PROFILE

Cyprus: a dynamic business and investment centre (you can download it here)

Cyprus is marching in a solid growth path, being among the top five Eurozone performers in 2017, with a remarkable growth rate of 3.9%, compared with the EU average of 2.5% and public finances in surplus. 2018 projections as well as macroeconomic forecasts from both the EU and the IMF show that this impressive growth momentum is expected to continue in the coming years. The strongest confirmation of Cyprus’ positive economic outlook though comes from the consecutive upgrades from credit rating agencies, with the country dynamically re-entering investment grade within 2018. A consolidated and restructured banking sector, with improved liquidity and solvency further strengthens Cyprus’ position as a robust financial and business centre, while rapid growth has also created new labour market dynamics, with unemployment reduced to 8%, the lowest level in eight years. Through the continuous improvement of the business environment and the expansion of the economy, promising prospects lie ahead for international investors in a wide range of sectors. It is worth mentioning that the Global Finance Magazine “FDI’ s Superstars 2018” ranked Cyprus 8^th among 20^th countries globally for FDI performance and appeal.

Cyprus offers great potential for investments in a variety of sectors. Shipping, tourism, real estate and financial services have traditionally been the driving forces of the island’s economy while new industries such as energy, investment funds, startups, ICT, education and filming are now penetrating the market and creating new exciting opportunities. The goal is to enhance our edge in areas where we traditionally excelled, while also diversifying our offering through developing new sectors, and, subsequently new opportunities for investment. Considering Cyprus, businesspeople and corporations worldwide realise there is much more to this island than a “sun and sea” destination. As a business and academic centre of excellence, hosting a world class maritime cluster and a strong flag, enriching touristic experiences and advancing strategic infrastructure projects, while exploring prospects arising from encouraging oil & gas discoveries in the island’s Exclusive Economic Zone, and currently entering the global film market, Cyprus definitely keeps investor interest upbeat. Cyprus is also fast becoming a top growing investment funds centre, with assets under management witnessing a 70% in the last 3 years. Aiming at creating a knowledge-based economy and one of Europe’s leaders in disruptive technology, Cyprus focuses also on ICT and innovation, investing in research and seeking to attract international companies to choose Cyprus for their operations.

By leveraging on a range of incentives and benefits, both of general and also sectorial nature, we aim to encourage companies to base their regional or global headquarters in the island. Due to its geostrategic position, Cyprus offers easy access to EU, MENA and Asian growth markets, thus allowing companies to enjoy multidimensional benefits from establishing a base of activities on the island and ‘unlocking’ the investment potential offered by an increasingly interconnected broader Mediterranean area. To succeed in today’s highly competitive times, a company needs all the support it can get. And in Cyprus, laws and regulations, systems and infrastructures are all constantly enhanced to ensure the best possible experience for investors and businesspeople worldwide. A straightforward regulatory regime and an attractive tax system, with fast, simplified procedures for business set up and operation, high caliber workforce availability and of course, life of the highest quality, offer international businesses grounds to invest, prosper and grow. Moreover, a pro-business growth model and governmental dedication towards continuous improvement and investor satisfaction are critical elements in forming Cyprus into an attractive investment destination.

Invest Cyprus is the lead agent in attracting and facilitating Foreign Direct Investment in a wide range of economic sectors, while advocating for those necessary reforms that would lead to the continuous improvement of the business environment, and render it truly welcoming and encouraging to foreign investment. Our experienced staff is available to international investors for any kind of enquiries, always eager to offer guidance and support, acting also as a bridge between investors and governmental authorities, facilitating communication and putting forward investors’ needs and requests.