2023-Cyprus-Country-Report

CYPRUSCOUNTRY REPORT 2023
third-party shipmanagement centre in
Europe and the largest crew management
centre in the world.
A crucial element especially when it
comes to the ICT and tech industry is
guarding intellectual property (IP), and
Cyprus offers an advantageous IP regime
with a 2.5% effective tax rate. The IP
regime of Cyprus is largely responsible for
the growing interest in the jurisdiction.
Digital goods are increasingly more
valuable and the favourable tax and
business environment in Cyprus has
made it a hub for digital business goods, IT
software, and related services. In addition,
with Cyprus currently placing a strong
focus on developing the jurisdiction into
a science, tech and start-up hub, the
country also provides companies with
an ideal sandbox for new emerging tech
like blockchain, artificial intelligence and
big data. In 2021, Cyprus broke national
records with €85.5 million raised by startups,
and in 2022 the country boasted
almost 450 start-ups and scale-ups with
a combined value of €3.7 billion.
BENEFITS OF
A CYPRUS HQ
STABILITY
u Pro-business environment
u Transparent and reliable
regulation
u EU and Eurozone Member
u Positive economic outlook
u Established international
business centre
u Compliance with EU and
international laws
HOME TO BIG NAMES
Global companies such as NCR, Kardex, Wargaming, 3CX, TSYS, Amdocs, Exness,
Bolt, Melsoft Games, Kyndryl, Viber, Logicom and Nexters are just some examples
of businesses that have based operational or corporate management functions on
the island. More recently, online giant Amazon set up a data service arm in Cyprus
– presenting a big win for the jurisdiction. In addition, global heavyweights such as
Microsoft, Oracle, SAP and IBM have been based in Cyprus for decades.
2022 saw new big-hitters invest in Cyprus, with European digital banking platform
Revolut becoming the first entity to receive approval as a crypto-asset service provider
from the Cyprus regulator. The authorisation will enable Revolut to offer crypto services
to its 17 million customers in the EEA
out of a new crypto-asset hub in Cyprus.
Revolut said its choice was down to the
to the EU Single Market of
sophisticated regulatory regime of the
half a billion consumers and
country, which has already attracted the
likes of Crypto.com, eToro and BitPanda.
its geostrategic location
Also, leading US consumer services
between three continents
and applications software provider,
TangoMe, announced plans to launch
provides efficient access to
offices in Cyprus. In 2022, MUFG Investor
Services, the global asset servicing arm of
ICyprus provides direct access
the wider EMEA region.
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