2023 Doing Business in Cyprus (India Edition)

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DOING BUSINESS C YPRUS 18 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
First class legal services focused on results L Papaphilippou & Co LLC offers legal services to businesses, individuals, and public organizations. We have a strong litigation team handling also all forms of commercial dispute resolution and have considerable experience in arbitrations. Furthermore, our Immigration Department is well respected and renowned for leading by example in the field and our high calibre and experienced lawyers ensure first class service and results. Additionally, being a full-service law firm, L Papaphilippou & Co LLC is capable of delivering secure and compliant crossborder legal and wealth management solutions, as well as to coordinate international business structures, trusts and private banking matters for our clients. 17 Ifigenias Street, 2007 Strovolos P.O.Box 28541, 2080 Nicosia - Cyprus T: (+357) 22 271 000 • F: (+357) 22 271 111 E: info@papaphilippou.eu • www.papaphilippou.eu
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