Cyprus Headquartering Guide

CyprusProfile Digital Series 

Headquartering 

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Contents 

Cyprus at a Glance: Key Facts & Figures 6 

Headquartering: A Growing HQ Hub 10 

Insight: Kyriakos Kokkinos, Deputy Minister of Research, 

Innovation and Digital Policy 22 

Why Cyprus? Insights from foreign companies with a base in Cyprus 26 

Attracting Foreign Business: New Government incentives for foreign 

businesses looking to establish or expand activities in Cyprus 31 

Doing Business in Cyprus: Business operating environment guide 

including taxation, business costs, commercial and residential 

property and salary survey 38 

Who’s Who in Cyprus: The definitive guide to Cyprus’ leading 

companies, executives and professional advisors 50 

4



Cyprus at a Glance 

Lying at the crossroads of Europe, Asia and Africa, Cyprus 

has long served as a major eastern trading post. It is a small 

country, but the third largest island in the Mediterranean 

Sea and shares a maritime border with Egypt 300km to the 

south, Lebanon 108km to the east and Turkey 71km to the 

north, while mainland Greece lies 800km to the north-west. 

With 10,000 years of history, the island’s strategic location has 

long made it a jewel in the crown of the powers of the day. 

35ºN 33ºE 

Paphos 

(Pafos) 

95,400 

Paphos 

International 

Airport 

Limassol 

(Lemesos) 

248,300 

Nicosia 

(Lefkosia) 

Population: 

346,400 

Larnaca 

International 

Airport 

Famagusta 

(Ammochostos) 

48,900 

Larnaca 

149,000 

TOTAL POPULATION 

880,000 

Republic of Cyprus 

CURRENCY 

Euro (€) 

Non- 

Cypriot 

18% 

Cypriot 

82% 

6



MEMBERSHIPS 

EU & Eurozone 

World Trade 

Organization 

United Nations 

Council of Europe 

Commonwealth 

World Bank & IMF 

OFFICIAL LANGUAGES 

Greek & 

Turkish 

(business generally 

conducted in English) 

MAIN MEDIA 

Cyprus Mail 

Phileleftheros 

Politis 

CyBC 

TIME 

+2 Hours 

ahead of GMT 

AREA / SIZE 

9,251 km 2 

(3,355 km 2 in the occupied area) 

POPULATION DENSITY 

94 

(persons per km 2 ) 

SUNSHINE 

340 Days 

of sunshine / year 

MEDIAN AGE 

37.7 

RELIGION 

ANNUAL RAINFALL 

790.1 mm 

average 

89.1% 

Greek 

Orthodox 

AVERAGE TEMPERATURE 

Winter 

Summer 

+ 13ºC + 34ºC 

2.9% Roman Catholic 

2.0% Protestant/Anglican 

1.8% Muslim 

1.7% Unknown/Atheist 

1.4% Other 1.0% Buddhist 

7



Business Figures 

GDP BY SECTOR 

CORPORATE 

TAX RATE 

12.5% 

TIME TO START 

UP A BUSINESS 

1-3 days 

11.5% 

Taxes & 

subsidies 

74.1% 

Services 

GDP PER CAPITA 

€24,157 

(2020) 

INFLATION 

-1.1% 

(2020) 

5.5% 

Construction 

7.0% 

Mining, 

manufacturing, 

electricity & water 

1.9% 

Agriculture, 

forestry & fishing 

TOTAL GDP 

€21.5 billion 

(2020) 

GDP GROWTH 

5.4% 

(2021f) 

ACCOUNTING 

STANDARD 

IFRS 

CRIME 

0.9 per 100 persons 

Cyprus is the safest country in the 

world for young people out of 

184 countries across the globe. 

INTERNATIONAL RANKINGS 

STANDARD 

& POOR’S 

BBB- 

(October 2021) 

FITCH 

BBB- 

(March 2021) 

MOODY’S 

Ba1 

(October 2021) 

UNEMPLOYMENT 

7.5% 

(2021f) 

MAIN TRADING PARTNERS 

UK 

Germany 

Italy 

France 

Greece 

Israel 

China 

9



HEADQUARTERING 

Growing HQ Hub 

Cyprus is perfecting its pitch as an ideal 

headquartering hub in the East Med, especially 

for international ICT companies. Its geographical 

location, advantageous regulatory framework and 

new incentives geared at facilitating more non- 

EU business are boosting the island’s image as a 

strategic HQ destination for multinationals. 

Wargaming HQ, Nicosia 

10



Already an established international business centre and influential global 

shipping hub, Cyprus is now laser focused on boosting its burgeoning 

status as a headquartering (HQ) location of choice. The country has seen 

serious traction over the years with companies from around the world setting up 

operations and regional headquarters on its shores, and armed with new incentives 

Cyprus is determined to strengthen its offering to attract more international 

business. 

Cyprus’ appeal has remained strong thanks to its stable pro-business environment, 

EU membership coupled with convenient EMEA access and its safe and relaxed 

Mediterranean lifestyle for expats. Pre Covid, the country was on an upward swing 

with strong economic growth and emerging prospects in multiple sectors. Despite 

the challenges the global pandemic has 

brought in its wake, Cyprus has retained 

a solid position and investor confidence 

is high, with 2021 GDP growth estimated 

at a healthy 5.4%. The comparative 

advantages that have made the country a 

hot spot for investment continue to tick 

all the boxes of decision makers looking 

for an ideal operational base. 

Cyprus has more than 4,000 

registered accountants and 

700 registered accounting 

firms – which include all 

major global firms – and more 

than 3,000 registered lawyers 

and around 160 law firms. 

3CX HQ, Nicosia 

11



A WINNING PACKAGE 

As an HQ jurisdiction, Cyprus has a lot to offer. Doing business in and from 

Cyprus is easy and straightforward. The country has modern infrastructure and 

telecommunications. A transparent regulatory and legal framework and a strong 

financial and professional services base with decades of successful international 

experience. It has an advantageous EU-approved tax regime with numerous incentives 

for corporations and individuals alike. Access to the EU Single Market of half 

a billion consumers and a geostrategic location between three continents, provides 

a convenient time zone for international business. 

Its highly educated and multilingual 

population provides a vast talent pool 

for companies to hire from, but as an 

EU member state, it also provides easy 

opportunities to headhunt talent from 

within the Union, which has a workforce 

of over 240 million people. New 

incentives have also been introduced to 

enable the easy transfer of non-EU staff 

to Cyprus. 

Another key attraction for companies to relocate strategic operations to the 

island has been the fact that set-up and operational costs are comparatively low – a 

major deciding factor for many companies in today’s economic climate. In addition, 

the island has good air connectivity through two international airports with 

major cities in Europe and key destinations in Asia, North Africa and the Middle 

East, as well as sophisticated ports to support operations. 

TOP-TIER OFFICES 

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 surge of interest in Cyprus from companies has driven the development of 

new multi-use office complexes and signature commercial developments primarily 

in Limassol and Nicosia over the last few years. Many of these projects offer 

amazing views across the Mediterranean Sea and combine luxury residential and 

commercial space. Whether looking to build a bespoke building for headquarters 

or to rent turn-key offices, Cyprus caters for companies of all sizes and budgets. 

The Oval, Limassol 

12

First class legal services 

focused on results 

L Papaphilippou & Co LLC offers legal 

services to businesses, individuals, and public 

organizations. We have a strong litigation 

team handling also all forms of commercial 

dispute resolution and have considerable 

experience in arbitrations. Furthermore, our 

Immigration Department is well respected 

and renowned for leading by example in the 

field and our high calibre and experienced 

lawyers ensure first class service and results. 

Additionally, being a full-service law firm, 

L Papaphilippou & Co LLC is capable of 

delivering secure and compliant crossborder 

legal and wealth management 

solutions, as well as to coordinate 

international business structures, 

trusts and private banking 

matters for our clients. 

L PAPAPHILIPPOU & CO LLC 

ADVOCATES & LEGAL CONSULTANTS 

17 Ifigenias Street, 2007 Strovolos 

P.O.Box 28541, 2080 Nicosia - Cyprus 

T: (+357) 22 271 000 • F: (+357) 22 271 111 

E: info@papaphilippou.eu • www.papaphilippou.eu



Traditionally, the majority of international 

companies choose Limassol, due 

to the seaside lifestyle, the large expat 

community and the short distance to 

both Larnaca and Paphos international 

airports. The coastal city and shipping 

hub has grown to become the main 

international business centre, while 

inland capital city Nicosia attracts multinationals 

that require closer access 

to ministries, embassies and government 

departments. However, Nicosia 

is currently transforming into the main 

knowledge and innovation core of the island, attracting entrepreneurs with strong 

interest in tech and R&D. 

TECH EVOLUTION 

Cyprus is an ideal base 

for region-wide corporate 

coordination and central 

management functions, 

sales, marketing and 

customer service. As a 

pro-business, neutral, costeffective 

and politically 

stable country, Cyprus offers 

companies a perfect climate 

to successfully compete in 

the region and beyond. 

The robust economic growth and investor confidence of the past few years, coupled 

with emerging prospects in the real estate, investment funds, shipping and energy 

sectors have provided a strong pull factor for companies to set up in Cyprus and 

use it as a launch pad both into the EU market place and other emerging or highgrowth 

markets in the region. 

A significant benefit of Cyprus is its secure EU environment in an often turbulent 

region. For example, prominent news organisation AFP, has capitalised on 

this aspect and uses the island as their base between Europe and the Middle East 

due to its security, convenient time zone and travel times, reliable communication 

infrastructure and availability of multilingual support staff. Cyprus is an especially 

ideal base for regional headquarters or ancillary and support services for investors 

with clients in the wider Eastern Mediterranean and Middle East region. 

In recent years, a number of tech companies have relocated or expanded operations 

in Cyprus. This sector has become a new key target and the government 

has plans to launch more incentives to the tech sector in order to build up a 

dynamic cluster similar to its shipping industry – which is the largest third-party 

shipmanagement centre in Europe and the largest crew management centre in 

the world. 

Major multinational firms in the ICT industry, including consulting, fintech and 

regtech firms, have set up a base in Cyprus for various corporate services, such as 

sales and marketing, project management, software development, systems integration, 

testing services, training and development, disaster recovery and business 

continuity, as well as joint R&D among countries in the region. Global companies 

such as NCR, Kardex, Wargaming, eToro, 3CX, TSYS and Amdocs are just some 

examples of businesses that have based operational or corporate management 

functions on the island. More recently, online giant Amazon set up a data service 

arm in Cyprus – presenting a big win for the jurisdiction. In addition, global heavyweights 

such as Microsoft, Oracle, SAP and IBM have been based in Cyprus for 

many years. 

15



High Earners and Non-Doms 

Cyprus has introduced attractive incentives for expatriates and highnet-worth 

individuals to adopt non-domiciled (non-dom) tax resident 

status in Cyprus. Under the non-dom rules, Cyprus tax resident 

individuals who are not domiciled in Cyprus are completely exempt from 

Special Contribution for Defense (SDC) on dividends, interest and rental 

income. The total tax exemption makes the holding of investments in 

dividends and/or interest earning financial assets, including shares 

and bonds, in Cyprus and anywhere in the world extremely attractive 

for non-Cyprus domiciled individuals. The maximum income tax rate 

on personal income in Cyprus is 35% for income in excess of €60,000. 

With the incentive, 50% of remuneration from any employment exercised 

in Cyprus by a non-Cyprus resident is exempted for a period of ten 

years provided the annual income exceeds €100,000. Other tax breaks 

are available for those earning between €60,000 and €100,000. 

A crucial element especially when it comes to the ICT and tech industry is 

guarding intellectual property (IP), and Cyprus offers strong and advantageous 

IP protection through domestic legislation and a network of EU and international 

agreements. The IP regime of Cyprus is largely responsible for the growing interest 

in the jurisdiction. Digital goods are increasingly more valuable and the favourable 

tax and business environment in Cyprus has made it a hub for digital business 

goods, IT software, and related services. In addition, with Cyprus currently placing 

a strong focus on developing the jurisdiction into a science, tech and start-up hub, 

the country also provides companies with an ideal sandbox for new emerging tech 

like blockchain, artificial intelligence and big data. 

ATTRACTING NON-EU BUSINESS 

Continuously looking to improve its 

offering and to simplify procedures 

for companies looking to establish or 

expand their activities in Cyprus, the 

government launched a new Action 

Plan in 2021. This new set of incentives 

has considered the best practices from 

other European countries, with emphasis 

on domains related to technology, shipping, innovation, research and development, 

biogenetics and biotechnology, without excluding any other companies 

that choose Cyprus as their place of business. The Plan includes legislative proposals 

for more tax breaks and introduced a Business Facilitation Unit serving 

as a single point of contact for companies to help with all aspects of their set up. 

Another significant move is implementing better provisions for employing highly 

skilled third-country nationals by simplifying the process of granting immigration 

and work permits. In addition, Cyprus will be issuing Digital Nomad Visas with a 

maximum initial limit of 100 beneficiaries. 

16 

The key feature of the new 

IP regime is that 80% of the 

qualifying profits generated 

from the qualifying assets 

(QA) is deemed to be a 

tax deductible expense 

for qualifying taxpayers, 

resulting in an effective tax 

rate of as low as 2.5%.

There are new 

competitors with 

a fresh vision. 

Is your company agile 

enough to outpace them? 

Using innovative tools, thinking and 

frameworks, KPMG can help adapt your 

business in the face of constant disruption. 

Learn more at kpmg.com.cy 

Anticipate tomorrow. Deliver today. 

©2021 KPMG Limited, a Cyprus limited liability company and a member firm of 

the KPMG global organization of independent member firms affiliated with KPMG 

International Limited, a private English company limited by guarantee. All rights 

reserved. 

The KPMG name and logo are trademarks used under license by the independent 

member firms of the KPMG global organization.



Trilogy, Limassol 

With these new incentives, Cyprus can also serve as a strategic location for UK 

companies choosing to retain a presence in the EU. Human talent, an attractive 

IP regime, alongside a thriving professional services industry, means that Cyprus 

is able to offer significant benefits to businesses seeking to build headquarters in 

Europe. Also the fact that its legal and regulatory framework is based on English 

Common Law principles offer companies the advantage to continue operating in 

an EU jurisdiction with a familiar UK legal framework. 

WORK-LIFE BALANCE 

One of the top factors expat executives consistently note as being a key decider 

for choosing Cyprus over other jurisdictions is the climate and the lifestyle the 

island offers. Its 340 days of sunshine and pristine beaches, the overall stability 

and high quality of life makes Cyprus an easy choice. Ranked as one of the top 

five safest countries in the world by Value Penguin, the excellent healthcare and 

educational systems, and the welcoming environment score high on the list especially 

for expats with families. Incentives and competitive personal tax rates play 

a part too, but ultimately it is Cyprus’ overall package that facilitates successful 

cross-border business and allows these companies to thrive and compete on a 

global level. 

18



Benefits of Setting Up HQs in Cyprus 

Access 

Stability 

Lifestyle 

Support 

• Skilled multilingual local talent 

• Global talent through fast-track procedures 

• EU’s single market of over 500 million people 

• Emerging and high growth markets 

• Over 40 EU Trade Agreements 

• Over 65 Double Tax Agreements 

• Geostrategic location between three continents 

• Pro-Business environment 

• Transparent and reliable regulation 

• EU and Eurozone Member 

• Positive economic outlook 

• Established international business centre 

• Compliance with EU and international laws 

• Low crime rates – ranked as one of the 

safest countries in the world 

• Easy integration for expats 

• Quality healthcare and excellent 

international education facilities 

• High quality of life in a safe location 

• English-speaking society 

• 340 days of sunshine to enjoy outdoor living 

• Wide range of real estate options with competitive prices 

• Strong network of professional and financial services 

• Government-backed incentives and 

mechanisms to facilitate business 

• Low set-up and operational costs 

• Attractive tax regime for both companies and individuals 

• Competitive Intellectual Property (IP) regime 

• Sandbox for new emerging tech like 

blockchain, AI and Big Data 

19



Strong IP Regime 

Cyprus offers a competitive location to establish an IP 

holding and development company with its advantageous 

tax rates and legal protection afforded by EU members and 

signatories of all major IP treaties and protocols. 

In 2016, the Cyprus Parliament voted for the old IP Box regime to be 

subject to amendments and get aligned with the Provisions of Action 5 

of BEPS project. The old IP regime closed from 30 June 2016, however 

it could still be utilised up to 30 June 2021, subject to grandfathering 

rules. From 1 July 2021, the old IP regime was fully abolished, and 

replaced by the new IP regime. The key feature of the new IP regime 

is that 80% of the qualifying profits generated from the qualifying 

assets (QA) is deemed to be a tax deductible expense for qualifying 

taxpayers, resulting in an effective tax rate of as low as 2.5%. 

Qualifying Assets: 

• patents as defined in the patent law 

• copyrighted software programmes 

•other intangible assets that are non-obvious, useful and novel 

Qualifying assets do not include trademarks, copyrights, 

image rights and any other IPs relating to marketing. 

Qualifying Persons: 

• Cyprus tax resident taxpayers 

• tax resident Permanent Establishments 

(PEs) of non-tax resident persons 

• foreign PEs that are subject to tax in Cyprus 

Qualifying Profits: 

Calculated in accordance with the nexus fraction which 

is used to determine the amount of qualifying profits that 

will give the relevant deduction to the taxpayer. 

Qualifying Profits = (QE+UE) x OI 

OE 

OI: Overall Income derived from the QA 

QE: Qualifying Expenditure on the QA 

UE: Uplift Expenditure on the QA 

OE: Overall Expenditure on the QA 

20

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Insight: Kyriakos Kokkinos, 

Deputy Minister of Research, Innovation and Digital Policy 

What opportunities and potential 

do you see in Cyprus as a 

headquartering location 

for innovative research 

and tech companies? 

Cyprus’ competitiveness, sustainability and social prosperity strongly 

depend on its capacity to develop and advance its posture as a regional 

tech and sciences hub. There is a tremendous amount of high-tech and 

ICT-related potential in Cyprus. From a geo-economic point of view, our island 

serves as a unique gateway into and out of the EU as well as a regional base for 

the delivery of tech services. It has enormous 

potential to serve effectively as a 

sandbox for new emerging technologies 

such as Blockchain and AI and a 

regional centre for collaborative R&D, 

life-sciences and software development, 

serving the South Eastern Europe, the 

Mediterranean, Mid-, Near East and 

North African markets. 

Cyprus has enormous 

potential to serve effectively as 

a sandbox for new emerging 

technologies such as Blockchain 

and AI and a regional centre 

for collaborative R&D, 

life-sciences and software 

development, serving the 

South Eastern Europe, the 

Mediterranean, Mid-, Near East 

and North African markets. 

22



Our efforts are focused on 

enabling tech multinationals, 

entrepreneurs and all 

creative minds to gain 

access to resources that 

include cutting edge 

infrastructure and facilities, 

knowledge, finance and 

human capital, and build 

innovative enterprises that 

are willing and able to enter 

the international market 

with innovative products 

and services and thrive. 

The crux is in unlocking this potential and in enabling people and businesses to 

fully exploit the opportunities ICT can enable and create. Our Ministry, in collaboration 

with all other key Ministries, is currently finalising a targeted across-theboard 

approach to address the needs of sciences, tech companies and start-ups, 

touching upon aspects such as the institutional environment, simplifying and improving 

tax and immigration policies, and promoting reforms that create attractive 

investment and career opportunities and promote digitally- and innovation-intensive 

industries. 

The role of tech companies, as well as start-ups, in the recovery from the ongoing 

crisis - and in accelerating the green and digital transformation - cannot be understated: 

they have a proven capacity to develop breakthrough innovations in response 

to real world needs, create new 

jobs and build synergies at global scale. 

To enhance our attractiveness and gain 

momentum as a prime contender in 

the European market space, we are implementing 

a targeted national digital 

strategy, focused on optimising excellence 

in egovernment, ensuring security, 

efficiency, and resilience in data and 

infrastructure, facilitating high speed 

network connectivity throughout the 

island, and enhancing digital skills and 

cross-competences across academia, 

enterprises and society. Our efforts are 

focused on enabling tech multinationals, 

entrepreneurs and all creative minds 

to gain access to resources that include cutting edge infrastructure and facilities, 

knowledge, finance and human capital, and build innovative enterprises that are 

willing and able to enter the international market with innovative products and 

services and thrive. Through measures such as esignature, new epayment methods, 

digitisation of public services, 5G deployment and cloud policy, as well as targeted 

funding schemes and support structures to enhance the innovation management 

capacity of start-ups and enterprises, we are confident that Cyprus can unlock its 

full potential as a regional tech hub and support a diverse economic model, which 

is deeply rooted in the presence and business activities of tech and innovative companies 

in Cyprus. 

I truly believe that investing in science, technology and innovation is the way 

forward. To provide solutions to the numerous pressing challenges of our time and 

build sustainable, more competitive economies and greener, more resilient societies. 

The Cyprus Government is fully committed to expanding the Cyprus ICT 

ecosystem, fuelling digital transformation and magnifying the impact of digital 

innovation across industry, the economy and society. Introducing those exact policies 

and instruments that will lead to a digitally mature, fit-for-the future Cyprus 

which can cater to the needs of businesses looking for an ideal location to establish 

their regional or international headquarters. n 

23



WHY 

CYPRUS? 

Insights from foreign companies with a base in Cyprus 

WHY DID YOU CHOOSE TO 

set up in Cyprus? 

26



“Cyprus combines numerous 

advantages as a business base 

with quality of life. Our decision 

made good business sense and we 

remain committed to the country, 

having relocated a large number of 

our top executive employees and 

invested in a local talent market as 

well. Cyprus’ geographical location 

allows us to serve our operations in 

Europe, Asia, the CIS region and US. 

Cyprus’ business advantages include 

political stability, EU membership, 

and a free market economy with a 

favourable tax regime, a modern 

and transparent legal and tax 

framework and a highly developed 

professional services sector. 

The infrastructure and communications network is well developed, 

while the workforce is highly educated and multilingual. Cyprus is 

welcoming to international business and offers additional incentives 

to attract foreign investment. The good living conditions, including 

the climate and low crime rate, are also an important factor.” 

Victor Kislyi 

CEO - Wargaming.net 

“NCR has been doing business in Cyprus for 66 years, and we have been 

a significant contributor to the Cyprus economy and the evolution of the 

local IT industry. Cyprus is an excellent host for our investments and 

our headquarters for the Middle East and Africa region. We have always 

maintained a significant share of the IT market in Cyprus in the sectors of 

retail, banking, and government. There are many reasons why NCR has been 

investing in Cyprus for decades. The country’s high number of IT-educated 

people from top universities allows us to find young high-flyers and turn 

them into revenue generating professionals for 

NCR. The strong financial sector and upgraded 

airports and ports support our financial needs 

and we can easily import our products – also our 

executives can travel with ease. Last, but not least, 

Cyprus is one of the safest countries in Europe, 

with low crime rates, and less effort and cost to 

ensure the wellbeing of our employees.” 

Kyriakos Kyriakou 

General Manager, NCR Cyprus Ltd 

27



“Amdocs is driving our increasingly connected digital society forward by 

utilising the creativity of our 27,000 employees and the power of our innovative, 

award-winning technology. With almost 40 years of unparalleled industry 

expertise, Amdocs is a trusted partner to the world’s leading communications 

and media companies, serving more than 350 service providers in over 

80 countries. Our development centre in Cyprus opened 

more than 23 years ago and is a strategic centre for the 

company and the European HQ of corporate services such 

as finance and learning. The centre has continuously 

employed a highly skilled, multinational workforce, 

offering a variety of languages and cultures onsite, 

empowering great communication at ease. In addition 

to its excellent education infrastructure, there are 

numerous advantages for foreign companies 

to establish presence in Cyprus. The island 

offers quality of life and climate, a welcoming 

social environment for expats, and is a safe 

destination for our employees and their 

families due to the low crime rate and political 

stability. English is widely spoken and there 

is a good immigration process and support 

system for emerging country nationals.” 

Yiannis Tinis 

Head of Amdocs Cyprus 

“Bernhard Schulte Shipmanagement 

(BSM) was the first shipmanagement 

company incorporated on the island as 

Hanseatic Shipping Co in 1972. Cyprus 

was chosen due to its ideal geographical 

location as a ‘gateway’ to Europe and the 

Middle East. Foreign investors benefit 

tremendously from the availability 

of very educated local personnel as 

well as the high quality of life for expatriates. In addition, foreign companies 

benefit from the ease of doing business which is enhanced by the island’s 

well-developed infrastructure. Another key factor for us is the strong support 

provided to investors by the government and local industrial associations 

such as the Cyprus Shipping Chamber. Cyprus is one of the key ship 

management clusters in the world and a global company like BSM benefits 

a lot by being part of this advanced and dynamic business community.” 

Ian Beveridge 

CEO - Bernhard Schulte Shipmanagement (BSM) 

28



“In July 2017, SYKES opened a new service delivery 

facility in Larnaca as the result of conducting a 

thorough investigation and due diligence looking 

at numerous locations in southern Europe. SYKES 

Cyprus operation has augmented and strengthened 

its multilingual customer engagement capabilities. 

Given the growth opportunities in certain key 

language segments of the EMEA market, Larnaca 

is well situated geographically and serves as an 

optimal place for commerce given its diverse 

multilingual human capital talent pool and its 

competitive operating model. Worth mentioning 

that the Cyprus investment promotion agency Invest Cyprus provided us 

with remarkable proactive support in getting this effort off the ground.” 

Christian Schaffer 

Managing Director and Senior Vice President 

SYKES Central & Northern EMEA 

“When we came to Cyprus back in 1988, we were 

first attracted by Cyprus’ location and proximity 

to the Middle East, which was our main target 

market at the time. We remained in Cyprus 

because it has matured into a solid international 

business centre offering many benefits, such 

as its advantageous and EU-compliant tax and 

regulatory framework, good access to various 

markets and an excellent quality of life.” 

Johny Abuaitah 

CEO - Windsor Brokers 

“Cyprus has been an important base of 

operations for 3CX to enter the European 

and Middle Eastern markets. The country’s 

emphasis on creating a business-friendly 

climate has meant that we have been able 

to quickly grow our operations in Cyprus to 

a team of over 100. Our team benefit from 

the great climate, friendly people and the 

safety and security that Cyprus provides.” 

Nick Galea 

CEO - 3CX 

29



New Government Action Plan 

Cyprus has launched a new action plan to attract foreign businesses to establish 

or expand their activities on the island. Cyprus already provides many competitive 

advantages, but this new set of incentives is geared to ramp up interest for 

companies to set up headquarters in the country. The plan has taken into account 

the best practices from other European countries, with emphasis on domains 

related to technology, shipping, innovation, research and development, biogenetics 

and biotechnology, without excluding any other companies that choose Cyprus as 

their place of business. The new strategy which aims to promote foreign investment 

and stimulate economic activity will be implemented on January 1, 2022. 

THE BUSINESS FACILITATION UNIT 

The existing Fast Track Business Activation mechanism for companies of foreign 

interest will be transformed into a Business Facilitation Unit for foreign companies 

operating in Cyprus or for foreign companies that wish to expand their operations 

in the country. The new Unit will be responsible for the various services required 

for the establishment of corporate entities: 

• new company name approval and registration 

• registration with Social Insurance and VAT authorities, 

and with Income Tax authorities 

• guidance in relation to the establishment, licensing 

and operations of companies 

• issuance and renewal of residence and employment 

permits for staff employed by foreign companies 

Wargaming Headquarters, Nicosia 

31



RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED 

THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF 

The government has revised the policy for the employment of highly skilled personnel 

from third countries employed by companies of foreign interests, as well as 

for those employed by Cypriot companies which give added value to the economy 

and the local workforce. 

Eligible companies: 

• companies operating in Cyprus and are of foreign interest/ 

shareholding and maintain fully fledged offices 

• Cyprus shipping companies 

• Cyprus companies involved in innovation and technology 

• Cyprus pharmaceutical companies or companies that 

operate in the fields of biogenetics or biotechnology 

Eligible companies can employ highly skilled third country 

nationals in key positions if the following criteria is met: 

• a minimum monthly gross salary of €2,500 

• candidate must hold a university degree or equivalent, 

or have a minimum 2 years’ relevant experience 

• minimum two-year contract 

• work permits will be issued within a one-month 

period and will be valid for three years 

• a work permit can also be granted to the spouse of the eligible 

individual that obtains a visa with this scheme 

There is a maximum number of third country nationals that may be employed 

under this policy. Only 70% of the total number of all employees may be employed 

under it in a period of five years from the date of joining the Business Facilitation 

Unit. In case five years have passed and it is not possible to employ 30% of Cypriot 

workers, it will be re-examined on a case-by-case basis. 

Eligible companies will also be allowed to employ third-country nationals as 

support staff with a gross monthly salary less than €2,500. The employment of 

third-country nationals as support staff is allowed, provided that it does not exceed 

30% of the total support staff and provided that the third country nationals and 

the employers have entered into an employment contract approved by the relevant 

authority in accordance with the applicable law. The amount of their salary is to be 

determined by the current legislation. 

FAMILY REUNIFICATION RIGHTS 

Family reunification rights are granted to third-country nationals employed by 

this revised policy and regulated by the Business Facilitation Unit. Direct and 

free access to the labour market as paid employees is granted to spouses of the 

third-country nationals who have obtained a residence and work permit in Cyprus, 

through this revised policy and who receive a minimum gross monthly salary of 

€2,500. This right does not extend to supporting staff who receive a monthly salary 

of less than €2,500. 

32

A Growing 

Headquartering Hub 

for Tech Companies 

Cyprus is home to a number of global ICT companies, using the island as a hub for soſtware 

development, systems integration, testing services, disaster recovery, research & development 

activities, project management and marketing & sales, while servicing clients in Europe, the Middle 

East, North Africa and beyond. 

Strategically located at the crossroads 

of Europe, Africa and Asia 

A modern and dynamic EU & 

Eurozone Μember State 

Ideal location for tech companies 

to set-up and scale their business 

Wide and easy access to 

high growth markets 

High quality of life 

in a safe environment 

Well-educated workforce 

and tech-savvy talent 

Strong and reliable 

professional services 

Low cost 

of doing business 

A thriving headquartering 

jurisdiction 

Efficient and transparent 

tax & legal framework 

Invest Cyprus, a state-owned, non-for-profit organization, provides hands-on 

support through a dedicated team, welcoming enquiries from international tech 

companies looking to establish their regional headquarters in Cyprus. 

www.investcyprus.org.cy 

Invest Cyprus



SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E 

The action plan provides for the simplification and acceleration of the process of 

granting immigration and work permits under Category E – Long-Term Resident 

Status to persons who have been offered permanent employment and whose employment 

does not create undue local competition. 

DIGITAL NOMAD VISA 

Significantly the new Action Plan provides for the introduction and the issuing of 

Digital Nomad Visas with a maximum initial limit of 100 beneficiaries. 

Who is eligible 

Third-country nationals who are either self-employed or are employees who work 

remotely using information and communication technologies to communicate 

with their clients or employers who must be outside Cyprus. 

What rights do you get: 

• right to stay in the country for up to one year, with the 

right to renew their visas for another two years 

• can be accompanied by family members, to whom a 

residence permit is granted upon request, which will expire 

at the same time as that of the main applicant 

• during their stay in Cyprus, the spouse or partner and the 

minor members of the main applicant’s family are not allowed 

to engage in any kind of economic activity in the country 

What are the conditions: 

• must show evidence of sufficient resources at a fixed income level of a 

minimum €3,500/month to cover living expenses during their stay without 

burdening the national and welfare system (the amount is increased by 20% 

in case they have a wife/husband/partner and another 10% per child) 

• must have insurance coverage and a clean criminal record 

• the aforementioned prerequisites are indicative and 

additional requirements are applicable 

In the event that the holders of Digital Nomad Visas reside in the Republic for 

one or more periods that in total exceed 183 days within the same tax year, then 

they are considered tax residents of Cyprus provided they are not tax residents in 

any other state. 

34



View from 360, Cyfield 

PROPOSED TAX INCENTIVES 

The new Action Plan includes legislative proposals concerning the granting of tax 

benefits and tax breaks which will be submitted to the House of Representatives by 

the end of December 2021. The government is hopeful that these proposals shall 

be approved by the first quarter of 2022. 

Proposed incentives: 

• a 50% tax exemption to be granted to new residents/employees who 

receive an annual income from their employment of €55,000 

• extension of the tax exemption applicable to eligible employees in 

Cyprus who have an income below €100,000 from 10 years to 17 

years provided they were not domiciled in the Republic for a period 

of 17 years prior to the commencement of their employment 

• beneficiaries of this tax benefit with an income of €55,000-€100,000 should be 

entitled to benefit from this exemption for the remaining period of the 17 years 

• extension of the 50% tax exemption for investment in certified innovative 

companies to corporate investors. The regime that was in force until the 

end of June 2021 allowed the tax exemption only to natural persons 

• a 120% capital allowance on expenses that relate to R&D 

NATURALISATION 

The government is also proposing the right to submit an application for naturalisation 

after five years of residency and employment in Cyprus instead of the current 

seven-year rule or a further reduction to four years if the potential applicants meet 

the criteria of holding a recognised certificate of very good knowledge of the Greek 

language. 

35

asgleasing.cy 

FOCUS 

ON WHAT 

MATTERS* 

*FOCUS ON DEVELOPING YOUR BUSINESS, 

NOT MANAGING YOUR FLEET. 

by



CYPRUS: A GROWING TECH AND INNOVATION HUB 

The Reflect Festival has grown to be the largest tech and future-focused event 

in Cyprus. Since 2018, the festival has hosted more than 7,000 attendees 

including a multitude of founders, executives, investors, and speakers 

from around the world. With the tech sector proving a growing 

INSIGHT 

sector in Cyprus, more than 100 tech companies joined forces in 2021 

to showcase that Cyprus is an ideal place to live, work, and innovate. 

They launched Techisland, a non-profit organisation with a mission 

to promote the acceleration of the local tech ecosystem. Read what the 

players making moves are saying about Cyprus. 

“In a time when digital change 

is a key driver of a country’s 

economy, Cyprus is making strides 

towards that goal. For example, 

by the end of this year, Cyprus will 

most likely be the only country in 

Europe with 100% 5G coverage.” 

Andreas Neocleous 

Chief Executive Officer, Cyta 

“Our goal was to open up a platform 

that encourages interesting 

collaborations, new projects, and 

exciting ideas. It feels immensely 

rewarding, especially since the 

people of Cyprus are very actionoriented 

and proud of the progress 

the country has made.” 

Dusan Duffek 

Co-Founder, Reflect 

“All these bright minds have been 

brought together determined to make 

a step change on how we make Cyprus 

a regional – if not global – hub for 

sciences, technology, and start-ups.” 

Kyriacos Kokkinos 

Deputy Minister to the President 

of Cyprus for Research, 

Innovation & Digital Policy 

“During the last five years, the 

IT ecosystem of Cyprus has 

been massively disrupted.” 

Alexey Gubarev 

Co-founder at Servers.com and Cofounder 

and Board Member at Palta 

“Cyprus already has a lot of 

what it takes to become a very 

appealing and internationally 

successful technology hub.” 

Arthur Mamedov 

COO, TheSoul Publishing 

“The Cyprus tech ecosystem has been 

steadily growing, and a significant 

acceleration came especially in the 

past few years. We’ve teamed up to 

strengthen the prospects of Cyprus 

as a tech hub. Cyprus of such high 

international standards will attract 

many professionals and global 

technology companies. In return, the 

technology sector will have a key role 

in helping the government transform 

the economy by contributing to a 

new sustainable growth model.” 

Stylianos Lambrou 

Serial entrepreneur and Founding 

Member of Techisland 

FIND OUT 

MORE 

www.reflectfest.com 

www.thetechisland.org 

37



BUSINESS OPERATING ENVIRONMENT 

Doing Business 

in Cyprus 

Nicosia 

Cyprus’ business-friendly infrastructure and can-do attitude has brought 

it worldwide recognition as an international business centre. The country 

offers a winning package for both international entrepreneurs and investors 

with its sophisticated business environment, highly skilled workforce and cost-effective, 

yet high quality of life. 

BUSINESS CULTURE 

Respect, hospitality and personal trust are the cornerstones of the Cypriot business 

environment. An island nation with a long history of dealing with foreign 

traders and businesses, Cypriot businesspeople are international in their outlook 

and astute and knowledgeable in their negotiations. Punctuality is expected, business 

dress is formal for both men and women, especially at the beginning of a 

business relationship, and even in warm weather. Most Cypriots prefer face-to-face 

meetings to telephone conferences or written communications, which are regarded 

as too impersonal, and place great importance on building personal relationships 

with business partners or connections. Trust is the key to successful business 

dealings in Cyprus. 

38



LANGUAGE 

Greek and Turkish are the official languages of Cyprus. However, English, the 

legacy of the British who ruled Cyprus from 1878 to 1960, is widely spoken and is 

the language of business. Many Cypriots also speak French, German or Russian. 

BUSINESS HOURS 

Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to 

Friday. Although in summer some offices take a longer lunch break or finish early. 

BUSINESS COSTS 

An EU base within the eurozone, Cyprus remains one of the few international 

business centres offering low operational costs and a high standard of living. Office 

space and residential property in Nicosia, the capital and major business centre, is 

relatively inexpensive when compared to other European capitals. 

In terms of cost of living, Cyprus remains one of the most advantageous places 

to live, with cost of living lower than in most Western European countries. At the 

same time, residents of Cyprus enjoy a high standard of living and exceptional 

quality of life, as the balmy climate and low crime rate offer both comfort and 

peace of mind. 

Business Costs 

Cyprus EU27 Average 

Labour (business sector) €15.30 €27.80 

Telecommunications (Local) €0.18 for a 10-minute local call €0.41 

Telecommunications (overseas) €0.65 €1.71 

Electricity (households) €0.2236/kWh €0.2160/kWh 

Electricity (non-households) €0.1800/kWh €0.1200/kWh 

*Source: Eurostat (May 2020) 

Trilogy, Limassol 

39

Before you reach the 

back cover of this issue, 

we'll have reported, 

filed and settled 

one more claim. 

Changing insurance. 

One policy at a time. 

www.hellasdirect.com.cy



TAXATION 

Cyprus offers one of the most attractive tax regimes in Europe. A member of the 

European Union since 2004, Cyprus’ regulatory regime is in full compliance with 

the requirements of the EU and OECD. Cyprus has one of the lowest EU corporate 

tax rates at 12.5%. The island’s advantageous tax rate coupled with an extensive list 

of double tax treaties places it high on the list of preferred jurisdictions for international 

tax planners. 

The Corporation Tax Rate: 12.5% 

CORPORATION TAX 

BASIS OF TAXATION 

All companies that are tax residents of Cyprus are taxed on their income accrued 

or derived from all sources in Cyprus and abroad. A non-Cyprus tax resident 

company is taxed on income accrued or derived from a business activity which is 

carried out through a permanent establishment in Cyprus and on certain income 

arising from sources in Cyprus. A company is considered tax resident of Cyprus if 

it is managed and controlled from Cyprus. 

VAT 

The standard rate of 19% applies to the supply of all goods and services in Cyprus 

which are not subject to the zero rate, the reduced rates (5% and 9%) or are not exempt. 

41



Key Features of the Cyprus Tax System 

w Simple, transparent and EU 

harmonised tax system following 

recommended OECD practices 

w Enjoys the tax benefits of EU 

Directives (Parent – Subsidiary 

Directive, Merger Directive and 

Interest and Royalties Directive) 

w Extensive Tax Treaty network 

with 66 countries 

w A corporate income tax rate of 

12.5%, one of the lowest within 

the EU with possibility to enjoy 

a much lower effective tax rate 

w Availability of a Notional Interest 

Deduction for companies 

receiving new equity funding. 

The tax deduction can reach up 

to 80% of the taxable income 

generated by the new equity 

w IP Box regime based on the 

nexus approach which allows 

80% deemed deduction on 

qualifying profits from the 

business use of qualifying IP 

w Attractive Tonnage Tax (TT) 

regime for ship owners, 

managers and charterers 

w Attractive tax jurisdiction 

for funds and attractive tax 

regime for fund managers 

w Capital gains are exempt 

from tax (except for capital 

gains arising from the 

disposal of immovable 

property located in Cyprus) 

w Profits of a foreign Permanent 

Establishment exempt from tax 

w Gains from trading in securities 

(shares, bonds and certain 

other financial instruments) 

are exempt from tax 

w Unilateral credit relief 

for foreign taxes 

w No withholding tax on dividend, 

interest or royalty payments 

(for use of royalties outside 

of Cyprus) made abroad 

w No taxes on entry and on 

qualifying reorganisations 

w Carry forward of tax 

losses for five years 

w Tax incentives for expatriate 

employees taking up 

employment in Cyprus 

(20%/50% exemption) 

w Dividend income and interest 

income are exempt from SDC 

for non-domiciled individuals 

taking up tax residency in Cyprus 

w Possibility to obtain Cyprus 

tax residency by spending 

only 60-days in Cyprus 

(subject to conditions) 

w No inheritance tax 

w No immovable property tax 

42



Personal Income Tax 

BASIS OF TAXATION 

All Cyprus tax residents are taxed in Cyprus on all income accrued or derived 

from all sources in Cyprus and abroad such as employment income, rental income 

etc. (i.e. worldwide income). Individuals who are not tax residents of Cyprus are 

taxed on income accrued or derived from sources in Cyprus. An individual is tax 

resident in Cyprus if one of the following conditions are met: 

• he/she spends physically in Cyprus over 183 

days during the relevant tax year, or; 

• he/she does not remain in any other state for one or more periods 

which altogether exceed 183 days in the same tax year and he/ 

she is not tax resident in any other state for the same tax year 

and all the following conditions are cumulatively met: 

• he/she should remain in Cyprus for at least 60 days during the tax year; 

• he/she should pursue any business in Cyprus and/or to 

work in Cyprus and/or to be a director in a company tax 

resident in Cyprus at any time during the tax year; 

• he/she should maintain a permanent residence in Cyprus, 

which can be either owned or rented by him/her 

PERSONAL TAX RATES 

The following income tax rates apply to individuals: 

Taxable Income TaxRate (%) Tax (€) Cumulative Tax (€) 

0-19,500 0 0 0 

19,501- 28,000 20 1,700 1,700 

28,001-36,300 25 2,075 3,775 

36,301-60,000 30 7,110 10,885 

60,001 and over 35 

TAX INCENTIVES FOR EXPATRIATE EMPLOYEES 

TAKING UP EMPLOYMENT IN CYPRUS: 

The individuals who were non-Cypriot tax residents prior to the commencement 

of their employment, but become Cypriot tax residents afterwards, are eligible for 

a 50% exemption from income tax if all the following conditions are met: 

• their remuneration from the employment exercised 

in Cyprus is over €100,000 per annum; and 

• they were not tax residents of Cyprus for any three out of the last five 

years prior to the commencement of their employment and they were 

not tax residents of Cyprus in the year preceding their employment 

43

CYPRUS 

A Reliable International 

Business Centre 

• Strategic location at the crossroad of Europe, Asia and Africa 

• EU and Eurozone Member State 

• Low cost of doing business for high-quality professional services 

• Modern and transparent legal and regulatory framework 

• Extensive network of Double Tax Treaties 

• Attractive corporate tax environment 

• Strong business support services 

• Highly educated workforce 

• High quality of life under secure living conditions 

ts@meci.gov.cy 

www.meci.gov.cy



The exemption is available from the first year of employment and can be enjoyed 

for a period of ten years. Individuals with annual remuneration below €100,000 

who were non-Cypriot tax residents in the year preceding their employment, but 

become Cypriot tax residents afterwards, are eligible for a 20% exemption from 

income tax for every year until the end of 2025 (maximum exempt amount is 

€8,550 per year). The exemption is available from the 1st January following the 

year of commencement of the employment. 

(It is important to note that the above provisions may be amended during 2022, 

since there is an intention by the Government to amend the relevant legislation in 

order to introduce more favourable provisions, as part of its wider strategy for attracting 

businesses to Cyprus.) 

Limassol Marina 

COMMERCIAL AND RESIDENTIAL PROPERTY 

Cyprus offers a full range of properties for both commercial and residential use 

situated in key locations across the island. While the exclusive, top-level market 

is currently the most sought after, the island has a good stock of properties available, 

from townhouses and apartments, to villas and seaside bungalows in five-star 

gated developments. Nicosia and Limassol are the main business centres. Office 

space is available in purpose-built office blocks, in converted houses or flats. A 

number of business centres also offer ready-to-move-into offices. They usually 

include fully equipped offices that are available on demand with flexible terms, 

meeting rooms and a receptionist service. Overall, rentals are around two-thirds 

of those charged for comparable commercial spaces in continental Europe, and 

offices, retail or other commercial space is widely available for purchase or for rent. 

45



Comparison of Estimated Average Rent Levels 

for Flats, 2020 (Brussels = 100) 

Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2020. 

Source: Eurostat 

300 

European 

Union 

Europe 

(others) 

200 

100 

Dublin 

Copenhagen 

Paris 

Stockholm 

Luxembourg 

Helsinki 

Madrid 

The Hague 

Berlin 

Lisbon 

Budapest 

Valletta 

Rome 

Prague 

Vienna 

Tallinn 

Ljubljana 

Vilnius 

Brussels 

Athens 

Zagreb 

Bratislava 

Warsaw 

Riga 

Bucharest 

Nicosia 

Sofia 

London 

Geneva 

Rejkjavik 

Oslo 

Podgorica 

249 

214 

205 

194 

196 

180 

154 

139 

129 

127 

117 

122 

115 

113 

118 

99 

101 

101 

100 

90 

92 

86 

85 

78 

83 

69 

53 

287 

234 

179 

166 

61 

0 

COMMERCIAL PROPERTY 

In terms of office rental prices, the most expensive city is Limassol with €18 per 

square metre. In Nicosia, it is €15 per sq.m, in Larnaca and Paphos €12 per sq.m 

and in Famagusta €10 per sq.m. 

Office Rental Prices per City 

Sale Prices (per m 2 ) Rental Prices (per m 2 ) 

Famagusta €1,500 €10 

Larnaca €2,000 €12 

LImassol €4,000 €18 

Nicosia €3,200 €15 

Paphos €1,800 €12 

Source: Danos International Property Consultants 

HUMAN RESOURCES 

Well-trained and versatile, the Cypriot workforce is one of the island’s most valuable 

resources, offering high standards of productivity, technical expertise and 

professional excellence at reasonable costs to businesses. 

According to the Statistical Service in Cyprus, the country records the most 

higher education graduates per capita (age 30-34) in the European Union. 

The island’s labour force numbers some 416,500 persons in the Republic of 

Cyprus, with some 78.3% working in the services sector, 19.1% in industry and 

only 2.6% in agriculture. 

46



SALARY SURVEY 2021 Source: GRS Recruitment 

JOB TITLE LOW MID HIGH 

Management 

CEO 60,000 100,000 150,000 

Executive Director 60,000 100,000 140,000 

CFO 50,000 80,000 110,000 

Accounting & Finance 

Financial Controller 45,000 57,000 70,000 

Finance Manager/Senior Accountant 40,000 45,000 70,000 

Accountant/Auditor (Qualified) 30,000 38,000 45,000 

Accountant/Auditor (Part Qualified or QBE) 20,000 26,000 32,000 

Account Assistant 15,000 20,000 24,000 

HR Department 

Head of HR / Group of HRM 60,000 80,000 120,000 

HR Manager 35,000 50,000 65,000 

HR Executive 16,000 20,000 24,000 

Legal Deparment 

Head of Legal / Group Legal Head 60,000 90,000 130,000 

Legal Advisor (Qualified Lawyer) 20,000 37,500 55,000 

Legal Assistant / Paralegal / None Qualified Lawyer 15,000 18,000 22,000 

Compliance, Anti-Money Laudering (AML), Counter- Terrorist Financing (CTF) 

Head of Compliance 50,000 62,500 75,000 

Compliance/AM/CTF/Manager 40,000 45,000 50,000 

Compliance/AM/CTF/ Officer 25,000 32,000 40,000 

Dealing Room 

Chief Dealer 44,000 52,000 60,000 

Dealer 24,000 33,000 42,000 

Junior Dealer 17,000 19,500 22,000 

IT Development 

Head of IT/ CTO 50,000 70,000 120,000 

IT Manager/ Development Manager 40,000 60,000 80,000 

Quality Assurance (QA) / Tester 24,000 32,000 45,000 

IT Technician 18,000 24,000 30,000 

Developer 25,000 40,000 65,000 

Marketing Department 

Head of Marketing 40,000 50,000 70,000 

Marketing Officer 24,000 28,000 35,000 

Digital Marketing Specialist (Social, PPC/SEO) 24,000 32,000 40,000 

Marketing Executive 15,000 19,000 24,000 

Sales Department 

Head of Sales 40,000 58,000 75,000 

FX Sales 18,000 22,000 30,000 

Sales Executive (Industries other than FX/Fintech) 14,000 18,000 22,000 

Administration 

Office Manager/ Personal Assistant 16,000 25,000 36,000 

Administator/ Receptionist 15,000 18,000 24,000 

Corporate Administrator 22,000 30,000 40,000 

Graphic Designer 20,000 35,000 40,000 

48

Flavours 

oF 

Cyprus 

ts@meci.gov.cy 

www.meci.gov.cy



Who’s Who - Cyprus Business Directory 

The definitive guide to Cyprus’ leading companies, 

executives and professional advisers. 

50



ACCOUNTING & AUDITING 

Baker Tilly South East Europe........................................................................................ 6 

Deloitte Cyprus................................................................................................................. 9 

EY Cyprus .......................................................................................................................10 

Grant Thornton Cyprus.................................................................................................11 

Joannides + Co Ltd.........................................................................................................12 

KPMG..............................................................................................................................12 

Nexia Poyiadjis ...............................................................................................................14 

PwC Cyprus....................................................................................................................15 

ServPro Accountants & Consultants...........................................................................16 

BANKING 

AstroBank Public Company Limited............................................................................. 5 

Bank of Cyprus PLC......................................................................................................... 6 

cdbbank (The Cyprus Development Bank Public Company Ltd)............................. 6 

RCB Bank Ltd.................................................................................................................15 

CONSULTING 

e-CNHC (E-C Natural Hydrocarbons Company Ltd)................................................ 9 

CORPORATE & FIDUCIARY SERVICES 

Aspen Trust Group........................................................................................................... 5 

IQ-EQ (Cyprus) Limited...............................................................................................12 

Oneworld Ltd..................................................................................................................14 

Raza Corporate Services Ltd.........................................................................................15 

Trident Trust Company (Cyprus) Ltd.........................................................................17 

Vistra (Cyprus) Limited................................................................................................18 

ECONOMIC ANALYSIS 

Sapienta Economics.......................................................................................................15 

ENERGY 

Cyprus Hydrocarbons Company (CHC)...................................................................... 8 

Natural Gas Public Company (DEFA).........................................................................13



EXECUTIVE EDUCATION 

European Institute of Management and Finance (EIMF).........................................10 

FINANCIAL ADVISORY 

MAP S.Platis Group.......................................................................................................13 

FUND & ASSET MANAGEMENT 

GMM Group...................................................................................................................10 

Leon MFO Investments Ltd..........................................................................................13 

Oneworld Plus Management........................................................................................14 

Wealth Fund Services Ltd..............................................................................................18 

INSURANCE 

Hellas Direct....................................................................................................................11 

Royal Crown Insurance Co Ltd....................................................................................15 

INVESTMENT PROMOTION AGENCY 

Invest Cyprus..................................................................................................................12 

INVESTMENT SERVICES 

EFG Cyprus Limited......................................................................................................10 

One Plus Capital Ltd......................................................................................................14 

Windsor Brokers Ltd......................................................................................................18 

LAW FIRMS 

A Karitzis & Associates LLC........................................................................................... 5 

A.G. Paphitis & Co LLC.................................................................................................. 5 

Elias Neocleous & Co LLC............................................................................................10 

L Papaphilippou & Co LLC...........................................................................................12 

Michael Chambers & Co. LLC......................................................................................13 

Patrikios Pavlou & Associates LLC..............................................................................14 

Stelios Americanos & Co LLC......................................................................................16 

NON-PROFIT ORGANISATION 

Cyprus Seeds..................................................................................................................... 8 

3



PROFESSIONAL BODIES & INDUSTRY ASSOCIATIONS 

Association of Cyprus Banks.......................................................................................... 5 

Cyprus Cannabis Association (CYCA)......................................................................... 7 

Cyprus Chamber of Commerce and Industry.............................................................. 7 

Cyprus Fiduciary Association......................................................................................... 7 

Cyprus Healthcare Tourism (CHT)............................................................................... 7 

Cyprus Hotel Association................................................................................................ 7 

Cyprus International Businesses Association (CIBA)................................................. 8 

Cyprus Investment Funds Association (CIFA)............................................................ 8 

Cyprus Shipping Chamber.............................................................................................. 8 

Cyprus Union of Shipowners.......................................................................................... 9 

Insurance Association of Cyprus..................................................................................11 

Society of Trust and Estate Practitioners (STEP) ......................................................16 

TechIsland.......................................................................................................................17 

The Cyprus Employers & Industrialists Federation (OEB)......................................17 

The Cyprus Tech Association.......................................................................................17 

The Institute of Certified Public Accountants of Cyprus (ICPAC)..........................17 

REAL ESTATE & PROPERTY 

Cybarco Development Ltd.............................................................................................. 6 

Trilogy Limassol Seafront..............................................................................................18 

RECRUITMENT 

CareerFinders Recruitment Services Limited.............................................................. 6 

SOFTWARE & IT SERVICES 

NETinfo Plc.....................................................................................................................13 

TELECOMS & INTERNET 

Cyta.................................................................................................................................... 9 

Cytaglobal.......................................................................................................................... 9 

TRANSPORT & LOGISTICS 

Hermes Airports.............................................................................................................11 

Skylink Services Ltd.......................................................................................................16 

Swissport (Cyprus) Limited..........................................................................................16 

WEB DEVELOPMENT 

Ideaseven Digital Solutions...........................................................................................11 

4



ANTONIS KARITZIS 

MANAGING DIRECTOR 

A. KARITZIS & ASSOCIATES L.L.C 

(“AK”) is a full-service, innovative and forward-thinking Cyprus Law Firm 

headquartered in Limassol, Cyprus, with offices also in Athens, Greece. We 

offer all major practice area disciplines and boasts a diverse portfolio of clients 

ranging from local to global businesses and corporations and to non-profit 

organisations, to SMEs, large groups of companies and to private individuals 

of all levels of wealth. We pride ourselves in being committed to achieving the 

most desirable outcome for our clients in a cost-effective, time-efficient and 

highly-qualitative manner, offering precise, effective and pragmatic advice/ 

solutions at all times. 

228 Arch. Makarios III Avenue, Agios 

Pavlos Court, Block B, 4th Floor 

3030 Limassol - Cyprus 

P.O. Box: 58244, 3732 Limassol - Cyprus 

T: (+357) 25 028 114 

Contact: Antonis Karitzis – Managing Director 

E: antonis@karitzis.com 

W: www.karitzis.com 

ANGELOS G. PAPHITIS 

MANAGING PARTNER 

A.G.PAPHITIS & CO. LLC 

AGP & Co is a highly reputable, leading, dynamic and award winning Law Firm. 

Our reputation for excellence is recognized worldwide. Based in Cyprus with 

strong international presence, we serve our clients as a team, with a common 

focus on innovation, efficiency and agility. We provide full service Legal, 

Corporate, FS Advisory & Regulatory Compliance/AML, Tax, Immigration and 

Real Estate services. AGP & Co consists of the following main departments: 

Dispute Resolution; Corporate/Commercial; FS Advisory & Regulatory 

Compliance; Real Estate & Immigration; Tax-Accounting-Audit. Delivering 

excellent client service that benefits from long and lasting relationships, we 

are dedicated to providing our clients with superior results. 

“AGP Chambers”, 84 Spyrou Kyprianou Avenue, 


Postal Address: P.O.Box 58419, 


T: (+357) 25 731 000 

Contact: Angelos G. Paphitis - Managing Partner 

E: angelos.paphitis@agplaw.com 

W: www.agplaw.com 

MARINA ZEVEDEOU 

CO-FOUNDER AND CEO 

ASPEN TRUST GROUP 

The Aspen Trust Group is a leading corporate service and financial planning 

provider; established in 1998 and licensed by ICPAC, our Group provides 

International Structuring and Tax Management solutions to Corporates 

and High Net Worth Individuals. Specific services include entity setup and 

management, legal and administration support, banking and tax compliance, 

financial management and restructuring, re-domiciliation, patent registration, 

residency and citizenship, cross- border mergers, family office services and 

headquartering. We build long term, trusted relationships with clients and 

associates, aiming to add value to their businesses and be part of their success 

stories. Our team consists of qualified accountants, lawyers and MBA-holders 

who undergo rigorous training to provide tailor-made solutions. 

77 Limassol Avenue 

Elia House, Nicosia 2121 - Cyprus 

T: (+357) 22 418 730 

Contact: Marina Zevedeou - 

Co-founder and CEO 

E: marina.zevedeou@aspentrust.com 

W: www.aspentrust.com 

DR. MICHAEL KAMMAS 

DIRECTOR GENERAL 

ASSOCIATION OF CYPRUS BANKS 

Through its representation of ten member banks that hold more than 90% market 

share, the Association of Cyprus Banks (ACB) is the voice of the local banking 

system. Its primary aim is to promote best practices for the interest of the banking 

sector and the local economy. The ACB is a non-profit organization through which 

common positions are formulated and promoted on banking and financial issues 

when local legislative and governmental policies are determined. Through its 

more than 50 years of operations, the ACB has gained the reputation of a prudent, 

reliable and consistent partner for various policy makers, organizations, media, 

institutions and the local society. 

15 Demetriou Karatasou Str, Office 401, 

P.O. Box 16113, 2086 Nicosia - Cyprus 

T: (+357) 22 664 293 

Contact: Dr. Michael Kammas 

- Director General 

E: info@acb.com.cy 

W: www.acb.com.cy 

ARISTIDIS VOURAKIS 

CHIEF EXECUTIVE OFFICER 

ASTROBANK PUBLIC COMPANY LIMITED 

AstroBank is a Cyprus licensed Banking Institution established in 2008 and 

operating under the supervision of the Central Bank of Cyprus. AstroBank 

maintains a network of 14 branches and business units across Cyprus and 

is well-established in the local market, offering a comprehensive package of 

innovative and technologically advanced products and services tailored to the 

needs of its local and international clientele. AstroBank’s operations are based 

on four pillars: Retail, Corporate/SME, Private and International Business 

Banking. Aiming to enhance competitiveness and contribute to the country’s 

business environment, AstroBank invests in technology and innovation, 

constantly upgrading its services, promoting new products, exploring new 

business opportunities and cultivating a culture of cooperation and mutual 

respect with its clients. 

1 Spyrou Kyprianou Ave., 1065 Nicosia - Cyprus 

T: (+357) 22 575 555 

E: info@astrobank.com 

W: www.astrobank.com 

5



MARIOS A. KLITOU 


BAKER TILLY SOUTH EAST EUROPE 

Baker Tilly South East Europe is a full-service accounting and advisory firm, 

that offers industry specialised services in assurance, tax and advisory. Every 

day, more than 500 professionals located in 16 offices throughout South East 

Europe (Cyprus, Greece, Romania, Bulgaria and Moldova) share their expertise 

to accelerate your business growth, by operating under a unified structure, 

directed by a single, central management team of 44 directors. At Baker Tilly, 

we are ready now, for tomorrow’s challenges. We believe in the power of great 

relationships, by leading and listening to great conversations. Baker Tilly South 

East Europe is an independent member of Baker Tilly International, one of the 

world’s leading networks, uniting independent companies to provide top-quality 

professional services in both international and regional markets. 

Corner C Hatzopoulou & 30 

Griva Digheni Avenue, 

1066 Nicosia, Cyprus P.O.Box 

27783, 2433 Nicosia - Cyprus 

T: (+357) 22 458 500 

Contact: Marios A. Klitou - 

Chief Executive Officer 

E: info@bakertilly.com.cy 

W: www.bakertilly.com.cy 

PANICOS NICOLAOU 


BANK OF CYPRUS PLC 

Established in 1899, Bank of Cyprus is currently the leading banking and financial 

services Group in Cyprus, operating 90 branches in Cyprus and representative 

offices in Russia, Ukraine and China. The Group is the only corporation in the 

region fully complying with the UK Corporate Governance Code, the Cyprus 

Stock Exchange Code, and the Central Bank of Cyprus Directive on governance 

and management arrangements in credit institutions. Since early 2014, the 

Bank has engaged in a very demanding and rigorous anti financial crime 

remediation programme which has successfully been implemented by the end 

of 2015. The Bank is listed on the London Stock Exchange, which has the most 

demanding and strict corporate governance codes internationally. 

51 Stassinou, 2002 Strovolos, Nicosia - Cyprus 

T: (+357) 22 128 000 

Contact: Emilios Tannousis - 

Manager Wealth Management 

E: info@bankofcyprus.com 

W: www.bankofcyprus.com 

SOPHIE ARISTODEMOU 

CO-FOUNDER 

CAREERFINDERS RECRUITMENT SERVICES LIMITED 

CareerFinders Recruitment Services Limited is one of Cyprus’ most wellrespected 

and established providers of tailor-made recruitment solutions to 

many of the largest and most well-known local and international companies 

operating across the Island. With offices in both Nicosia and Limassol, our 

highly experienced team of recruitment professionals have the knowledge and 

expertise to ensure that our clients receive the most suitable and well-qualified 

candidates to suit their recruitment needs. The industry sectors we service 

include Accounting/Audit, Legal, Corporate/Fiduciary, Information Technology, 

Shipping, Oil & Gas, Banking/Finance and many more. If you are a company 

seeking to recruit the very best talent in Cyprus, please contact us today. 

Head Office: 6th Floor, Athlos Building, 

28 Nikis Avenue, Nicosia 1086 - Cyprus 

T: (+357) 22 002 285 

Contact: Sophie Aristodemou, Director 

E: jobs@careerfinders.com.cy 

W: www.careerfinders.com.cy 

LOUCAS MARANGOS 

CEO 

CDBBANK (The Cyprus Development Bank Public Company Ltd) 

Founded in 1963, cdbbank (Cyprus Development Bank) is today one of the 

country’s leading niche financial institutions dedicated to satisfying the needs of 

domestic and international clients. cdbbank offers a wide range of specialised 

financial services and products, designed to accommodate the sophisticated 

requirements of its clientele which consists of corporate and institutional 

clients and high net worth individuals. The Bank’s vision is to be the reference 

Bank for businesspeople. Relying on its long-term experience and high level of 

expertise, cdbbank aspires to establish long-term relationships of trust with its 

clients, always delivering excellence and value. 

50 Arch. Makarios III Ave., 1065 Nicosia - Cyprus 

T: (+357) 22 846 500 

Contact: Liza Philippou - Head, Network 

Business and Communication 

E: info@cdb.com.cy 

W: www.cdb.com.cy 

MICHALIS 

HADJIPANAYIOTOU 

CEO 

CYBARCO DEVELOPMENT LTD 

Cybarco is the leading luxury property developer in Cyprus. Part of the 

prestigious Lanitis Group, Cybarco is behind many of the island’s landmark 

projects, including world-class Aphrodite Hills Golf Resort, Akamas Bay Villas, 

Sea Gallery Villas, The Oval, Limassol Marina – the first residential marina 

project in the whole of Cyprus – and Trilogy Limassol Seafront. Cybarco is also 

responsible for the exclusive sales of the luxury properties at Limassol Greens. 

With over 70 years’ experience at the top of its industry, Cybarco has earned its 

reputation for outstanding quality and dedicated customer care by consistently 

delivering projects to the highest standards. 

10 Tefkrou Anthia Street, 

Dali Industrial Zone, 2540 Nicosia - Cyprus 

T: (+357) 22 741 300 

Contact: Michalis Hadjipanayiotou - CEO 

E: info@cybarco.com 

W: www.cybarco.com 

6



ANDRIA ANDREOU 

PRESIDENT 

CYPRUS CANNABIS ASSOCIATION (CYCA) 

CYCA was formed in October 2019 under the auspices of Cyprus Chamber of 

Commerce & Industry. We are leading the collective of individuals and businesses 

that will build the legal Cannabis Eco-system in Cyprus, and advancing the 

interests of a responsible, compliant, transparent and high-quality industry. As 

global recognition of the benefits of legal Cannabis increases with governments 

around the world steadily moving to full legalization, there is a burgeoning 

need for high-quality products with known components; cultivated at large 

scale for consistent, reliable supply to users. Cyprus is primely positioned 

as an attractive center of excellence for production; research; genetics, and 

intellectual property from which the legal Cannabis industry can flourish. 

38 Grivas Dhigenis Ave. & 3 Deligiogis 

1066 Nicosia - Cyprus 

T: (+357) 99 672 366 

Contact: Andria Andreou - President 

E: a.andreou@cy-ca.org 

W: www.cy-ca.org 

CHRISTODOULOS E. 

ANGASTINIOTIS 

PRESIDENT 

CYPRUS CHAMBER OF COMMERCE AND INDUSTRY 

The Cyprus Chamber of Commerce and Industry (CCCI) membership exceeds 

10.000 enterprises representing over 95% of the local business community. 

152 Professional Associations are affiliated to the CCCI including 41 Bilateral 

Associations. Its wide range of services include advisory, provision of business 

information, foreign trade exhibitions, trade missions & business fora abroad, 

business training courses & seminars, advice on European Union issues, 

labour relations matters, issue of Certificates of Origin and ATA-CARNETS and 

participation in EU programmes. CCCI is a full member of 12 International 

organizations including Eurochambres, the International Chamber of Commerce, 

SME United, Eurocommerce, GS1 and many other international organisations. 

Follow us on twitter @ccci_cyprus. 

38, Grivas Digenis Ave. & 

3 Deligiorgis Str. Chamber Building - Cyprus 

T: (+357) 22 660 066 

Contact: Marios Tsiakkis, Secretary General 

E: secgen@ccci.org.cy 

W: www.ccci.org.cy 

CHRISTOPHOROS 

KOUTOUROUSSIS 

PRESIDENT 

CYPRUS FIDUCIARY ASSOCIATION 

The Cyprus Fiduciary Association (CYFA), established in 2011, is the 

representative body of regulated Administrative Service Providers (ASP’s) in 

Cyprus. With a vision to assist in forming a solid international business sector 

in Cyprus operating on high professional standards, ethics and integrity, the 

Association aims to serve industry providers by promoting their interests, 

raising sector awareness, supporting their operations, contributing to new 

legislations and delivering valuable training to professionals. The Association’s 

commitment to its purpose has established it among the most reputable and 

recognised organisations within the country, before public and regulatory 

authorities, other associations, as well as the business community in Cyprus 

and overseas. 

1, Menandrou Street, Frosia House, 

4th floor, Office 401, 1066, Nicosia - Cyprus 

T: +357 22 256 263 

E: info@cyfa.org.cy 

W: www.cyfa.org.cy 

DR NITSA KILIARI 

PRESIDENT 

CYPRUS HEALTHCARE TOURISM (CHT) 

The Cyprus Healthcare Tourism (CHT) is a non-profit organization that was 

founded in November 2006 after an initiative taken by the Cyprus Chamber of 

Commerce and Industry (CCCI) aiming to develop and promote Cyprus as a high 

quality Health Tourism destination. The CHΤ currently has more than 80 members 

who are actively involved in the Cyprus Health Tourism Industry. These vary from 

state-of-the-art hospitals and clinics to specialized travel agencies, wellness 

and rehabilitation centres as well as consulting firms. Most of the largest and 

best equipped hospitals are members of the CHΤ and they are all licensed by the 

Cyprus Government and comply with EU regulations. Some of them have moved a 

step ahead towards gaining international accreditations. 

38 Grivas Dighenis & 3 Deligiorgis 

Street, Nicosia - Cyprus 

T: (+357) 22 889 744 

Contact: Polis Peratikos - Executive Secretary 

E: cyprushealth@ccci.org.cy 

W: www.cyhealthservices.com 

HARIS LOIZIDES 

PRESIDENT 

CYPRUS HOTEL ASSOCIATION 

The Cyprus Hotel Association is the Hoteliers National Trade Union. The history of 

its foundation goes back to the beginning of the 1930s. Today the vast majority of 

all hotel establishments and other licensed tourist accommodation units, all over 

Cyprus, are members of the Cyprus Hotel Association. The most important aims 

of the Association are as follows: The protection and promotion of the interests 

of the hoteliers as employers and as professionals, as well as of the interests 

of Cyprus in general; The promotion and upgrading of the Cyprus tourism 

development; The upgrading and development of the hotel establishments 

in Cyprus and the improvement of the professional level of the hoteliers; The 

solidarity between its members. 

Andreas Araouzos Str., No 12, 

Hesperides Building, 1076 Nicosia - Cyprus 

T: (+357) 22 452 820 

Contact: Philokypros Roussounides 

- Director General 

E: cha@cyprushotelassociation.org 

W: www.cyprushotelassociation.org 

7



DEMETRIS C. FESSAS 

ACTING DIRECTOR GENERAL 

CYPRUS HYDROCARBONS COMPANY (CHC) 

CHC is the National Oil and Gas Company of Cyprus. As a state-owned company, 

CHC undertakes the commercial management of the ownership rights of the 

Republic of Cyprus that arise from the contracts with which it has entered into with 

oil and gas companies within its Exclusive Economic Zone. The vision of CHC is 

aligned with that of the Government of Cyprus, which is to ensure the sustainable 

development of hydrocarbon resources present in the Exclusive Economic Zone of 

the Republic of Cyprus, in order to maximize the benefits for Cypriot society and 

future generations. 

53 Strovolou Avenue, Victory Building, 

2018 Strovolos, Nicosia - Cyprus 

T: (+357) 22 203 880 

Contact: Demetris Fessas – 

Acting Director General 

E: d.fessas@chc.com.cy 

W: www.chc.com.cy 

DOXIA NIKIA 

HADJIVASSILIOU 

PRESIDENT 

CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION 

CIBA is a non-governmental, fully independent association, financed by membership 

fees only. Its activities and initiatives are organised and carried out by its General 

Secretary and Executive Committee of (max.) 12 persons. CIBA represents and 

safeguards the interests of the international businesses, their shareholders, 

managers and staff. The authorities recognize that CIBA represents the whole 

of the international business community in Cyprus and that it is instrumental in 

finding compromises between the required EU-driven legislation and international 

business requirements. CIBA annually awards the prestigious CIBA Excellence 

award to a member company that fulfils the specific criteria as set out by the 

Association. 

10 Pikionis Street, Highsight House 


T: (+357) 25 583 400 

Contact: Andreas Pishias - General Secretary 

E: ciba@ciba-cy.org 

W: www.ciba-cy.org 

ANDREAS YIASEMIDES 

PRESIDENT 

CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA) 

CIFA is the Association of professionals, businesses, and organizations 

involved in the Investment Funds and Asset Management Sector in Cyprus. 

CIFA has more than 370 members, legal and physical. The Mission of CIFA is 

to: Help its members capitalize on industry trends; Shape regulation; Enhance 

professionalism, integrity, and quality and Promote the Cyprus Investment Fund 

Industry. The Board is comprised of highly reputable industry professionals 

experienced in all aspects of the industry. CIFA is a full member of the European 

Funds and Asset Management Association and the International Investment 

Funds Association. The fund industry in Cyprus has been on a continuous 

increase, with Assets under Management reaching almost €10 billion. 

Severis Building, 9 Makarios III Ave., 

4th Floor, Lefkosia 1065 - Cyprus 

T: (+357) 22 441 133 

Contact: Maria Panayiotou - Board Secretary 

E: info@cifacyprus.org 

W: www.cifacyprus.org 

MARIA MARKIDOU 

GEORGIADOU 


CYPRUS SEEDS 

Cyprus Seeds is a non-profit organization with the mission to support the 

commercialization of innovative academic research taking place in Cypriot 

universities and research institutions. To achieve its objectives, Cyprus Seeds 

offers a very competitive 12M program to a small number of research teams, 

from any area/field, whose projects have strong IP value and market potential. 

In addition to grants, it offers mentoring, business skills training as well as 

networking with the business community and possible investors. Cyprus Seeds 

is largely funded through the generosity of Foundations, corporations and 

individuals in Cyprus and abroad. 

Antinou 18, Strovolos, Nicosia, 2034 - Cyprus 

T: (+357) 22 364 522 

Contact: Maria Markidou Georgiadou 

- Managing Director 

E: maria@cyprusseeds.com 

W: www.cyprusseeds.com 

THOMAS A. KAZAKOS 

DIRECTOR GENERAL 

CYPRUS SHIPPING CHAMBER 

The Cyprus Shipping Chamber is the trade association of the Shipping Industry 

in Cyprus. The main purpose of the Chamber is to promote the interests of 

Cyprus Shipping and to further the reputation of the Cyprus flag. The Chamber 

also acts as a lobbying group for the promotion and safeguard of the legitimate 

interests of its Member-companies, at national and international level. On 

the local front, the Chamber co-operates very closely with the Government 

in all shipping related matters. Moreover, the Chamber operates as a roving 

ambassador of Cyprus Shipping through its membership and active participation 

at the International Chamber of Shipping (ICS) and the European Community 

Shipowners’ Associations (ECSA). 

City Chambers, 6 Regas Fereos Str. 

P.O.Box 56607, 3309, Limassol - Cyprus 

T: (+357) 25 360 717 

Contact: Thomas A. Kazakos – Director General 

E: csc@csc-cy.org 

W: www.csc-cy.org 

8



MICHAEL FILIPPOU 

CEO 

CYPRUS UNION OF SHIPOWNERS (CUS) 

Cyprus Union of Shipowners, as the major representative Organization of the 

Cyprus Flag vessels, is committed to the firm growth of our National Registry 

and the establishment of Limassol as a world-class Maritime Centre. The 

cooperation between our Union, the Shipping Deputy Ministry and the Ministry of 

Finance resulted to an exceptional Framework that induced prominent Shipping 

Companies, P&I Clubs and other Shipping related Service Providers to establish 

management offices in Cyprus. Moreover, the solidification of the global reach 

of our Union and its institutional status has curved our participation in IMO 

Committees, as Government Consultants, both mandatory and effective. 

17, Gordonos Str., Suite 301, 


T: (+357) 25 818 161 

Contact: Katerina Michael - PR Manager 

E: cus@cus.com.cy 

W: www.cus.com.cy 

ANDREAS NEOCLEOUS 

CEO 

CYTA 

Cyta, is the leading provider of integrated electronic communications in Cyprus. 

Making the most of its technologically advanced networks, it offers a wide 

range of services and solutions to meet the ever-increasing demands of its 

residential and business customers for voice, data and content applications. 

With a pivotal role in the digital transformation of our country, Cyta is deploying 

an island-wide, fiber-optic network, while it progressively upgrades its mobile 

network technology. It advances and maintains subsea and satellite networks 

for international connections of strategic importance that have established our 

country as a regional telecommunications and connectivity hub in the Eastern 

Mediterranean. 

Telecommunications Street, 


T: (+357) 22 701 000 

E: cytapressoffice@cyta.com.cy 

W: www.cyta.com.cy 

COSTAS PSILLIDES 

MANAGER - INTERNATIONAL 

WHOLESALE MARKET 

CYTAGLOBAL 

Cyta, the primary telecommunications provider in Cyprus, covers the whole 

spectrum of electronic communications ranging from fixed and mobile voice and 

data communications, internet, IPTV and broadband services. Taking advantage 

of the island’s strategic geographical position, Cytaglobal, a strategic business 

unit of Cyta, has developed an extensive subsea fibre optic cable network, 

which connects Cyprus with its neighbouring countries and thereafter with 

the rest of the world. Cytaglobal also operates an extensive satellite network 

with three teleport sites, providing connectivity with major satellite systems. 

Through its global network, Cytaglobal provides a wide range of international 

telecommunications products, services and total solutions, making Cyprus a 

major telecommunications hub in the Eastern Mediterranean and an excellent 

international electronic communications centre. 

Telecommunications Str, 

PO Box 24929, 1396 Nicosia - Cyprus 

T: (+357) 22 701 498 

Contact: Costas Psillides - Manager, 

International Wholesale Market 

E: global@cyta.com.cy 

W: www.cytaglobal.com 

PIERIS MARKOU 

CEO, DELOITTE CYPRUS 

DELOITTE CYPRUS 

Deloitte Limited is among the leading professional services firms in Cyprus, 

providing audit & assurance, consulting, financial advisory, risk advisory, tax 

and related services, as well as a complete range of services to international 

business, through over 750 people in Nicosia and Limassol. Deloitte Limited, is 

the sub-licensed affiliate for Cyprus of Deloitte NSE LLP. As part of the Deloitte 

global network, with approximately 330,000 people in over 150 countries and 

territories, Deloitte Limited has the advantage of global sharing of knowledge 

with local adaptation and personal approach, built on the solid foundations of 

over 60 years of successful operations on the island. 

24 Spyrou Kyprianou Avenue, 

CY 1075, Nicosia - Cyprus 

T: (+357) 22 360 300 

Contact: Michelle Karaolides - 

Head of Marketing & Communications 

E: infonicosia@deloitte.com 

W: www.deloitte.com/cy 

E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD 

The company provides advisory, project management and consultancy services 

in the oil & gas and energy sectors and aims to contribute to the successful 

development of these Sectors for the future of Cyprus. The CEO has over 

35-years international experience in promoting and developing oil & gas 

business and projects spanning Europe, Asia and Africa. We can assist our 

clients in developing their business in Cyprus, evaluating opportunities and 

providing in depth professional advice and support. 

CHARLES ELLINAS 

CEO 

11 Tyrtaiou Street, 1087 Nicosia - Cyprus 

T: (+357) 97 705 060 

Contact: Dr Charles Ellinas - CEO 

E: Charles.ellinas@yahoo.com 

W: www.e-cnhc.com 

9



COSTAS STYLIANOU 


EFG CYPRUS LIMITED 

EFG Cyprus Limited is a Cyprus Investment Firm (“CIF”) regulated by the 

Cyprus Securities and Exchange Commission (CySEC) and is licensed to provide 

clients with portfolio management, investment advice and the reception and 

transmission of orders (CYSEC license number 393/20). EFG Cyprus Limited is 

a one hundred percent direct subsidiary of EFG Private Bank (UK) Limited and is 

registered in Cyprus under company number HE408062. EFG Private Bank Ltd 

is part of the EFG International group, a global private banking and investment 

services group headquartered in Zurich, offering private banking and asset 

management services in around 40 locations worldwide 

23 John Kennedy Avenue, 

Globe House, 1075 Nicosia - Cyprus 

(+357) 22 025900 

Contact: Costas Stylianou - 

Chief Executive Officer 

E: enquiries@efgcy.com 

W: www.cy.efgl.com 

ELIAS NEOCLEOUS 


ELIAS NEOCLEOUS & CO LLC 

Award-winning Elias Neocleous & Co LLC is the largest law firm in Cyprus 

and one of the top law firms in south east Europe. With more than 150 lawyers 

and other professionals based in offices in Cyprus, Brussels, Budapest, Kiev 

and Prague we offer a value-added service which is second to none. We are 

dedicated to diversity in recruitment and to retaining experienced specialists 

in every practice area. Combined with our investment in IT and knowledge 

management infrastructure, this means we are able to tackle the largest and 

most demanding national and cross-border assignments. Elias Neocleous and 

Co LLC is professional, responsive, innovative, and represents the legal practice 

of the future. 

Neocleous House, 195 Makarios Avenue, 

P O Box 50613, Limassol CY 3608 - Cyprus 

T: (+357) 25 110 110 

Contact: Elias Neocleous - Managing Partner 

E: info@neo.law 

W: www.neo.law 

MARIOS SIATHAS 


EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF) 

The EIMF is an accredited and licensed Education Group that offers learning 

and development opportunities, including Global Qualifications, across an array 

of areas. EIMF possesses a strong concentration within the areas of financial 

and professional services (regulation, compliance, AML, banking, funds), 

accounting, legal, management, as well as Information-Technology through 

its New Horizons Computer Learning Centers. Knowledge is delivered by 

established subject-matter experts, through classroom, Live Online, eLearning 

and customized learning solutions. With a presence in London, Brussels, 

Frankfurt, Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and 

Bucharest and over 5,000 students annually, 330+ programmes, 60+ instructors 

and 25 international Certifications, make the EIMF a leader in the field of 

vocational education in the wider region. 

25 Megaron Street, 2032 Strovolos 

Nicosia - Cyprus 

T: (+357) 22 274 470 

Contact: Marios Siathas - Chief Executive Officer 

E: msiathas@eimf.eu 

W: www.eimf.eu 

RONALD A. ATTARD 

COUNTRY MANAGING PARTNER 

EY CYPRUS 

EY is a global leader in assurance, tax, strategy, transactions and consulting 

services with about 300,000 people in over 150 countries. It is the most globally 

integrated professional services organisation, working with businesses, 

entrepreneurs and governments around the world to solve their most pressing 

challenges. EY distils everything it does down to a single, unified purpose: 

building a better working world. For over 80 years, the Cyprus practice has been 

a trusted business advisor and auditor to a broad range of clients and is ideally 

placed to cater to the needs of our clients in a wider geographic span. 

6 Stasinou Avenue, 1060 Nicosia 


T: (+357) 22 209 999 

E: info@cy.ey.com 

W: www.ey.com/cy 

ALEXIOS KARTALIS 

GENERAL MANAGER 

GMM GROUP 

GMM Fund Management is a group of companies comprising GMM Global 

Money Managers AIFM Ltd which is an AIF Manager Company License No. 

AIFM33/56/2013 and GMM Global Money Managers Ltd which is a Management 

Company holding UCITS Manager License No. 2/13. GMM GROUP is 

managing 19 UCITS and 32 AIFs with aggregate assets under management 

of approximately €230mil. GMM operates in the financial sector, setting up, 

running, and managing UCITS Funds as well as Alternative Investment Funds 

(AIF, RAIF) in line with the most recent EU directives, fully implemented by the 

Cypriot legislation. 

26B Agiion Omologiton Avenue 

Nicosia 1080 - Cyprus 

T: (+357) 22 205 858 

Contact: Alexios Kartalis - General Manager 

E: info@global-mm.com 

W: www.global-mm.com 

10



YIANNOS ASHIOTIS 

LEADER, REGULATORY 

COMPLIANCE AND 

FUND SERVICES 

GRANT THORNTON CYPRUS 

As part of Grant Thornton’s network with member firms in more than 140 

countries and with more than 56.000 people, we have the scale to meet your 

changing needs, but with the insight and agility that helps you stay one step 

ahead. Our Regulatory Compliance and Fund Services Department was set-up 

to serve the growing Fund industry in Cyprus by providing a full suite of tailored 

solutions. We offer advice on optimal fund set-up and undertake all necessary 

licensing activities until the final approval by the regulator. We also support our 

clients by offering outsourced risk management as well as comprehensive Fund 

Administration and Transfer Agent services. 

41-49, Agiou Nicolaou Str., Nimeli Court, 

Block C, Engomi 2408 

P.O.Box 23907, 1687, Nicosia - Cyprus 

T: (+357) 22 600 000 

Contact: Yiannos Ashiotis - Leader, 

Regulatory Compliance and Fund Services 

E: Yiannos.Ashiotis@cy.gt.com 

W: www.grantthornton.com.cy 

ALEXIS PANTAZIS 

CO-FOUNDER AND 

EXECUTIVE DIRECTOR 

HELLAS DIRECT 

Hellas Direct is a digital-first, full-stack insurance company, empowered 

by cutting-edge technology and the use of advanced analytics. The company 

is backed by a roster of leading investors, including the European Bank for 

Reconstruction and Development, the European Investment Bank, Portage 

Ventures and IFC (a member of the World Bank). Modelling itself on Amazon, 

Hellas Direct aims to disrupt the insurance value chain by adopting an extreme 

focus on operational excellence. Hellas Direct was recently listed by the 

Financial Times as one of Europe’s 1,000 Fastest Growing Companies. 

8, Dasoupoleos Street, 2015 Nicosia - Cyprus 

T: (+357) 22 277 499 

Contact: Elina Nomicou - Head 

of Digital Media & Content 

E: elina.nomicou@hellasdirect.gr 

W: www.hellasdirect.com.cy 

ELENI KALOYIROU 

CEO 

HERMES AIRPORTS 

Hermes Airports is an international consortium of nine shareholders, 

managing and operating Larnaka and Pafos airports since 2006 under a 25- 

year BOT Concession Agreement with the Republic of Cyprus. Hermes Airports 

significantly contributes to the country’s tourism growth, through both a 

targeted air service development strategy consisting of incentive schemes 

provision and joint marketing activities with airlines, as well as a productive 

collaboration with the Government and tourism stakeholders for the expansion 

of tourism related opportunities. Hermes Airports is committed to enhancing 

the overall passenger experience, with an emphasis on operational excellence 

and customer service. 

P.o Box 43027, 6650 

Larnaka International Airport - Cyprus 

T: (+357) 24 742 164 

Contact: Maria Kouroupi - Senior Manager Aviation 

Development, Marketing & Communication 

E: maria.kouroupi@hermesairports.com 

W: www.hermesairports.com 

ALEX CONSTANTI 


IDEASEVEN DIGITAL SOLUTIONS 

Ideaseven are a dynamic, enthusiastic online digital agency with over 15 years 

of experience. We focus on providing global solutions in digital marketing, web 

& app development. At ideaseven, we understand that design and development 

requires continuous mutual communication with our clients. Together, we can 

provide a constantly productive and evolving project. We can help visualize 

even the craziest ideas, converting them into elegant, awesome experiences 

and catchy products. We have worked with a lot of prestigious brands and have 

delivered award winning projects. We are now a full stack, turnkey partner with 

specialists in all fields required for the development and creative process. We 

look forward to your call. 

Pentadactylou 2, office 104, 

6060, Larnaca - Cyprus 

T: (+357) 24 823 832 

Contact: Alex Constanti – Managing Director 

E: info@ideaseven.com 

W: www.ideaseven.com 

EVANGELOS 

ANASTASIADES 

CHAIRMAN 

INSURANCE ASSOCIATION OF CYPRUS 

The Insurance Association of Cyprus is the accredited and representative 

body of the Cypriot insurance industry, with 29 member insurance companies 

operating in Cyprus, accounting for approximately 98% of total gross written 

premiums. As the leading and united voice of the Cyprus insurance market 

its mission is to promote the industry’s views and positions to policymakers 

and legislators. It is also particularly active with respect to work aiming at the 

modernization of the sector, the continuous improvement of the level and quality 

of service to the public, the enhancement of consumers’ trust and confidence in 

insurance products and their providers, and the strengthening of the institution 

of insurance. 

23, Zenon Sozos str., 1st floor 


T: (+357) 22 452 990 

Contact: Andreas Athanasiades 

– Director General 

E: info@iac.org.cy 

W: www.iac.org.cy 

11



YANNIS MATSIS 

CHAIRPERSON 

INVEST CYPRUS 

Invest Cyprus (Cyprus Investment Promotion Agency) is the investment 

authority of the Government of Cyprus dedicated to attract and facilitate foreign 

direct investment into the country. In close collaboration with all governmental 

authorities and public institutions, as well as the private sector, Invest Cyprus 

is the country’s lead agent in establishing Cyprus as a world-class destination 

for international business activity and investments. Invest Cyprus’ mandate is to 

raise awareness of Cyprus as a destination for FDI across the globe, providing 

certainty around all aspects of operating a business in Cyprus and supporting 

potential investors in developing their business case for investment into the 

country. 

9 Makariou III Avenue, 

4th Floor, 1065 Nicosia - Cyprus 

T: (+357) 22 441 133 

E: info@investcyprus.org.cy 

W: www.investcyprus.org.cy 

CONSTANTINOS 

MEIVATZIS 


IQ EQ (CYPRUS) LIMITED 

A leading global investor services group, IQ-EQ is present in 23 jurisdictions 

employing over 3,400+ people across four continents with assets under 

administration (AUA) exceeding US$500 billion. Our experienced and wellqualified 

teams specialise in trust establishment and administration, company 

incorporation and management, accounting and financial reporting, transaction 

support services, fund administration services, escrow services and more. 

The combination of our professional service breadth, global reach and depth 

of experience has assisted us in attracting new clients from all over the world 

and allowed us to actively promote Cyprus through the quality of our services. 

20 Spyrou Kyprianou Avenue, Chapo Central, 

3rd floor, 1075 Nicosia - Cyprus 

T: (+357) 22 749 000 

Contact: Constantinos Meivatzis 

- Managing Director 

E: Constantinos.Meivatzis@iqeq.com 

W: iqeq.com 

DAVINIA JOANNIDOU 

DIRECTOR 

JOANNIDES + CO LTD 

Joannides + Co. Ltd is a leading firm of accountants and management consultants 

established in Cyprus for over 40 years providing audit and assurance, taxation, 

business support services and management consulting to international companies 

and private clients. The firm has offices in Nicosia, Limassol and Larnaca offering 

its services with the utmost integrity, independence and objectivity with the aim 

to add significant value to its clients’ business performance. Joannides + Co. Ltd 

is a member of AGN International Ltd, a worldwide association of independent 

accounting and consulting firms operating in 85 countries, is an approved training 

centre of the professional accounting institutes ICAEW and ACCA and in 2010 

was awarded the quality award certification from the Institute of Certified Public 

Accountants of Cyprus. 

13, Agiou Prokopiou Str. 2406 

Egkomi, Nicosia - Cyprus 

P.O.Box 25411, Nicosia 1309 - Cyprus 

T: (+357) 22 556 556 

Contact: Davinia Joannidou - Director 

E: cy@joannides.com.cy 

W: www.joannides.com.cy 

CHRISTOS V. VASILIOU 


KPMG 

KPMG is a global organisation of independent professional services firms 

providing Audit, Tax and Advisory services. KPMG operates in 146 countries 

and territories and has approximately 227.000 people working in member firms 

around the world. KPMG has been operating in Cyprus since 1948 and currently 

employs more than 850 professionals working from 6 offices across the island 

(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous). By utilising 

the whole spectrum of KPMG International services and the deep knowledge 

in all major industries, KPMG provides its clients with solutions which address 

their unique characteristics. Clients look to KPMG for a consistent standard of 

service based on high-order professional capabilities, industry insight, local 

knowledge and expertise. 

14 Esperidon Street, 1087, Nicosia - Cyprus 

T: (+357) 22 209 000 

Contact: Demetris S. Vakis - Board 

Member, Head of Sales and Markets 

E: demetris.vakis@kpmg.com.cy 

W: www.kpmg.com.cy 

LEANDROS 

PAPAPHILIPPOU 


L PAPAPHILIPPOU & CO LLC 

L Papaphilippou & Co LLC was founded in 1963. Through constant and consistent 

work, it is now one of the leading and most respectable law firms in Cyprus. The 

firm quickly established strong presence in the fields of corporate and shipping 

law, litigation, banking and finance, wealth management and immigration, 

thus achieving good cross-border reputation, which led to the development 

of a concrete international professional network and client base. Our list of 

clients includes regulatory bodies, local and international banking and financial 

institutions, insurance, shipping and listed companies, multinationals and high 

net worth individuals. 

17 Ifigenias Street, 2007 Strovolos, 


T: (+357) 22 271 000 

Contact: Leandros Papaphilippou 

- Managing Partner 

E: info@papaphilippou.eu 

W: www.papaphilippou.eu 

12



ANDREY NARUTSKIY 

MANAGING DIRECTOR, CEO 

LEON MFO INVESTMENTS LTD 

Leon MFO Investments Ltd (the “Company”) is authorized by the CySEC as an 

alternative investment fund manager with license number AIFM 37/56/2013. At 

present, the Company manages three registered alternative investment funds 

(the “RAIF”) addressed to professional investors only. The total assets under the 

Company’s fund management exceed $670mln. The Company focuses on liquid 

investment strategies. The Company is in the process of launching two more 

RAIFs which will be addressed to both professional and well-informed investors: 

LEON Income Fund RAIF VCIC PLC and LEON Global Hedge Fund RAIF VCIC PLC. 

37, Theklas Lisioti, Gemini House, 

Office 301, CY-3030, Limasso - Cyprus 

T: (+357) 25 268 120 

Contact: Andrey Narutskiy - 

Managing Director, CEO 

E: leonmfo@leonmfo.com 

W: www.leoninvestments.com.cy 

DEMETRIS TAXITARIS 


MAP S.PLATIS GROUP 

MAP S.Platis Group is a leading financial services consulting Group with 

clients that include regulators, banks, funds and fund managers, investment 

firms, brokers, fintech firms, insurance firms and payment and electronic 

money institutions. Our expert team, currently comprising over 400 highcalibre 

professionals, provides unique and tailored solutions in licensing, 

regulatory compliance, risk management, internal audit, human resources, 

regulatory technology, information technology, business resilience, information 

security including cybersecurity, governance, executive training and innovation 

consulting to financial and other firms in the UK, Cyprus, Hong Kong and the EU. 

Thanks to our vast regulatory compliance experience, continued interaction with 

regulatory authorities, unparalleled track record, global network of associates 

and wealth of resources, our team can support any client’s regulatory needs 

efficiently and effectively. 

74 Archiepiskopou Makariou C, 3rd Floor, 

Mesa Geitonia, 4003, Limassol - Cyprus 

T: (+357) 25 351 335 

Contact: Svetlana Lazarevic – 

Head of Business Development 

E: info@mapsplatis.com 

W: www.mapsplatis.com 

ANDREAS LAOS 

SENIOR ADVOCATE - 

LEGAL CONSULTANT 

MICHAEL CHAMBERS & CO. LLC 

Michael Chambers & Co. LLC is a full-service Law Firm with Cyprus and English 

Lawyers offering a wide spectrum of expertise in an impressive variety of legal 

disciplines. Our team of Lawyers offers clients a range of integrated global 

capabilities, comprising the world’s most active M&A, real estate, finance, litigation 

and corporate risk practices. Our law office is located at the heart of the commercial 

district of Limassol. The firm enjoys considerable success and has developed an 

enviable reputation by pursuing a simple goal – to give its clients unambiguous, 

concise and clear-cut legal advice. 

25 Voukourestiou Street, Neptune House, 

1st Floor, Suite 11 Limassol, Cyprus, CY – 3045 

T: (+357) 25 819 966 

Contact: Michael Chambers - Senior Partner 

E: info@chambers.law 

W: www.chambers.law 

MARIOS MENELAOU 


NATURAL GAS PUBLIC COMPANY (DEFA) 

DEFA has the exclusive right to import and supply natural gas to all consumers 

in Cyprus. DEFA will develop and manage the gas network infrastructure. It 

will construct gas transmission lines and support a virtual network, provide 

bunkering services for ships and also natural gas for transportation. DEFA also 

owns 70% of ETYFA (30% owned by EAC), a special purpose subsidiary company 

that will own the LNG Import Terminal (comprising an FSRU, Jetty, pipelines 

and onshore facilities). The Terminal’s EPCOM contract with the international 

consortium was signed in December 2019. 

13 Limassol Ave, Demetra Tower, 4th Floor, 

2112 Nicosia | P. O. Box 24954, 


T: (+357) 22 761 761 

Contact: Maria Theocharidou - 

Secretary/PA to the Executive Chairman 

E: info@defa.com.cy 

W: www.defa.com.cy 

VASSOS ARISTODEMOU 

CHAIRMAN & CEO 

NETINFO PLC 

NETinfo is a versatile and innovative technology company that has been enabling 

digital transformation strategies for banks and financial institutions since 2000. 

NETinfo’s flagship products, NETinfo Digital Banking Platform and NETinfo 

Mobile Financial Services (MFS), have successfully been part of the digital 

transformation process of banks and financial institutions, in more than 30 

countries worldwide. NETinfo focuses on retail, corporate and private banking. 

We support banks and financial institutions of all sizes across all geographies, 

helping them to harness the latest technologies, and we fully embrace the 

needs of today’s digital consumers. Industry analysts recognise NETinfo as one 

of the global leaders for omnichannel design and delivery. 

23 Aglantzias Ave., 2108 Nicosia 

P.O. Box 22658, 1523 Nicosia - Cyprus 

T: (+357) 22 753 636 

E: mail@netinfo.eu 

W: www.netinfo.eu 

13



SUSANA POYIADJIS 


NEXIA POYIADJIS 

Established in 1969, Nexia Poyiadjis is a prominent firm of accountants, auditors 

and advisors, based in Nicosia and Limassol, providing one of the highest 

standards of professional services to local and international clients. Nexia 

Poyiadjis is the exclusive Cyprus member firm of Nexia International, a leading 

global network of independent firms, providing clients with audit and assurance, 

taxation, advisory, financial outsourcing, turnaround restructuring and insolvency 

services. The firm operates in various industries but has a strong history and 

expertise in servicing the financial services industry – regulated funds, alternative 

investment fund managers, investment firms, e-money and payment institutions. 

Apart from the standard services Nexia Poyiadjis provides set up and licensing 

services, fund administration services, valuation, financial modeling, strategic 

reviews, internal audit, risk and compliance advisory services. 

Sophouli 2 Str., The Chanteclair House, 

8th floor, 1096 Nicosia - Cyprus 

T: (+357) 22 456 111 

Contact: Susana Poyiadjis - Managing Director 

E: susana.poyiadjis@nexia.com.cy 

W: www.nexia.com.cy 

KIKIS LAGOS 


ONE PLUS CAPITAL LTD 

One Plus Capital (OPC) is as a licensed boutique investment firm based in Nicosia. 

OPC is licensed by CySEC to offer the full spectrum of investment services. Its core 

services include portfolio management, investment advisory, global brokerage, 

corporate finance, custody and safekeeping. OPC is also a trading member of 

the Athens and Cyprus Stock Exchange (ASE, CSE). Over the past few years, OPC 

has weighed in on its expertise and years of presence in the industry to broaden 

the range of services offered. Specifically, OPC has been active in the field of 

fund management for a number of Cyprus licensed funds with multi-asset class 

strategies and compartments for both retail and professional investors. 

75 Prodromou Avenue, 

Oneworld Parkview House, 

2063 Strovolos, Nicosia - Cyprus 

T: (+357) 22 873 760 

Contact: Kikis Lagos - Managing Director 

E: info@onepluscapital.net 

W: www.onepluscapital.net 

SAVVAS SHIATIS 


ONEWORLD LTD 

Oneworld Ltd is a leading advisory, corporate and business services firm in 

Cyprus and Dubai with associated offices in key global centres. We provide 

company incorporation, management, banking, redomiciliation services as 

well as setting up and administering private funds and trusts. We advise on 

international tax planning, family succession, incorporate offshore companies 

in zero and low tax jurisdictions and provide other boutique services including 

licensing of various operations and structures. We bring a depth of experience 

to our work and dealings with our clients, which range from dynamic young 

enterprises to global corporations and high net worth individuals, their families 

and consultants. 

75 Prodromou Avenue, Oneworld House, 

POBox 25207, Nicosia 1307 - Cyprus 

T: (+357) 22 496 000 

Contact: Savvas Shiatis - Managing Director 

E: SShiatis@oneworldweb.net 

W: www.oneworldweb.net 

PAUL PAVLI 


ONEWORLD PLUS MANAGEMENT 

Oneworld Plus Management is a dedicated third party Alternative Investment 

Fund Manager (AIFM) providing AIFM services 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. Our experience 

encompasses funds and assets in Ireland, Luxembourg, UK, Cyprus, Greece, Middle 

East, Asia, Cayman Islands and various other jurisdictions. We offer full fund setup 

services or we can provide services to existing funds. Oneworld Plus Management 

is authorised and regulated by the Cyprus Securities and Exchange Commission 

AIFM35/56/2013. 

E U L I C E N S E D A I F M 

Oneworld House 

75 Prodromou Avenue, Level 2, 

Nicosia 1307 - Cyprus 

T: (+357) 22 507 723 

Contact: Paul Pavli - Managing Director 

E: ppavli@oneworldaifm.com 

W: www.oneworldaifm.com 

STAVROS PAVLOU 

SENIOR AND MANAGING 

PARTNER 

PATRIKIOS PAVLOU & ASSOCIATES LLC 

Patrikios Pavlou & Associates LLC is a leading law firm in Cyprus. With 

nearly 60 years of experience in the local and international legal market, the 

Firm has developed distinguished expertise in dispute resolution and ADR 

and a renowned legal consulting department. The legal teams are constantly 

involved in some of the largest cross-border banking, financial and corporate 

transactions and handle complex litigation, arbitration and mediation matters. 

In close cooperation with the associated Pagecorp Group, the Firm provides its 

clients with a comprehensive range of corporate and other related services. The 

Firm is highly recommended by prestigious legal directories worldwide for its 

distinctive legal services. 

Patrician Chambers, 332 Agiou Andreou Street, 


T: (+357) 25 871 599 

Contact: Stavros Pavlou - Senior 

and Managing Partner 

E: spavlou@pavlaw.com 

W: www.pavlaw.com 

14



EVGENIOS C EVGENIOU 

CEO, PwC CYPRUS 

PwC CYPRUS 

We support you to create the value you are looking for by providing specialised 

solutions based on quality. Together we build relationships based on trust and 

we say things as they are, to assist you to deal with issues that tomorrow will 

prove important. We adapt the expertise of more than 1,000 professionals in 

Cyprus and the power of our global network of more than 284,000 people in 155 

countries to your specific needs, helping you make the difference. In a demanding 

and challenging business environment, our diverse teams of professionals are 

sharing deep knowledge and experience. We provide a broad range of services to 

meet your increasingly complex needs. 

PricewaterhouseCoopers Ltd 

PwC Central, 43 Demostheni Severi Avenue, 

CY-1080 Nicosia - Cyprus 

T: (+357) 22 555 000 

Contact: Konstantina Logotheti - 

Director, Marketing & Communications 

E: konstantina.logotheti@pwc.com 

W: www.pwc.com.cy 

STELLA KAMMITSI 


RAZA CORPORATE SERVICES LTD 

Raza is regulated by the Cyprus Bar Association as an Administrative Service 

Provider and operates under the management, control and supervision of Stella 

Kammitsi, a licensed lawyer with over 30 years of experience. It offers innovative 

fiduciary, corporate, trustee and advisory services to corporates, partnerships, 

high net worth individuals and families. Being a boutique firm gives it a high 

degree of flexibility when navigating challenges, and Raza is proud to state that 

throughout the years it has earned the loyalty and trust of its clients by providing 

them with personal, reliable and timely services whilst demonstrating attention 

to their specific requirements. 

5 Anastasios Leventis Street, 

Leventis Gallery Tower, 8th Floor, 


T: (+357) 22 777 787 

Contact: Stella Kammitsi - Managing Director 

E: skammitsi@raza.com.cy 

W: www.raza.com.cy 

DR. KIRILL ZIMARIN 


RCB BANK LTD 

RCB Bank Ltd was founded in 1995 and is now one of the largest financial 

institutions in Cyprus and a significant EU bank. The Bank offers corporate, 

investment and retail products and services to clients from around 50 countries. 

RCB is a private financial institution. It is headquartered in Limassol, with 

branches in Nicosia, Limassol, Larnaca, Pafos, Luxembourg and representative 

offices in Moscow and London. With 25 years of history and expertise in 

banking, RCB has earned a reputation as a financially stable and reliable bank. 

RCB offers a wide range of everyday banking products and services as well 

as tailored investment solutions and aspires to establish long-term strategic 

partnership with its clients. 

2, Amathountos Street, P.O. Box 56868, 


T: (+357) 25 837 300 

E: rcb@rcbcy.com 

W: www.rcbcy.com 

PHILIOS ZACHARIADES 


ROYAL CROWN INSURANCE CO LTD 

RCI is a non-life insurance company that has been active in the Cyprus 

market for more than forty years. Initially RCI was the local agent for Royal & 

SunAlliance, of which it is still part of the global network, and since 1999, RCI 

has been licensed as a purely Cypriot private insurance company. RCI’s mission 

has always been to operate on the principles of absolute integrity, transparency 

and to provide the best possible services to its clients. RCI’s practices and 

procedures have been awarded the quality certification ISO9001-2015 by Lloyd’s 

Register. Insurance, for RCI, is not a product to be sold, but a service provided 

and a commitment created. 

16-20 Mnasiadou Street 

P.O.Box: 24690 1302 Nicosia - Cyprus 

T: (+357) 22 885 555 

Contact: Anthie Zachariadou 

– Executive Director 

E: info@royalcrowninsurance.com 

W: www.royalcrowninsurance.com 

FIONA MULLEN 

DIRECTOR 

SAPIENTA ECONOMICS LTD 

Sapienta Economics is a Nicosia-based economic consultancy producing toplevel 

analysis primarily on Cyprus for a range of prestigious clients, including 

banks, oil/gas majors, big four accounting firms and over a dozen embassies. 

Our services include bespoke consultancy and the monthly Sapienta Country 

Analysis Cyprus. Each month we take an in-depth look at prospects for political 

stability, government effectiveness, a resolution of the Cyprus problem, 

structural policies including natural gas, fiscal performance, debt sustainability, 

banking sector stability and the latest economic trends. No other organization 

offers such breadth and depth of inter-related issues. Sapienta Economics and 

its Director Fiona Mullen are independent, with no political ties in Cyprus or 

abroad and no investment in Cyprus shares or bonds. 

Tenedou 7, No 401, Lykavitos, 

CY1055 Nicosia - Cyprus 

T: (+357) 99 338 224 

Contact: Fiona Mullen - Director 

E: fiona.mullen@sapientaeconomics.com 

W: www.sapientaeconomics.com 

15



PETROS THEODOTOU 

FCCA 

FOUNDER & CEO 

SERVPRO ACCOUNTANTS & CONSULTANTS 

ServPRO is a team of accountants, auditors, lawyers and consultants. A practicing 

member of ICPAC and ACCA, a National Member of Auditaxes International, an 

ACCA Approved Employer, an ISO 9001:2015 and an ISO 27001:2013 Certified 

Company. Our areas of expertise are Accounting & Finance, Advisory & 

Consulting, Audit & Assurance, Corporate & Legal, Economic Substance and 

Taxation. We have a stellar track record in delivering practical solutions to 

corporate and individual clients with a spherical, solution-driven and detailoriented 

approach, while demonstrating an aptitude of professionalism, 

integrity and commercial acumen. Today, we celebrate 10 years of delivering an 

impeccable quality of services and practical solutions across a diversified range 

of industries to a growing multinational clientele. 

Accountants & Consultants 

1 Kinyra Street, Kinyras Tower, 

3rd Floor, 1102 Nicosia - Cyprus 

T: (+357) 22 021 100 

Contact: Petros Theodotou FCCA - 

Founder & CEO 

E: info@servpro.com.cy 

W: www.servpro.com.cy 

GEORGE MAVROS 


SKYLINK SERVICES LTD 

Skylink Services Ltd is a provider of ground handling services for Executive 

Aviation Aircraft in Cyprus. We began operations in 1998, filling the gap in 

the Executive Aircraft ground handling market at both International Airports 

of Cyprus, Larnaca and Paphos. Skylink Services now owns and operates the 

only FBO facility at Larnaka Airport offering around-the-clock professional 

VIP aircraft and passenger handling services. Currently representing over 400 

companies that own or operate executive aircraft worldwide. Skylink Services 

also manages and operates the new Heads of State Lounge facility at Larnaka 

International Airport. This Lounge is used by all Heads of State visiting the 

Republic of Cyprus as well as a host of other visiting dignitaries. 

P.O. Box 43012, Larnaca Airport, 

6650 Larnaca - Cyprus 

T: (+357) 24 840 900 

T: (+357) 24 643 334 24hr Operation 

E: flightops@skylink.com.cy 

W: www.skylink.com.cy 

STELLA KAMMITSI 

STEP CYPRUS CHAIRWOMAN 

SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP) 

STEP is the global professional association for practitioners who specialise 

in family inheritance and succession planning. STEP works to improve public 

understanding of the issues families face in this area and promotes education 

and high professional standards among its members. STEP members help 

families plan for their futures, from drafting a will to advising on issues 

concerning international families, protection of the vulnerable, family businesses 

and philanthropic giving. Today STEP has more than 20,000 members across 

96 countries from a range of professions, including lawyers, accountants and 

other specialists. The Cyprus branch of STEP numbers over 185 experienced 

professionals from all over Cyprus, and is active in the spread of industry related 

knowledge, through regular conferences and presentations. 

P.O.Box 24789, 1303 Nicosia, Cyprus 

T: (+357) 22 777 787 

Contact: Stella Kammitsi - STEP 

Cyprus Chairwoman 

E: skammitsi@raza.com.cy 

W: www.step.org 

STELIOS AMERICANOS 


STELIOS AMERICANOS & CO LLC 

Stelios Americanos & Co LLC is a full services, highly innovative law firm with 

headquarters based in Nicosia, Cyprus and a branch in Athens, Greece. It 

specializes in corporate, commercial and banking law, corporate and commercial 

litigation, real estate, financial advisory & regulation and blockchain legal 

advisory. Stelios Americanos & Co LLC provides its services to governmental 

organizations, international banking institutions, public companies and 

multinational corporations. Moreover Stelios Americanos & Co LLC has created 

close relationships with reputable international legal and consulting firms and is, 

thus, able to assist clients with their cross-border transactions and needs. Today, 

Stelios Americanos & Co LLC is considered one of the leading law firms in Cyprus 

in the areas of its specialty. 

12, Demostheni Severi Av. 

Office 601, 6th Floor 1080 Nicosia - Cyprus 

T: (+357) 22 465 500 

Contact: Stelios Americanos 

- Managing Partner 

E: stelios@americanoslaw.com 

W: www.americanoslaw.com 

SOFOCLES TYMVIOS 


SWISSPORT CYPRUS LIMITED 

Swissport has been present in Cyprus since January 2006 providing Passenger, 

Ramp, Ticketing, cargo, and executive aviation services at both the island’s 

airports. It is a subsidiary of Swissport International, the words largest Airport 

provider of ground and air cargo services, active at over 269 airports in 47 

countries across all five continents. With more than 850 client-companies, 

Swissport provides airport ground services for 82 million passengers, and 

4.1 million tons of cargo at 116 warehouses world-wide per annum, with a 

workforce of 45,000. In Cyprus Swissport employs over 850 people, trained at 

the highest level and in line with industry standards and procedures. 

Office 2, Larnaka International Airport 

T: (+357) 24 008 781 

Contact: Michael Kokkinos - 

Commercial Manager 

E: Michael.kokkinos@swissport.com 

W: www.swissport.com 

16

` 



TECHISLAND 

TechIsland is a non-profit organization with the mission to promote and 

accelerate the growth of technology and innovation ecosystem in Cyprus. At the 

same time, it’s the biggest Tech Association in Cyprus, with currently more than 

140 Members. In its strategy, called Vision 2030, there are a series of actions 

and initiatives that have the aim of establishing Cyprus as a top-tech destination 

for companies and professionals. 

MARIOS GIORGOUDIS 


Riga Feraiou 47, Limassol - Cyprus 

T: (+357) 99 987 577 

Contact: Marios Giorgoudis – General Manager 

E: marios@thetechisland.org 

W: www.thetechisland.org 

ANTONIS ANTONIOU 

CHAIRMAN 

THE CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION (OEB) 

The Cyprus Employers and Industrialists Federation (OEB) was founded in 1960. 

Today, its members are active in all sectors of the economy and employ more 

than 60% of the private sector’s workforce. OEB is a pancyprian independent 

organisation comprising of more than 100 of the main professional / sectoral 

Associations, as well as hundreds of companies from the Agricultural, 

Manufacturing, Construction, Commercial and Services Sectors. In total, OEB 

has more than 10.000 Members / Enterprises. OEB is established as a dynamic 

force in Cyprus’ socio - economic development and welfare and acts as the main 

advocate and representative of the business community. 

years 

4, Cyprus Employers & Industrialists 

Federation Street, 2000 Nicosia / 

P.O.Box 21657, 1511 Nicosia 

T: (+357) 22 643 000 

Contact: Michalis Antoniou - Director General 

E: info@oeb.org.cy 

W: www.oeb.org.cy 

THE CYPRUS TECH ASSOCIATION 

The Cyprus Tech Association, a non-for-profit entity, aspires to provide a 

dynamic platform for all tech professionals and international ICT companies 

established in Cyprus to discuss, promote, and address common challenges. It 

also provides a formal representation to all its members to forums, public and 

private entities, as well as offers direction on key strategic issues, including the 

economic importance of the ICT sector and policy advocacy. 

KYRIAKOS KYRIAKOU 

PRESIDENT 

Makariou III Avenue, 

4th Floor, 1065 Nicosia - Cyprus 

T: (+357) 441 133 

E: info@techcyprus.org.cy 

W: www.techcyprus.org.cy 

KYRIAKOS IORDANOU 


THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF CYPRUS (ICPAC) 

The Institute of Certified Public Accountants of Cyprus (ICPAC) is the competent 

authority for regulating the accounting profession and the sole recognised body 

of Auditors by the state in Cyprus. Established in 1961, ICPAC currently has 

more than 5.300 professional accountants as members and 3.500 students. 

ICPAC houses all professional accountants, supports and promotes the activities 

and interests of the accountancy profession, safeguards the reputation of the 

profession and adherence to the Code of Ethics, as well as provides for the 

continuous professional development and updating of members. In addition, 

ICPAC is also a competent authority under the Anti-Money Laundering law, the 

laws on the Regulation of Enterprises Providing Administrative Services and the 

Insolvency Practitioners Law, as well as one of the primary stakeholders of the 

economy of the country. 

11 Byron Avenue, CY-1096, Nicosia - Cyprus 

T: (+357) 22 870 030 

Contact: Kyriakos Iordanou – General Manager 

E: info@icpac.org.cy 

W: www.icpac.org.cy 

ANDREAS MERCOURI 


TRIDENT TRUST COMPANY (CYPRUS) LIMITED 

Founded in 1978, the Trident Trust Group is one of the largest independent 

providers of corporate and fiduciary services, employing more than 900 staff 

in over 25 jurisdictions. Trident Trust Cyprus is one of the Group’s leading 

offices established in 1996 and is today one of the main members of the local 

financial services industry, employing just over 75 employees. Trident Cyprus is 

regulated by the Cyprus Securities and Exchange Commission and provides a 

full range of services on Cyprus companies, funds and trusts, principally to law 

firms, accountants and tax advisors, as well as financial institutions and large 

international organizations. 

Griva Digeni 115, Trident Centre 


T; (+357) 25 820 650 

Contact: Andreas Mercouri - General Manager 

E: cyprus@tridenttrust.com 

W: www.tridenttrust.com 

17



MICHALIS 

HADJIPANAYIOTOU 

EXECUTIVE DIRECTOR 

TRILOGY LIMASSOL SEAFRONT 

Brought to life by a world-class collaboration of architects, designers and 

developers, Trilogy is an exciting new high-rise development in the heart of 

Limassol. A trio of shimmering beachfront towers surrounding a bustling inner 

plaza, Trilogy is a place to live, work and play. Its luxury apartments blend the 

aspirational dream of high-end living, with the sophistication of urban cool. Stateof-the-art 

offices also enjoy first-class services and uninterrupted sea views from 

every window. Three distinct social areas offer resident-only facilities for secluded 

leisure and relaxation, as well as a lively public plaza that can be enjoyed and 

experienced by everyone. Your story begins here… 

341, 28th October Avenue 


T: (+357) 25 362 800 

Contact: Yiorgos Georghiou - Sales Director 

E: info@trilogylimassol.com 

W: www.trilogylimassol.com 

NICK TERRY 


VISTRA (CYPRUS) LIMITED 

Vistra Group is a leading fund, trust and corporate services provider. Ranked 

among the top three in our industry, we have 81 offices across 45 countries, 

and employ over 4.500 professionals globally. In Cyprus, our team of forty 

professionals provides a uniquely broad range of services and solutions for a 

wide client-base of high net worth entrepreneurs, international investment 

funds and multinational groups. Certainly, in these challenging times, and with 

the regulatory and financial environment constantly changing, many clients 

seek comfort in working with a world leader such as Vistra; its wide group 

network and professionalism being an invaluable asset. 

2nd Floor Sotiri Tofini 4 

Agios Athanasios, 4102 Limassol - Cyprus 

T: (+357) 25 817 411 

Contact: Nick Terry - Managing Director 

E: Nick.Terry@vistra.com 

W: www.vistra.com 

GEORGE W. SAMS 

CEO 

WEALTH FUND SERVICES LTD 

Wealth Fund Services Ltd is a global advisory and asset management company, 

based in Cyprus and licensed by CySEC (Cyprus Securities & Exchange Commission) 

as an AIFM management company with license No 6/78/2012. It operates in 

the field of setting-up, running and managing UCITS Mutual Fund, Registered 

Alternative Fund (RAIF) and Alternative Investment Fund (AIF) in line with the 

recent EU Directive which is implemented by the Cypriot legislation. It also offers 

Discretionary Asset management and Advisory services to HNI and Institutional 

clients. The primary goal of the Company is the protection of the assets under 

management remaining focused on achieving high return yields and providing top 

quality services to its investors. 

Kennedy 12-14, Kennedy Business Center 

Office 305, 1087, Nicosia - Cyprus 

T: (+357) 22 755 506-07 

Contact: George Sams - CEO 

E: info@wealthfs.com.cy 

W: www.wealthfs.com.cy 

JOHNY ABUAITAH 

CEO 

WINDSOR BROKERS LTD 

Windsor Brokers was established in Limassol Cyprus with roots dating back to 

1988. The Company was the first Cypriot Investment Firm of its type to be licensed 

and regulated by the Central Bank of Cyprus, and by 2004, it was regulated by 

the Cyprus Securities and Exchange Commission. Our company’s mission is to 

empower People in the pursuit of their financial goals. For three decades, we 

have remained committed to serving investors who place security, integrity, and 

reliability at the forefront of their investment goals. 

Windsor Brokers Business Center, 

Spyrou Kyprianou 53, Mesa Geitonia 


T: (+357) 25 500 700 

Contact: Jabra Serieh - Director of Marketing 

E: Jabra.Serieh@WindsorBrokers.eu 

W: www.windsorbrokers.eu 

18

TheProfilerGroup 

cyprus@theprofilergroup.com 

www.cyprusprofile.com 

Published by The Profiler Group - December 2021

Cyprus Headquartering Guide

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