one of the following conditions are met:
• he/she spends physically in Cyprus over 183 days during the relevant tax year, or;
• he/she does not remain in any other state for one or more periods which altogether
exceed 183 days in the same tax year and he/she is not tax resident in any other
state for the same tax year and all the following conditions are cumulatively met:
• he/she should remain in Cyprus for at least 60 days during the tax year
• he/she should pursue any business in Cyprus and/or to work in Cyprus and/or to
be a director in a company tax resident in Cyprus at any time during the tax year
• he/she should maintain a permanent residence in Cyprus,
which can be either owned or rented by him/her
The personal income tax rates that apply to individuals are as follows:
Taxable Income Tax Rate (%) Tax (€) Accumulated Tax (€)
0-19,500 0 0 0
19,501- 28,000 20 1,700 1,700
28,001-36,300 25 2,075 3,775
36,301-60,000 30 7,110 10,885
60,001 and over 35

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TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS
The individuals who were non-Cypriot tax residents prior to the commencement of
their employment, but become Cypriot tax residents afterwards, are eligible for a 50%
exemption from income tax if all the following conditions are met:
• their remuneration from the employment exercised
in Cyprus is over €55,000 per annum; and
• they were not tax residents of Cyprus for 15 (or 10, subject to conditions)
consecutive years prior to the commencement of their employment; and
The exemption is available from 1 January 2022, it is granted from the first year of
employment and it can be enjoyed for a period of 17 years.
Individuals with annual remuneration below €55,000 who were non-Cypriot tax
residents in the 3 years preceding their employment, are eligible for a 20% exemption
from income tax (maximum exempt amount is €8,550 per year). The exemption
is available from the 1 st of January following the year of commencement of the
employment and can be enjoyed for a period of 7 years.

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INDIA EDITION
SUBMISSION OF TAX RETURNS
The tax year is the calendar year. Tax on employment income is withheld by the
employer under the PAYE system and remitted to the tax authorities.
Self-employed individuals pay tax through the provisional and self-assessment
systems. Tax returns must be filed electronically by 31 st of July following the tax year
for employees, 30 th of September for self-employed persons who are not required
to file audited/reviewed financial statements and 31 st of March of the year following
the year under consideration (i.e. 15 months from the year-end) for self-employed
persons whose returns are accompanied by audited/reviewed financial statements.
Sole proprietors with an annual turnover of more than €70,000 are obliged to prepare
financial statements that are either audited or are subject to a review by a statutory
auditor (in case their net turnover does not exceed the amount of €200,000 and the
total value of the assets without deducting liabilities does not exceed the amount of
€500,000).
VALUE ADDED TAX
Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services
in Cyprus, on the acquisition of goods from other Member States and on the importation
of goods from third countries. The standard rate of 19% applies to the supplies of all
goods and services in Cyprus which are not subject to the zero rate, the reduced rates
(3%, 5% and 9%) or are not exempt. Cyprus constitutes an attractive EU VAT jurisdiction
applying several options permissible by the EU Directive, among others, a flexible VAT
Grouping. As long as the pre-requisite links are satisfied, and governmental revenues
are not put into jeopardy, related entities can form a VAT group disregarding intra-group
transactions and having a representative member submitting a single VAT return.
SPECIAL CONTRIBUTION FOR DEFENCE
Limassol Seafront
Special contribution for defence (SDC) is imposed on the dividend, interest and rental
income earned by Cypriot tax resident and domiciled individuals. Non-domiciled
Cypriot tax residents are exempt from SDC.

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INDIA EDITION
KEY FEATURES OF THE CYPRUS TAX SYSTEM
Simple, transparent and EU harmonised tax system
following recommended OECD practices.
Enjoys the tax benefits of EU Directives (Parent – Subsidiary
Directive, Merger Directive and Interest and Royalties Directive).
Extensive Tax Treaty network with 68 countries.
A corporate income tax rate of 12.5%, one of the lowest within the
EU with possibility to enjoy a much lower effective tax rate.
Availability of a Notional Interest Deduction for
companies receiving new equity funding.
The tax deduction can reach up to 80% of the taxable
income generated by the new equity.
IP Box regime based on the nexus approach which allows 80% deemed
deduction on qualifying profits from the business use of qualifying IP.
Increased deduction of 20% on the actual expenditure incurred for scientific
research as well as research and development, subject to conditions.
Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.
Attractive tax jurisdiction for funds and attractive
tax regime for fund managers.
Capital gains are exempt from tax (except for capital gains arising
from the disposal of immovable property located in Cyprus).
Profits of a foreign Permanent Establishment exempt from tax.
Gains from trading in securities (shares, bonds and certain
other financial instruments) are exempt from tax.
Unilateral credit relief for foreign taxes.
No withholding tax on dividend, interest or royalty payments (for
use of royalties outside of Cyprus) made abroad, unless these are
made to EU blacklisted jurisdictions (relevant conditions apply).
No taxes on entry and on qualifying reorganisations.
Carry forward of tax losses for five years.
Tax incentives for expatriate employees taking up
employment in Cyprus (20%/50% exemption).
Dividend income and interest income are exempt from SDC for non-domiciled
individuals taking up tax residency in Cyprus (eligibility for 17 years).
Possibility to obtain Cyprus tax residency by spending
only 60 days in Cyprus (subject to conditions).
No inheritance tax.
No immovable property tax.

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

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INDIA EDITION
THE CYPRUS TRADE CENTRE (CTC) - NEW DELHI
The Cyprus Trade Centre (CTC) in New Delhi operates under the
auspices of the Cyprus Ministry of Energy, Commerce and Industry as
the commercial and economic arm of the Cyprus High Commission
in India. It is one of the sixteen trade promotion missions of the
Republic of Cyprus worldwide. The main objective of this office
is to assist Cypriot enterprises in their endeavour to establish
new and develop existing business links in India with a particular
focus on exporting capabilities, as well as to promote Cyprus’
services sector and encourage foreign investment in the island.
CORE ACTIVITIES
Facilitate the liaison between businesses in India and Cyprus
Develop trade in goods and services between
Indian and Cypriot companies
Promote Cyprus as an international business and investment centre
Provide reliable information and research studies on the Indian market
Organise business events, trade delegations, press facility
visits, participation in trade fairs and exhibitions in India
CONTACT INFORMATION
High Commission of the Republic of Cyprus Trade Centre
D-64, Malcha Marg
Chanakyapuri
New Delhi - 110021
India
Contact: Sanjeet Yadav, Assistant Commercial Counsellor
T: +91 11 43586295 ext. 7111
F: +91 11 26872076
E: syadav@meci.gov.cy / cyprustradecentredelhi@gmail.com

THERE IS A PLACE WHERE…
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on the ground.
As the national investment authority, Invest
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stop shop for existing and potential investors.
Our dedicated team provides after care and
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grow its extensive portfolio of available
projects and investment opportunities.
www.investcyprus.org.cy

TheProfilerGroup
16, Elia Papakyriakou, Suite 101,
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