Cyprus Country Report 2021

TheProfilerGroup 

Global Edition 2021 

cyprusprofile.com 

CYPRUS 

COUNTRY REPORT 

Bouncing Back to 

Pre-Pandemic Growth 

ECONOMY • FOREIGN DIRECT INVESTMENT • BUSINESS OPERATING ENVIRONMENT • LIVING IN CYPRUS • BUSINESS DIRECTORY 

Headquartering New 

incentives boost the country’s 

appeal as an HQ location 

Sectors to Watch Energy, 

Investment Funds, ICT, Film, 

Research and Education 

Who’s Who Guide to 

Cyprus’ leading companies, 

executives and advisors

CyprusProfile Digital Series 

Country Report 2021 

TheProfilerGroup 

The Profiler Group is a specialist publisher of country information 

that assists corporations managing operations across national 

borders with trade, investment and relocation decisions. The Profiler 

Group is recognised by senior business executives, government 

representatives, institutions and global organisations as a leading 

provider of informative and insightful country intelligence. 

Kristina Ernst 

Regional Director 

ernst@theprofilergroup.com 

Heidi Marttinen 

Editor 

marttinen@theprofilergroup.com 

Victoria Vasiliou 

Administrative Manager 

vasiliou@theprofilergroup.com 

EUROPE 

16, Elia Papakyriakou, Suite 101, Engomi, 2415 Nicosia, Cyprus 

cyprus@theprofilergroup.com 

www.theprofilergroup.com 

www.cyprusprofile.com 

NORTH AMERICA 

21-2123 Walkers Line, Burlington Ontario, L7M 4Z9, Canada 

RESEARCH AND CONTRIBUTIONS 

The Profiler Group staff 

PUBLICATION DATE 

December 2021 

COOPERATION PARTNERS 

2

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



Contents 

Cyprus at a Glance: Key facts and figures 6 

Government & Politics: A Geostrategic EU Member 11 

Country Overview: Cyprus: Work-Life Balance 18 

Economy: Bouncing Back to Pre-Pandemic Growth 24 

Foreign Direct Investment: Resilient FDI Location 35 

FDI Insights: Why did you choose to invest in Cyprus? 49 

Headquartering: Growing HQ Hub 55 

HQ Insights: Why did you choose to set up in Cyprus? 63 

New Government Action Plan: New incentives to attract 

foreign professionals and businesses to set up in Cyprus 67 

International Trade: Cyprus Exports 73 

Sector Profiles: Find out more about 

the economic sectors of Cyprus 78 

Business Operating Environment: Doing Business in Cyprus 79 

Travel & Living: The Profiler Group Essential Expat Guide 88 

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

leading companies, executives and professional advisors 106 

4

© 2020 EYGM Limited. All Rights Reserved. ED None. 

In a completely 

changed landscape, 

how will you 

reimagine yourself? 

As our landscape changes and becomes 

more unfamiliar, how ready are you 

to change with it? The EY ‘beyond 

framework’ helps you explore the 

questions to reframe your future. 

ey.com/reframeyourfuture 

#BetterQuestions



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



GOVERNMENT & POLITICS 

A Geostrategic EU Member 

As an international business centre and with global cooperation 

in multiple sectors, Cyprus’ reach goes far beyond its borders, 

with 2021 bringing new efforts to finally reach a solution for 

this divided island. As the European Union’s easternmost 

member state, Cyprus has established itself as a geostrategic 

EU outpost at the crossroads of three continents. 

The Republic of Cyprus is a unitary presidential representative republic, where 

the President of Cyprus is both head of state and head of government, and 

executive power is exercised by the government. Legislative power is vested 

in both the government and the parliament, and the judiciary is independent of 

the executive and the legislature. The seventh president of the Republic of Cyprus, 

Nicos Anastasiades, was re-elected for another five-year term on 4 February 2018. 

The conservative candidate and head of the DISY party won his second term following 

a run-off presidential election with a majority of 55.99% of the vote. 

At the start of his first term, Cyprus suffered a major financial crisis, and President 

Anastasiades had to take robust measures to steer the country back on track from 

one of the most challenging economic times in the island’s history. The economy 

bounced back swiftly returning to growth in 2015, investment grade rating in 2018 

and recording an average GDP growth of 5.4% in 2016-19, making Cyprus one 

of the fastest growing economies in the European Union. In 2020, this growth 

momentum was stalled by the consequences of the Covid-19 pandemic, but with 

strong action and robust support packages in place the country has fared better 

than many of its European peers. In fact, Cyprus’ GDP was projected to increase 

by 7% in a five-year span as a result of the country’s recovery and resilience plan. 

Cyprus’ GDP was projected 

to increase by 7% in a 

five-year span as a result 

of the country’s recovery 

and resilience plan. 

11



The division of Cyprus remains one of the most long-standing and prominent 

issues in the political arena. UN-brokered peace talks between the Greek and 

Turkish Cypriot leaderships, which first began in 1968, are still ongoing. These negotiations 

are aimed at finding a sustainable solution to the ‘Cyprus Problem’, which 

led to the de facto division of the island between the mainly Greek-speaking south 

and the mainly Turkish-speaking north for over four decades. Anastasiades and 

Turkish Cypriot leader Ersin Tatar have been holding talks in a bid to reunify the 

island though this has proved to be challenging as Tatar openly supports a two-state 

solution. Plans to resume the UN-led talks are underway, but rising tensions in 2020 

and 2021 between Cyprus, Greece and Turkey over hydrocarbons explorations in 

Cyprus’ Exclusive Economic Zone (EEZ) have complicated the process further. 

DIVIDED ISLAND 

In 1960 Cyprus gained independence from Britain and became a unitary state of 

both Greek- and Turkish-Cypriots (respectively around 80% and 20% of the population). 

In July 1974, a right-wing coup backed by the military junta in power 

in Greece overturned the democratically elected government, forcing the Cypriot 

President Archbishop Makarios to flee. This prompted Turkey, one of the guarantor 

powers, which also include Greece and the UK, to send its troops into the 

island to support the Turkish Cypriot minority. Fierce fighting followed and the 

ensuing ceasefire line – known as the Green Line and patrolled by United Nations 

troops – has effectively partitioned the island ever since. However, visitors can 

safely access either side through various checkpoints along the Green Line. Today, 

Nicosia is the world’s last divided capital, since the fall of the Berlin Wall. The 

population of the southern two-thirds of the island, controlled by the government 

of the Republic of Cyprus, is almost entirely Greek Cypriot, while the population 

of the northern third, controlled by the breakaway Turkish Republic of Northern 

Cyprus (recognised only by Turkey) comprises Turkish Cypriots, settlers from the 

Turkish mainland and around 42,000 Turkish troops. 

12



FROM FOREIGN RULE TO THE REPUBLIC OF CYPRUS 

Colonised by the ancient Greeks in 1400 BC, Cyprus has had a succession of foreign 

rulers through the centuries, including the Romans, the Byzantines, the Franks and 

the Venetians, whose 300-year rule ended in 1571 when the island became part of 

the Ottoman Empire. After almost 250 years of Ottoman rule, Cyprus was placed 

under British administration in 1878. The island finally became independent in 1960 

after a protracted and violent struggle against the colonial power between 1955 and 

1959. After lengthy negotiations, Britain, Greece and Turkey drafted a constitution 

for the new state, along with Treaties of Guarantee and Alliance. The Republic of 

Cyprus came into being in August 1960. The constitution and the two accompanying 

treaties established a complex power-sharing 

structure between Greek and Turkish 

Cypriots, which precluded partition of the 

island, or union with Greece or Turkey. 

Both countries, along with Britain, were 

also designated guarantors of the independence, 

territorial integrity and security of 

the Republic. The constitution provided for 

a Greek Cypriot president and a Turkish 

Cypriot vice president, while the Turkish Cypriot community was granted three 

ministerial positions out of a total of 10, and 15 out of the 50 seats in the House of 

Representatives. After intercommunal strife between the two communities in 1963, 

Turkish Cypriots vacated their seats. Since then, ministerial positions have increased 

to 11, all duties carried out by Greek Cypriots and the number of parliamentary seats 

has extended to 80 of which 30% (24) are allocated to Turkish Cypriots as per the 

constitution but remain vacant. 

GOVERNMENT STRUCTURE 

The constitution and the 

two accompanying treaties 

established a complex powersharing 

structure between 

Greek and Turkish Cypriots, 

which precluded partition 

of the island, or union 

with Greece or Turkey. 

President of the Republic of Cyprus - Nicos Anastasiades 

Minister of Foreign Affairs - Nikos Christodoulides 

Minister of Finance - Constantinos Petrides 

Minister of Interior – Nicos Nouris 

Minister of Defence – Charalambos Petrides 

Minister of Health - Michalis Hadjipantelas 

Minister of Education & Culture – Prodromos Prodromou 

Minister of Transport, Communications & Works – Yiannis Karousos 

Minister of Energy, Commerce & Industry – Natasa Pilides 

Minister of Agriculture, Rural Development and Environment - Costas Kadis 

Minister of Labour, Welfare & Social Insurance - Zeta Emilianidou 

Minister of Justice & Public Order – Stephie Drakou 

Government Spokesman – Marios Pelekanos 

Under Secretary to the President - Vasilis Palmas 

Deputy Minister of Research, Innovation & Digital Policy – Kyriacos Kokkinos 

Shipping Deputy Minister – Vassilis Demetriades 

Deputy Minister for Tourism – Savvas Perdios 

Deputy Minister for Welfare – Anastasia Anthousi 

13



INTERNATIONAL RELATIONS 

Cyprus joined the EU on 1 May 2004 together with nine other European countries. 

Under the terms of its accession the entire island is considered technically 

to be a member of the European Union, despite its continued division and the 

fact that the government of the Republic has no effective authority in the northern 

part of the island. However, the terms of the acquis communautaire, the EU’s 

body of laws, have been suspended in the north. Cyprus has historically followed 

a non-aligned foreign policy, although it increasingly identifies with the West in 

its cultural affinities and trade patterns, and maintains close relations with Greece. 

Turkey refuses to recognise the government of the Republic of Cyprus, arguing 

that the latter – as established by the 

Constitution of 1960 – ceased to exist 

when the intercommunal violence that 

broke out in December 1963 ended 

Turkish Cypriot participation in government. 

As a result, Turkey still refuses 

to allow Cypriot-flagged vessels access 

to its ports, despite pressure from the 

European Union. Cyprus is a member 

of the United Nations and most of its 

agencies, as well as the Commonwealth 

of Nations, World Bank, International 

Monetary Fund and Council of Europe. 

In addition, the country has signed the 

Nicos Anastasiades 

President of the Republic of Cyprus 

General Agreement on Tariffs and Trade 

(GATT) and the Multilateral Investment 

Guarantee Agency Agreement (MIGA). 

POLITICAL PARTIES 

Dominant Political Parties: 

Democratic Rally (DISY), 

a right-wing party led 

by Averof Neophytou 

Progressive Party of the 

Working People (AKEL), 

a left-wing party led by 

Andros Kyprianou 

Democratic Party (DIKO), 

a centre-right party led by 

Nicolas Papadopoulos 

Smaller Political Parties: 

Movement of Social Democracy 

(EDEK), a social democratic party 

led by Marinos Sizopoulos 

Ecologists Movement, also known 

as the Cyprus Green Party, led by 

Charalambos Theopemptou 

Democratic Front (DIPA), a centrist 

political party led by Marios Garoyian 

National People’s Front 

(E.L.A.M.), an ultranationalist 

party led by Christos Christou 

14



CONSTITUTION, INSTITUTIONS AND ADMINISTRATION 

The 1960 constitution provided for power sharing between the Greek Cypriot and 

Turkish Cypriot communities. Votes on important issues required separate parliamentary 

majorities, and the Greek Cypriot president and the Turkish Cypriot 

vice president both had the right of veto on important decisions. The system of 

government is presidential, with the separation of powers between the executive 

and the legislature. The presidential term lasts five years, with the next presidential 

election due in 2023. Ministers, who are appointed by the president, cannot hold 

seats in the House of Representatives. The House of Representatives is elected by 

proportional representation. Its normal term is five years. 

15



COUNTRY OVERVIEW 

Cyprus: Work-Life Balance 

Renowned since antiquity, Cyprus has reinvented itself multiple 

times and is going through another exciting transformation today. 

The island nation has big ambitions to diversify its economy 

by placing innovation at its core, while it continues to attract 

professional expats and foreign investors to its shores thanks 

to its relaxed lifestyle coupled with bourgeoning prospects 

in the technology, investment fund, and energy sectors. 

Located in the eastern Mediterranean at the crossroads of Europe, the Middle 

East and Africa, Cyprus’ strategic position has always played a key role in 

shaping its 10,000-year history and in developing the island into a convenient 

centre for trade and international business. Despite being a country of less 

than a million people, the Republic of Cyprus has steadily built itself into a thriving 

business centre over the decades. An EU and eurozone member for over a decade, 

and with one of the highest educated populations in Europe, Cyprus has built a 

strong service-based economy. Its low-cost business environment with a wealth 

of support services, a sophisticated ICT infrastructure and investor-friendly tax 

regime – backed up by an extensive network of double taxation agreements with 66 

countries – has developed Cyprus into an important European and regional financial 

and business services hub. The country is also one of Europe’s favourite holiday 

destinations, enjoying 340 days of glorious sunshine a year and boasts a beautiful 

coastline teeming with stretches of golden sand, secluded bays and rocky coves, all 

surrounded by some of the cleanest beaches and waters in the Mediterranean Sea. 

The landscape is dotted with the fascinating remains of history, from Neolithic 

settlements and ancient city-kingdoms to exquisite Byzantine art and magnificent 

Venetian architecture. Add to this the vibrant and cosmopolitan lifestyle where 

East meets West, Cyprus offers the perfect balance between business and leisure. 

18



PEOPLE & CULTURE 

While the Republic of Cyprus is a Greek-speaking nation, English is almost universally 

spoken and is the language of international business. German, French and 

Russian speakers are also easily found, thanks to the high number of Cypriots with 

international degrees, the country’s commercial ties with the global business community, 

and the island’s popularity as a tourist destination. Cyprus is well known 

for its hospitality, a fact reflected in the Greek word, xenos, used for both stranger 

and guest. Life is meant to be enjoyed in Cyprus, which is renowned for its excellent 

quality of life. Cafe culture predominates, with both business and social 

meetings taking place over a leisurely frappe (iced coffee) in the numerous cafes in 

every town and city. As with most Mediterranean cultures, food also plays a vital 

role in family and social life. The famous Cyprus meze – a large selection of small, 

delectable dishes – is best enjoyed siga siga (slowly), al fresco and accompanied by 

excellent local wine. 

RESILIENT EU ECONOMY 

Offering a tax-efficient EU 

company domicile, the 

country is also emerging as 

a compelling destination for 

regional headquarters and 

a base for tech companies, 

as well as an increasingly 

attractive location for fund 

managers and promoters. 

Cyprus has a resilient economy that has time and time again proven its capacity to 

adjust to continuously changing conditions and bounce back from external shocks. 

Before its independence from the UK in 1960, the Cyprus economy was primarily 

based on agriculture and the export of minerals. However, in the last few decades 

the country has established itself as a serious international business and service 

centre for shipping, financial services and commerce, and is classified by the World 

Bank as a high-income country. The island’s accession to the EU in 2004 with the 

subsequent adoption of the euro in 2008, was the catalyst for its transformation 

into a competitive financial and business services hub. Following the country’s financial 

crisis in 2013, Cyprus undertook a major reform agenda and while still 

facing some economic challenges, the small EU nation has demonstrated resilience 

and an ability to bounce back to growth. The year 2015 signalled a sooner-than-expected 

exit from recession and a rapid 

economic turnaround followed, with 

2017 recording almost 4% growth – 

earning Cyprus praise as an economic 

success story. The island’s international 

financial centre did suffer a blow in the 

wake of the crisis, especially to its reputation, 

but today the country stands 

tall with recapitalised and stable banks 

and stronger institutions with better supervision. 

Consistent credit rating upgrades 

have further boosted confidence and foreign direct investment has been 

flowing into all key sectors. Cyprus has retained and strengthened its status as an 

attractive investment gateway to the EU and other high-growth markets, as well as 

a secure base to tap into opportunities in the Middle East. Offering a tax-efficient 

EU company domicile, the country is also emerging as a compelling destination 

for regional headquarters and a base for tech companies, as well as an increasingly 

attractive location for fund managers and promoters. 

19



GROWING INVESTMENT FUND SECTOR 

Cyprus has big ambitions in the investment funds sector to establish itself as a contender 

in the global asset management industry. The steady growth in both Assets 

under Management and in the number of fund structures licensed and active in 

Cyprus have underlined the strength and appeal of the novice domicile. Assets 

under Management (AuM) have increased by over 200% from €2.7 billion in 2016 

to €10.7 billion in the first half of 2021, showing that it is not the sector’s size but its 

fast growth that has impressed, and is being recognised by the global asset management 

and investor community. Investment funds have already invested more than 

€2 billion in several sectors of the Cypriot economy, such as shipping, hospitality, 

education, healthcare, and renewable energy. Cyprus offers both EU-regulated 

Undertakings of Collective Investment in Transferable Securities (UCITS) and 

Alternative Investment Funds (AIFs). In July 2018, the country upgraded its AIF 

framework and introduced Registered AIFs (RAIFs), which do not require authorisation 

by the supervising Cyprus 

Securities and Exchange Commission 

(CySEC) to commence operations provided 

they are externally managed by an 

Alternative Investment Fund Manager 

(AIFM) based in Cyprus or another EU 

The upgraded legislation has 

been hailed ‘ground-breaking’ 

and offers a significantly more 

time- and cost-efficient means 

of establishing AIFs in Cyprus. 

country. The upgraded legislation has been hailed ‘ground-breaking’ and offers a 

significantly more time- and cost-efficient means of establishing AIFs in Cyprus. 

Today, the majority of alternative investment funds in Cyprus are of a small and 

medium size and focus on debt and equity securities, real estate and private equity. 

However, Cyprus has also attracted larger funds including one with assets of €500 

million under management. The number of alternative investment funds has more 

than doubled in the last five years and foreign UCITS are now widely marketed in 

Cyprus, including ones promoted by international financial institutions such as JP 

Morgan, UBS and Julius Baer. 

EU Member since 2004, Eurozone member since 2008 

Cyprus’ maritime sector accounts for €1 billion in annual 

revenue and is around 7% of the island’s GDP 

Cyprus is an established international business and service 

centre for shipping, financial services and commerce, and is 

classified by the World Bank as a high-income country 

Investment funds have already invested more than €2 billion 

in several sectors of the Cypriot economy, such as shipping, 

hospitality, education, healthcare, and renewable energy. 

Cyprus is currently the fastest growing European fund 

jurisdiction by NAV for UCIs, AIFs and UCITS 

20



GLOBAL SHIPPING HUB 

A major success story for Cyprus has been the maritime sector, which accounts 

for around €1 billion in annual revenue and approximately 7% of the island’s GDP 

– and of this figure, shipmanagement alone accounts for 5%. Apart from offering 

shipmanagement and business services to the industry, the Cyprus Registry 

is classified as the third largest merchant fleet in the European Union and the 11 th 

largest in the world. The country is also the EU’s largest shipmanagement centre 

and amongst the top three in the world. The sector has seen growth in the past few 

years and Cyprus is currently looking at restructuring the commercial shipping 

sector to strengthen its competitive edge. Since introducing an advantageous EUapproved 

tonnage tax system in 2010, the island has continued to attract increasing 

numbers of shipping companies from across the world. The country’s maritime 

capital, Limassol, is home to some of the most influential names in shipping today 

and manage around 20% of the world’s third-party managed fleet. 

Apart from offering shipmanagement 

and business services to the industry, the 

Cyprus Registry is classified as the third 

largest merchant fleet in the European 

Union and the 11th largest in the world. 

EAST MED ENERGY CENTRE 

Apart from the sun and the sea, Cyprus has few natural resources and has been 

dependent on oil imports to satisfy its energy demands. However, the substantial 

discovery of natural gas and potential oil deposits in Cyprus’ Exclusive Economic 

Zone (EEZ) in the Mediterranean Sea is expected to change all this. Exploratory 

drillings by global energy giants have confirmed natural gas reserves that could 

meet Cyprus’ domestic gas demand for over 100 years, and a surplus for export. 

The hydrocarbons race in Cyprus’ waters has attracted international energy heavyweights, 

such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore 

the island’s waters for new discoveries and multiple auxiliary services companies 

have set up to support these efforts. With 340 days of sunshine to harness, solar 

energy has also become a bit of a boom segment for Cyprus recently. The government 

is placing strong focus on renewable energy and working towards achieving 

a zero-carbon economy. The country’s top-tier universities and research institutes 

are also playing a pivotal part in these efforts to create a more sustainable energy 

mix through innovation in smart tech and research in ways to battle climate change. 

21



TECH AND INNOVATION TAKING THE LEAD 

The technology space in Cyprus is seeing a fresh boost with more state support to the 

sector, the launch of new national strategies to integrate innovative tech, and fresh 

incentives to attract more digital nomads, IT start-ups and regional headquarters. 

With its new focus on long-term development outcomes, Cyprus is determined to diversify 

and harness growth with a technology-driven economy. The biggest spender 

by far on IT in Cyprus is the financial sector, followed by the telecoms providers and 

the public service. Albeit one of the smallest EU member states, research and development 

is an area where Cyprus punches well above its weight. Unprecedented 

investment into the sector and ground-breaking projects are establishing this small 

island, not only as an innovation and research hub, but as a regional centre of excellence 

providing strong links with the global scientific and technical innovation 

community. Further evidence of the high calibre of research and development being 

undertaken in Cyprus is the fact that the country ranked first among the EU member 

states in relation to the per capita absorption of funds from Horizon 2020, the biggest 

EU research and innovation programme with a budget of nearly €80 billion. 

Although the pandemic 

has temporarily stifled the 

thriving sector, new projects 

currently underway are set 

to strengthen and upgrade 

Cyprus’ tourism product and 

encourage more year-round 

visitors, a strategy Cyprus 

is fully committed to. 

POPULAR TOURISM DESTINATION 

Tourism has been a key driving force of the Cypriot economy for decades, and pre- 

Covid the country saw consecutive years of record-breaking numbers of tourist 

arrivals and revenue. Although the pandemic has temporarily stifled the thriving 

sector, new projects currently underway are set to strengthen and upgrade Cyprus’ 

tourism product and encourage more year-round visitors, a strategy Cyprus is fully 

committed to. These projects range from the construction of new golf courses, 

luxury marina developments and the upgrading of the island’s wellness and 

medical tourism product. A new and exciting prospect is the current construction 

of the Republic’s first-ever luxury casino resort. The €600 million integrated resort, 

run by a consortium with renowned Hong Kong player Melco, will exceed five-star 

status and open a whole new market for niche tourism on the island. 

ATTRACTIVE REAL ESTATE 

The Cyprus real estate sector was showing strong market performance straight 

through to 2019, but 2020 marked a turning point as the pandemic hit worldwide. 

Amid widespread lockdowns and travel restrictions, foreign investor demand 

dropped significantly. However, by October 2021, sales to the European market 

22



increased 68% compared to the same period in the previous year. Cyprus’ appeal 

has remained strong amongst international investors, expats and retirees thanks to 

its Mediterranean climate, high quality of life and safety, as well as its status as an 

EU member state conveniently located between three continents. Cyprus has one 

of the highest home ownership rates in Europe and also has a longstanding market 

for second homes and holiday villas, making the economy heavily reliant on the 

sector. With new up-market developments, increased foreign investment in top 

hotels and major infrastructure projects springing up, Cyprus’ attractiveness as a 

property investment location is set to grow in the coming years. 

FDI APPEAL 

Cyprus’ FDI appeal has been on an upward trajectory thanks to a robust economy. 

Real GDP growth averaged 4.6% in 2015-19 and the government’s latest projections 

suggest that in 2021 the economy will have fully regained the ground it lost in 2020 

at the height of the Covid-19 pandemic. For the last few years, Cyprus has been a 

hive of activity with several notable projects already implemented or in the pipeline, 

strengthening the country’s image and appeal. Foreign investment flows have 

been significant. In the ten-year period 2011-2020, cumulative net FDI reached 

€22.2 billion. This investment was driven by equity, with the shipping/shipping 

finance and real estate sectors playing a significant role, while investment in communications 

is now also beginning to gain importance. Ongoing improvements 

in the macroeconomic and financial environment have also revived international 

interest in around 30 major development projects on the island. Investment opportunities 

in Cyprus’ large-scale projects span various sectors, including high-value 

tourism and housing developments, projects with a special focus on golf courses 

and luxury marinas, as well as education, energy and, more lately, the international 

film sector. The growth performance of Cyprus over the last five years has been 

exceptional and even exceeded international expectations, while successive credit 

rating upgrades and new incentives have attracted billions in foreign investment 

since 2015, with significant inflows from the US, Asia, Russia and the Middle East. 

Cyprus’ liberalised Foreign Direct Investment Policy, both for EU citizens and investors 

from third countries, along with its favourable tax regime makes it one of 

the most attractive centres for FDI in Europe. 

A DIVERSIFIED FUTURE 

Offering a professional yet relaxed atmosphere that makes doing business pleasurable 

as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily with a cutting-edge 

international business hub, allowing investors to enjoy the best of both 

worlds: a safe and comfortable environment for family life and a sophisticated infrastructure 

from which to grow and develop business. Cyprus combines numerous 

advantages as a business base with its EU-approved tax regime, competitive 12.5% 

corporate tax rate and tax breaks for high earners, its pro-business government and 

highly skilled workforce – as well as promising growth and development across numerous 

economic sectors. With Cyprus’ prospects on the rise, the country has all the 

right elements firmly in place to strengthen its reputation as an international centre 

of business excellence in one of Europe’s most interesting investment locations. n 

23



ECONOMY 

Bouncing Back 

to Pre-Pandemic 

Growth 

Following the global pandemic that began in 2020, Cyprus 

has consolidated its reputation as a resilient economy with 

one of the fastest growth rates in the EU. Substantial financial 

support for the EU’s green and digital transition agenda has 

given renewed impetus to digitisation, liberalisation and 

green reforms, while new incentives continue to be launched 

to attract a broad array of quality foreign investment. 

The small, open economy of Cyprus is known for its resilience. The economy 

bounced back swiftly after the banking crisis in 2013, returning to investment 

grade rating in 2018 and recording annual average real GDP growth of 

5.8% in 2016-19. The economy also rebounded quickly after the global pandemic 

in 2020, with growth in excess of 5% expected for 2021. During the past few years 

the banks have consolidated, boosted and diversified their capital base and cut 

non-performing loans by over 80%. At the same time, the government reformed 

its public finances, brought debt back to sustainable levels and paid off its debt to 

the IMF five years early. These achievements gave the government the fiscal space 

to extend sustained support to enterprises affected by the pandemic. 

24



The key focus of the next few years 

will be to accelerate digitisation, liberalisation 

and the greening of the 

economy as part of the EU’s Recovery 

and Resilience Facility (RFF). Cyprus 

is set to receive €1.2 billion in mainly 

grants, while the programme is expected 

to unlock another €1.4 billion in private-sector 

investments as the rollout 

encourages investment, raises the economy’s 

competitiveness and leverages the 

eurozone economy’s highly educated 

population. 

KEY SECTORS 

The Cyprus economy is dominated by 

services, which accounted for 83.7% 

of gross value added in 2020, while industry 

accounted for 7.9%, construction 

6.3% and agriculture, forestry and 

fishing 2.1%. Over the past two decades 

the economy has diversified. While 

tourism remains one of the most significant 

sectors, especially because of 

its wider impact on retail, transport, 

construction and employment, its value-added 

contribution, when narrowly 

defined as accommodation and food 

services, has now been overtaken by 

professional services, communications, 

financial services and real estate. 

Diversification has been made possible 

by the growing importance of 

Cyprus as an international business 

centre. Information and communication 

services have expanded rapidly 

from a low base, as the country takes 

advantage of its geographic location 

at the crossroads of three continents. 

Administrative services are also rising 

fast, boosted by the growing compliance 

industry. As in many advanced 

countries, the largest single sector is 

wholesale and retail trade, serving the 

general population as well as incoming 

tourists. 

Key sectors as % of total Gross 

Value Added (GVA) 2020 

2.3% 

Agriculture & Mining 

8.0% 

Manufacturing, Electricity, 

Gas & Water 

6.1% 

Construction 

11.0% 

Wholesale & Retail Trade 

4.1% 

Accommodation & 

Food Services 

8.4% 

Financial Services 

9.0% 

Professional 

Services 

9.9% 

Public Administration 

& Defence 

41.2% 

Other Services 

25



CHALLENGES AND OPPORTUNITIES 

The short-term challenge is to ensure that the economy stays on its robust growth 

path as government continues to ease off its Covid-19 related support and to maintain 

momentum for the RFF-related reforms. 

Important structural support in this endeavour will come from the new Deputy 

Ministry of Research, Innovation and Digital Policy, which was established in 

March 2020 and was key to accelerating digitisation of the public sector at the 

height of the pandemic. The government has also launched a raft of initiatives to 

support competitiveness and the green transition. These include incentives for the 

island’s budding wine sector, to support entrepreneurship and for energy upgrades 

in buildings. 

Key prospects lie in energy including renewables, interconnectivity, tourism and 

headquartering. Energy prospects arise from offshore natural gas finds, further 

electricity liberalisation and investment in renewables, while opportunities for 

interconnectivity will come from the submarine electricity cables that will link 

Cyprus to the European and African continents. Investment in expanding and upgrading 

the island’s tourism offering will continue, while prospects for headquartering 

have been boosted by the government’s early public health interventions to 

rapidly contain the pandemic. This has further enhanced the country’s reputation 

as a safe eurozone location in which to do business. 

Credit ratings November 2021 

BBB- BBB- BBB (L) Ba1 

Standard & Poor’s 

Stable Outlook 

Fitch Ratings 


DBRS 


Moody’s 

Positive Outlook 

26

A I F M / 3 5 / 5 6 / 2 0 1 3 

Full Service Fund & AIFM Services 

Oneworld Plus Management is a dedicated Alternative Investment Fund Manager (AIFM) providing third 

party AIFM services and fund formation to fund initiators, promoters and fund managers of private equity, 

real estate, infrastructure, debt, fund of funds, transferable securities as well as other alternative asset 

classes. We have all the tools you need, whether it be a stand-alone fund, a segregated sub-fund on our 

existing ‘White Label’ fund platforms, or even your own fund platform with multiple sub-funds. 

Our services include setup and formation of your fund, including preparation of offering documents, 

procedures and lodging with relevant competent authority, portfolio and risk management, compliance, 

reporting and distribution services to the fund. 

We offer services in 

• Migrating your non-EU fund to an EU domicile 

of your choice 

• Setting up a new fund as a stand-alone fund in 

various jurisdictions, including Luxembourg, 

Cyprus, Malta, Cayman Islands and Ireland or on our 

QIAIF platform in Ireland and AIF platform in Cyprus 

• Setting up non EU-funds 

• Setting up EU-based funds that mirror the 

performance of offshore funds 

• Company Formation and Fund launch 

• Corporate Management 

• Fund Administration 

• Third Party AIFM Services 

• Accounting and Consolidation 

• Corporate and Legal Compliance 

• Tax Compliance 

• SPV Services 

• AIFMD Services 

www.oneworldaifm.com 

info@oneworldaifm.com 

75 Prodromou Avenue, Oneworld Parkview House, Floor 2, 2063 Nicosia, Cyprus +357 22 507 723 

Oneworld Plus Management Ltd is licenced by CySEC under license no. AIFM35/56/2013.



Real GDP Growth 

IMF, Staff Report, June 2021 

European Commission Autumn Forecast, November 2021 

Sapienta Country Analysis Cyprus, November 2021 

Cystat 

5.2% 

3.1% 

IMF 

EC 

Sapienta 

3.0% 

5.4% 

4.9% 

IMF 

EC 

Sapienta 

3.9% 

4.2% 

3.8% 

IMF 

EC 

Sapienta 

3.1% 

3.5% 

2.4% 

2018 

2019 

2020 2021 

(forecast) 

2022 

(forecast) 

2023 

(forecast) 

-5.2% 

GDP in €/billion 

17.9 

18.9 

20.2 

21.6 

23.0 

21.5 

2015 

2016 

2017 

2018 

2019 

2020 

GDP per capita in € 

21,098 

22,229 

23,554 

24,840 

26,090 

24,157 

2015 

2016 

2017 

2018 

2019 

2020 

28



Gross public debt as % of GDP 

IMF EC Sapienta 

2023 forecast 2022 forecast 2021 forecast 2020 2019 2018 

99.2% 

99.2% 

98.4% 

94.0% 

94.0% 

99.1% 

119.1% 

115.3% 

115.3% 

114.0% 

104.1% 

104.9% 

106.4% 

97.6% 

92.6% 

102.8% 

93.4% 

86.7% 

Current account balance % of GDP 

0 

-1 

-2 

-3 

-4 

-5 

-6 

-7 

-8 

-9 

-10 

-11 

-12 

2018 2019 2020 2021 (f) 2022 (f) 2023 (f) 

29



Harmonised consumer 

price inflation (%) 

0.8 1.7 3.3 

0.5 1.9 2.3 

1.2 1.2 1.8 

0.8 0.8 0.8 

0.6 0.5 0.5 

2020 

2018 2019 

2021 forecast 2022 forecast 2023 forecast 

IMF EC Sapienta 

-1.1 -1.1 -1.1 

Unemployment Rate (%) 

9 

8 

7 

6 

2018 2019 2020 2021 forecast 2022 forecast 2023 forecast 

NPE ratio (non-performing exposures as % gross loans; scaled y-axis) Source: Central Bank of Cyprus. 

45.3 46.4 42.5 30.5 28.0 17.7 

December 

2015 

December 

2016 

December 

2017 

December 

2018 

December 

2019 

December 

2020 

30



Foreign Direct Investment (FDI) 

FDI liabilities 

(investments in Cyprus) 

2013 

2014 

2015 

2016 

2017 

19,586 

38,828 

26,118 

7,722 

10,913 

2018 

-5,078 

2019 

2020 

23.057 

2,744 

FDI assets 

(investments abroad) 

2013 

2014 

2015 

2016 

2017 

22,539 

49,707 

39,939 

5.699 

10,254 

2018 

-9,812 

2019 

2020 

17,745 

724 

31



Cumulative inward FDI stock 

by country €/million (2019) 

Inward FDI (liabilities) by 

country €/million (2019) 

Russian Federation 105,340 

Luxembourg 62,643 

Jersey 28,197 

British Virgin Islands 19,719 

Netherlands 17,924 

United Kingdom 11,658 

Germany 8,209 

Guernsey 4,478 

Liechtenstein 3,629 

Bermuda 3,362 

Luxembourg 13,127 

Switzerland 4,403 

Russian Federation 4,116 

United States 3,848 

Netherlands 755 

China 442 

United Kingdom 210 

British Virgin Islands 128 

Ukraine 33 

Lebanon 31 

Total including others 

€401.18bn 

Total including others 

€23.39bn 

Source: Central Bank of Cyprus. 

Main Exports and Countries 

Exports of goods by economic destination 

in 2020 €/million (includes re-exports) 

Transport 

equipment 

889 

Mineral 

products 

451 

Chemicals 

443 

Live animals 

& products 

308 

Machinery 

& electrical 

equipment 

189 

Food, 

beverages 

& tobacco 

110 

Base metals 

& products 

69 

Vegetable 

products 

66 

Unclassified 

69 

Other 

146 

TOTAL EXPORTS (includes re-exports) 

€2.74bn 

32



Top export markets for goods in 2020 €/million (includes re-exports) 

Source: Cystat 

229 204 177 163 156 148 

Greece 

Liberia 

United 

Kingdom 

Libya 

Marshall 

Islands 

Netherlands 

Imports of goods by economic destination in 2020 €/million 

2,193 

1,813 

1,974 

Consumer goods 

Intermediate inputs 

Transport equipment & parts 

of which ships & boats 

504 

945 

76 

Capital goods 

Fuels & lubricants 

Unclassified 

TOTAL IMPORTS 

€7.50bn 

Top suppliers of goods in 2020 €/million 

Source: Cystat 

UK 608 

Germany 497 

Italy 623 

Greece 1,627 Israel 270 

China 450 

33

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.



FOREIGN DIRECT INVESTMENT 

Resilient FDI Location 

The Cyprus economy has bounced back rapidly from the Covid-19 

pandemic and the authorities have taken the opportunity to 

forge ahead with digitisation, the launch of new incentives 

and reforms that continue to offer interesting opportunities to 

investors with capital and interest in the East Med region. 

Limassol Marina 

Cyprus has attracted formidable foreign investment over the last five years 

with billions of euros flowing into multiple sectors. The country’s return 

to an investment-grade credit rating in 2018 gave both the economy and 

investor confidence a much-needed boost, and the successful recapitalisation of its 

major banks and numerous large-scale projects have all contributed to the resurgence 

of Cyprus as a top foreign direct investment (FDI) destination. The growth 

performance of Cyprus in the last five years has been exceptional and even exceeded 

international expectations, while successive credit rating upgrades and new 

incentives have attracted billions in foreign investment, with significant inflows 

from the US, Asia, Russia and the Middle East. The sectors that have seen the most 

significant FDI are finance, especially for shipping; real estate in new luxury developments 

and infrastructure projects that are underway across the country with 

significant foreign investor backing; information and communication; retail trade; 

and professional services, in particular head office activities. A fast-track system 

is also encouraging international companies to set up international and regional 

headquarters on the island, which is becoming an increasingly attractive gateway 

to both established and emerging growth markets. 

35



A VARIETY OF INVESTMENT OPTIONS 

For the last few years, Cyprus has been a hive of activity with several notable projects 

already implemented or in the pipeline, strengthening the country’s image and 

appeal. Foreign investment flows have been significant. In the ten-year period 2011- 

2020, average inflows and outflows have averaged around €20 billion per year. This 

investment was driven by equity, with the shipping/shipping finance and real estate 

sectors playing a significant role, while investment in communications is now also 

beginning to gain importance. 

New large-scale real estate projects, luxury marinas and tourism infrastructure, 

coupled with developing opportunities in the energy and shipping sectors have all 

reinforced Cyprus’ status as an interesting investment location. An added benefit of 

Cyprus is its secure and stable EU environment in a turbulent region, which provides 

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

with clients in the wider Eastern Mediterranean region. 

Already renowned as a popular holiday destination and a thriving business hub 

servicing international companies with multinational operations, the island is sharpening 

its competitive edge by streamlining processes, modernising legislation, introducing 

incentives and speeding up licensing procedures to better cater to investors. 

Special schemes and incentives are in place to facilitate headquartering, which covers 

the sectors of technology, asset management, investment funds, shipping and higher 

education, ‘Olivewood’ for the international film industry, and a new government 

Action Plan launched in late 2021 filled with new incentives to attract non-EU individuals 

and companies to establish operations in Cyprus. 

The sectors that have seen the 

most significant FDI are finance, 

especially for shipping; real estate 

in new luxury developments 

and infrastructure projects 

that are underway across the 

country with significant foreign 

investor backing; information 

and communication; retail trade; 

and professional services, in 

particular head office activities. 

Artist Impression: Grand Hyatt Limassol 

36



PRIVATISATIONS AND LARGE-SCALE PROJECTS 

Cyprus’ FDI appeal has been on an upward trajectory thanks to a robust economy. 

Real GDP growth averaged 5.3% in 2015-19 and the government’s latest projections 

suggest that in 2021 the economy will have fully regained the ground it lost 

in 2020 at the height of the Covid-19 pandemic. Ongoing improvements in the 

macroeconomic and financial environment have also revived international interest 

in around 30 major development projects on the island. Investment opportunities 

in Cyprus’ large-scale projects span various sectors, including high-value tourism 

and housing developments, projects with a special focus on golf courses and luxury 

marinas, as well as education, energy and, more lately, the international film sector. 

The liberalisation of markets in which state-owned entities used to dominate 

presents new opportunities in terms of FDI. The 2017 commercialisation of the 

country’s largest port in Limassol marked a new era for Cyprus as a commercial 

hub. The port commercialisation came in the context of the first discovery of 

natural gas in 2011, a dedicated Deputy Minister of Shipping in 2018, as well as 

the launch of the new VTTV oil trading terminal in 2014. The privatisation deal 

with Eurogate International GmbH and DP World Limited is expected to boost 

state coffers with €2 billion over the next 25 years, while the new port operators 

are injecting millions in upgrading services and infrastructure. The €290 million 

investment in natural gas import infrastructure using a floating, storage, regasification 

unit (FSRU), combined with the full liberalisation of electricity and EU funds 

for green transition, are presenting an array of new opportunities in the natural gas 

and renewables sectors. 

38



EAST MED ENERGY HUB 

Cyprus’ hydrocarbons discoveries have captured the attention of the global energy 

giants since US company Noble Energy, now acquired by US giant Chevron, made 

the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic 

feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and 

Total have all secured exploration licences and conducted exploratory drilling. 

ExxonMobil announced the discovery of an estimated 5 to 8 tcf in Block 10 in 

early 2019 and ENI announced a promising discovery in Block 6 in early 2018. 

In 2019 Cyprus agreed to build a subsea pipeline connecting Aphrodite to Egypt’s 

liquefaction plants and concluded a production-sharing deal with Noble Energy 

and its partners over the Aphrodite gas reservoir. 

In addition to offshore discoveries a range of other new energy opportunities 

have come to the fore. In December 2019, Cyprus signed a landmark deal 

with a Chinese-led consortium to build a €290 million LNG import terminal at 

Vassilikos. The consortium constructing the project includes China Petroleum 

Pipeline Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and 

Wilhelmsen Ship Management. The terminal will include a floating storage and 

regasification unit (FSRU), a jetty for mooring the FSRU and related infrastructure 

at Vassilikos. The terminal, which will transform domestic power production 

from diesel to cleaner, gas-fired electricity, is the country’s biggest energy investment 

to date. The FSRU, due for completion in late 2022, attracted €150 million in 

finance from the European Investment Bank (EIB), €80 million from the European 

Bank for Reconstruction and Development (EBRD), €101 million from the EU’s 

Connecting Europe Facility as well as an equity contribution of €43 million from 

the Electricity Authority of Cyprus (EAC). Parallel to this, Cyprus is ramping up renewables 

capacity, with support from the EU’s €1.2 billion Recovery and Resilience 

Facility (RFF). Electricity production will also be fully liberalised by 2022. This will 

allow new private players operating in both renewables and gas to compete in the 

local market but also in a much broader regional market thanks to the EuroAsia 

Interconnector project to connect Cyprus, Israel and Greece via submarine electricity 

cable and the related EuroAfrica Interconnector to connect Egypt 

Limassol Terminal 

39



UPGRADING TOURISM 

Tourism has long been a driving force of the Cypriot economy and a concerted 

effort to diversify its offering in recent years has paid off. Ahead of the global pandemic, 

expansion of capacity as well as quality upgrades saw both arrivals and 

expenditure break new records for four years running. A new Deputy Ministry 

of Tourism was established in 2019. Cyprus has been attracting new interest by 

developing conference, sports, health and wellness tourism and by extending the 

tourist season. The construction and investment in multipurpose projects and 

mixed-use developments such as luxury marinas, golf courses and more recently 

the island’s first-ever and only integrated luxury casino resort, are all part of 

the ongoing strategy to upgrade Cyprus’ tourism product. The temporary casino 

and satellite outlets have started operations and the full integrated casino resort, 

City of Dreams Mediterranean, will have extensive facilities and five-star status. 

The casino resort is Hong Kong-based Melco’s first expansion outside of Asia and 

will be the biggest casino of its kind in Europe, with the investment for this mega 

project at €600 million. 

Following the success of Limassol Marina, there has been a swell of interest in 

these types of projects. The €300 million luxury Ayia Napa Marina is under construction 

with berthing facilities and a Commercial Village now fully operational. 

The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a 

range of luxury villas, apartments and facilities. With significant Egyptian investment 

backing the innovative project and the seafront residences are expected to be 

completed by 2023. In addition, the €110 million Paralimni Marina project is well 

under way, with additional development incentives approved by the government 

in 2020. The contract for Larnaca Marina was signed with a Cypriot-Israeli consortium, 

Eldeman Holding BV and Alexandrou Corporate Services Ltd, in late 2020 

and is expected to attract €1.2 billion in construction and real estate development, 

while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting 

Engineers SA for a luxury marina in Paphos. 

Artist Impression: City of Dreams Mediterranean 

40



Tourism-related 

real estate and 

infrastructure 

continues to be one 

of the most attractive 

investment 

opportunities 

in Cyprus. 

The number of foreign investors closing multimillion-euro deals in the last few 

years underlines the fact that tourism-related real estate and infrastructure continues 

to be one of the most attractive investment opportunities in Cyprus. With solid 

and continuous interest in the tourism sector, the country’s investment promotion 

agency Invest Cyprus has set up a dedicated and specialised unit, TourInvest, to 

promote investment opportunities in the tourism and hospitality sector. In cooperation 

with the Deputy Ministry of Tourism and other stakeholders, the unit 

focuses on attracting multi-million-euro investment into large-scale infrastructure 

projects that exist in diversified thematic areas. 

Worthwhile investments have already been made in the hospitality industry 

with acquisitions and the construction of new luxury hotels of well-known hotel 

management chains. These include the prestigious Sun City Spa and Residences 

by Chinese group Jim Chang Global with an initial investment of €100 million to 

construct a five-star resort hotel and exclusive beachfront residences. The Radisson 

Hotel Group, one of the largest and most dynamic hotel groups in the world, has 

big plans to grow its existing portfolio in the country to six hotels and almost 1,000 

rooms by 2025. 

In 2019, the Luxury Collection, part of Marriott International, opened 

the Parklane Luxury Collection Resort & Spa resort in Limassol. Owned and operated 

by Parklane Hotels Limited, the property marks Marriott International’s entry 

into Cyprus. Another major international deal in recent years was South African 

Atterbury acquiring two of the country’s flagship Nicosia retail outlets, the Mall of 

Cyprus and the Mall of Engomi, for €200 million. 

In July 2020, Hyatt Hotels Corporation announced a management agreement 

with Anolia Holdings Limited for the launch of the first Hyatt hotel in Cyprus. 

The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. 

The new beachfront resort will also be a key element of Zaria Resort, a mixed-use 

luxury development, comprised of residential apartments and private villas totalling 

more than 80,000 square metres. The announcement of Grand Hyatt Limassol 

follows a significant expansion in Hyatt’s brand footprint in Europe over the last 

year, and Cyprus has proven to attract travellers from Hyatt’s key strategic markets 

including the UK, Russia, Greece, Germany and the Middle East. 

41



LUXURY REAL ESTATE 

Cyprus continues to be on the top of the list for investors, holiday-home seekers, 

expats and retirees, with the traditionally popular areas of Paphos and Limassol 

leading the way. One of the latest projects is the Sofitel Resort & Spa, a joint 

venture between Singapore-headquartered Oxley Holdings and Planetvision on 

the Limassol beachfront. The project will be the first Sofitel Resort with branded 

residences in Europe and is expected to be completed by 2022. 

Health and wellness developments are increasingly popular, and an early example 

of this is the Eden Seniors Resort in Larnaca which opened its doors in 2018. 

Paphos is due to see the first dedicated retirement village in Cyprus – a segment 

that has much potential in Cyprus along with rehabilitation related projects. The 

€16 million retirement village, branded Lazaris Mill, will consist of 82 individual 

apartments, ranging from studios to larger flats and a small 24-room hotel, and 

provide bespoke facilities. The first residents are expected in spring 2023. Until 

now, no retirement villages were available on the island and whilst common in 

many other countries, this project is a first for Cyprus. 

Prior to the pandemic the high-end residential property segment accounted for 

20% of the total transaction value of real estate in Cyprus, with a keen interest from 

foreigners. For the whole of 2019, 66% of properties were acquired by non-EU 

buyers. While the pandemic slowed foreign sales, interest began to revive again in 

mid-2021. 

Parklane Limassol 

A STABLE BANKING SECTOR 

Cyprus banks maintain high levels of capital adequacy and liquidity. The restructuring 

of the banking sector after 2013 has attracted important international institutional 

investors and fresh foreign capital, and encouraged accelerated sales of 

non-performing loans. These developments have substantially reduced risk and 

enabled the financial system to operate on a more sound basis. 

The island’s biggest lender, Bank of Cyprus, secured €1 billion of investment 

from world-renowned investors in 2014. Investors have also been able to take advantage 

of €220 million in Additional Tier 1 (AT1) capital in December 2018 and 

€300 million in senior preferred notes issued in June 2021. 

42



Hellenic Bank completed a capital increase of €150 million in March 2019 

to support its acquisition of mainly performing loans from the former Cyprus 

Cooperative Bank. The acquisition boosted the bank’s assets to €16 billion and raised 

market share for loans to 30%. The capital raise brought in new international investors, 

such as US-based Poppy Sarl (PIMCO), with the other major shareholders being 

Demetra Investments Ltd, Wargaming, Third Point and investment fund Senvest. 

Mergers and acquisitions in the past few years have transformed the landscape. 

In 2017, strategic investment came via the sale of the majority stake of the Cyprus 

subsidiary of Greece’s largest lender Piraeus Bank, now renamed AstroBank, to 

Lebanese Holding M. Sehnaoui SAL – which injected €40 million in fresh capital 

into the bank. In July 2021, Eurobank Greece took a 9.88% stake in Hellenic Bank. 

FIRST-CLASS SHIPPING 

One of Cyprus’ most successful export services has been the maritime industry, 

which now has its own dedicated deputy ministry. The growth of Cyprus’ resident 

shipping sector over the past 50 years has developed a strong maritime cluster that 

caters to the needs of Cyprus-based companies, including banking, professional 

services, insurance and IT. The cluster has gone from strength to strength over 

the years and is consistently attracting more quality tonnage and shipping-related 

companies to its shores. 

The decision in July 2018 by leading London ship insurer P&I Club to open a 

post-Brexit EU subsidiary in Cyprus, reaffirmed the island’s position as one of the 

top global hubs for shipping. Another triumph came in early 2019, when British 

shipping firm P&O Ferries decided to register its English Channel operating fleet 

under the Cyprus flag to take advantage of the benefits and security it provides. 

Two of the industry’s most highly respected privately-owned shipmanagement 

companies, Columbia Shipmanagement and Marlow Navigation – both based in 

Cyprus – merged in 2017 to form Columbia Marlow, creating one of the world’s 

largest ship and crew-management companies. Another transaction constituting 

FDI was the 2018 buyout of Limassol-based Songa Offshore SE by Transocean 

Ltd, the world’s largest offshore drilling contractor for oil and gas wells, in a deal 

worth US$3.4 billion. 

43



Between 2010 – when the Cyprus tonnage tax system was approved by the 

European Commission – and 2021 there has been a fivefold increase in the number 

of shipping companies that have registered with Cyprus’ specialised shipping taxation 

system, boosting the sector’s revenue by around 25%. In addition, natural 

gas finds within Cyprus’ EEZ and efforts to exploit it in cooperation with neighbouring 

countries have expanded opportunities for the island’s already thriving 

shipping sector. 

TOP-TIER EDUCATION 

Cyprus has seen a rapid expansion of tertiary education in the past few years, and 

is well on its way to develop the island into a regional education centre and knowledge 

hub. Cyprus has already established cooperation and synergies with international 

universities, most notably the University of Nicosia launching the island’s 

first degree programme in medicine in collaboration with St George’s Medical 

School at the University of London, and University of Central Lancashire – Cyprus 

(UCLan), being the first British university to establish a campus on the island. The 

Cyprus Institute has also established itself as a significant research institute with 

global networks of excellence supported by significant EU funding. The number 

of foreign students choosing Cyprus for their studies has almost tripled in the last 

five years, representing over 60 different countries and supporting the growth of 

Cyprus into a true global educational centre. This fact underlines the great opportunities 

that exist in Cyprus for the establishment of new universities, colleges and 

research institutes. 

University of Cyprus Library 

44



A FUTURE OF INNOVATION 

A new Deputy Ministry of Research, Innovation and Digital Policy was established 

in March 2020 to leverage Cyprus’ potential for innovation and to support digitisation 

in the economy. This accelerated during the Covid-19 pandemic, leading 

to Cyprus being named as one of the five most innovating countries in the EU’s 

European Innovation Scoreboard in 2021. In addition, a range of initiatives are 

under way to support start-ups and to attract more international talent to establish 

ventures with high growth potential. Opportunities are therefore opening up 

for business angels and venture capitalists looking for innovative start-ups, and to 

invest risk capital in exchange for equity in promising business ideas and products. 

The technology and communications sector in Cyprus has become fiercely 

competitive, with a number of players deploying cutting edge solutions to both increase 

their local market share and generate growth through the launch of new 

technology and products. 5G was rolled out in 2021 with four licences issued in 

that year. Prior to that the sector saw new investment in July 2018 with Monaco 

Telecom S.A. buying the Cyprus operations of South Africa’s telecom MTN Group 

– which entered the Cypriot market 11 years ago and has around one-third of the 

market. Following the €260 million deal, the company was rebranded Epic, and the 

group announced strategic cooperation with China’s Huawei on developing a 5G 

network in Cyprus. 

In the ten-year period 2011- 

2020, average inflows and 

outflows have averaged 

around €20 billion per year. 

45



INCENTIVISING INVESTMENT 

Cyprus’ liberalised FDI Policy, both for EU citizens and investors from third 

countries, along with its favourable tax regime makes it one of the most attractive 

investment targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the 

most competitive in the EU and new tax-neutral reforms that are on the way will 

simplify and modernise the tax system further. The country’s extensive network 

of double taxation treaties with 66 countries have strengthened its position as a 

business gateway and a preferred location for corporate headquarters. The country’s 

skilled talent, low cost of doing business, top-tier professional services, and 

high quality of life renders Cyprus not only a wise business choice but also a great 

relocation destination. 

To further enhance investor interest, the government is making staunch efforts 

to improve its FDI framework and has vowed to cut through red tape. Reforms accelerated 

in 2020-21 include preparations for a specialised commercial court and 

full-scale upgrade of the judicial system, as well as targeted incentives to better 

facilitate investment. These efforts have been recognised, with Cyprus seeing an 

increase in FDI and the registration of new companies setting up on the island. 

Cyprus’ open economy, European Union status and established role as a regional 

business hub between three continents continue to appeal to investors. The island 

also hosts a thriving forex industry with many global giants basing their operational 

headquarters in Cyprus. In addition, the investment funds sector has grown 

exponentially in the last few years with continuous upgrades to the regulatory 

framework. Assets under Management (AuM) have increased by over 200% from 

€2.7 billion in 2016 to €10.7 billion in the first half of 2021. If recent growth rates 

are sustained, industry experts predict assets under management could reach €20 

billion in the next five years. 

Having endured a challenging economic climate and now successfully tackling 

the effects of the global coronavirus pandemic, Cyprus has proven its resilience as 

an economy and FDI location. It has exceeded expectations and as work progresses 

on implementing structural reforms to bolster the business environment, the 

attractive incentives and the ever-expanding opportunities will continue to attract 

foreign investors. 

46



FDI Liabilities (investments in Cyprus) in €/million Source: Central Bank of Cyprus 

47,099 

23,419 

28,909 

53,807 

19,586 

38,828 

26,118 

7,722 

10,913 

-5,078 

23,057 

2,744 

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 

Despite the impact of the 

pandemic, Cyprus is home to a 

variety of large scale projects in 

the sector, such as the €1.2 billion 

investment for the redevelopment 

of Larnaka port and marina, 

the €600 million integrated casino 

resort City of Dreams Mediterranean, 

the €300 million Ayia Napa Marina, 

the new €110 million Paralimni 

Marina, and an additional 16 

new hotels in 2020 and 2021. 

Ayia Napa Marina 

Cumulative FDI Liabilities (investments in Cyprus) by 

sector in 2015-19 in €/million Source: Central Bank of Cyprus 

Finance & Insurance 53,111 

Real Estate 4,518 

Information & Communication 1,292 

Wholesale & Retail Trade 841 

Professional Scientific & Technical 311 

Total including others 61,716 

47

Flavours 

oF 

Cyprus 

ts@meci.gov.cy 

www.meci.gov.cy



WHY 

CYPRUS? 

Insights from foreign companies with a base in Cyprus 

WHY DID YOU CHOOSE TO 

invest in Cyprus? 

49



Atterbury Europe 

Country of Origin: South Africa 

AstroBank 

Country of Origin: Lebanon 

We believe in Cyprus, its potential 

and its future. We believe in Cyprus, 

as a country, as a promising 

economy and as a privileged 

gateway between the East and 

Europe. We are confident that 

the Cypriot banking sector in 

particular, after weathering the 

storm, is gradually stabilising 

and offers interesting investment 

opportunities. In addition to that, 

the seriousness and commitment 

of the Central Bank of Cyprus to 

maintain a solid and supportive 

regulatory environment which 

provides stability and sustainability 

was a decisive factor. For us 

Cyprus is a perfect illustration of 

the saying “never let a good crisis 

go to waste”, which means that a 

crisis often offers the opportunity to 

do things you could not do before. 

It is this reasoning that made 

us invest in Cyprus and we look 

forward to becoming a channel for 

others to invest in Cyprus as well. 

Maurice Sehnaoui 

Vice Chairman 

AstroBank 

There are various reasons for 

companies such as Atterbury and 

Attacq – both originating from South 

Africa – to invest in Cyprus. Our recent 

acquisition of The Mall of Cyprus 

and The Mall of Engomi indicates a 

strong relation between two countries 

in different hemispheres. With both 

countries former British colonies, the 

influence is evident in legal and land 

ownership structures that provide 

significant common ground. As an 

added benefit, investments in Cyprus 

provide much sought-after exposure 

to the Euro currency. Infrastructure is 

world class and professional service 

providers are highly skilled and 

reliable in their responsibilities and 

communication with clients. There are 

lucrative tax benefits for companies 

investing in Cyprus, making it much 

more than a beautiful and culturally 

rich destination. From an economical 

perspective, Cyprus is rapidly 

recovering as can be seen in the recent 

upgraded credit ratings and positive 

progress on various issues that 

further improve the reputation 

of Cyprus as an investment 

destination on the world 

stage. We intend to establish a 

long-term presence in Cyprus 

with further investments in 

our existing portfolio as 

well as other locations 

on the island. 

Raoul de Villiers 

Managing 

Director 

Atterbury 

Europe 

50



Oxley Planetvision 

Country of Origin: Singapore 

We see a renewed vigour and 

enthusiasm in Cyprus, driven by 

robust economic growth, political 

stability, a resurgence in tourism, 

and a stable and growing financial 

sector. We have great confidence 

in Cyprus’ overall economy 

and its property market. This 

improved economic backdrop 

has encouraged direct foreign 

investment into Cyprus for largescale 

projects and provides a solid 

platform for future investments. 

Therefore, the time is right to 

invest in Limassol’s future as the 

country embraces its evolving role 

on the international economic 

scene. As the local market is 

experimenting with multi-storey 

towers, Oxley will apply its vast 

international experience to provide 

Limassol with a distinguished 

landmark which will offer a 

genuinely new lifestyle experience 

everyone will want to be part of. 

Ching Chiat Kwong 

Executive Chairman Oxley 

Holdings Limited, 

Oxley Planetvision Properties Ltd 

UCLan Cyprus 

Country of Origin: United Kingdom 

The University of Central Lancashire 

(UCLan), the fourth largest University 

in the UK, through its strategy of 

developing educational satellites 

around the globe, showed strong 

interest in choosing Cyprus as the 

first step in expanding its presence, 

primarily due to the geopolitical 

position and large local demand for 

UK higher education in Cyprus. After 

researching the best location for 

their branch campus and the local 

procedures for setting up a University, 

UCLan chose Larnaca as the ideal 

strategic location to establish the 

first British university on the island. 

Floros Voniatis 

CEO - Chair of the Council 

- Founding Partner 

UCLan Cyprus 

51



Monaco Telecom 

Country of Origin: Monaco 

Cyprus was our destination of 

choice. It is one of the most 

dynamic economies inside the 

EU, providing a stable and clear 

regulation, and promoting open 

competition. Monaco Telecom is 

building a Group of independent 

operators in the European 

Mediterranean environment with 

Cyprus, Malta and Monaco as 

its major geographies. Our two 

shareholders, the Government of 

Monaco and French entrepreneur 

Xavier Niel share a long-term view 

to provide high end and innovative 

telecommunication services at 

great value. We have invested here 

two years ago and we are very 

proud of the growth and progress 

of Epic. It is now recognised as the 

best mobile network in the country 

and it is attracting more and more 

customers. We are now focused 

on building a high-quality fiber 

to the home network to provide 

a full range of services, at home 

and everywhere. We really feel 

privileged to operate in Cyprus. 

Martin Peronnet 

CEO 

Monaco Telecom 

M.M. Makronisos Ltd 

(Ayia Napa Marina) 

Country of Origin: Egypt 

We invested in Cyprus right after its 

financial crisis of 2013, as we saw it 

as a big opportunity, it could only go 

upwards. This, coupled with one of 

the most attractive and transparent 

tax systems in Europe, which is 

fully compliant with EU laws and 

regulations, as well as a modern and 

business-friendly legal system, have 

proven Cyprus to be an attractive 

destination for a foreign investor 

interested in Europe. Our experience 

as investors in Cyprus has been 

very positive. The government and 

authorities are welcoming and don't 

spare any efforts to facilitate hurdles 

faced by foreign investors, and have 

been efficient in providing necessary 

permits for our project. The Cyprus 

Permanent Residency Programme 

is a great incentive for foreigners to 

invest in real estate and is helping 

to create a big opportunity for us to 

develop a huge project like Ayia Napa 

Marina, which we envisage to change 

the face of the Cypriot coastline and 

become the best luxury destination in 

the Eastern Mediterranean. Finally, 

I am very happy to acknowledge that 

construction is progressing very 

well, with the Marina being in full 

operation since June of 2020 

and the Commercial Area 

will welcome the first guests 

in the Summer of 2021. 

Naguib Sawiris 

Chairman 

M.M. Makronisos 

Ltd. 

52



Melco International 

Country of Origin: Hong Kong 

Cyprus is an ideal location for 

Melco’s initial plans for expansion 

beyond Asia. It is a fitting site for 

what will become Europe’s largest 

integrated casino resort, ‘City of 

Dreams Mediterranean’. Cyprus is 

the only jurisdiction in the region to 

have successfully passed legislation 

and complete a transparent 

RFP for a large-scale integrated 

resort; and has a great history 

of implementing the rule of law. 

Furthermore, Cyprus’ location, with 

its proximity to Europe, the Middle 

East, and Africa is hugely appealing. 

Developments in infrastructure and 

hospitality means Cyprus has huge 

potential for tourism expansion. 

Our investment of €550 million for 

the integrated casino resort project 

aims to create a unique world-class 

development, which will support 

important advances to Cyprus’ 

economy and touristic product. 

Lawrence Ho 

Chairman and CEO - 

Melco International 

53

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



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 

55



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 4.5%. 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 

56



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 

57



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. 

58



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. 

59 

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%.



Trilogy, Limassol 

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

companies choosing to retain a presence in Europe. 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. 

60



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 

61



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 programs 

•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 

62



WHY 

CYPRUS? 

Insights from foreign companies with a base in Cyprus 

WHY DID YOU CHOOSE TO 

set up in Cyprus? 

63



“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 

64



“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) 

65



“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 

66



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 

67



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. 

68



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. 

69



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. 

70



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 

71

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



INTERNATIONAL TRADE 

Cyprus Exports 

Cyprus’ strong track record of producing quality and soughtafter 

exports, coupled with the island’s strong EU trade links and 

unique position along key Mediterranean trade routes are further 

strengthening its longstanding reputation as a service centre 

providing exporters strong competitive advantages. Long-standing 

relationships with international export partners have also supported 

the development of the island and its transport infrastructure into 

a modern and efficient regional trading and transhipment hub. 

Star-Performing Exports (Volume / Value 2020) 

Pharmaceuticals 

7,094 tonnes 

€353.2 million 

Halloumi 

39,548 tonnes 


Mineral Fuels & Oils 

753,023 tonnes 


Potatoes 

67,943 tonnes 


Fish 

5,039 tonnes 


Fruit & Veg Juices 

52,141 tonnes 


Citrus Fruit 

22,690 tonnes 


Meat 

4,815 tonnes 


Fire Extinguishers 

494 tonnes 


73



Fastest-Growing Exports (2015-2020) 

Halloumi 

increase by 158% 

Pharma Products 


Mineral Fuel and Oils 


Despite the serious effects of the pandemic 

on international trade, exports of domestically 

produced products during 2020 reached €1.26 

billion marking only a slight decrease of 

approximately 2.7% as compared to the previous 

year. During the same period, main export 

products, such as pharmaceuticals and halloumi, 

registered a remarkable increase of 18.8% 

and 18.9% respectively as compared to 2019. 

At the same time, total export of services reached €13.4 billion and were 

reduced by 6% due to the reduction in transport and travel services that 

were negatively affected by the restrictive measures taken to address the 

pandemic. During the same period, exports of financial services increased 

significantly by 33%, revealing the positive future prospects of the Cyprus 

financial services sector. For 2021, preliminary data are modestly positive, 

since domestic exports of goods for January to August, register a growth of 

16%. For the period January to June exports of services marked an increase 

of 8.4%. The impact of Covid-19, will continue to be present during 2022, but 

we have now learned how to deal and adapt with the pandemic. Therefore, 

we are now more optimistic that through targeted policies and measures, 

the years to come will be years of recovery and growth for Cyprus exports. 

Panayiota Patsali 

Director of Trade, Ministry of Energy, Commerce and Industry 

Total Exports (2020) 


Domestic Exports 

€1.26 

billion 

Re-Exports 

€1.48 

billion 

Total Imports (2020) 


Export of Goods (2020) 


Export of Services (2020) 

€13.42 

billion 

Ratio of Goods and Services 

Exports to GDP (2020) 

75% 

74



Export of Domestically Produced Goods (2020) 

Exports/Dispatches of domestically produced goods, excluding stores and provisions 

6.4% 

Agricultural products (raw) 

citrus fruit, grapes, melons, vegetables 

and aromatic herbs 

1.4% 

Unclassified 

0.3% 

Minerals 

26.0% 

Industrial products of 

agricultural origin 

fruit and vegetable juices, 

fish and meat products. 

23.9% 

Industrial products 

of mineral origin 

42.0% 

Industrial products of 

manufacturing origin 

Exports by Main Regions (2020) 

EU 

31.4% 

Other European 

Countries 

10.5% 

Americas (North, 

South, Central) 

6.1% 

North Africa 

6.7% 

Other African 

Countries 

10.0% 

Near and 

Middle East 

10.4% 

Other Asian 

Countries 

10.3% 

Countries of Oceania 

& Polar Regions 

6.7% 

Cyprus Trade Centres (2020) 

New York 

United States 

London 

United 

Kingdom 

Paris 

France 

Berlin 

Germany 

Athens 

Greece 

Cairo 

Egypt 

Vienna 

Austria 

Warsaw 

Poland 

Beirut 

Tel Aviv 

Lebanon 

Israel 

Dubai 

United Arab 

Emirates 

Moscow 

Russia 

Tehran 

Iran 

Beijing 

China 

75



Trade of Products (January-August 2020/2021) 

Total 

Imports 

Domestic 

Exports 

Re-Exports 

Total 

Exports 

Change 2020/21 

14.1% 


16.3% 


-13.1% 


-0.3% 

4,824.06 

5,502.18 

852.69 

991.48 

1,106.53 

961.49 

1,959.22 

1,952.97 

Jan-Aug 

2020 

Jan-Aug 

2021 

Jan-Aug 

2020 

Jan-Aug 


Jan-Aug 

2020 

Jan-Aug 


Jan-Aug 

2020 

Jan-Aug 


Trade in Services (January-June 2020/2021) 

Total Exports 

Total Imports 

Jan-June 2020 

€ million 

6,341.3 

Jan-June 2021 

€ million 

6,871.3 

Jan-June 2020 

€ million 

4,915.4 

Jan-June 2021 

€ million 

5,051.7 

Change 2020/2021 = 8.4% 

Change 2020/2021 = 2.8% 

76



Sector Profiles 

Click the links below for detailed profiles on each sector. 

Agriculture 

& Food 

Banking 

Capital 

Markets 

Construction & 

Real Estate 

Education 

Energy: 

Oil & Gas 

Energy: 

Renewables 

Film 

Production 

Health 

Insurance 

International 

Financial Services 

Investment 

Funds 

Manufacturing 

& Industry 

Maritime 

& Shipping 

Research & 

Development 

Technology & 

Start-Ups 

Telecoms 

& Satellite 

Communication 

Tourism 

Transport & 

Logistics 

78



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. Cyprus is ranked 54 th among 190 economies in the 

ease of doing business, according to the latest World Bank annual ratings (2020). 

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. 

79



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 

80



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 supplies 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. 

81



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 

82



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 

83



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. 

84



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. 

85



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 

86



TRAVEL & LIVING 

The Profiler Group 

Essential Expat Guide 

Cyprus is a top tourist destination for all seasons, and 

one of Europe’s hot spots for expats thanks to its thriving 

economy and relaxed Mediterranean lifestyle. 

COUNTRY 

Located in the Eastern Mediterranean at the crossroads of Europe, the Middle 

East, Asia and Africa, Cyprus’ strategic position has played a key role in shaping 

its history and in developing the island into a centre for trade and international 

business. Cyprus enjoys around 340 days of glorious sunshine a year and boasts a 

coastline teeming with endless stretches of golden sands, secluded bays and rocky 

coves. Surrounded by the crystal-clear waters of the Mediterranean Sea, the island 

is dotted with the fascinating remains of history from Neolithic settlements and 

ancient city-kingdoms to exquisite Byzantine art and magnificent Venetian architecture. 

Cyprus is known for its hospitality – filoxenia – a fact reflected in the Greek 

word xenos which is used for both guest and stranger. Life is meant to be enjoyed 

in Cyprus, where emphasis is put on working to live, as opposed to living for work. 

Café culture predominates, with both business and social meetings taking place 

over a leisurely iced coffee frappé in the numerous cafes in every town and city. 

88



HISTORY 

Cyprus has been coveted, conquered and colonised numerous times during its 

10,000-year history. The island attracted the interest of a succession of dominant 

powers in the region, which battled for it through the millennia. The first of these 

are believed to have been the Achaean Greeks who arrived in around 1200 BC 

introducing their language, religion and customs to the island. Cyprus was subsequently 

colonised by the Phoenicians, the Assyrians, the Egyptians and the 

Persians. In the 4th century BC Alexander the Great claimed the island, which 

remained part of the Greek-Egyptian kingdom until 30 BC, when the Romans 

arrived, and Cyprus became a senatorial province. It was during this period that 

Saint Paul was said to have visited the island and converted the Roman governor 

to Christianity. Cyprus remained a Roman possession until the empire began to 

disintegrate in 330AD, when it became part of the Eastern Roman or Byzantine 

Empire. 

In 1191, Cyprus was conquered by the English king, Richard the Lionheart, 

while on his way to take part in the Third Crusade. He later sold the island to 

the Knights Templar, who consequently sold it on to the Franks or Lusignans, a 

dynasty which went on to rule Cyprus for almost 300 years, until the last of the 

Lusignans ceded the island to Venice in 1489. Despite building heavy fortifications 

around the island’s major cities of Famagusta and Nicosia, the Venetians were not 

able to withstand the invading Ottoman troops who conquered the island in 1571. 

Cyprus remained under Ottoman rule until the arrival of the British in 1878. 

The island’s long history offers visitors a journey of discovery paved with ancient 

archaeological treasures. The ancient city-kingdoms of Kourion and Amathus, 

and the Mosaics of Paphos, are considered among the finest mosaic floors in the 

Eastern Mediterranean. Other must-see historic sites include the Neolithic settlements 

of Choirokoitia and Kalavasos-Tenta, the Tombs of the Kings and the 

famous Sanctuary of Aphrodite, the Goddess of Love, who legend claims was born 

on this island. 

89



In more recent times, Cyprus gained independence from Britain in 1960, 

however a Greek sponsored coup d’état in 1974 was swiftly followed by an invasion 

of Turkish forces which occupied the northern one-third of the island. Despite numerous 

efforts over the intervening decades, the island remains de facto divided, 

and the self-declared Turkish Republic of Northern Cyprus (TRNC) remains 

unrecognised by the international community. The Greek Cypriot and Turkish 

Cypriot leaders continue to look for a solution to end the division of the island, but 

while negotiations have been slow, some progress is being made. The capital city, 

Nicosia, is still split between the two sides, though visitors can access either side 

from checkpoints at Ledra Palace and Ledra Street, and today Nicosia is the last 

remaining divided capital city in the world. 

CLIMATE 

Cyprus enjoys a Mediterranean climate, with long, warm, dry summers from May to 

October and mild winters with occasional rain, lasting from December to February. 

Summer and winter in Cyprus are separated by short autumn and spring seasons. 

The average daytime temperatures during summer range from +21C to +34C, although 

in high summer temperatures can reach as high as +40C. During the cooler 

months, temperatures can range between +7C and +15C although even during the 

height of winter there are generally six hours of bright sunshine during the day. 

LANGUAGE 

Cypriots are highly educated and multilingual. The official languages of Cyprus are 

Greek and Turkish, however English is widely spoken and written and is the language 

of international business. German, French and Russian are also widely spoken in commerce, 

due both to the number of Cypriot graduates from overseas universities and the 

island’s commercial ties with the global business community. 

90



GETTING THERE 

Popular since the early 1980s with British and other European holidaymakers, 

Cyprus is well connected to Europe’s main cities, as well as to Asia and the Middle 

East. Flights from mainland Europe are quick, frequent and increasingly low cost. 

By air, Cyprus is 1.5hrs away from Athens, 4hrs from Frankfurt, 3.5hrs from Dubai 

and 5hrs from London. 

HOTELS / ACCOMMODATION 

When it comes to a place to stay, Cyprus offers every conceivable type of accommodation, 

from budget-priced two and three-star hotels to a large range of upmarket and 

boutique hotels with four and five-star status. Agritourism houses are available for rent 

all over the island, often in the most picturesque villages, and give the traveller a unique 

opportunity to experience authentic Cyprus village life. 

CULTURE & ENTERTAINMENT 

More than a place just for lounging in the sun, there are lots of things happening 

in Cyprus all year round. From music concerts and cultural performances with big 

name stars, sports events, religious festivals with all the pomp and circumstance of 

the Greek Orthodox Church, to informative conferences where you can meet like 

minds. The Cyprus Rally has been held every year since 1970 and forms part of 

the World Rally Championship and the FIA Middle East Rally Championship, and 

attracts hordes of car enthusiasts, while the annual Historic Cyprus Rally draws 

crowds of vintage car enthusiasts. Cultural events such as the Pharos Chamber 

Music Festival, the Kypria International Festival, which comprises music, dance 

and performance arts. 

91



The Pharos Arts Foundation has established a world-wide reputation for its 

commitment to excellence and for promoting classical music in Cyprus, having 

presented more than 500 concerts over the past 15 years. Outstanding musicians 

are hosted in the Pharos Arts Foundation’s Concert Series and the annual 

International Chamber Music Festival, with programmes ranging from ancient to 

contemporary. 

The Pharos Centre for Contemporary Art (PCCA) presents the work of major 

international artists. A variety of contemporary art forms are included in the 

Centre’s programme - visual, performance, photography, video - as well as lectures 

and discussions. Exhibitions are in many cases individually curated by internationally 

recognised curators from all over Europe. 

The Pafos Aphrodite Festival Cyprus organises and hosts an annual opera performance 

at the end of August or early September and has over the years invited a 

variety of internationally acclaimed companies and performances to the festival. 

Showcasing the rich viticulture of the island, Cyprus has created a wine trail 

project, offering six different organised routes for visitors to tour the island’s 

wine-producing regions. The reputation of the annual Limassol Wine Festival, 

launched in 1961, attracts over 100,000 visitors every August to the city’s municipal 

gardens to discover the wine portfolios of one of the oldest wine-producing 

countries in the world. 

SHOPPING 

In Cyprus you can shop till you drop. The island is supplied with stores catering 

for all tastes and requirements. Most major British and European chains are represented 

on the island and there is a plethora of fashionable boutiques and big 

malls in Nicosia, Limassol and Paphos, selling designer brands including Louis 

Vuitton, Chanel, Dolce & Gabbana, Gucci, Roberto Cavalli, Calvin Klein, Kenzo, 

Gianfranco Ferre and many more. For those looking for something more unique, 

you can find traditional and handmade items that are quintessentially Cypriot in 

the old towns of the bigger cities, as well as in the many villages in the countryside. 

92



SPORTS & OUTDOOR ACTIVITIES 

Cyprus offers a host of energetic pursuits to engage the visitor. Becoming increasingly 

popular as a destination for golfers, Cyprus offers first-class facilities with 

four professional courses in magnificent locations, and the development of several 

new courses in the pipeline. Spectacular pine-clad mountains in the centre of the 

island offer walkers and cyclists welcome respite from the heat. Breathe in the 

bracing pine scented air, whilst admiring the series of Venetian stone bridges and 

waterfalls that pepper various hiking trails in scenery that looks as if it has been 

lifted from a book of fairy tales. In winter months, skiers can test the slopes on 

Troodos whilst the rest of the island wear short sleeves and bask in winter sun. The 

island provides excellent opportunities for water sports, such as windsurfing and 

kitesurfing. There are also excellent dive sites and facilities, with one of the best 

wreck dives in the world, the Zenobia, situated off Larnaca. Other popular dive 

sites include Ayia Napa, Paphos and the Akamas Peninsula, where divers are often 

able to see artefacts such as Roman pottery on the seabed. 

CUISINE 

It is of course impossible to talk about Cyprus without 

mentioning the food. As with most Mediterranean 

countries, food plays an important role and is to be 

enjoyed at a leisurely pace with friends and family. One 

of the first Greek phrases to learn in Cyprus is siga siga, 

which means ‘slowly’, and is a mantra one will hear 

almost daily. The fabulous Cypriot food is to be savoured 

unhurriedly, usually al fresco with friends and 

family. Even a cup of coffee can be a two hour past time. 

Cypriot food bears a distinct resemblance to Greek 

cooking, but also has Turkish and Lebanese influences. As in other Mediterranean 

countries, eating is an activity to be savoured and enjoyed and is certainly not to be 

rushed in any way. Which is a good job as a traditional Cypriot meze – a meal of small 

plates similar to tapas – can consist of up to 30 dishes. Cypriot cuisine features lots of 

fresh fish, meat, beans, pulses and vegetables flavoured with lemon, fresh herbs and 

93



spices. Cyprus is also one of the world’s oldest grape-growing and winemaking regions, 

with its fruits of the grape ranging from delicate whites and full-bodied reds to the rich 

sweet amber-coloured dessert nectar known as Commandaria. This is one of the oldest 

wines in the world, representing an ancient wine style documented in Cyprus back to 

800 BC and has the distinction of being the world’s oldest named wine still in production, 

with the name Commandaria dating back to the crusades in the 12th century. 

PUBLIC TRANSPORT 

Within urban areas, buses run on fixed routes roughly every half hour, with 

services ending in the evenings at about 18:00 Monday to Friday and earlier on 

Saturdays. Some routes have no service on Sundays. Hours are extended until 

midnight during the tourist season and some urban routes now offer a night bus 

service on Fridays and Saturdays. Timetables are available from tourist offices 

or directly from the bus companies. Rural buses connect towns and villages and 

make frequent stops. The service is infrequent with schedules limited to one or two 

routes per day. These buses can often be smaller mini-buses. There are also buses 

providing a service linking all major towns. These are generally very regular and 

all buses are modern and comply with European standards. A private company, 

Kapnos, provides a regular daily airport shuttle service between the major towns 

and cities and both of the island’s airports. There are no trains in Cyprus. 

www.cyprusbybus.com 

www.intercity-buses.com 

www.kapnosairportshuttle.com 

CAR HIRE & TAXIS 

Car and motorcycle rental firms have offices in all towns, as well as at Larnaca 

and Paphos International Airports. Their rates vary according to the rental period, 

season of the year and extras. They usually offer unlimited mileage and their cars 

can be delivered and collected at the airports by prior arrangement. Rental cars 

and bikes are usually delivered to the customer with a full tank of fuel paid for by 

the customer. When the car is returned, the customer receives a refund for any 

remaining fuel, unless stated otherwise in the contract. Drivers under 25 years of 

age holding a driving license for less than three years must inform the car rental 

company so special insurance cover can be provided. Foreign visitors are strongly 

advised to read the rental agreement carefully and demand fulfilment of all their 

rights. Taxis are also very common, but before setting off on your journey discuss 

the pricing with the driver and ensure the meter is functioning. TravelExpress is 

another good option, as a private company, which provides a shared taxi service 

between cities in Cyprus. Taxi service app Bolt (formerly Taxify), which was 

created in Estonia, has also successfully launched in Cyprus operating in Nicosia 

and Limassol. The app allows users to set their location and see where the nearest 

partner taxi is and order it. The taxi can be tracked heading to the customer’s location 

and indicates how far away it is and how long it will take to arrive. Customers 

can also track their routes while inside the cab, preventing drivers from taking 

longer routes and overcharging for trips. Customers can also pay via their phones. 

www.travelexpress.com.cy 

www.bolt.eu 

94



DRIVING 

Roads are well maintained in and between the main towns, and there are four-lane motorways 

connecting Nicosia with Limassol and Larnaca. Driving is on the left in Cyprus 

and the maximum speed limit on motorways is 100 kph (60 mph). Cyprus accepts the 

driving licences of all EU Member States and any person with a valid licence may drive 

legally in Cyprus. According to EU rulings, driving licences issued before 1996 do not 

have to be exchanged for the new Community Model and remain valid until their expiration. 

Non-EU citizens may drive on valid foreign licences for a certain period (for 

those with a US licence the period is six months). Relevant Consular authorities can 

provide further information. 

BUSINESS HOURS 

Office hours are generally 8:30am-1:00pm and 2:00pm-5:30pm, though in summer 

some offices take a long lunch break or finish early. Government offices are generally 

open from 7:30am-2:30pm, from Mondays to Fridays and until 6pm on 

Thursdays. Banks typically open at 8:30am and close at 1:30pm. International 

banks are open from 8:30am to 5:30pm. Shops are generally open from Mondays 

to Saturdays from 9am- 7pm, with larger supermarkets, malls and tourist areas 

open all day on Sundays as well. 

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 sea-side 

bungalows in five-star 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 

serviced 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. 

BUYING & RENTING PROPERTY 

95



EDUCATION 

There is a wealth of excellent private schools on the island, the majority of which 

are English speaking, but there are also French, Russian and Greek-speaking 

private schools. Fees are generally less than for the equivalent education in the UK. 

Public schools are free, and teaching is conducted in Greek. Tertiary education is 

provided by the six universities in Cyprus as well as several other colleges that offer 

a variety of vocational and academic courses. 

HEALTHCARE 

Ranked by the World Health Organisation as one of the healthiest countries in the 

Mediterranean, Cyprus has an excellent healthcare system provided through both 

the private and public sector. Cyprus has recently introduced an island-wide NHS, 

which covers both inpatient and outpatient care and is available to all citizens and 

permanent residents. EU citizens who are visiting Cyprus can receive free outpatient 

or inpatient treatment with a European Health Card, which is issued by the health 

authority in their home country. However, this covers only essential treatment and 

not routine treatment. Non-EU visitors must pay for healthcare. Cyprus boasts internationally 

educated specialists with top-notch facilities and a plethora of medical 

insurance options available. 

www.gesy.org.cy 

RELIGION 

Religious freedom is written into the Cypriot constitution and Greek Orthodox, 

Muslims, Catholics, Jews, Armenians and Maronites coexist peacefully on the 

island. However, the overwhelming majority of Cypriots are members of the Greek 

Orthodox Church, an institution that plays an important role in both personal and 

public life on the island. 

VISITING CYPRUS DURING COVID 

To facilitate travel arrangements to Cyprus and 

to ensure all necessary information required by 

the health authorities are submitted, the Cyprus 

government has created a constantly updated 

online portal where you can complete all the 

necessary formalities in a quick and easy way 

and receive your authorisation to fly. For more 

information and to plan your journey visit www.cyprusflightpass.gov.cy 

Covid Information 

Covid Information Hotline: 1474 (in Cyprus) or +357 22 285 75 

For the latest Covid information visit the government’s 

Important Announcements page. 

96

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



PETS 

Cyprus is a member of the Pet Travel Scheme which allows pets from any of the 

countries covered by the scheme to enter Cyprus without quarantine provided 

they meet specified anti-rabies, blood sampling and anti-worm/anti-tick hygiene 

requirements. The pet must be micro-chipped, vaccinated against rabies and blood 

tested, and can be brought into Cyprus only after six months have elapsed following 

a satisfactory blood test. 

COMMUNICATIONS 

Cyprus has an efficient and reliable postal service as well as an excellent telecommunications 

network. Telecommunications costs are among the cheapest in 

Europe. Cyta, remains the main provider, offering a full range of telecommunications 

services. Other main providers are Epic, Primetel and Cablenet. Cyprus’ 

network boasts 100% broadband coverage. 

MEDIA AND TV 

A number of daily and weekly newspapers are published in Cyprus, some of which 

are in the English language, including the Cyprus Mail. Many UK, European, 

Russian and Arabic newspapers can be bought in Cyprus a day or two after publication. 

Several terrestrial TV stations in Cyprus broadcasting locally produced 

programmes as well as international films, dramas and TV series. Cable and satellite 

television is widely available. 

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 corporate 

tax rates in the European Union at 12.5%, while the maximum personal tax rate is 

35%, those earning less than €19,500 are tax exempt. 

98



PERSONAL FINANCIAL SERVICES 

Cyprus has a well-developed banking system modelled on the British banking 

system. The Central Bank of Cyprus has the responsibility for monetary and credit 

policy. There are currently a number of domestic banks operating in Cyprus, including 

commercial banks and specialised financial institutions. Standard branch 

opening hours are usually from 8:30am-1:30pm Mondays to Fridays and from 

3:15pm to 4:45pm on Monday afternoons only. International banks are open from 

8:30am to 5:30pm. 

HOME HELP 

Many expatriates find they can afford domestic help that they could not have afforded 

at home and often choose to employ a helper for cleaning, cooking, general 

household chores and child minding. 

UTILITIES 

Electricity = 240V 50Hz, 5 amp or 13 amp square three-pin British-style plugs. 

Electricity is provided by the Electricity Authority of Cyprus (EAC) and water is 

provided by the water board of the nearest main town. Many properties have solar 

water heating systems. Cyprus has no piped gas, but bottled gas is widely available 

in supermarkets. Cyprus makes use of the BS 1363, British 3-pin, 13A, 240V, 

50Hz earthed and fused plug. The BS 1363 plug, also known as a ‘13 amp plug’, 

is a large plug that has 3 rectangular prongs forming a triangle. Live and neutral 

are 4Χ6Χ18mm spaced 22mm apart. 9mm of insulation over the base of the pins 

prevents people from touching a bare connector while the plug is partly inserted. 

Earth is 4Χ8Χ23mm. On plugs for Class II appliances that do not require an earth, 

the pin is often plastic. 

99



CRIME 

Cyprus is the 5th safest country in the world, according to recent statistics, and 

one of the safest countries in the EU. It is safe to walk around all towns and villages 

whether day or night. Few locations in the world can offer the same level of security 

and stability that Cyprus does. 

VISAS & EMBASSIES 

As a member of the EU, under community laws EU nationals have the right to enter 

the country with an identity card or valid passport and to seek work. For non-EU 

nationals, employment permits have to be obtained before entering Cyprus. The 

nationals of many non-EU countries do not require a visa to enter Cyprus for a stay 

not exceeding three months. Details of visa-exempt countries and visa application 

procedures are available on the Ministry of Foreign Affairs website. 

www.mfa.gov.cy 

VISITING THE OCCUPIED AREA 

Following the Turkish occupation of the north of the island in 1974, the island has 

been divided. In 2003 checkpoints opened for the first time allowing both sides to 

cross over with a passport or valid ID. It is perfectly safe to visit and explore the 

area. If travelling by car, insurance has to be purchased at the checkpoint. Various 

policies are available covering vehicles from three days to a full year. Cigarettes 

and alcohol cannot be taken from the north to the Republic of Cyprus and there 

are restrictions on certain foodstuffs, such as meat and dairy produce. There is a 

maximum limit of €260 of goods per person allowed to be brought across the UNcontrolled 

buffer zone. 

100



STANDARD OF LIVING 

Other factors that contribute to the enviable lifestyle of Cyprus include a superb 

road system with signs in both Greek and English, a reliable and efficient postal 

service, a large choice of schools, clubs, restaurants, gyms, theatres, cinemas, 

museums and art galleries. The local infrastructure is ideally suited for business 

people who need to get things done. Thanks to its modern road network, extensive 

port facilities and two international airports, travel and transport in and beyond 

Cyprus is fast, efficient and economical. 

Cost of Living: Average Prices (Source: Numbeo) 

Milk (1ltr) 

€1.38 

Tomatoes (1 kg) 

€2.20 

Loaf of fresh white bread (500g) 

€1.41 

Bottle of mid-range wine 

€6.75 

Domestic Beer (0.5l draught) 

€3.00 

Imported Beer (0.33l bottle) 

€4.00 

Three-course meal 

for two in midrange 

restaurant 

€45.00 

Cappuccino 

€3.07 

Water (1.5l bottle) 

€0.73 

LARGE EXPAT COMMUNITY 

A notable British presence remains to this day and Cyprus has become home to a 

large expat community. Today, Cyprus has the second highest percentage of foreign 

citizens in the European Union, with 13% of the total population from other EU 

member states, and around 7% from non-EU countries according to a survey of 

the EU’s statistical office. The biggest group of expats living in Cyprus consists of 

British nationals, but there are also large communities of Americans, Russians and 

other Eastern European nationals. 

101



Key Tourist Areas in Cyprus 

➊ 

Nicosia 

Larnaca 

➌ 

Famagusta 

➎ 

➍ 

Paphos 

Limassol 

➋ 

➊NICOSIA is the capital of Cyprus and the main commercial and business 

centre and the seat of government. It boasts a world-famous archaeological 

museum, a thriving old city surrounded by fortified Venetian walls and a labyrinth 

of traditional streets. It is also the last remaining divided capital city in the 

world following the fall of the Berlin Wall. Visitors are usually couples, families 

and business people. 

102



➋LIMASSOL is the second largest city, situated between archaeological sites, 

the ancient kingdoms of Amathous, Kourion and Kolossi. The coastal town 

is also home to the famous Limassol Marina and the city’s geographical location 

provides easy access to mountainous villages and Troodos mountain. The 

city is a business centre attracting business executives, as well as couples, families 

and young people. It has developed significantly in recent years, emerging as 

a business hub as well as a party town with reputable beach bars, Carnival and 

Wine Festivals. Limassol has the largest port in Cyprus. 

LARNACA is the 

➌ 

third largest city 

in Cyprus and 

is known for its 

palm-tree seafront 

promenade. It is home 

to the country’s primary 

airport, a seaport and a 

marina. It has a picturesque 

old town, salt 

lakes with flamingos 

in the winter, and a 

large marina. There is a 

wealth of historical interests 

around the town 

including the St Lazarus 

church, the Hala Sultan 

Tekke Muslim shrine, 

the historical Kiti 

church and the monastery 

of Stavrovouni. 

The city mostly attracts 

couples and families. 

103



➍PAPHOS is a popular coastal town. Visitors can enjoy spectacular 

scenery and some of Cyprus’ finest beaches, as well as ancient historical 

sites. Tourist attractions in Paphos include the Paphos mosaics, 

the Tombs of the Kings, which are UNESCO Heritage sites, the Venetian 

fortressed harbour and the Pillar of St Paul. The Akamas peninsula is 

one of the island’s residual unspoilt wildernesses and is home to endemic 

flora and fauna species. Paphos mostly attracts couples and families. 

➎The FAMAGUSTA REGION consists of Ayia Napa, Protaras, and Paralimni, 

and has many of the best beaches on the island. Ayia Napa in particular 

is a reputable party town for twenty-somethings and prime site for 

nightlife. The area mostly attracts young people, couples and families. 

104

asgleasing.cy 

FOCUS 

ON WHAT 

MATTERS* 

*FOCUS ON DEVELOPING YOUR BUSINESS, 

NOT MANAGING YOUR FLEET. 

by


Country Who’s Who Report - Cyprus 2021Business Directory 

The definitive guide to Cyprus’ leading companies, 

executives and professional advisers. 

106


Who’s Who - Cyprus Business Directory 

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 

2



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

Cyprus Country Report 2021

Create successful ePaper yourself

Delete template?

Save as template?