2023 Doing Business in Cyprus (UK Edition)

DOING BUSINESS C YPRUS
21
UNITED KINGDOM EDITION
Cyprus and the UK have a strong partnership in
multiple areas, which sectors are providing the most
investment potential at the moment? How can Cyprus
facilitate more business from the UK and make
itself even more attractive to British investors?
Cyprus’ economy has shown great resilience and adaptability to the challenges of the
times, and this has always served as a strong advantage with regard to attracting
foreign investment. In fact, the island has been benefitting massively through its
offering of an exceptionally complete package to investors, which includes EU and
eurozone membership, an excellent regulatory structure, an attractive and transparent
tax regime, strong business support services, ease and low cost of doing business and
high standard of living, with ideal climate conditions.
In the past 30 years, Cyprus has experienced substantial growth, whilst also
maintaining its competitive edge, by expanding key economic sectors such as tourism,
shipping and financial services, which still hold great potential for the British business
community, especially in the areas of hospitality, transportation, travel and insurance.
The result has been a growing number of UK companies and investors expanding their
operations in Cyprus, through participation in large-scale or infrastructure projects,
corporate entities and various financial vehicles and schemes, including investment
funds.
British entrepreneurs have also been using Cyprus as a base to expand
internationally, thanks to the extrovert business environment, the Common Law
system, the modern infrastructure, the high competencies and talent and the longterm
economic growth orientation they can find on the island.
Additionally, Cyprus’ unique lifestyle and the ongoing efforts to overhaul and upgrade
its infrastructure and regulatory framework, as well as to viably expand its economy,
have allowed for new, emerging sectors, such as energy, ICT, higher education and
wellness, to develop in a very short period
of time.
Cyprus is ranked among the EU’s
strong innovators, performing above EU
average for the second consecutive year,
based on the latest European Innovation
Scoreboard 2023. As a growing technology
hub in the Eastern Mediterranean region,
the country is already home to flagship
international tech companies, which
have chosen to make full use of the many
competitive advantages, including the
attractive IP regime.
IA growing number of UK
and schemes, including
investment funds.
companies and investors are
expanding their operations in
Cyprus, through participation
in large-scale or infrastructure
projects, corporate entities
and various financial vehicles