2023-Cyprus-Country-Report

CYPRUSCOUNTRY REPORT 2023
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
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