2023-Cyprus-Country-Report
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CYPRUSCOUNTRY REPORT <strong>2023</strong><br />
COURTING NON-EU BUSINESS<br />
Continuously looking to improve its<br />
offering and to simplify procedures<br />
for companies looking to establish or<br />
expand their activities in <strong>Cyprus</strong>, the<br />
government launched a new Action Plan<br />
in 2021. This new set of incentives has<br />
considered the best practices from other<br />
European countries, with emphasis on<br />
domains related to technology, shipping,<br />
innovation, research and development,<br />
biogenetics, and biotechnology, without<br />
excluding any other companies that<br />
choose <strong>Cyprus</strong> as their place of business.<br />
The Plan includes legislative proposals<br />
for more tax breaks and introduced<br />
a Business Facilitation Unit (BFU)<br />
serving as a single point of contact for<br />
companies to help with all aspects of<br />
their set up. Another significant move<br />
is implementing better provisions for<br />
employing highly skilled third-country<br />
BENEFITS OF<br />
A CYPRUS HQ<br />
SUPPORT<br />
u Wide variety of professional<br />
and financial services<br />
u Government-backed<br />
incentives to facilitate business<br />
u Low set-up and operational<br />
costs<br />
u Attractive tax regime for both<br />
companies and individuals<br />
u Competitive Intellectual<br />
Property (IP) regime<br />
u Ideal sandbox for emerging<br />
tech like blockchain, AI and<br />
Big Data<br />
nationals by simplifying the process of granting immigration and work permits, and<br />
the introduction of Digital Nomad Visas.<br />
With these new incentives, <strong>Cyprus</strong> can also serve as a strategic location for UK<br />
companies choosing to retain a presence in Europe. Human talent, an attractive IP<br />
regime, alongside a thriving professional services industry, means that <strong>Cyprus</strong> is able<br />
to offer significant benefits to businesses seeking to build headquarters in Europe.<br />
Also, the fact that its legal and regulatory framework is based on English Common Law<br />
principles offer companies the advantage to continue operating in an EU jurisdiction<br />
with a familiar UK legal framework.<br />
HIGH QUALITY OF LIFE<br />
A<br />
key element that expat executives consistently note as being the real decider for<br />
choosing <strong>Cyprus</strong> over other jurisdictions is the climate and the lifestyle the island<br />
offers. The overall stability and high quality of life makes <strong>Cyprus</strong> an easy choice, and its 340<br />
days of sunshine and pristine beaches are an extra bonus. The island consistently ranks<br />
as one of the safest countries in the world, this coupled with its excellent healthcare and<br />
educational systems, and the welcoming environment, the country scores high especially<br />
for expats with families. Incentives and competitive personal tax rates are an added bonus,<br />
but ultimately it is <strong>Cyprus</strong>’ overall package that facilitates efficient cross-border business<br />
and allows these companies to successfully compete on a truly global scale.<br />
The healthy economic growth and growing investor confidence of the past few years,<br />
coupled with emerging prospects in the real estate, investment funds, shipping and<br />
energy sectors have provided a strong pull factor for companies to set up in <strong>Cyprus</strong> and<br />
use it as a launch pad both into the EU marketplace and other emerging or high-growth<br />
markets in the region. n<br />
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