Cyprus: Your Ideal EU Base
With its ideal geographical position at the crossroads of three continents –Europe, Africa and Asia–, Cyprus plays a key role in the region of the Eastern Mediterranean. As a safe, transparent and modern business centre, the island is an ideal base for corporate multinationals as well as an investment gateway to the European Union, and a portal for investment outside the EU, and particularly into the Middle East, India and China.
As a service-based economy, Cyprus offers a full range of professional services of excellent quality across a range of different sectors. Combined with a well-regulated legal system and an attractive tax regime with significant benefits for corporates and individuals, this creates an excellent business environment. Advanced infrastructure and the availability of a high-calibre, educated workforce all add to the advantages of Cyprus as a business and investment centre.
On a personal level, investors are also attracted by the high quality of life available in Cyprus, and often choose to make Cyprus their home. Cyprus offers a pleasant climate all year round, beautiful and varied scenery, rich culture, cosmopolitan lifestyle, quality education at all levels, and personal tax incentives for people taking up residence here.
Most importantly, Cyprus has been successful in showing the world that it is a very resilient country with a strong backbone, offering reliability, credibility and many opportunities to investors. With a well-balanced product portfolio, our goal is to continue expanding into new sectors, sustaining a broadly-driven economy and a dynamic growth model.
Built around unique and diverse experiences, Cyprus’ tourism sector has been a long-standing contributor to the country’s economy; in its fourth year of record arrivals and amidst efforts to upgrade the touristic offering, the tourism and hospitality industries have attracted significant investment, with high-end resorts, luxury marinas, golf courses, leisure & theme parks, and of course the highly anticipated integrated casino resort by Melco International.
Cyprus hosts the largest third-party ship management centre and the third largest fleet in the EU, underlining the success of the country’s strong maritime sector, while acquiring property either as an investment or as a second home, has always been a popular choice among foreign investors.
Hydrocarbons’ discoveries and the ongoing presence and activity of global energy giants in Cyprus’ Exclusive Economic Zone, combined with strong regional cooperation, render Cyprus a growing, promising energy hub in the Eastern Mediterranean, while steps towards a knowledge-based economy create a favourable climate for the establishment and activity of academic and research centres.
As a flexible and cost-efficient jurisdiction, Cyprus is fast becoming a prominent player in the EU Funds industry with assets under management almost quadrupled since 2013, reaching the amount of €7,3bn. And last but not least, the emerging film industry, with Cyprus making a strong statement attracting international film-making since the introduction of the country’s first financial incentives’ scheme, including a Hollywood production.
By further expanding our economy and maintaining political and economic stability, we aim to increase the number of new and established companies which base their regional or global headquarters in Cyprus, regardless of their sector of activity. Cyprus is already home to a number of multinationals and definitely has what it takes to attract more, especially in the tech sector, a key priority for the government and Invest Cyprus.
Invest Cyprus was set up with the main aim of attracting foreign direct investment (FDI) into Cyprus via three main strategy pillars. The first pillar is promotion, comprising both the enhancement of Cyprus’ image abroad, as well as the promotion of investment opportunities within the key sectors of the Cypriot economy. Such include both traditional sectors and emerging ones manifesting dynamic growth and prospects. The second pillar has to do with investor support and facilitation at all stages of an investor’s journey. Many existing and potential investors come to us every day with their queries, and our job is to help them in every way possible. The third, and very important pillar is facilitating reform: identifying the ways in which our competitive advantages can be enhanced and advocating the legislative changes required for that to happen.