2023-Cyprus-Country-Report

CYPRUSCOUNTRY REPORT 2023
Cyprus also has a highly educated and multilingual population which provides a
vast talent pool for companies to hire from, but as an EU member state, it also provides
easy opportunities to headhunt talent from within the Union, which has a workforce of
over 200 million people. However, the new tranche of incentives also enables the easy
transfer of non-EU staff and talent to Cyprus.
TOP-TIER OFFICES
Whether looking to build bespoke headquarters or to rent turn-key offices, Cyprus
caters for companies of all sizes and budgets. The recent surge of interest in
Cyprus from companies has driven the development of new multi-use office complexes
and signature commercial developments primarily in Limassol and Nicosia over the
last few years. Many of these projects offer incredible facilities and amazing views
across the Mediterranean Sea and combine luxury residential and commercial space.
Traditionally, the majority of international companies choose Limassol, due to the
seaside lifestyle, the large expat community and the short distance to both Larnaca and
Paphos international airports. The coastal city and shipping hub has grown to become the
main international business centre, while inland capital city Nicosia attracts multinationals
that require closer access to ministries, embassies and government departments.
However, Nicosia is currently transforming into the main knowledge and innovation core
of the island, attracting entrepreneurs with strong interest in tech and R&D.
GROWING TECH CLUSTER
Major multinational firms in the ICT industry, including consulting, fintech and regtech
firms, have set up a base in Cyprus for various corporate functions, such as sales and
marketing, project management, software
development, systems integration, testing
services, training and development,
disaster recovery and business continuity,
as well as joint R&D among countries in the
region. The direct and indirect economic
impact of the ICT sector at the end of 2022
was estimated at €4.6 billion and total
numbers of jobs created, directly and
indirectly, at 36,000 making it one of the
most important and definitely the fastest
growing sector of the economy, according
to Invest Cyprus.
However, Cyprus has seen a fresh boost
in interest from global tech companies in
recent years, with increasing numbers
relocating or expanding operations in
Cyprus. This sector has become a primary
target and focus for the government,
with plans to launch more incentives
specifically for the tech sector to build
up a dynamic cluster similar to Cyprus’
shipping industry – which is the largest
BENEFITS OF
A CYPRUS HQ
ACCESS
u Skilled multilingual local talent
u Global talent through new fasttrack
procedures
u EU’s single market of around
500 million people
u Emerging and high growth
markets
u Over 40 EU Trade Agreements
u Double Tax Agreements with 68
Countries
u Geostrategic location between
three continents
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