2020 Cyprus Country Report

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