2023 Doing Business in Cyprus (UK Edition)

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DOING BUSINESS C YPRUS 22 UNITED KINGDOM EDITION The Cyprus Government has launched a national strategy to transform the island into a regional hub for these fast-growing sectors, by attracting investors and human capital wishing to target markets in Europe, MENA and the Far East. In this context, the Business Facilitation Unit that operates at the Ministry of Energy, Commerce and Industry, serves as a dedicated point of single contact for foreign companies active or setting up on the island. IThe UK is one of the most important economic partners for Cyprus and the biggest export market for Cypriot products. Overall, social, economic and political ties between the two countries run deep. These are developments that present a great opportunity for both British and Cypriot interests due to the UK’s extended expertise in these fields. The British business community can choose to reach new markets either through collaboration with Cypriot entities or by establishing a base in Cyprus, whereas the two countries can utilise synergies and cooperate in the production of unique or high-end products for niche markets, such as pharmaceuticals, building materials and artisan foodstuff. In any case, the UK is one of the most important economic partners for Cyprus and the biggest export market for Cypriot products. Overall, social, economic and political ties between the two countries run deep and even after Brexit, the UK and Cyprus have been cooperating very closely through their participation in the Commonwealth. A Double Taxation Agreement is also in effect and bilateral agreements are in place to ensure the continuation and advancement of our bilateral relations, for instance in 2022 the two countries signed an MoU for closer cooperation, inter alia, in climate change action, the economy and education. n
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2023 Doing Business in Cyprus (UK Edition)

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