2020 Cyprus Country Report
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
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Headquartering<br />
CONNECTING WITH THE WORLD<br />
In addition to its geographical proximity to<br />
major markets, <strong>Cyprus</strong> has good connectivity.<br />
The country is connected by its two international<br />
airports with major cities in Europe and key destinations<br />
in Asia, North Africa and the Middle<br />
East. In the last two years, connectivity has seen<br />
further improvement with new airlines adding<br />
<strong>Cyprus</strong> to their schedules and existing airlines increasing<br />
the frequencies of their flights. Naturally<br />
the current coronavirus pandemic has forced<br />
<strong>Cyprus</strong> to take strict measures at the moment in<br />
terms of airline traffic, but the measures are being<br />
continuously assessed and modified as the situation<br />
evolves.<br />
Thanks to its location, <strong>Cyprus</strong> enjoys business-friendly<br />
time zones, enabling international<br />
companies to do business with the East in the<br />
morning, Europe throughout the day and with<br />
the West in the afternoon. The country also has<br />
long-established links with Russia and Eastern<br />
European countries with many Cypriot professionals<br />
having in-depth knowledge of these<br />
markets, and often acting as key business introducers.<br />
LUXURY OFFICE SPACE<br />
Wargaming Headquarters, Nicosia<br />
The flood of new companies setting up in <strong>Cyprus</strong><br />
and seeking top-tier real estate has driven the<br />
development of new luxury multi-use office<br />
complexes in Limassol and Nicosia. With the<br />
completion of the office developments currently<br />
under construction, <strong>Cyprus</strong> should reach a staggering<br />
260,000 square meters of office space in<br />
its market by the end of <strong>2020</strong>. Among the major<br />
office projects that are planned to be delivered to<br />
the market in Nicosia are the signature lifestyle<br />
commercial development Nicosia City Centre<br />
(NCC), the Capital Gate and the Asteroid Tower,<br />
as well as upcoming projects like the Cymiva<br />
Office Tower.<br />
Over the years, the coastal city of Limassol has<br />
steadily grown to become the main international<br />
business hub, while the inland capital city Nicosia<br />
attracts multinationals that require closer access<br />
to government. The majority of international<br />
companies choose Limassol, due to the cosmopolitan<br />
seaside lifestyle, the large expat community<br />
and the short distance to both Larnaca and<br />
Paphos international airports.<br />
Landmark commercial buildings like The<br />
Oval and Trilogy have raised the bar for prestigious<br />
commercial addresses in <strong>Cyprus</strong>. As some<br />
of the tallest office buildings in Limassol these<br />
projects offer large open-air balconies and uninterrupted<br />
views across the Mediterranean – an<br />
enviable working environment for mixing business<br />
with pleasure. A number of other mixed-use<br />
buildings are springing up across the city offering<br />
residential, commercial and retail space and are<br />
changing the skyline of Limassol, offering stunning<br />
views and luxury living.<br />
For companies requiring proximity to ministries,<br />
embassies and government departments,<br />
the capital Nicosia is also expanding its stock of<br />
state-of-the-art offices. For jet-setters, Larnaca<br />
– located on the sea and adjacent to the airport<br />
– might be the right choice. <strong>Cyprus</strong> caters for<br />
companies of all sizes, and smaller organisations<br />
or those new to <strong>Cyprus</strong> can easily find companies<br />
offering serviced office rental on a short-let<br />
or permanent basis. Regus, with offices across<br />
the world, have locations in both Limassol and<br />
Nicosia, and have been joined by numerous local<br />
companies offering turn-key spaces.<br />
COSMOPOLITAN AND SAFE LIFESTYLE<br />
Boasting one of the lowest crime rates in the EU<br />
and ranked as one of the top five safest countries<br />
in the world by Value Penguin, a superb<br />
Mediterranean climate, competitive personal tax<br />
rates, as well as excellent educational and healthcare<br />
systems, <strong>Cyprus</strong> is an easy sell for expats and<br />
in particular to those with families. <strong>Cyprus</strong> is an<br />
ideal location to achieve work-life balance, and<br />
to make business both pleasurable and profitable.<br />
A stable business environment and excellent<br />
quality of life are just a few of the many reasons<br />
why companies relocate operations and other<br />
strategic functions to <strong>Cyprus</strong>. In the long term,<br />
the country has great prospects to benefit from<br />
growth in the region and become an increasingly<br />
popular choice as a location for international<br />
and regional headquarters and act as a strategic<br />
springboard into neighbouring markets. n<br />
Discover more at www.cyprusprofile.com<br />
<strong>Cyprus</strong> is an<br />
ideal location to<br />
achieve work-life<br />
balance, and to<br />
make business<br />
both pleasurable<br />
and profitable.<br />
38 <strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong>