2020 Cyprus Country Report

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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
A I F M / 3 5 / 5 6 / 2 0 1 3 Full Service Fund & AIFM Services Oneworld Plus Management is a dedicated Alternative Investment Fund Manager (AIFM) providing third party AIFM services and fund formation to fund initiators, promoters and fund managers of private equity, real estate, infrastructure, debt, fund of funds, transferable securities as well as other alternative asset classes. We have all the tools you need, whether it be a stand-alone fund, a segregated sub-fund on our existing ‘White Label’ fund platforms, or even your own fund platform with multiple sub-funds. Our services include setup and formation of your fund, including preparation of offering documents, procedures and lodging with relevant competent authority, portfolio and risk management, compliance, reporting and distribution services to the fund. We offer services in • Migrating your non-EU fund to an EU domicile of your choice • Setting up a new fund as a stand-alone fund in various jurisdictions, including Luxembourg, Cyprus, Malta, Cayman Islands and Ireland or on our QIAIF platform in Ireland and AIF platform in Cyprus • Setting up non EU-funds • Setting up EU-based funds that mirror the performance of offshore funds • Company Formation and Fund launch • Corporate Management • Fund Administration • Third Party AIFM Services • Accounting and Consolidation • Corporate and Legal Compliance • Tax Compliance • SPV Services • AIFMD Services www.oneworldaifm.com info@oneworldaifm.com 75 Prodromou Avenue, Oneworld Parkview House, Floor 2, 2063 Nicosia, Cyprus +357 22 507 723 Oneworld Plus Management Ltd is licenced by CySEC under license no. AIFM35/56/2013.
Page 1: CountryProfiler Global Edition 2020
Page 4 and 5: DESTINATION DEVELOPMENTS BY CYBARCO
Page 6 and 7: Publisher’s Information CountryPr
Page 8 and 9: Contents Contents 10 12 16 18 26 32
Page 10: Contents Sector Profiles 50 AGRICUL
Page 13 and 14: Foreword Without any doubt, the Cov
Page 15 and 16: 35ºN 33ºE Publisher’s Cyprus at
Page 17 and 18: Fast is too slow. Is the rapid pace
Page 19 and 20: Government Structure President of t
Page 21 and 22: Economy GROWTH ON THE ORIZON Follow
Page 23 and 24: Economy Real GDP Growth Source: Eur
Page 25 and 26: Harmonised Consumer price inflation
Page 27 and 28: Foreign Direct Investment (FDI) FDI
Page 29 and 30: operations, the island is sharpenin
Page 31 and 32: A GROWING ENERGY SECTOR Since US co
Page 33 and 34: The sectors that have seen the most
Page 35 and 36: Melco International Country of Orig
Page 37 and 38: Headquartering Cyprus’ entry into
Page 42 and 43: HQ Insights WHY DID YOU CHOOSE CYPR
Page 44 and 45: Interview Natasa Pilides Minister o
Page 46: Interview Interconnectors. The Mini
Page 49 and 50: Total Exports €3.15 billion Domes
Page 51 and 52: Sector Profiles Education Energy: O
Page 53 and 54: Over 50% of agricultural exports go
Page 55 and 56: u Cyprus cannot compete with countr
Page 57 and 58: TASTE OF CYPRUS Ministry of Energy,
Page 59 and 60: Although key indicators are under p
Page 61 and 62: CyprusProfile EVERYTHING YOU NEED &
Page 63 and 64: The unfolding of Covid-19 into a gl
Page 65 and 66: and bonds, which operate under the
Page 67 and 68: CSE’s goal for 2020 is to be reco
Page 69 and 70: In this last year the Ministry of I
Page 71 and 72: A development by
Page 74 and 75: Construction & Real Estate Sector P
Page 76 and 77: Education Sector Profile EDUCATING
Page 78 and 79: Education Sector Profile Both UCY a
Page 80 and 81: Education Sector Profile Cyprus’
Page 82 and 83: Energy: Oil & Gas Sector Profile Ro
Page 84: Energy: Oil & Gas Sector Profile me
Page 87 and 88: Renewables have the potential to cr
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To decrease dependence on heavy fue
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The multiplier effect to the local
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BENEFITS: Diverse landscapes never
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Having managed to bring to Cyprus
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Cyprus ranks 24th (out of 195 count
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Insurance Sector Profile MITIGATING
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Insurance Sector Profile fintech co
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International Financial Services Se
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Cyprus funds have been a platform f
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Competitive Tax Regime for Fund Man
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A NEW VISION The backbone of the ne
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The economy of Cyprus is expected t
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GROWING APPEAL Cyprus has proven it
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2020 has been a challenging year fo
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Research & Development Sector Profi
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Cyprus is ready to boost investment
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Also the country’s investment pro
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Telecom operators are being faced w
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OPERATING 24/7, 365 DAYS AT LARNAKA
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KEY players Deputy Ministry of Tour
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Sector Profile 2020 has taken an un
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We are currently experiencing a dis
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“Investing in sustainable tourism
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Sector Profile Following the Covid-
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The unprecedented coronavirus pande
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Business Operating Environment BUSI
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Business Operating Environment Cypr
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Business Operating Environment Lega
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Business Operating Environment Key
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Travel & Living CountryProfiler Ess
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Travel & Living SHOPPING In Cyprus
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Travel & Living PUBLIC TRANSPORT Wi
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Travel & Living COMMUNICATIONS Cypr
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Travel & Living Key Tourist Areas i
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Who’s Who - Cyprus Business Direc
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2020 Cyprus Country Report

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