2023 Doing Business in Cyprus (India Edition)

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DOING BUSINESS C YPRUS 16 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 17 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
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2023 Doing Business in Cyprus (India Edition)

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