2023 Doing Business in Cyprus (India Edition)

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DOING BUSINESS C YPRUS 12 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
DOING BUSINESS C YPRUS 13 INDIA EDITION 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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