2023 Doing Business in Cyprus (UK Edition)

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DOING BUSINESS C YPRUS 36 UNITED KINGDOM EDITION focus on golf courses and luxury marinas, as well as education, energy, and more recently, the international film sector. Special schemes and incentives are in place to facilitate headquartering, which covers the sectors of technology, asset management, investment funds, shipping and higher education, and ‘Olivewood’ for the international film industry. A new government Action Plan has launched fresh incentives to attract non-EU talent and companies to establish operations in Cyprus. The recent introduction of a Business Facilitation Unit (BFU), together with a digital nomad visa, promises to be a gamechanger for ease of setting up in Cyprus. With a particular focus on high-tech and innovative companies, pharmaceuticals and shipping, the BFU specialises in fast-tracking business setup, permitting and licensing for companies, their employees and families. To better facilitate FDI, the country’s investment promotion agency, Invest Cyprus, has also developed an online investment matchmaking platform branded the Project Bank, to help investors identify the right market opportunities for projects based in Cyprus. ATTRACTIVE INVESTMENT LOCATION C yprus’ liberalised FDI Policy, both for EU citizens and investors from third countries, along with its favourable tax regime makes it one of the most attractive investment targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the most competitive in the EU and new tax-neutral reforms that are on the way will simplify and modernise the tax system further. The country’s extensive network of double taxation treaties with 68 countries have strengthened its position as a business gateway and a preferred location for corporate headquarters. The country’s skilled talent, low cost of doing business, top-tier professional services, and high quality of life renders Cyprus not only a wise business and investment choice but also a great relocation destination. n
DOING BUSINESS C YPRUS 37 UNITED KINGDOM EDITION CYPRUS-UK RELATIONS C yprus has a strong bilateral relationship with the United Kingdom, reflecting the two countries’ long historical ties which date back to the 19 th century. Cyprus gained its independence from the United Kingdom in 1960, after 82 years of British control, however the UK continues to have British Overseas Territory in Cyprus – the Sovereign Base Areas (SBAs) in Akrotiri and Dhekelia which include British military bases. Today, the two countries maintain close links in the political, economic, and cultural fields. These are enhanced further through the strong position of Cyprus as member of the European Union and the Commonwealth. The United Kingdom is also one of the guarantor powers of Cyprus’ independence and territorial integrity and is committed to a comprehensive settlement in Cyprus. Cyprus and the UK have entered into a number of bilateral agreements and memoranda which solidify their cooperation even further. The Memorandum of Understanding (MoU) on Establishing a Strategic Cooperation, which was signed in November 2022, seeks to put in place a more structured bilateral strategic cooperation in various fields, such as foreign and regional policy, security, trade, education, maritime, climate and crime. The two countries have also signed a Double Taxation Agreement (DTA) for the elimination of double taxation with respect to taxes on income and capital gains and the prevention of tax evasion and avoidance. Another significant MoU was signed at the beginning of 2023 to lay a solid foundation for the further expansion of bilateral cooperation in all important aspects of shipping. In addition, the two countries maintain strong personal ties. It is estimated that there are around 300,000 Cypriots living in the UK and over 10,000 Cypriot students are currently enrolled in British universities. At the same time, there are around 30,000 Britons living in the Republic of Cyprus – constituting the largest British migrant community in the region. Also, more than 1 million British tourists visit the island every year, representing a significant proportion of tourist arrivals to Cyprus. The UK is one of the most important economic partners for Cyprus and the biggest export market for Cypriot products – not just in goods but also in services. It is also an important source of foreign direct investment. The major sectors, by economic activity, that attracted foreign investments were real estate, financial and insurance activities, as well as various professional, scientific, and technical activities. Post Brexit, the robust bilateral relationship between Cyprus and the UK has continued to strengthen considerably as Cyprus can serve as an ideal and familiar EU base for British investors. As a result, a growing number of UK companies and investors have been expanding their operations in Cyprus through participation in large-scale or infrastructure projects, corporate entities and various financial vehicles and schemes, including investment funds. The overall relationship between Cyprus and the UK, including the business and trade links, will continue to flourish and benefit both countries.
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2023 Doing Business in Cyprus (UK Edition)

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