2020 Cyprus Country Report

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Publisher’s Information CountryProfiler Global Edition 2020 | €10 www.cyprusprofile.com CYPRUS COUNTRY REPORT Already the leader in EU funds per capita, a new deputy ministry and increased government spending are driving the research sector Increased investment in RES and a strong focus on research and innovation are fostering fresh efforts for Cyprus to develop a zero-carbon economy Digital Cyprus is fast-tracked with added state support, the launch of new national strategies, and incentives to attract foreign IT companies Growing numbers of foreign students, new degrees to meet future demands and investment in top-tier campuses are strengthening the education sector Growth on the Horizon Despite the slowdown due to the global pandemic, Cyprus forecasts growth in 2021 ECONOMY • FOREIGN DIRECT INVESTMENT • SECTOR PROFILES • BUSINESS OPERATING ENVIRONMENT • BUSINESS DIRECTORY CountryProfiler Ltd is a specialist publisher of country information that assists corporations managing operations across national borders with trade, investment and relocation decisions. CountryProfiler is recognised by senior business executives, government representatives, institutions and global organisations as a leading provider of informative and insightful country intelligence. EUROPE 16, Elia Papakyriakou, Suite 101, Engomi, 2415 Nicosia, Cyprus NORTH AMERICA 21-2123 Walkers Line, Burlington Ontario, L7M 4Z9, Canada Email: cyprus@countryprofiler.com Website: www.countryprofiler.com • www.cyprusprofile.com RESEARCH AND CONTRIBUTIONS CountryProfiler staff Headquartering Companies choosing to establish a base in Cyprus on the rise Sectors to Watch Energy, Investment Funds, ICT, Film Production and Education Who’s Who The definitive guide to Cyprus’ leading companies, executives & professional advisers PHOTOGRAPHY Heidi Marttinen, Jo Michaelides, Alan Carville, Mehdi Ezzitouni, Manos Botrini, Sara Zanardelli PRINTING Laser Graphics Ltd PUBLICATION DATE October 2020 Kristina Ernst REGIONAL DIRECTOR ernst@countryprofiler.com Heidi Marttinen EDITOR marttinen@countryprofiler.com Victoria Vasiliou ADMINISTRATIVE MANAGER vasiliou@countryprofiler.com Ramon Micallef ART DIRECTOR ram@box-design.net The information included in this publication is for information purposes only and is subject to change. With regard to the licensing of a business, income generation or any other legal or accounting matters, the Publisher strongly recommends that the reader seeks the advice of an appropriately licensed professional. All rights reserved. Reproduction in whole or part is strictly prohibited without written permission. Opinions expressed in this publication are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. 4 Country Report CYPRUS 2020
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Page 1: CountryProfiler Global Edition 2020
Page 4 and 5: DESTINATION DEVELOPMENTS BY CYBARCO
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 40 and 41: Headquartering CONNECTING WITH THE
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,
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Although key indicators are under p
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CyprusProfile EVERYTHING YOU NEED &
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The unfolding of Covid-19 into a gl
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and bonds, which operate under the
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CSE’s goal for 2020 is to be reco
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In this last year the Ministry of I
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A development by
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Construction & Real Estate Sector P
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Education Sector Profile EDUCATING
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Education Sector Profile Both UCY a
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Education Sector Profile Cyprus’
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Energy: Oil & Gas Sector Profile Ro
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Energy: Oil & Gas Sector Profile me
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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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