Cyprus Country Report 2021
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TheProfilerGroup<br />
Global Edition <strong>2021</strong><br />
cyprusprofile.com<br />
CYPRUS<br />
COUNTRY REPORT<br />
Bouncing Back to<br />
Pre-Pandemic Growth<br />
ECONOMY • FOREIGN DIRECT INVESTMENT • BUSINESS OPERATING ENVIRONMENT • LIVING IN CYPRUS • BUSINESS DIRECTORY<br />
Headquartering New<br />
incentives boost the country’s<br />
appeal as an HQ location<br />
Sectors to Watch Energy,<br />
Investment Funds, ICT, Film,<br />
Research and Education<br />
Who’s Who Guide to<br />
<strong>Cyprus</strong>’ leading companies,<br />
executives and advisors
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
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<strong>Cyprus</strong>Profile Digital Series<br />
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Contents<br />
<strong>Cyprus</strong> at a Glance: Key facts and figures 6<br />
Government & Politics: A Geostrategic EU Member 11<br />
<strong>Country</strong> Overview: <strong>Cyprus</strong>: Work-Life Balance 18<br />
Economy: Bouncing Back to Pre-Pandemic Growth 24<br />
Foreign Direct Investment: Resilient FDI Location 35<br />
FDI Insights: Why did you choose to invest in <strong>Cyprus</strong>? 49<br />
Headquartering: Growing HQ Hub 55<br />
HQ Insights: Why did you choose to set up in <strong>Cyprus</strong>? 63<br />
New Government Action Plan: New incentives to attract<br />
foreign professionals and businesses to set up in <strong>Cyprus</strong> 67<br />
International Trade: <strong>Cyprus</strong> Exports 73<br />
Sector Profiles: Find out more about<br />
the economic sectors of <strong>Cyprus</strong> 78<br />
Business Operating Environment: Doing Business in <strong>Cyprus</strong> 79<br />
Travel & Living: The Profiler Group Essential Expat Guide 88<br />
Who’s Who in <strong>Cyprus</strong>: The definitive guide to <strong>Cyprus</strong>’<br />
leading companies, executives and professional advisors 106<br />
4
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As our landscape changes and becomes<br />
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questions to reframe your future.<br />
ey.com/reframeyourfuture<br />
#BetterQuestions
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<strong>Cyprus</strong> at a Glance<br />
Lying at the crossroads of Europe, Asia and Africa, <strong>Cyprus</strong><br />
has long served as a major eastern trading post. It is a small<br />
country, but the third largest island in the Mediterranean<br />
Sea and shares a maritime border with Egypt 300km to the<br />
south, Lebanon 108km to the east and Turkey 71km to the<br />
north, while mainland Greece lies 800km to the north-west.<br />
With 10,000 years of history, the island’s strategic location has<br />
long made it a jewel in the crown of the powers of the day.<br />
35ºN 33ºE<br />
Paphos<br />
(Pafos)<br />
95,400<br />
Paphos<br />
International<br />
Airport<br />
Limassol<br />
(Lemesos)<br />
248,300<br />
Nicosia<br />
(Lefkosia)<br />
Population:<br />
346,400<br />
Larnaca<br />
International<br />
Airport<br />
Famagusta<br />
(Ammochostos)<br />
48,900<br />
Larnaca<br />
149,000<br />
TOTAL POPULATION<br />
880,000<br />
Republic of <strong>Cyprus</strong><br />
CURRENCY<br />
Euro (€)<br />
Non-<br />
Cypriot<br />
18%<br />
Cypriot<br />
82%<br />
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MEMBERSHIPS<br />
EU & Eurozone<br />
World Trade<br />
Organization<br />
United Nations<br />
Council of Europe<br />
Commonwealth<br />
World Bank & IMF<br />
OFFICIAL LANGUAGES<br />
Greek &<br />
Turkish<br />
(business generally<br />
conducted in English)<br />
MAIN MEDIA<br />
<strong>Cyprus</strong> Mail<br />
Phileleftheros<br />
Politis<br />
CyBC<br />
TIME<br />
+2 Hours<br />
ahead of GMT<br />
AREA / SIZE<br />
9,251 km 2<br />
(3,355 km 2 in the occupied area)<br />
POPULATION DENSITY<br />
94<br />
(persons per km 2 )<br />
SUNSHINE<br />
340 Days<br />
of sunshine / year<br />
MEDIAN AGE<br />
37.7<br />
RELIGION<br />
ANNUAL RAINFALL<br />
790.1 mm<br />
average<br />
89.1%<br />
Greek<br />
Orthodox<br />
AVERAGE TEMPERATURE<br />
Winter<br />
Summer<br />
+ 13ºC + 34ºC<br />
2.9% Roman Catholic<br />
2.0% Protestant/Anglican<br />
1.8% Muslim<br />
1.7% Unknown/Atheist<br />
1.4% Other 1.0% Buddhist<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
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Business Figures<br />
GDP BY SECTOR<br />
CORPORATE<br />
TAX RATE<br />
12.5%<br />
TIME TO START<br />
UP A BUSINESS<br />
1-3 days<br />
11.5%<br />
Taxes &<br />
subsidies<br />
74.1%<br />
Services<br />
GDP PER CAPITA<br />
€24,157<br />
(2020)<br />
INFLATION<br />
-1.1%<br />
(2020)<br />
5.5%<br />
Construction<br />
7.0%<br />
Mining,<br />
manufacturing,<br />
electricity & water<br />
1.9%<br />
Agriculture,<br />
forestry & fishing<br />
TOTAL GDP<br />
€21.5 billion<br />
(2020)<br />
GDP GROWTH<br />
5.4%<br />
(<strong>2021</strong>f)<br />
ACCOUNTING<br />
STANDARD<br />
IFRS<br />
CRIME<br />
0.9 per 100 persons<br />
<strong>Cyprus</strong> is the safest country in the<br />
world for young people out of<br />
184 countries across the globe.<br />
INTERNATIONAL RANKINGS<br />
STANDARD<br />
& POOR’S<br />
BBB-<br />
(October <strong>2021</strong>)<br />
FITCH<br />
BBB-<br />
(March <strong>2021</strong>)<br />
MOODY’S<br />
Ba1<br />
(October <strong>2021</strong>)<br />
UNEMPLOYMENT<br />
7.5%<br />
(<strong>2021</strong>f)<br />
MAIN TRADING PARTNERS<br />
UK<br />
Germany<br />
Italy<br />
France<br />
Greece<br />
Israel<br />
China<br />
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GOVERNMENT & POLITICS<br />
A Geostrategic EU Member<br />
As an international business centre and with global cooperation<br />
in multiple sectors, <strong>Cyprus</strong>’ reach goes far beyond its borders,<br />
with <strong>2021</strong> bringing new efforts to finally reach a solution for<br />
this divided island. As the European Union’s easternmost<br />
member state, <strong>Cyprus</strong> has established itself as a geostrategic<br />
EU outpost at the crossroads of three continents.<br />
The Republic of <strong>Cyprus</strong> is a unitary presidential representative republic, where<br />
the President of <strong>Cyprus</strong> is both head of state and head of government, and<br />
executive power is exercised by the government. Legislative power is vested<br />
in both the government and the parliament, and the judiciary is independent of<br />
the executive and the legislature. The seventh president of the Republic of <strong>Cyprus</strong>,<br />
Nicos Anastasiades, was re-elected for another five-year term on 4 February 2018.<br />
The conservative candidate and head of the DISY party won his second term following<br />
a run-off presidential election with a majority of 55.99% of the vote.<br />
At the start of his first term, <strong>Cyprus</strong> suffered a major financial crisis, and President<br />
Anastasiades had to take robust measures to steer the country back on track from<br />
one of the most challenging economic times in the island’s history. The economy<br />
bounced back swiftly returning to growth in 2015, investment grade rating in 2018<br />
and recording an average GDP growth of 5.4% in 2016-19, making <strong>Cyprus</strong> one<br />
of the fastest growing economies in the European Union. In 2020, this growth<br />
momentum was stalled by the consequences of the Covid-19 pandemic, but with<br />
strong action and robust support packages in place the country has fared better<br />
than many of its European peers. In fact, <strong>Cyprus</strong>’ GDP was projected to increase<br />
by 7% in a five-year span as a result of the country’s recovery and resilience plan.<br />
<strong>Cyprus</strong>’ GDP was projected<br />
to increase by 7% in a<br />
five-year span as a result<br />
of the country’s recovery<br />
and resilience plan.<br />
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The division of <strong>Cyprus</strong> remains one of the most long-standing and prominent<br />
issues in the political arena. UN-brokered peace talks between the Greek and<br />
Turkish Cypriot leaderships, which first began in 1968, are still ongoing. These negotiations<br />
are aimed at finding a sustainable solution to the ‘<strong>Cyprus</strong> Problem’, which<br />
led to the de facto division of the island between the mainly Greek-speaking south<br />
and the mainly Turkish-speaking north for over four decades. Anastasiades and<br />
Turkish Cypriot leader Ersin Tatar have been holding talks in a bid to reunify the<br />
island though this has proved to be challenging as Tatar openly supports a two-state<br />
solution. Plans to resume the UN-led talks are underway, but rising tensions in 2020<br />
and <strong>2021</strong> between <strong>Cyprus</strong>, Greece and Turkey over hydrocarbons explorations in<br />
<strong>Cyprus</strong>’ Exclusive Economic Zone (EEZ) have complicated the process further.<br />
DIVIDED ISLAND<br />
In 1960 <strong>Cyprus</strong> gained independence from Britain and became a unitary state of<br />
both Greek- and Turkish-Cypriots (respectively around 80% and 20% of the population).<br />
In July 1974, a right-wing coup backed by the military junta in power<br />
in Greece overturned the democratically elected government, forcing the Cypriot<br />
President Archbishop Makarios to flee. This prompted Turkey, one of the guarantor<br />
powers, which also include Greece and the UK, to send its troops into the<br />
island to support the Turkish Cypriot minority. Fierce fighting followed and the<br />
ensuing ceasefire line – known as the Green Line and patrolled by United Nations<br />
troops – has effectively partitioned the island ever since. However, visitors can<br />
safely access either side through various checkpoints along the Green Line. Today,<br />
Nicosia is the world’s last divided capital, since the fall of the Berlin Wall. The<br />
population of the southern two-thirds of the island, controlled by the government<br />
of the Republic of <strong>Cyprus</strong>, is almost entirely Greek Cypriot, while the population<br />
of the northern third, controlled by the breakaway Turkish Republic of Northern<br />
<strong>Cyprus</strong> (recognised only by Turkey) comprises Turkish Cypriots, settlers from the<br />
Turkish mainland and around 42,000 Turkish troops.<br />
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FROM FOREIGN RULE TO THE REPUBLIC OF CYPRUS<br />
Colonised by the ancient Greeks in 1400 BC, <strong>Cyprus</strong> has had a succession of foreign<br />
rulers through the centuries, including the Romans, the Byzantines, the Franks and<br />
the Venetians, whose 300-year rule ended in 1571 when the island became part of<br />
the Ottoman Empire. After almost 250 years of Ottoman rule, <strong>Cyprus</strong> was placed<br />
under British administration in 1878. The island finally became independent in 1960<br />
after a protracted and violent struggle against the colonial power between 1955 and<br />
1959. After lengthy negotiations, Britain, Greece and Turkey drafted a constitution<br />
for the new state, along with Treaties of Guarantee and Alliance. The Republic of<br />
<strong>Cyprus</strong> came into being in August 1960. The constitution and the two accompanying<br />
treaties established a complex power-sharing<br />
structure between Greek and Turkish<br />
Cypriots, which precluded partition of the<br />
island, or union with Greece or Turkey.<br />
Both countries, along with Britain, were<br />
also designated guarantors of the independence,<br />
territorial integrity and security of<br />
the Republic. The constitution provided for<br />
a Greek Cypriot president and a Turkish<br />
Cypriot vice president, while the Turkish Cypriot community was granted three<br />
ministerial positions out of a total of 10, and 15 out of the 50 seats in the House of<br />
Representatives. After intercommunal strife between the two communities in 1963,<br />
Turkish Cypriots vacated their seats. Since then, ministerial positions have increased<br />
to 11, all duties carried out by Greek Cypriots and the number of parliamentary seats<br />
has extended to 80 of which 30% (24) are allocated to Turkish Cypriots as per the<br />
constitution but remain vacant.<br />
GOVERNMENT STRUCTURE<br />
The constitution and the<br />
two accompanying treaties<br />
established a complex powersharing<br />
structure between<br />
Greek and Turkish Cypriots,<br />
which precluded partition<br />
of the island, or union<br />
with Greece or Turkey.<br />
President of the Republic of <strong>Cyprus</strong> - Nicos Anastasiades<br />
Minister of Foreign Affairs - Nikos Christodoulides<br />
Minister of Finance - Constantinos Petrides<br />
Minister of Interior – Nicos Nouris<br />
Minister of Defence – Charalambos Petrides<br />
Minister of Health - Michalis Hadjipantelas<br />
Minister of Education & Culture – Prodromos Prodromou<br />
Minister of Transport, Communications & Works – Yiannis Karousos<br />
Minister of Energy, Commerce & Industry – Natasa Pilides<br />
Minister of Agriculture, Rural Development and Environment - Costas Kadis<br />
Minister of Labour, Welfare & Social Insurance - Zeta Emilianidou<br />
Minister of Justice & Public Order – Stephie Drakou<br />
Government Spokesman – Marios Pelekanos<br />
Under Secretary to the President - Vasilis Palmas<br />
Deputy Minister of Research, Innovation & Digital Policy – Kyriacos Kokkinos<br />
Shipping Deputy Minister – Vassilis Demetriades<br />
Deputy Minister for Tourism – Savvas Perdios<br />
Deputy Minister for Welfare – Anastasia Anthousi<br />
13
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INTERNATIONAL RELATIONS<br />
<strong>Cyprus</strong> joined the EU on 1 May 2004 together with nine other European countries.<br />
Under the terms of its accession the entire island is considered technically<br />
to be a member of the European Union, despite its continued division and the<br />
fact that the government of the Republic has no effective authority in the northern<br />
part of the island. However, the terms of the acquis communautaire, the EU’s<br />
body of laws, have been suspended in the north. <strong>Cyprus</strong> has historically followed<br />
a non-aligned foreign policy, although it increasingly identifies with the West in<br />
its cultural affinities and trade patterns, and maintains close relations with Greece.<br />
Turkey refuses to recognise the government of the Republic of <strong>Cyprus</strong>, arguing<br />
that the latter – as established by the<br />
Constitution of 1960 – ceased to exist<br />
when the intercommunal violence that<br />
broke out in December 1963 ended<br />
Turkish Cypriot participation in government.<br />
As a result, Turkey still refuses<br />
to allow Cypriot-flagged vessels access<br />
to its ports, despite pressure from the<br />
European Union. <strong>Cyprus</strong> is a member<br />
of the United Nations and most of its<br />
agencies, as well as the Commonwealth<br />
of Nations, World Bank, International<br />
Monetary Fund and Council of Europe.<br />
In addition, the country has signed the<br />
Nicos Anastasiades<br />
President of the Republic of <strong>Cyprus</strong><br />
General Agreement on Tariffs and Trade<br />
(GATT) and the Multilateral Investment<br />
Guarantee Agency Agreement (MIGA).<br />
POLITICAL PARTIES<br />
Dominant Political Parties:<br />
Democratic Rally (DISY),<br />
a right-wing party led<br />
by Averof Neophytou<br />
Progressive Party of the<br />
Working People (AKEL),<br />
a left-wing party led by<br />
Andros Kyprianou<br />
Democratic Party (DIKO),<br />
a centre-right party led by<br />
Nicolas Papadopoulos<br />
Smaller Political Parties:<br />
Movement of Social Democracy<br />
(EDEK), a social democratic party<br />
led by Marinos Sizopoulos<br />
Ecologists Movement, also known<br />
as the <strong>Cyprus</strong> Green Party, led by<br />
Charalambos Theopemptou<br />
Democratic Front (DIPA), a centrist<br />
political party led by Marios Garoyian<br />
National People’s Front<br />
(E.L.A.M.), an ultranationalist<br />
party led by Christos Christou<br />
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CONSTITUTION, INSTITUTIONS AND ADMINISTRATION<br />
The 1960 constitution provided for power sharing between the Greek Cypriot and<br />
Turkish Cypriot communities. Votes on important issues required separate parliamentary<br />
majorities, and the Greek Cypriot president and the Turkish Cypriot<br />
vice president both had the right of veto on important decisions. The system of<br />
government is presidential, with the separation of powers between the executive<br />
and the legislature. The presidential term lasts five years, with the next presidential<br />
election due in 2023. Ministers, who are appointed by the president, cannot hold<br />
seats in the House of Representatives. The House of Representatives is elected by<br />
proportional representation. Its normal term is five years.<br />
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COUNTRY OVERVIEW<br />
<strong>Cyprus</strong>: Work-Life Balance<br />
Renowned since antiquity, <strong>Cyprus</strong> has reinvented itself multiple<br />
times and is going through another exciting transformation today.<br />
The island nation has big ambitions to diversify its economy<br />
by placing innovation at its core, while it continues to attract<br />
professional expats and foreign investors to its shores thanks<br />
to its relaxed lifestyle coupled with bourgeoning prospects<br />
in the technology, investment fund, and energy sectors.<br />
Located in the eastern Mediterranean at the crossroads of Europe, the Middle<br />
East and Africa, <strong>Cyprus</strong>’ strategic position has always played a key role in<br />
shaping its 10,000-year history and in developing the island into a convenient<br />
centre for trade and international business. Despite being a country of less<br />
than a million people, the Republic of <strong>Cyprus</strong> has steadily built itself into a thriving<br />
business centre over the decades. An EU and eurozone member for over a decade,<br />
and with one of the highest educated populations in Europe, <strong>Cyprus</strong> has built a<br />
strong service-based economy. Its low-cost business environment with a wealth<br />
of support services, a sophisticated ICT infrastructure and investor-friendly tax<br />
regime – backed up by an extensive network of double taxation agreements with 66<br />
countries – has developed <strong>Cyprus</strong> into an important European and regional financial<br />
and business services hub. The country is also one of Europe’s favourite holiday<br />
destinations, enjoying 340 days of glorious sunshine a year and boasts a beautiful<br />
coastline teeming with stretches of golden sand, secluded bays and rocky coves, all<br />
surrounded by some of the cleanest beaches and waters in the Mediterranean Sea.<br />
The landscape is dotted with the fascinating remains of history, from Neolithic<br />
settlements and ancient city-kingdoms to exquisite Byzantine art and magnificent<br />
Venetian architecture. Add to this the vibrant and cosmopolitan lifestyle where<br />
East meets West, <strong>Cyprus</strong> offers the perfect balance between business and leisure.<br />
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PEOPLE & CULTURE<br />
While the Republic of <strong>Cyprus</strong> is a Greek-speaking nation, English is almost universally<br />
spoken and is the language of international business. German, French and<br />
Russian speakers are also easily found, thanks to the high number of Cypriots with<br />
international degrees, the country’s commercial ties with the global business community,<br />
and the island’s popularity as a tourist destination. <strong>Cyprus</strong> is well known<br />
for its hospitality, a fact reflected in the Greek word, xenos, used for both stranger<br />
and guest. Life is meant to be enjoyed in <strong>Cyprus</strong>, which is renowned for its excellent<br />
quality of life. Cafe culture predominates, with both business and social<br />
meetings taking place over a leisurely frappe (iced coffee) in the numerous cafes in<br />
every town and city. As with most Mediterranean cultures, food also plays a vital<br />
role in family and social life. The famous <strong>Cyprus</strong> meze – a large selection of small,<br />
delectable dishes – is best enjoyed siga siga (slowly), al fresco and accompanied by<br />
excellent local wine.<br />
RESILIENT EU ECONOMY<br />
Offering a tax-efficient EU<br />
company domicile, the<br />
country is also emerging as<br />
a compelling destination for<br />
regional headquarters and<br />
a base for tech companies,<br />
as well as an increasingly<br />
attractive location for fund<br />
managers and promoters.<br />
<strong>Cyprus</strong> has a resilient economy that has time and time again proven its capacity to<br />
adjust to continuously changing conditions and bounce back from external shocks.<br />
Before its independence from the UK in 1960, the <strong>Cyprus</strong> economy was primarily<br />
based on agriculture and the export of minerals. However, in the last few decades<br />
the country has established itself as a serious international business and service<br />
centre for shipping, financial services and commerce, and is classified by the World<br />
Bank as a high-income country. The island’s accession to the EU in 2004 with the<br />
subsequent adoption of the euro in 2008, was the catalyst for its transformation<br />
into a competitive financial and business services hub. Following the country’s financial<br />
crisis in 2013, <strong>Cyprus</strong> undertook a major reform agenda and while still<br />
facing some economic challenges, the small EU nation has demonstrated resilience<br />
and an ability to bounce back to growth. The year 2015 signalled a sooner-than-expected<br />
exit from recession and a rapid<br />
economic turnaround followed, with<br />
2017 recording almost 4% growth –<br />
earning <strong>Cyprus</strong> praise as an economic<br />
success story. The island’s international<br />
financial centre did suffer a blow in the<br />
wake of the crisis, especially to its reputation,<br />
but today the country stands<br />
tall with recapitalised and stable banks<br />
and stronger institutions with better supervision.<br />
Consistent credit rating upgrades<br />
have further boosted confidence and foreign direct investment has been<br />
flowing into all key sectors. <strong>Cyprus</strong> has retained and strengthened its status as an<br />
attractive investment gateway to the EU and other high-growth markets, as well as<br />
a secure base to tap into opportunities in the Middle East. Offering a tax-efficient<br />
EU company domicile, the country is also emerging as a compelling destination<br />
for regional headquarters and a base for tech companies, as well as an increasingly<br />
attractive location for fund managers and promoters.<br />
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GROWING INVESTMENT FUND SECTOR<br />
<strong>Cyprus</strong> has big ambitions in the investment funds sector to establish itself as a contender<br />
in the global asset management industry. The steady growth in both Assets<br />
under Management and in the number of fund structures licensed and active in<br />
<strong>Cyprus</strong> have underlined the strength and appeal of the novice domicile. Assets<br />
under Management (AuM) have increased by over 200% from €2.7 billion in 2016<br />
to €10.7 billion in the first half of <strong>2021</strong>, showing that it is not the sector’s size but its<br />
fast growth that has impressed, and is being recognised by the global asset management<br />
and investor community. Investment funds have already invested more than<br />
€2 billion in several sectors of the Cypriot economy, such as shipping, hospitality,<br />
education, healthcare, and renewable energy. <strong>Cyprus</strong> offers both EU-regulated<br />
Undertakings of Collective Investment in Transferable Securities (UCITS) and<br />
Alternative Investment Funds (AIFs). In July 2018, the country upgraded its AIF<br />
framework and introduced Registered AIFs (RAIFs), which do not require authorisation<br />
by the supervising <strong>Cyprus</strong><br />
Securities and Exchange Commission<br />
(CySEC) to commence operations provided<br />
they are externally managed by an<br />
Alternative Investment Fund Manager<br />
(AIFM) based in <strong>Cyprus</strong> or another EU<br />
The upgraded legislation has<br />
been hailed ‘ground-breaking’<br />
and offers a significantly more<br />
time- and cost-efficient means<br />
of establishing AIFs in <strong>Cyprus</strong>.<br />
country. The upgraded legislation has been hailed ‘ground-breaking’ and offers a<br />
significantly more time- and cost-efficient means of establishing AIFs in <strong>Cyprus</strong>.<br />
Today, the majority of alternative investment funds in <strong>Cyprus</strong> are of a small and<br />
medium size and focus on debt and equity securities, real estate and private equity.<br />
However, <strong>Cyprus</strong> has also attracted larger funds including one with assets of €500<br />
million under management. The number of alternative investment funds has more<br />
than doubled in the last five years and foreign UCITS are now widely marketed in<br />
<strong>Cyprus</strong>, including ones promoted by international financial institutions such as JP<br />
Morgan, UBS and Julius Baer.<br />
EU Member since 2004, Eurozone member since 2008<br />
<strong>Cyprus</strong>’ maritime sector accounts for €1 billion in annual<br />
revenue and is around 7% of the island’s GDP<br />
<strong>Cyprus</strong> is an established international business and service<br />
centre for shipping, financial services and commerce, and is<br />
classified by the World Bank as a high-income country<br />
Investment funds have already invested more than €2 billion<br />
in several sectors of the Cypriot economy, such as shipping,<br />
hospitality, education, healthcare, and renewable energy.<br />
<strong>Cyprus</strong> is currently the fastest growing European fund<br />
jurisdiction by NAV for UCIs, AIFs and UCITS<br />
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GLOBAL SHIPPING HUB<br />
A major success story for <strong>Cyprus</strong> has been the maritime sector, which accounts<br />
for around €1 billion in annual revenue and approximately 7% of the island’s GDP<br />
– and of this figure, shipmanagement alone accounts for 5%. Apart from offering<br />
shipmanagement and business services to the industry, the <strong>Cyprus</strong> Registry<br />
is classified as the third largest merchant fleet in the European Union and the 11 th<br />
largest in the world. The country is also the EU’s largest shipmanagement centre<br />
and amongst the top three in the world. The sector has seen growth in the past few<br />
years and <strong>Cyprus</strong> is currently looking at restructuring the commercial shipping<br />
sector to strengthen its competitive edge. Since introducing an advantageous EUapproved<br />
tonnage tax system in 2010, the island has continued to attract increasing<br />
numbers of shipping companies from across the world. The country’s maritime<br />
capital, Limassol, is home to some of the most influential names in shipping today<br />
and manage around 20% of the world’s third-party managed fleet.<br />
Apart from offering shipmanagement<br />
and business services to the industry, the<br />
<strong>Cyprus</strong> Registry is classified as the third<br />
largest merchant fleet in the European<br />
Union and the 11th largest in the world.<br />
EAST MED ENERGY CENTRE<br />
Apart from the sun and the sea, <strong>Cyprus</strong> has few natural resources and has been<br />
dependent on oil imports to satisfy its energy demands. However, the substantial<br />
discovery of natural gas and potential oil deposits in <strong>Cyprus</strong>’ Exclusive Economic<br />
Zone (EEZ) in the Mediterranean Sea is expected to change all this. Exploratory<br />
drillings by global energy giants have confirmed natural gas reserves that could<br />
meet <strong>Cyprus</strong>’ domestic gas demand for over 100 years, and a surplus for export.<br />
The hydrocarbons race in <strong>Cyprus</strong>’ waters has attracted international energy heavyweights,<br />
such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore<br />
the island’s waters for new discoveries and multiple auxiliary services companies<br />
have set up to support these efforts. With 340 days of sunshine to harness, solar<br />
energy has also become a bit of a boom segment for <strong>Cyprus</strong> recently. The government<br />
is placing strong focus on renewable energy and working towards achieving<br />
a zero-carbon economy. The country’s top-tier universities and research institutes<br />
are also playing a pivotal part in these efforts to create a more sustainable energy<br />
mix through innovation in smart tech and research in ways to battle climate change.<br />
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TECH AND INNOVATION TAKING THE LEAD<br />
The technology space in <strong>Cyprus</strong> is seeing a fresh boost with more state support to the<br />
sector, the launch of new national strategies to integrate innovative tech, and fresh<br />
incentives to attract more digital nomads, IT start-ups and regional headquarters.<br />
With its new focus on long-term development outcomes, <strong>Cyprus</strong> is determined to diversify<br />
and harness growth with a technology-driven economy. The biggest spender<br />
by far on IT in <strong>Cyprus</strong> is the financial sector, followed by the telecoms providers and<br />
the public service. Albeit one of the smallest EU member states, research and development<br />
is an area where <strong>Cyprus</strong> punches well above its weight. Unprecedented<br />
investment into the sector and ground-breaking projects are establishing this small<br />
island, not only as an innovation and research hub, but as a regional centre of excellence<br />
providing strong links with the global scientific and technical innovation<br />
community. Further evidence of the high calibre of research and development being<br />
undertaken in <strong>Cyprus</strong> is the fact that the country ranked first among the EU member<br />
states in relation to the per capita absorption of funds from Horizon 2020, the biggest<br />
EU research and innovation programme with a budget of nearly €80 billion.<br />
Although the pandemic<br />
has temporarily stifled the<br />
thriving sector, new projects<br />
currently underway are set<br />
to strengthen and upgrade<br />
<strong>Cyprus</strong>’ tourism product and<br />
encourage more year-round<br />
visitors, a strategy <strong>Cyprus</strong><br />
is fully committed to.<br />
POPULAR TOURISM DESTINATION<br />
Tourism has been a key driving force of the Cypriot economy for decades, and pre-<br />
Covid the country saw consecutive years of record-breaking numbers of tourist<br />
arrivals and revenue. Although the pandemic has temporarily stifled the thriving<br />
sector, new projects currently underway are set to strengthen and upgrade <strong>Cyprus</strong>’<br />
tourism product and encourage more year-round visitors, a strategy <strong>Cyprus</strong> is fully<br />
committed to. These projects range from the construction of new golf courses,<br />
luxury marina developments and the upgrading of the island’s wellness and<br />
medical tourism product. A new and exciting prospect is the current construction<br />
of the Republic’s first-ever luxury casino resort. The €600 million integrated resort,<br />
run by a consortium with renowned Hong Kong player Melco, will exceed five-star<br />
status and open a whole new market for niche tourism on the island.<br />
ATTRACTIVE REAL ESTATE<br />
The <strong>Cyprus</strong> real estate sector was showing strong market performance straight<br />
through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.<br />
Amid widespread lockdowns and travel restrictions, foreign investor demand<br />
dropped significantly. However, by October <strong>2021</strong>, sales to the European market<br />
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increased 68% compared to the same period in the previous year. <strong>Cyprus</strong>’ appeal<br />
has remained strong amongst international investors, expats and retirees thanks to<br />
its Mediterranean climate, high quality of life and safety, as well as its status as an<br />
EU member state conveniently located between three continents. <strong>Cyprus</strong> has one<br />
of the highest home ownership rates in Europe and also has a longstanding market<br />
for second homes and holiday villas, making the economy heavily reliant on the<br />
sector. With new up-market developments, increased foreign investment in top<br />
hotels and major infrastructure projects springing up, <strong>Cyprus</strong>’ attractiveness as a<br />
property investment location is set to grow in the coming years.<br />
FDI APPEAL<br />
<strong>Cyprus</strong>’ FDI appeal has been on an upward trajectory thanks to a robust economy.<br />
Real GDP growth averaged 4.6% in 2015-19 and the government’s latest projections<br />
suggest that in <strong>2021</strong> the economy will have fully regained the ground it lost in 2020<br />
at the height of the Covid-19 pandemic. For the last few years, <strong>Cyprus</strong> has been a<br />
hive of activity with several notable projects already implemented or in the pipeline,<br />
strengthening the country’s image and appeal. Foreign investment flows have<br />
been significant. In the ten-year period 2011-2020, cumulative net FDI reached<br />
€22.2 billion. This investment was driven by equity, with the shipping/shipping<br />
finance and real estate sectors playing a significant role, while investment in communications<br />
is now also beginning to gain importance. Ongoing improvements<br />
in the macroeconomic and financial environment have also revived international<br />
interest in around 30 major development projects on the island. Investment opportunities<br />
in <strong>Cyprus</strong>’ large-scale projects span various sectors, including high-value<br />
tourism and housing developments, projects with a special focus on golf courses<br />
and luxury marinas, as well as education, energy and, more lately, the international<br />
film sector. The growth performance of <strong>Cyprus</strong> over the last five years has been<br />
exceptional and even exceeded international expectations, while successive credit<br />
rating upgrades and new incentives have attracted billions in foreign investment<br />
since 2015, with significant inflows from the US, Asia, Russia and the Middle East.<br />
<strong>Cyprus</strong>’ liberalised Foreign Direct Investment Policy, both for EU citizens and investors<br />
from third countries, along with its favourable tax regime makes it one of<br />
the most attractive centres for FDI in Europe.<br />
A DIVERSIFIED FUTURE<br />
Offering a professional yet relaxed atmosphere that makes doing business pleasurable<br />
as well as profitable, <strong>Cyprus</strong>’ Mediterranean lifestyle coexists happily with a cutting-edge<br />
international business hub, allowing investors to enjoy the best of both<br />
worlds: a safe and comfortable environment for family life and a sophisticated infrastructure<br />
from which to grow and develop business. <strong>Cyprus</strong> combines numerous<br />
advantages as a business base with its EU-approved tax regime, competitive 12.5%<br />
corporate tax rate and tax breaks for high earners, its pro-business government and<br />
highly skilled workforce – as well as promising growth and development across numerous<br />
economic sectors. With <strong>Cyprus</strong>’ prospects on the rise, the country has all the<br />
right elements firmly in place to strengthen its reputation as an international centre<br />
of business excellence in one of Europe’s most interesting investment locations. n<br />
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ECONOMY<br />
Bouncing Back<br />
to Pre-Pandemic<br />
Growth<br />
Following the global pandemic that began in 2020, <strong>Cyprus</strong><br />
has consolidated its reputation as a resilient economy with<br />
one of the fastest growth rates in the EU. Substantial financial<br />
support for the EU’s green and digital transition agenda has<br />
given renewed impetus to digitisation, liberalisation and<br />
green reforms, while new incentives continue to be launched<br />
to attract a broad array of quality foreign investment.<br />
The small, open economy of <strong>Cyprus</strong> is known for its resilience. The economy<br />
bounced back swiftly after the banking crisis in 2013, returning to investment<br />
grade rating in 2018 and recording annual average real GDP growth of<br />
5.8% in 2016-19. The economy also rebounded quickly after the global pandemic<br />
in 2020, with growth in excess of 5% expected for <strong>2021</strong>. During the past few years<br />
the banks have consolidated, boosted and diversified their capital base and cut<br />
non-performing loans by over 80%. At the same time, the government reformed<br />
its public finances, brought debt back to sustainable levels and paid off its debt to<br />
the IMF five years early. These achievements gave the government the fiscal space<br />
to extend sustained support to enterprises affected by the pandemic.<br />
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The key focus of the next few years<br />
will be to accelerate digitisation, liberalisation<br />
and the greening of the<br />
economy as part of the EU’s Recovery<br />
and Resilience Facility (RFF). <strong>Cyprus</strong><br />
is set to receive €1.2 billion in mainly<br />
grants, while the programme is expected<br />
to unlock another €1.4 billion in private-sector<br />
investments as the rollout<br />
encourages investment, raises the economy’s<br />
competitiveness and leverages the<br />
eurozone economy’s highly educated<br />
population.<br />
KEY SECTORS<br />
The <strong>Cyprus</strong> economy is dominated by<br />
services, which accounted for 83.7%<br />
of gross value added in 2020, while industry<br />
accounted for 7.9%, construction<br />
6.3% and agriculture, forestry and<br />
fishing 2.1%. Over the past two decades<br />
the economy has diversified. While<br />
tourism remains one of the most significant<br />
sectors, especially because of<br />
its wider impact on retail, transport,<br />
construction and employment, its value-added<br />
contribution, when narrowly<br />
defined as accommodation and food<br />
services, has now been overtaken by<br />
professional services, communications,<br />
financial services and real estate.<br />
Diversification has been made possible<br />
by the growing importance of<br />
<strong>Cyprus</strong> as an international business<br />
centre. Information and communication<br />
services have expanded rapidly<br />
from a low base, as the country takes<br />
advantage of its geographic location<br />
at the crossroads of three continents.<br />
Administrative services are also rising<br />
fast, boosted by the growing compliance<br />
industry. As in many advanced<br />
countries, the largest single sector is<br />
wholesale and retail trade, serving the<br />
general population as well as incoming<br />
tourists.<br />
Key sectors as % of total Gross<br />
Value Added (GVA) 2020<br />
2.3%<br />
Agriculture & Mining<br />
8.0%<br />
Manufacturing, Electricity,<br />
Gas & Water<br />
6.1%<br />
Construction<br />
11.0%<br />
Wholesale & Retail Trade<br />
4.1%<br />
Accommodation &<br />
Food Services<br />
8.4%<br />
Financial Services<br />
9.0%<br />
Professional<br />
Services<br />
9.9%<br />
Public Administration<br />
& Defence<br />
41.2%<br />
Other Services<br />
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CHALLENGES AND OPPORTUNITIES<br />
The short-term challenge is to ensure that the economy stays on its robust growth<br />
path as government continues to ease off its Covid-19 related support and to maintain<br />
momentum for the RFF-related reforms.<br />
Important structural support in this endeavour will come from the new Deputy<br />
Ministry of Research, Innovation and Digital Policy, which was established in<br />
March 2020 and was key to accelerating digitisation of the public sector at the<br />
height of the pandemic. The government has also launched a raft of initiatives to<br />
support competitiveness and the green transition. These include incentives for the<br />
island’s budding wine sector, to support entrepreneurship and for energy upgrades<br />
in buildings.<br />
Key prospects lie in energy including renewables, interconnectivity, tourism and<br />
headquartering. Energy prospects arise from offshore natural gas finds, further<br />
electricity liberalisation and investment in renewables, while opportunities for<br />
interconnectivity will come from the submarine electricity cables that will link<br />
<strong>Cyprus</strong> to the European and African continents. Investment in expanding and upgrading<br />
the island’s tourism offering will continue, while prospects for headquartering<br />
have been boosted by the government’s early public health interventions to<br />
rapidly contain the pandemic. This has further enhanced the country’s reputation<br />
as a safe eurozone location in which to do business.<br />
Credit ratings November <strong>2021</strong><br />
BBB- BBB- BBB (L) Ba1<br />
Standard & Poor’s<br />
Stable Outlook<br />
Fitch Ratings<br />
Stable Outlook<br />
DBRS<br />
Stable Outlook<br />
Moody’s<br />
Positive Outlook<br />
26
A I F M / 3 5 / 5 6 / 2 0 1 3<br />
Full Service Fund & AIFM Services<br />
Oneworld Plus Management is a dedicated Alternative Investment Fund Manager (AIFM) providing third<br />
party AIFM services and fund formation to fund initiators, promoters and fund managers of private equity,<br />
real estate, infrastructure, debt, fund of funds, transferable securities as well as other alternative asset<br />
classes. We have all the tools you need, whether it be a stand-alone fund, a segregated sub-fund on our<br />
existing ‘White Label’ fund platforms, or even your own fund platform with multiple sub-funds.<br />
Our services include setup and formation of your fund, including preparation of offering documents,<br />
procedures and lodging with relevant competent authority, portfolio and risk management, compliance,<br />
reporting and distribution services to the fund.<br />
We offer services in<br />
• Migrating your non-EU fund to an EU domicile<br />
of your choice<br />
• Setting up a new fund as a stand-alone fund in<br />
various jurisdictions, including Luxembourg,<br />
<strong>Cyprus</strong>, Malta, Cayman Islands and Ireland or on our<br />
QIAIF platform in Ireland and AIF platform in <strong>Cyprus</strong><br />
• Setting up non EU-funds<br />
• Setting up EU-based funds that mirror the<br />
performance of offshore funds<br />
• Company Formation and Fund launch<br />
• Corporate Management<br />
• Fund Administration<br />
• Third Party AIFM Services<br />
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www.oneworldaifm.com<br />
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75 Prodromou Avenue, Oneworld Parkview House, Floor 2, 2063 Nicosia, <strong>Cyprus</strong> +357 22 507 723<br />
Oneworld Plus Management Ltd is licenced by CySEC under license no. AIFM35/56/2013.
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
Real GDP Growth<br />
IMF, Staff <strong>Report</strong>, June <strong>2021</strong><br />
European Commission Autumn Forecast, November <strong>2021</strong><br />
Sapienta <strong>Country</strong> Analysis <strong>Cyprus</strong>, November <strong>2021</strong><br />
Cystat<br />
5.2%<br />
3.1%<br />
IMF<br />
EC<br />
Sapienta<br />
3.0%<br />
5.4%<br />
4.9%<br />
IMF<br />
EC<br />
Sapienta<br />
3.9%<br />
4.2%<br />
3.8%<br />
IMF<br />
EC<br />
Sapienta<br />
3.1%<br />
3.5%<br />
2.4%<br />
2018<br />
2019<br />
2020 <strong>2021</strong><br />
(forecast)<br />
2022<br />
(forecast)<br />
2023<br />
(forecast)<br />
-5.2%<br />
GDP in €/billion<br />
17.9<br />
18.9<br />
20.2<br />
21.6<br />
23.0<br />
21.5<br />
2015<br />
2016<br />
2017<br />
2018<br />
2019<br />
2020<br />
GDP per capita in €<br />
21,098<br />
22,229<br />
23,554<br />
24,840<br />
26,090<br />
24,157<br />
2015<br />
2016<br />
2017<br />
2018<br />
2019<br />
2020<br />
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Gross public debt as % of GDP<br />
IMF EC Sapienta<br />
2023 forecast 2022 forecast <strong>2021</strong> forecast 2020 2019 2018<br />
99.2%<br />
99.2%<br />
98.4%<br />
94.0%<br />
94.0%<br />
99.1%<br />
119.1%<br />
115.3%<br />
115.3%<br />
114.0%<br />
104.1%<br />
104.9%<br />
106.4%<br />
97.6%<br />
92.6%<br />
102.8%<br />
93.4%<br />
86.7%<br />
Current account balance % of GDP<br />
0<br />
-1<br />
-2<br />
-3<br />
-4<br />
-5<br />
-6<br />
-7<br />
-8<br />
-9<br />
-10<br />
-11<br />
-12<br />
2018 2019 2020 <strong>2021</strong> (f) 2022 (f) 2023 (f)<br />
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Harmonised consumer<br />
price inflation (%)<br />
0.8 1.7 3.3<br />
0.5 1.9 2.3<br />
1.2 1.2 1.8<br />
0.8 0.8 0.8<br />
0.6 0.5 0.5<br />
2020<br />
2018 2019<br />
<strong>2021</strong> forecast 2022 forecast 2023 forecast<br />
IMF EC Sapienta<br />
-1.1 -1.1 -1.1<br />
Unemployment Rate (%)<br />
9<br />
8<br />
7<br />
6<br />
2018 2019 2020 <strong>2021</strong> forecast 2022 forecast 2023 forecast<br />
NPE ratio (non-performing exposures as % gross loans; scaled y-axis) Source: Central Bank of <strong>Cyprus</strong>.<br />
45.3 46.4 42.5 30.5 28.0 17.7<br />
December<br />
2015<br />
December<br />
2016<br />
December<br />
2017<br />
December<br />
2018<br />
December<br />
2019<br />
December<br />
2020<br />
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Foreign Direct Investment (FDI)<br />
FDI liabilities<br />
(investments in <strong>Cyprus</strong>)<br />
2013<br />
2014<br />
2015<br />
2016<br />
2017<br />
19,586<br />
38,828<br />
26,118<br />
7,722<br />
10,913<br />
2018<br />
-5,078<br />
2019<br />
2020<br />
23.057<br />
2,744<br />
FDI assets<br />
(investments abroad)<br />
2013<br />
2014<br />
2015<br />
2016<br />
2017<br />
22,539<br />
49,707<br />
39,939<br />
5.699<br />
10,254<br />
2018<br />
-9,812<br />
2019<br />
2020<br />
17,745<br />
724<br />
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Cumulative inward FDI stock<br />
by country €/million (2019)<br />
Inward FDI (liabilities) by<br />
country €/million (2019)<br />
Russian Federation 105,340<br />
Luxembourg 62,643<br />
Jersey 28,197<br />
British Virgin Islands 19,719<br />
Netherlands 17,924<br />
United Kingdom 11,658<br />
Germany 8,209<br />
Guernsey 4,478<br />
Liechtenstein 3,629<br />
Bermuda 3,362<br />
Luxembourg 13,127<br />
Switzerland 4,403<br />
Russian Federation 4,116<br />
United States 3,848<br />
Netherlands 755<br />
China 442<br />
United Kingdom 210<br />
British Virgin Islands 128<br />
Ukraine 33<br />
Lebanon 31<br />
Total including others<br />
€401.18bn<br />
Total including others<br />
€23.39bn<br />
Source: Central Bank of <strong>Cyprus</strong>.<br />
Main Exports and Countries<br />
Exports of goods by economic destination<br />
in 2020 €/million (includes re-exports)<br />
Transport<br />
equipment<br />
889<br />
Mineral<br />
products<br />
451<br />
Chemicals<br />
443<br />
Live animals<br />
& products<br />
308<br />
Machinery<br />
& electrical<br />
equipment<br />
189<br />
Food,<br />
beverages<br />
& tobacco<br />
110<br />
Base metals<br />
& products<br />
69<br />
Vegetable<br />
products<br />
66<br />
Unclassified<br />
69<br />
Other<br />
146<br />
TOTAL EXPORTS (includes re-exports)<br />
€2.74bn<br />
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Top export markets for goods in 2020 €/million (includes re-exports)<br />
Source: Cystat<br />
229 204 177 163 156 148<br />
Greece<br />
Liberia<br />
United<br />
Kingdom<br />
Libya<br />
Marshall<br />
Islands<br />
Netherlands<br />
Imports of goods by economic destination in 2020 €/million<br />
2,193<br />
1,813<br />
1,974<br />
Consumer goods<br />
Intermediate inputs<br />
Transport equipment & parts<br />
of which ships & boats<br />
504<br />
945<br />
76<br />
Capital goods<br />
Fuels & lubricants<br />
Unclassified<br />
TOTAL IMPORTS<br />
€7.50bn<br />
Top suppliers of goods in 2020 €/million<br />
Source: Cystat<br />
UK 608<br />
Germany 497<br />
Italy 623<br />
Greece 1,627 Israel 270<br />
China 450<br />
33
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
FOREIGN DIRECT INVESTMENT<br />
Resilient FDI Location<br />
The <strong>Cyprus</strong> economy has bounced back rapidly from the Covid-19<br />
pandemic and the authorities have taken the opportunity to<br />
forge ahead with digitisation, the launch of new incentives<br />
and reforms that continue to offer interesting opportunities to<br />
investors with capital and interest in the East Med region.<br />
Limassol Marina<br />
<strong>Cyprus</strong> has attracted formidable foreign investment over the last five years<br />
with billions of euros flowing into multiple sectors. The country’s return<br />
to an investment-grade credit rating in 2018 gave both the economy and<br />
investor confidence a much-needed boost, and the successful recapitalisation of its<br />
major banks and numerous large-scale projects have all contributed to the resurgence<br />
of <strong>Cyprus</strong> as a top foreign direct investment (FDI) destination. The growth<br />
performance of <strong>Cyprus</strong> in the last five years has been exceptional and even exceeded<br />
international expectations, while successive credit rating upgrades and new<br />
incentives have attracted billions in foreign investment, with significant inflows<br />
from the US, Asia, Russia and the Middle East. The sectors that have seen the most<br />
significant FDI are finance, especially for shipping; real estate in new luxury developments<br />
and infrastructure projects that are underway across the country with<br />
significant foreign investor backing; information and communication; retail trade;<br />
and professional services, in particular head office activities. A fast-track system<br />
is also encouraging international companies to set up international and regional<br />
headquarters on the island, which is becoming an increasingly attractive gateway<br />
to both established and emerging growth markets.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
A VARIETY OF INVESTMENT OPTIONS<br />
For the last few years, <strong>Cyprus</strong> has been a hive of activity with several notable projects<br />
already implemented or in the pipeline, strengthening the country’s image and<br />
appeal. Foreign investment flows have been significant. In the ten-year period 2011-<br />
2020, average inflows and outflows have averaged around €20 billion per year. This<br />
investment was driven by equity, with the shipping/shipping finance and real estate<br />
sectors playing a significant role, while investment in communications is now also<br />
beginning to gain importance.<br />
New large-scale real estate projects, luxury marinas and tourism infrastructure,<br />
coupled with developing opportunities in the energy and shipping sectors have all<br />
reinforced <strong>Cyprus</strong>’ status as an interesting investment location. An added benefit of<br />
<strong>Cyprus</strong> is its secure and stable EU environment in a turbulent region, which provides<br />
an ideal base for regional headquarters or ancillary and support services for investors<br />
with clients in the wider Eastern Mediterranean region.<br />
Already renowned as a popular holiday destination and a thriving business hub<br />
servicing international companies with multinational operations, the island is sharpening<br />
its competitive edge by streamlining processes, modernising legislation, introducing<br />
incentives and speeding up licensing procedures to better cater to investors.<br />
Special schemes and incentives are in place to facilitate headquartering, which covers<br />
the sectors of technology, asset management, investment funds, shipping and higher<br />
education, ‘Olivewood’ for the international film industry, and a new government<br />
Action Plan launched in late <strong>2021</strong> filled with new incentives to attract non-EU individuals<br />
and companies to establish operations in <strong>Cyprus</strong>.<br />
The sectors that have seen the<br />
most significant FDI are finance,<br />
especially for shipping; real estate<br />
in new luxury developments<br />
and infrastructure projects<br />
that are underway across the<br />
country with significant foreign<br />
investor backing; information<br />
and communication; retail trade;<br />
and professional services, in<br />
particular head office activities.<br />
Artist Impression: Grand Hyatt Limassol<br />
36
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
PRIVATISATIONS AND LARGE-SCALE PROJECTS<br />
<strong>Cyprus</strong>’ FDI appeal has been on an upward trajectory thanks to a robust economy.<br />
Real GDP growth averaged 5.3% in 2015-19 and the government’s latest projections<br />
suggest that in <strong>2021</strong> the economy will have fully regained the ground it lost<br />
in 2020 at the height of the Covid-19 pandemic. Ongoing improvements in the<br />
macroeconomic and financial environment have also revived international interest<br />
in around 30 major development projects on the island. Investment opportunities<br />
in <strong>Cyprus</strong>’ large-scale projects span various sectors, including high-value tourism<br />
and housing developments, projects with a special focus on golf courses and luxury<br />
marinas, as well as education, energy and, more lately, the international film sector.<br />
The liberalisation of markets in which state-owned entities used to dominate<br />
presents new opportunities in terms of FDI. The 2017 commercialisation of the<br />
country’s largest port in Limassol marked a new era for <strong>Cyprus</strong> as a commercial<br />
hub. The port commercialisation came in the context of the first discovery of<br />
natural gas in 2011, a dedicated Deputy Minister of Shipping in 2018, as well as<br />
the launch of the new VTTV oil trading terminal in 2014. The privatisation deal<br />
with Eurogate International GmbH and DP World Limited is expected to boost<br />
state coffers with €2 billion over the next 25 years, while the new port operators<br />
are injecting millions in upgrading services and infrastructure. The €290 million<br />
investment in natural gas import infrastructure using a floating, storage, regasification<br />
unit (FSRU), combined with the full liberalisation of electricity and EU funds<br />
for green transition, are presenting an array of new opportunities in the natural gas<br />
and renewables sectors.<br />
38
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
EAST MED ENERGY HUB<br />
<strong>Cyprus</strong>’ hydrocarbons discoveries have captured the attention of the global energy<br />
giants since US company Noble Energy, now acquired by US giant Chevron, made<br />
the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic<br />
feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and<br />
Total have all secured exploration licences and conducted exploratory drilling.<br />
ExxonMobil announced the discovery of an estimated 5 to 8 tcf in Block 10 in<br />
early 2019 and ENI announced a promising discovery in Block 6 in early 2018.<br />
In 2019 <strong>Cyprus</strong> agreed to build a subsea pipeline connecting Aphrodite to Egypt’s<br />
liquefaction plants and concluded a production-sharing deal with Noble Energy<br />
and its partners over the Aphrodite gas reservoir.<br />
In addition to offshore discoveries a range of other new energy opportunities<br />
have come to the fore. In December 2019, <strong>Cyprus</strong> signed a landmark deal<br />
with a Chinese-led consortium to build a €290 million LNG import terminal at<br />
Vassilikos. The consortium constructing the project includes China Petroleum<br />
Pipeline Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and<br />
Wilhelmsen Ship Management. The terminal will include a floating storage and<br />
regasification unit (FSRU), a jetty for mooring the FSRU and related infrastructure<br />
at Vassilikos. The terminal, which will transform domestic power production<br />
from diesel to cleaner, gas-fired electricity, is the country’s biggest energy investment<br />
to date. The FSRU, due for completion in late 2022, attracted €150 million in<br />
finance from the European Investment Bank (EIB), €80 million from the European<br />
Bank for Reconstruction and Development (EBRD), €101 million from the EU’s<br />
Connecting Europe Facility as well as an equity contribution of €43 million from<br />
the Electricity Authority of <strong>Cyprus</strong> (EAC). Parallel to this, <strong>Cyprus</strong> is ramping up renewables<br />
capacity, with support from the EU’s €1.2 billion Recovery and Resilience<br />
Facility (RFF). Electricity production will also be fully liberalised by 2022. This will<br />
allow new private players operating in both renewables and gas to compete in the<br />
local market but also in a much broader regional market thanks to the EuroAsia<br />
Interconnector project to connect <strong>Cyprus</strong>, Israel and Greece via submarine electricity<br />
cable and the related EuroAfrica Interconnector to connect Egypt<br />
Limassol Terminal<br />
39
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
UPGRADING TOURISM<br />
Tourism has long been a driving force of the Cypriot economy and a concerted<br />
effort to diversify its offering in recent years has paid off. Ahead of the global pandemic,<br />
expansion of capacity as well as quality upgrades saw both arrivals and<br />
expenditure break new records for four years running. A new Deputy Ministry<br />
of Tourism was established in 2019. <strong>Cyprus</strong> has been attracting new interest by<br />
developing conference, sports, health and wellness tourism and by extending the<br />
tourist season. The construction and investment in multipurpose projects and<br />
mixed-use developments such as luxury marinas, golf courses and more recently<br />
the island’s first-ever and only integrated luxury casino resort, are all part of<br />
the ongoing strategy to upgrade <strong>Cyprus</strong>’ tourism product. The temporary casino<br />
and satellite outlets have started operations and the full integrated casino resort,<br />
City of Dreams Mediterranean, will have extensive facilities and five-star status.<br />
The casino resort is Hong Kong-based Melco’s first expansion outside of Asia and<br />
will be the biggest casino of its kind in Europe, with the investment for this mega<br />
project at €600 million.<br />
Following the success of Limassol Marina, there has been a swell of interest in<br />
these types of projects. The €300 million luxury Ayia Napa Marina is under construction<br />
with berthing facilities and a Commercial Village now fully operational.<br />
The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a<br />
range of luxury villas, apartments and facilities. With significant Egyptian investment<br />
backing the innovative project and the seafront residences are expected to be<br />
completed by 2023. In addition, the €110 million Paralimni Marina project is well<br />
under way, with additional development incentives approved by the government<br />
in 2020. The contract for Larnaca Marina was signed with a Cypriot-Israeli consortium,<br />
Eldeman Holding BV and Alexandrou Corporate Services Ltd, in late 2020<br />
and is expected to attract €1.2 billion in construction and real estate development,<br />
while a tender was signed in August <strong>2021</strong> with Deloitte Ltd and Triton Consulting<br />
Engineers SA for a luxury marina in Paphos.<br />
Artist Impression: City of Dreams Mediterranean<br />
40
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
Tourism-related<br />
real estate and<br />
infrastructure<br />
continues to be one<br />
of the most attractive<br />
investment<br />
opportunities<br />
in <strong>Cyprus</strong>.<br />
The number of foreign investors closing multimillion-euro deals in the last few<br />
years underlines the fact that tourism-related real estate and infrastructure continues<br />
to be one of the most attractive investment opportunities in <strong>Cyprus</strong>. With solid<br />
and continuous interest in the tourism sector, the country’s investment promotion<br />
agency Invest <strong>Cyprus</strong> has set up a dedicated and specialised unit, TourInvest, to<br />
promote investment opportunities in the tourism and hospitality sector. In cooperation<br />
with the Deputy Ministry of Tourism and other stakeholders, the unit<br />
focuses on attracting multi-million-euro investment into large-scale infrastructure<br />
projects that exist in diversified thematic areas.<br />
Worthwhile investments have already been made in the hospitality industry<br />
with acquisitions and the construction of new luxury hotels of well-known hotel<br />
management chains. These include the prestigious Sun City Spa and Residences<br />
by Chinese group Jim Chang Global with an initial investment of €100 million to<br />
construct a five-star resort hotel and exclusive beachfront residences. The Radisson<br />
Hotel Group, one of the largest and most dynamic hotel groups in the world, has<br />
big plans to grow its existing portfolio in the country to six hotels and almost 1,000<br />
rooms by 2025.<br />
In 2019, the Luxury Collection, part of Marriott International, opened<br />
the Parklane Luxury Collection Resort & Spa resort in Limassol. Owned and operated<br />
by Parklane Hotels Limited, the property marks Marriott International’s entry<br />
into <strong>Cyprus</strong>. Another major international deal in recent years was South African<br />
Atterbury acquiring two of the country’s flagship Nicosia retail outlets, the Mall of<br />
<strong>Cyprus</strong> and the Mall of Engomi, for €200 million.<br />
In July 2020, Hyatt Hotels Corporation announced a management agreement<br />
with Anolia Holdings Limited for the launch of the first Hyatt hotel in <strong>Cyprus</strong>.<br />
The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025.<br />
The new beachfront resort will also be a key element of Zaria Resort, a mixed-use<br />
luxury development, comprised of residential apartments and private villas totalling<br />
more than 80,000 square metres. The announcement of Grand Hyatt Limassol<br />
follows a significant expansion in Hyatt’s brand footprint in Europe over the last<br />
year, and <strong>Cyprus</strong> has proven to attract travellers from Hyatt’s key strategic markets<br />
including the UK, Russia, Greece, Germany and the Middle East.<br />
41
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
LUXURY REAL ESTATE<br />
<strong>Cyprus</strong> continues to be on the top of the list for investors, holiday-home seekers,<br />
expats and retirees, with the traditionally popular areas of Paphos and Limassol<br />
leading the way. One of the latest projects is the Sofitel Resort & Spa, a joint<br />
venture between Singapore-headquartered Oxley Holdings and Planetvision on<br />
the Limassol beachfront. The project will be the first Sofitel Resort with branded<br />
residences in Europe and is expected to be completed by 2022.<br />
Health and wellness developments are increasingly popular, and an early example<br />
of this is the Eden Seniors Resort in Larnaca which opened its doors in 2018.<br />
Paphos is due to see the first dedicated retirement village in <strong>Cyprus</strong> – a segment<br />
that has much potential in <strong>Cyprus</strong> along with rehabilitation related projects. The<br />
€16 million retirement village, branded Lazaris Mill, will consist of 82 individual<br />
apartments, ranging from studios to larger flats and a small 24-room hotel, and<br />
provide bespoke facilities. The first residents are expected in spring 2023. Until<br />
now, no retirement villages were available on the island and whilst common in<br />
many other countries, this project is a first for <strong>Cyprus</strong>.<br />
Prior to the pandemic the high-end residential property segment accounted for<br />
20% of the total transaction value of real estate in <strong>Cyprus</strong>, with a keen interest from<br />
foreigners. For the whole of 2019, 66% of properties were acquired by non-EU<br />
buyers. While the pandemic slowed foreign sales, interest began to revive again in<br />
mid-<strong>2021</strong>.<br />
Parklane Limassol<br />
A STABLE BANKING SECTOR<br />
<strong>Cyprus</strong> banks maintain high levels of capital adequacy and liquidity. The restructuring<br />
of the banking sector after 2013 has attracted important international institutional<br />
investors and fresh foreign capital, and encouraged accelerated sales of<br />
non-performing loans. These developments have substantially reduced risk and<br />
enabled the financial system to operate on a more sound basis.<br />
The island’s biggest lender, Bank of <strong>Cyprus</strong>, secured €1 billion of investment<br />
from world-renowned investors in 2014. Investors have also been able to take advantage<br />
of €220 million in Additional Tier 1 (AT1) capital in December 2018 and<br />
€300 million in senior preferred notes issued in June <strong>2021</strong>.<br />
42
<strong>Cyprus</strong>Profile Digital Series<br />
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Hellenic Bank completed a capital increase of €150 million in March 2019<br />
to support its acquisition of mainly performing loans from the former <strong>Cyprus</strong><br />
Cooperative Bank. The acquisition boosted the bank’s assets to €16 billion and raised<br />
market share for loans to 30%. The capital raise brought in new international investors,<br />
such as US-based Poppy Sarl (PIMCO), with the other major shareholders being<br />
Demetra Investments Ltd, Wargaming, Third Point and investment fund Senvest.<br />
Mergers and acquisitions in the past few years have transformed the landscape.<br />
In 2017, strategic investment came via the sale of the majority stake of the <strong>Cyprus</strong><br />
subsidiary of Greece’s largest lender Piraeus Bank, now renamed AstroBank, to<br />
Lebanese Holding M. Sehnaoui SAL – which injected €40 million in fresh capital<br />
into the bank. In July <strong>2021</strong>, Eurobank Greece took a 9.88% stake in Hellenic Bank.<br />
FIRST-CLASS SHIPPING<br />
One of <strong>Cyprus</strong>’ most successful export services has been the maritime industry,<br />
which now has its own dedicated deputy ministry. The growth of <strong>Cyprus</strong>’ resident<br />
shipping sector over the past 50 years has developed a strong maritime cluster that<br />
caters to the needs of <strong>Cyprus</strong>-based companies, including banking, professional<br />
services, insurance and IT. The cluster has gone from strength to strength over<br />
the years and is consistently attracting more quality tonnage and shipping-related<br />
companies to its shores.<br />
The decision in July 2018 by leading London ship insurer P&I Club to open a<br />
post-Brexit EU subsidiary in <strong>Cyprus</strong>, reaffirmed the island’s position as one of the<br />
top global hubs for shipping. Another triumph came in early 2019, when British<br />
shipping firm P&O Ferries decided to register its English Channel operating fleet<br />
under the <strong>Cyprus</strong> flag to take advantage of the benefits and security it provides.<br />
Two of the industry’s most highly respected privately-owned shipmanagement<br />
companies, Columbia Shipmanagement and Marlow Navigation – both based in<br />
<strong>Cyprus</strong> – merged in 2017 to form Columbia Marlow, creating one of the world’s<br />
largest ship and crew-management companies. Another transaction constituting<br />
FDI was the 2018 buyout of Limassol-based Songa Offshore SE by Transocean<br />
Ltd, the world’s largest offshore drilling contractor for oil and gas wells, in a deal<br />
worth US$3.4 billion.<br />
43
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
Between 2010 – when the <strong>Cyprus</strong> tonnage tax system was approved by the<br />
European Commission – and <strong>2021</strong> there has been a fivefold increase in the number<br />
of shipping companies that have registered with <strong>Cyprus</strong>’ specialised shipping taxation<br />
system, boosting the sector’s revenue by around 25%. In addition, natural<br />
gas finds within <strong>Cyprus</strong>’ EEZ and efforts to exploit it in cooperation with neighbouring<br />
countries have expanded opportunities for the island’s already thriving<br />
shipping sector.<br />
TOP-TIER EDUCATION<br />
<strong>Cyprus</strong> has seen a rapid expansion of tertiary education in the past few years, and<br />
is well on its way to develop the island into a regional education centre and knowledge<br />
hub. <strong>Cyprus</strong> has already established cooperation and synergies with international<br />
universities, most notably the University of Nicosia launching the island’s<br />
first degree programme in medicine in collaboration with St George’s Medical<br />
School at the University of London, and University of Central Lancashire – <strong>Cyprus</strong><br />
(UCLan), being the first British university to establish a campus on the island. The<br />
<strong>Cyprus</strong> Institute has also established itself as a significant research institute with<br />
global networks of excellence supported by significant EU funding. The number<br />
of foreign students choosing <strong>Cyprus</strong> for their studies has almost tripled in the last<br />
five years, representing over 60 different countries and supporting the growth of<br />
<strong>Cyprus</strong> into a true global educational centre. This fact underlines the great opportunities<br />
that exist in <strong>Cyprus</strong> for the establishment of new universities, colleges and<br />
research institutes.<br />
University of <strong>Cyprus</strong> Library<br />
44
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
A FUTURE OF INNOVATION<br />
A new Deputy Ministry of Research, Innovation and Digital Policy was established<br />
in March 2020 to leverage <strong>Cyprus</strong>’ potential for innovation and to support digitisation<br />
in the economy. This accelerated during the Covid-19 pandemic, leading<br />
to <strong>Cyprus</strong> being named as one of the five most innovating countries in the EU’s<br />
European Innovation Scoreboard in <strong>2021</strong>. In addition, a range of initiatives are<br />
under way to support start-ups and to attract more international talent to establish<br />
ventures with high growth potential. Opportunities are therefore opening up<br />
for business angels and venture capitalists looking for innovative start-ups, and to<br />
invest risk capital in exchange for equity in promising business ideas and products.<br />
The technology and communications sector in <strong>Cyprus</strong> has become fiercely<br />
competitive, with a number of players deploying cutting edge solutions to both increase<br />
their local market share and generate growth through the launch of new<br />
technology and products. 5G was rolled out in <strong>2021</strong> with four licences issued in<br />
that year. Prior to that the sector saw new investment in July 2018 with Monaco<br />
Telecom S.A. buying the <strong>Cyprus</strong> operations of South Africa’s telecom MTN Group<br />
– which entered the Cypriot market 11 years ago and has around one-third of the<br />
market. Following the €260 million deal, the company was rebranded Epic, and the<br />
group announced strategic cooperation with China’s Huawei on developing a 5G<br />
network in <strong>Cyprus</strong>.<br />
In the ten-year period 2011-<br />
2020, average inflows and<br />
outflows have averaged<br />
around €20 billion per year.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
INCENTIVISING INVESTMENT<br />
<strong>Cyprus</strong>’ liberalised FDI Policy, both for EU citizens and investors from third<br />
countries, along with its favourable tax regime makes it one of the most attractive<br />
investment targets in Europe. At 12.5% <strong>Cyprus</strong>’ corporate tax rate is one of the<br />
most competitive in the EU and new tax-neutral reforms that are on the way will<br />
simplify and modernise the tax system further. The country’s extensive network<br />
of double taxation treaties with 66 countries have strengthened its position as a<br />
business gateway and a preferred location for corporate headquarters. The country’s<br />
skilled talent, low cost of doing business, top-tier professional services, and<br />
high quality of life renders <strong>Cyprus</strong> not only a wise business choice but also a great<br />
relocation destination.<br />
To further enhance investor interest, the government is making staunch efforts<br />
to improve its FDI framework and has vowed to cut through red tape. Reforms accelerated<br />
in 2020-21 include preparations for a specialised commercial court and<br />
full-scale upgrade of the judicial system, as well as targeted incentives to better<br />
facilitate investment. These efforts have been recognised, with <strong>Cyprus</strong> seeing an<br />
increase in FDI and the registration of new companies setting up on the island.<br />
<strong>Cyprus</strong>’ open economy, European Union status and established role as a regional<br />
business hub between three continents continue to appeal to investors. The island<br />
also hosts a thriving forex industry with many global giants basing their operational<br />
headquarters in <strong>Cyprus</strong>. In addition, the investment funds sector has grown<br />
exponentially in the last few years with continuous upgrades to the regulatory<br />
framework. Assets under Management (AuM) have increased by over 200% from<br />
€2.7 billion in 2016 to €10.7 billion in the first half of <strong>2021</strong>. If recent growth rates<br />
are sustained, industry experts predict assets under management could reach €20<br />
billion in the next five years.<br />
Having endured a challenging economic climate and now successfully tackling<br />
the effects of the global coronavirus pandemic, <strong>Cyprus</strong> has proven its resilience as<br />
an economy and FDI location. It has exceeded expectations and as work progresses<br />
on implementing structural reforms to bolster the business environment, the<br />
attractive incentives and the ever-expanding opportunities will continue to attract<br />
foreign investors.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
FDI Liabilities (investments in <strong>Cyprus</strong>) in €/million Source: Central Bank of <strong>Cyprus</strong><br />
47,099<br />
23,419<br />
28,909<br />
53,807<br />
19,586<br />
38,828<br />
26,118<br />
7,722<br />
10,913<br />
-5,078<br />
23,057<br />
2,744<br />
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020<br />
Despite the impact of the<br />
pandemic, <strong>Cyprus</strong> is home to a<br />
variety of large scale projects in<br />
the sector, such as the €1.2 billion<br />
investment for the redevelopment<br />
of Larnaka port and marina,<br />
the €600 million integrated casino<br />
resort City of Dreams Mediterranean,<br />
the €300 million Ayia Napa Marina,<br />
the new €110 million Paralimni<br />
Marina, and an additional 16<br />
new hotels in 2020 and <strong>2021</strong>.<br />
Ayia Napa Marina<br />
Cumulative FDI Liabilities (investments in <strong>Cyprus</strong>) by<br />
sector in 2015-19 in €/million Source: Central Bank of <strong>Cyprus</strong><br />
Finance & Insurance 53,111<br />
Real Estate 4,518<br />
Information & Communication 1,292<br />
Wholesale & Retail Trade 841<br />
Professional Scientific & Technical 311<br />
Total including others 61,716<br />
47
Flavours<br />
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<strong>Cyprus</strong><br />
ts@meci.gov.cy<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
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WHY<br />
CYPRUS?<br />
Insights from foreign companies with a base in <strong>Cyprus</strong><br />
WHY DID YOU CHOOSE TO<br />
invest in <strong>Cyprus</strong>?<br />
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Atterbury Europe<br />
<strong>Country</strong> of Origin: South Africa<br />
AstroBank<br />
<strong>Country</strong> of Origin: Lebanon<br />
We believe in <strong>Cyprus</strong>, its potential<br />
and its future. We believe in <strong>Cyprus</strong>,<br />
as a country, as a promising<br />
economy and as a privileged<br />
gateway between the East and<br />
Europe. We are confident that<br />
the Cypriot banking sector in<br />
particular, after weathering the<br />
storm, is gradually stabilising<br />
and offers interesting investment<br />
opportunities. In addition to that,<br />
the seriousness and commitment<br />
of the Central Bank of <strong>Cyprus</strong> to<br />
maintain a solid and supportive<br />
regulatory environment which<br />
provides stability and sustainability<br />
was a decisive factor. For us<br />
<strong>Cyprus</strong> is a perfect illustration of<br />
the saying “never let a good crisis<br />
go to waste”, which means that a<br />
crisis often offers the opportunity to<br />
do things you could not do before.<br />
It is this reasoning that made<br />
us invest in <strong>Cyprus</strong> and we look<br />
forward to becoming a channel for<br />
others to invest in <strong>Cyprus</strong> as well.<br />
Maurice Sehnaoui<br />
Vice Chairman<br />
AstroBank<br />
There are various reasons for<br />
companies such as Atterbury and<br />
Attacq – both originating from South<br />
Africa – to invest in <strong>Cyprus</strong>. Our recent<br />
acquisition of The Mall of <strong>Cyprus</strong><br />
and The Mall of Engomi indicates a<br />
strong relation between two countries<br />
in different hemispheres. With both<br />
countries former British colonies, the<br />
influence is evident in legal and land<br />
ownership structures that provide<br />
significant common ground. As an<br />
added benefit, investments in <strong>Cyprus</strong><br />
provide much sought-after exposure<br />
to the Euro currency. Infrastructure is<br />
world class and professional service<br />
providers are highly skilled and<br />
reliable in their responsibilities and<br />
communication with clients. There are<br />
lucrative tax benefits for companies<br />
investing in <strong>Cyprus</strong>, making it much<br />
more than a beautiful and culturally<br />
rich destination. From an economical<br />
perspective, <strong>Cyprus</strong> is rapidly<br />
recovering as can be seen in the recent<br />
upgraded credit ratings and positive<br />
progress on various issues that<br />
further improve the reputation<br />
of <strong>Cyprus</strong> as an investment<br />
destination on the world<br />
stage. We intend to establish a<br />
long-term presence in <strong>Cyprus</strong><br />
with further investments in<br />
our existing portfolio as<br />
well as other locations<br />
on the island.<br />
Raoul de Villiers<br />
Managing<br />
Director<br />
Atterbury<br />
Europe<br />
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Oxley Planetvision<br />
<strong>Country</strong> of Origin: Singapore<br />
We see a renewed vigour and<br />
enthusiasm in <strong>Cyprus</strong>, driven by<br />
robust economic growth, political<br />
stability, a resurgence in tourism,<br />
and a stable and growing financial<br />
sector. We have great confidence<br />
in <strong>Cyprus</strong>’ overall economy<br />
and its property market. This<br />
improved economic backdrop<br />
has encouraged direct foreign<br />
investment into <strong>Cyprus</strong> for largescale<br />
projects and provides a solid<br />
platform for future investments.<br />
Therefore, the time is right to<br />
invest in Limassol’s future as the<br />
country embraces its evolving role<br />
on the international economic<br />
scene. As the local market is<br />
experimenting with multi-storey<br />
towers, Oxley will apply its vast<br />
international experience to provide<br />
Limassol with a distinguished<br />
landmark which will offer a<br />
genuinely new lifestyle experience<br />
everyone will want to be part of.<br />
Ching Chiat Kwong<br />
Executive Chairman Oxley<br />
Holdings Limited,<br />
Oxley Planetvision Properties Ltd<br />
UCLan <strong>Cyprus</strong><br />
<strong>Country</strong> of Origin: United Kingdom<br />
The University of Central Lancashire<br />
(UCLan), the fourth largest University<br />
in the UK, through its strategy of<br />
developing educational satellites<br />
around the globe, showed strong<br />
interest in choosing <strong>Cyprus</strong> as the<br />
first step in expanding its presence,<br />
primarily due to the geopolitical<br />
position and large local demand for<br />
UK higher education in <strong>Cyprus</strong>. After<br />
researching the best location for<br />
their branch campus and the local<br />
procedures for setting up a University,<br />
UCLan chose Larnaca as the ideal<br />
strategic location to establish the<br />
first British university on the island.<br />
Floros Voniatis<br />
CEO - Chair of the Council<br />
- Founding Partner<br />
UCLan <strong>Cyprus</strong><br />
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Monaco Telecom<br />
<strong>Country</strong> of Origin: Monaco<br />
<strong>Cyprus</strong> was our destination of<br />
choice. It is one of the most<br />
dynamic economies inside the<br />
EU, providing a stable and clear<br />
regulation, and promoting open<br />
competition. Monaco Telecom is<br />
building a Group of independent<br />
operators in the European<br />
Mediterranean environment with<br />
<strong>Cyprus</strong>, Malta and Monaco as<br />
its major geographies. Our two<br />
shareholders, the Government of<br />
Monaco and French entrepreneur<br />
Xavier Niel share a long-term view<br />
to provide high end and innovative<br />
telecommunication services at<br />
great value. We have invested here<br />
two years ago and we are very<br />
proud of the growth and progress<br />
of Epic. It is now recognised as the<br />
best mobile network in the country<br />
and it is attracting more and more<br />
customers. We are now focused<br />
on building a high-quality fiber<br />
to the home network to provide<br />
a full range of services, at home<br />
and everywhere. We really feel<br />
privileged to operate in <strong>Cyprus</strong>.<br />
Martin Peronnet<br />
CEO<br />
Monaco Telecom<br />
M.M. Makronisos Ltd<br />
(Ayia Napa Marina)<br />
<strong>Country</strong> of Origin: Egypt<br />
We invested in <strong>Cyprus</strong> right after its<br />
financial crisis of 2013, as we saw it<br />
as a big opportunity, it could only go<br />
upwards. This, coupled with one of<br />
the most attractive and transparent<br />
tax systems in Europe, which is<br />
fully compliant with EU laws and<br />
regulations, as well as a modern and<br />
business-friendly legal system, have<br />
proven <strong>Cyprus</strong> to be an attractive<br />
destination for a foreign investor<br />
interested in Europe. Our experience<br />
as investors in <strong>Cyprus</strong> has been<br />
very positive. The government and<br />
authorities are welcoming and don't<br />
spare any efforts to facilitate hurdles<br />
faced by foreign investors, and have<br />
been efficient in providing necessary<br />
permits for our project. The <strong>Cyprus</strong><br />
Permanent Residency Programme<br />
is a great incentive for foreigners to<br />
invest in real estate and is helping<br />
to create a big opportunity for us to<br />
develop a huge project like Ayia Napa<br />
Marina, which we envisage to change<br />
the face of the Cypriot coastline and<br />
become the best luxury destination in<br />
the Eastern Mediterranean. Finally,<br />
I am very happy to acknowledge that<br />
construction is progressing very<br />
well, with the Marina being in full<br />
operation since June of 2020<br />
and the Commercial Area<br />
will welcome the first guests<br />
in the Summer of <strong>2021</strong>.<br />
Naguib Sawiris<br />
Chairman<br />
M.M. Makronisos<br />
Ltd.<br />
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Melco International<br />
<strong>Country</strong> of Origin: Hong Kong<br />
<strong>Cyprus</strong> is an ideal location for<br />
Melco’s initial plans for expansion<br />
beyond Asia. It is a fitting site for<br />
what will become Europe’s largest<br />
integrated casino resort, ‘City of<br />
Dreams Mediterranean’. <strong>Cyprus</strong> is<br />
the only jurisdiction in the region to<br />
have successfully passed legislation<br />
and complete a transparent<br />
RFP for a large-scale integrated<br />
resort; and has a great history<br />
of implementing the rule of law.<br />
Furthermore, <strong>Cyprus</strong>’ location, with<br />
its proximity to Europe, the Middle<br />
East, and Africa is hugely appealing.<br />
Developments in infrastructure and<br />
hospitality means <strong>Cyprus</strong> has huge<br />
potential for tourism expansion.<br />
Our investment of €550 million for<br />
the integrated casino resort project<br />
aims to create a unique world-class<br />
development, which will support<br />
important advances to <strong>Cyprus</strong>’<br />
economy and touristic product.<br />
Lawrence Ho<br />
Chairman and CEO -<br />
Melco International<br />
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A Growing<br />
Headquartering Hub<br />
for Tech Companies<br />
<strong>Cyprus</strong> is home to a number of global ICT companies, using the island as a hub for soſtware<br />
development, systems integration, testing services, disaster recovery, research & development<br />
activities, project management and marketing & sales, while servicing clients in Europe, the Middle<br />
East, North Africa and beyond.<br />
Strategically located at the crossroads<br />
of Europe, Africa and Asia<br />
A modern and dynamic EU &<br />
Eurozone Μember State<br />
Ideal location for tech companies<br />
to set-up and scale their business<br />
Wide and easy access to<br />
high growth markets<br />
High quality of life<br />
in a safe environment<br />
Well-educated workforce<br />
and tech-savvy talent<br />
Strong and reliable<br />
professional services<br />
Low cost<br />
of doing business<br />
A thriving headquartering<br />
jurisdiction<br />
Efficient and transparent<br />
tax & legal framework<br />
Invest <strong>Cyprus</strong>, a state-owned, non-for-profit organization, provides hands-on<br />
support through a dedicated team, welcoming enquiries from international tech<br />
companies looking to establish their regional headquarters in <strong>Cyprus</strong>.<br />
www.investcyprus.org.cy<br />
Invest <strong>Cyprus</strong>
<strong>Cyprus</strong>Profile Digital Series<br />
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HEADQUARTERING<br />
Growing HQ Hub<br />
<strong>Cyprus</strong> is perfecting its pitch as an ideal<br />
headquartering hub in the East Med, especially<br />
for international ICT companies. Its geographical<br />
location, advantageous regulatory framework and<br />
new incentives geared at facilitating more non-<br />
EU business are boosting the island’s image as a<br />
strategic HQ destination for multinationals.<br />
Wargaming HQ, Nicosia<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
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Already an established international business centre and influential global<br />
shipping hub, <strong>Cyprus</strong> is now laser focused on boosting its burgeoning<br />
status as a headquartering (HQ) location of choice. The country has seen<br />
serious traction over the years with companies from around the world setting up<br />
operations and regional headquarters on its shores, and armed with new incentives<br />
<strong>Cyprus</strong> is determined to strengthen its offering to attract more international<br />
business.<br />
<strong>Cyprus</strong>’ appeal has remained strong thanks to its stable pro-business environment,<br />
EU membership coupled with convenient EMEA access and its safe and relaxed<br />
Mediterranean lifestyle for expats. Pre Covid, the country was on an upward swing<br />
with strong economic growth and emerging prospects in multiple sectors. Despite<br />
the challenges the global pandemic has<br />
brought in its wake, <strong>Cyprus</strong> has retained<br />
a solid position and investor confidence<br />
is high, with <strong>2021</strong> GDP growth estimated<br />
at a healthy 4.5%. The comparative<br />
advantages that have made the country a<br />
hot spot for investment continue to tick<br />
all the boxes of decision makers looking<br />
for an ideal operational base.<br />
<strong>Cyprus</strong> has more than 4,000<br />
registered accountants and<br />
700 registered accounting<br />
firms – which include all<br />
major global firms – and more<br />
than 3,000 registered lawyers<br />
and around 160 law firms.<br />
3CX HQ, Nicosia<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
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A WINNING PACKAGE<br />
As an HQ jurisdiction, <strong>Cyprus</strong> has a lot to offer. Doing business in and from<br />
<strong>Cyprus</strong> is easy and straightforward. The country has modern infrastructure and<br />
telecommunications. A transparent regulatory and legal framework and a strong<br />
financial and professional services base with decades of successful international<br />
experience. It has an advantageous EU-approved tax regime with numerous incentives<br />
for corporations and individuals alike. Access to the EU Single Market of half<br />
a billion consumers and a geostrategic location between three continents, provides<br />
a convenient time zone for international business.<br />
Its highly educated and multilingual<br />
population provides a vast talent pool<br />
for companies to hire from, but as an<br />
EU member state, it also provides easy<br />
opportunities to headhunt talent from<br />
within the Union, which has a workforce<br />
of over 240 million people. New<br />
incentives have also been introduced to<br />
enable the easy transfer of non-EU staff<br />
to <strong>Cyprus</strong>.<br />
Another key attraction for companies to relocate strategic operations to the<br />
island has been the fact that set-up and operational costs are comparatively low – a<br />
major deciding factor for many companies in today’s economic climate. In addition,<br />
the island has good air connectivity through two international airports with<br />
major cities in Europe and key destinations in Asia, North Africa and the Middle<br />
East, as well as sophisticated ports to support operations.<br />
TOP-TIER OFFICES<br />
Thanks to its location, <strong>Cyprus</strong><br />
enjoys business-friendly time<br />
zones, enabling international<br />
companies to do business with<br />
the East in the morning, Europe<br />
throughout the day and with<br />
the West in the afternoon.<br />
The surge of interest in <strong>Cyprus</strong> from companies has driven the development of<br />
new multi-use office complexes and signature commercial developments primarily<br />
in Limassol and Nicosia over the last few years. Many of these projects offer<br />
amazing views across the Mediterranean Sea and combine luxury residential and<br />
commercial space. Whether looking to build a bespoke building for headquarters<br />
or to rent turn-key offices, <strong>Cyprus</strong> caters for companies of all sizes and budgets.<br />
The Oval, Limassol<br />
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Traditionally, the majority of international<br />
companies choose Limassol, due<br />
to the seaside lifestyle, the large expat<br />
community and the short distance to<br />
both Larnaca and Paphos international<br />
airports. The coastal city and shipping<br />
hub has grown to become the main<br />
international business centre, while<br />
inland capital city Nicosia attracts multinationals<br />
that require closer access<br />
to ministries, embassies and government<br />
departments. However, Nicosia<br />
is currently transforming into the main<br />
knowledge and innovation core of the island, attracting entrepreneurs with strong<br />
interest in tech and R&D.<br />
TECH EVOLUTION<br />
<strong>Cyprus</strong> is an ideal base<br />
for region-wide corporate<br />
coordination and central<br />
management functions,<br />
sales, marketing and<br />
customer service. As a<br />
pro-business, neutral, costeffective<br />
and politically<br />
stable country, <strong>Cyprus</strong> offers<br />
companies a perfect climate<br />
to successfully compete in<br />
the region and beyond.<br />
The robust economic growth and investor confidence of the past few years, coupled<br />
with emerging prospects in the real estate, investment funds, shipping and energy<br />
sectors have provided a strong pull factor for companies to set up in <strong>Cyprus</strong> and<br />
use it as a launch pad both into the EU market place and other emerging or highgrowth<br />
markets in the region.<br />
A significant benefit of <strong>Cyprus</strong> is its secure EU environment in an often turbulent<br />
region. For example, prominent news organisation AFP, has capitalised on<br />
this aspect and uses the island as their base between Europe and the Middle East<br />
due to its security, convenient time zone and travel times, reliable communication<br />
infrastructure and availability of multilingual support staff. <strong>Cyprus</strong> is an especially<br />
ideal base for regional headquarters or ancillary and support services for investors<br />
with clients in the wider Eastern Mediterranean and Middle East region.<br />
In recent years, a number of tech companies have relocated or expanded operations<br />
in <strong>Cyprus</strong>. This sector has become a new key target and the government<br />
has plans to launch more incentives to the tech sector in order to build up a<br />
dynamic cluster similar to its shipping industry – which is the largest third-party<br />
shipmanagement centre in Europe and the largest crew management centre in<br />
the world.<br />
Major multinational firms in the ICT industry, including consulting, fintech and<br />
regtech firms, have set up a base in <strong>Cyprus</strong> for various corporate services, such as<br />
sales and marketing, project management, software development, systems integration,<br />
testing services, training and development, disaster recovery and business<br />
continuity, as well as joint R&D among countries in the region. Global companies<br />
such as NCR, Kardex, Wargaming, eToro, 3CX, TSYS and Amdocs are just some<br />
examples of businesses that have based operational or corporate management<br />
functions on the island. More recently, online giant Amazon set up a data service<br />
arm in <strong>Cyprus</strong> – presenting a big win for the jurisdiction. In addition, global heavyweights<br />
such as Microsoft, Oracle, SAP and IBM have been based in <strong>Cyprus</strong> for<br />
many years.<br />
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High Earners and Non-Doms<br />
<strong>Cyprus</strong> has introduced attractive incentives for expatriates and highnet-worth<br />
individuals to adopt non-domiciled (non-dom) tax resident<br />
status in <strong>Cyprus</strong>. Under the non-dom rules, <strong>Cyprus</strong> tax resident<br />
individuals who are not domiciled in <strong>Cyprus</strong> are completely exempt from<br />
Special Contribution for Defense (SDC) on dividends, interest and rental<br />
income. The total tax exemption makes the holding of investments in<br />
dividends and/or interest earning financial assets, including shares<br />
and bonds, in <strong>Cyprus</strong> and anywhere in the world extremely attractive<br />
for non-<strong>Cyprus</strong> domiciled individuals. The maximum income tax rate<br />
on personal income in <strong>Cyprus</strong> is 35% for income in excess of €60,000.<br />
With the incentive, 50% of remuneration from any employment exercised<br />
in <strong>Cyprus</strong> by a non-<strong>Cyprus</strong> resident is exempted for a period of ten<br />
years provided the annual income exceeds €100,000. Other tax breaks<br />
are available for those earning between €60,000 and €100,000.<br />
A crucial element especially when it comes to the ICT and tech industry is<br />
guarding intellectual property (IP), and <strong>Cyprus</strong> offers strong and advantageous<br />
IP protection through domestic legislation and a network of EU and international<br />
agreements. The IP regime of <strong>Cyprus</strong> is largely responsible for the growing interest<br />
in the jurisdiction. Digital goods are increasingly more valuable and the favourable<br />
tax and business environment in <strong>Cyprus</strong> has made it a hub for digital business<br />
goods, IT software, and related services. In addition, with <strong>Cyprus</strong> currently placing<br />
a strong focus on developing the jurisdiction into a science, tech and start-up hub,<br />
the country also provides companies with an ideal sandbox for new emerging tech<br />
like blockchain, artificial intelligence and big data.<br />
ATTRACTING NON-EU BUSINESS<br />
Continuously looking to improve its<br />
offering and to simplify procedures<br />
for companies looking to establish or<br />
expand their activities in <strong>Cyprus</strong>, the<br />
government launched a new Action<br />
Plan in <strong>2021</strong>. This new set of incentives<br />
has considered the best practices from<br />
other European countries, with emphasis<br />
on domains related to technology, shipping, innovation, research and development,<br />
biogenetics and biotechnology, without excluding any other companies<br />
that choose <strong>Cyprus</strong> as their place of business. The Plan includes legislative proposals<br />
for more tax breaks and introduced a Business Facilitation Unit serving<br />
as a single point of contact for companies to help with all aspects of their set up.<br />
Another significant move is implementing better provisions for employing highly<br />
skilled third-country nationals by simplifying the process of granting immigration<br />
and work permits. In addition, <strong>Cyprus</strong> will be issuing Digital Nomad Visas with a<br />
maximum initial limit of 100 beneficiaries.<br />
59<br />
The key feature of the new<br />
IP regime is that 80% of the<br />
qualifying profits generated<br />
from the qualifying assets<br />
(QA) is deemed to be a<br />
tax deductible expense<br />
for qualifying taxpayers,<br />
resulting in an effective tax<br />
rate of as low as 2.5%.
<strong>Cyprus</strong>Profile Digital Series<br />
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Trilogy, Limassol<br />
With these new incentives, <strong>Cyprus</strong> can also serve as a strategic location for UK<br />
companies choosing to retain a presence in Europe. Human talent, an attractive<br />
IP regime, alongside a thriving professional services industry, means that <strong>Cyprus</strong><br />
is able to offer significant benefits to businesses seeking to build headquarters in<br />
Europe. Also the fact that its legal and regulatory framework is based on English<br />
Common Law principles offer companies the advantage to continue operating in<br />
an EU jurisdiction with a familiar UK legal framework.<br />
WORK-LIFE BALANCE<br />
One of the top factors expat executives consistently note as being a key decider<br />
for choosing <strong>Cyprus</strong> over other jurisdictions is the climate and the lifestyle the<br />
island offers. Its 340 days of sunshine and pristine beaches, the overall stability<br />
and high quality of life makes <strong>Cyprus</strong> an easy choice. Ranked as one of the top<br />
five safest countries in the world by Value Penguin, the excellent healthcare and<br />
educational systems, and the welcoming environment score high on the list especially<br />
for expats with families. Incentives and competitive personal tax rates play<br />
a part too, but ultimately it is <strong>Cyprus</strong>’ overall package that facilitates successful<br />
cross-border business and allows these companies to thrive and compete on a<br />
global level.<br />
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Benefits of Setting Up HQs in <strong>Cyprus</strong><br />
Access<br />
Stability<br />
Lifestyle<br />
Support<br />
• Skilled multilingual local talent<br />
• Global talent through fast-track procedures<br />
• EU’s single market of over 500 million people<br />
• Emerging and high growth markets<br />
• Over 40 EU Trade Agreements<br />
• Over 65 Double Tax Agreements<br />
• Geostrategic location between three continents<br />
• Pro-Business environment<br />
• Transparent and reliable regulation<br />
• EU and Eurozone Member<br />
• Positive economic outlook<br />
• Established international business centre<br />
• Compliance with EU and international laws<br />
• Low crime rates – ranked as one of the<br />
safest countries in the world<br />
• Easy integration for expats<br />
• Quality healthcare and excellent<br />
international education facilities<br />
• High quality of life in a safe location<br />
• English-speaking society<br />
• 340 days of sunshine to enjoy outdoor living<br />
• Wide range of real estate options with competitive prices<br />
• Strong network of professional and financial services<br />
• Government-backed incentives and<br />
mechanisms to facilitate business<br />
• Low set-up and operational costs<br />
• Attractive tax regime for both companies and individuals<br />
• Competitive Intellectual Property (IP) regime<br />
• Sandbox for new emerging tech like<br />
blockchain, AI and Big Data<br />
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Strong IP Regime<br />
<strong>Cyprus</strong> offers a competitive location to establish an IP<br />
holding and development company with its advantageous<br />
tax rates and legal protection afforded by EU members and<br />
signatories of all major IP treaties and protocols.<br />
In 2016, the <strong>Cyprus</strong> Parliament voted for the old IP Box regime to be<br />
subject to amendments and get aligned with the Provisions of Action 5<br />
of BEPS project. The old IP regime closed from 30 June 2016, however<br />
it could still be utilised up to 30 June <strong>2021</strong>, subject to grandfathering<br />
rules. From 1 July <strong>2021</strong>, the old IP regime was fully abolished, and<br />
replaced by the new IP regime. The key feature of the new IP regime<br />
is that 80% of the qualifying profits generated from the qualifying<br />
assets (QA) is deemed to be a tax deductible expense for qualifying<br />
taxpayers, resulting in an effective tax rate of as low as 2.5%.<br />
Qualifying Assets:<br />
• patents as defined in the patent law<br />
• copyrighted software programs<br />
•other intangible assets that are non-obvious, useful and novel<br />
Qualifying assets do not include trademarks, copyrights,<br />
image rights and any other IPs relating to marketing.<br />
Qualifying Persons:<br />
• <strong>Cyprus</strong> tax resident taxpayers<br />
• tax resident Permanent Establishments<br />
(PEs) of non-tax resident persons<br />
• foreign PEs that are subject to tax in <strong>Cyprus</strong><br />
Qualifying Profits:<br />
Calculated in accordance with the nexus fraction which<br />
is used to determine the amount of qualifying profits that<br />
will give the relevant deduction to the taxpayer.<br />
Qualifying Profits = (QE+UE) x OI<br />
OE<br />
OI: Overall Income derived from the QA<br />
QE: Qualifying Expenditure on the QA<br />
UE: Uplift Expenditure on the QA<br />
OE: Overall Expenditure on the QA<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
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WHY<br />
CYPRUS?<br />
Insights from foreign companies with a base in <strong>Cyprus</strong><br />
WHY DID YOU CHOOSE TO<br />
set up in <strong>Cyprus</strong>?<br />
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“<strong>Cyprus</strong> combines numerous<br />
advantages as a business base<br />
with quality of life. Our decision<br />
made good business sense and we<br />
remain committed to the country,<br />
having relocated a large number of<br />
our top executive employees and<br />
invested in a local talent market as<br />
well. <strong>Cyprus</strong>’ geographical location<br />
allows us to serve our operations in<br />
Europe, Asia, the CIS region and US.<br />
<strong>Cyprus</strong>’ business advantages include<br />
political stability, EU membership,<br />
and a free market economy with a<br />
favourable tax regime, a modern<br />
and transparent legal and tax<br />
framework and a highly developed<br />
professional services sector.<br />
The infrastructure and communications network is well developed,<br />
while the workforce is highly educated and multilingual. <strong>Cyprus</strong> is<br />
welcoming to international business and offers additional incentives<br />
to attract foreign investment. The good living conditions, including<br />
the climate and low crime rate, are also an important factor.”<br />
Victor Kislyi<br />
CEO - Wargaming.net<br />
“NCR has been doing business in <strong>Cyprus</strong> for 66 years, and we have been<br />
a significant contributor to the <strong>Cyprus</strong> economy and the evolution of the<br />
local IT industry. <strong>Cyprus</strong> is an excellent host for our investments and<br />
our headquarters for the Middle East and Africa region. We have always<br />
maintained a significant share of the IT market in <strong>Cyprus</strong> in the sectors of<br />
retail, banking, and government. There are many reasons why NCR has been<br />
investing in <strong>Cyprus</strong> for decades. The country’s high number of IT-educated<br />
people from top universities allows us to find young high-flyers and turn<br />
them into revenue generating professionals for<br />
NCR. The strong financial sector and upgraded<br />
airports and ports support our financial needs<br />
and we can easily import our products – also our<br />
executives can travel with ease. Last, but not least,<br />
<strong>Cyprus</strong> is one of the safest countries in Europe,<br />
with low crime rates, and less effort and cost to<br />
ensure the wellbeing of our employees.”<br />
Kyriakos Kyriakou<br />
General Manager, NCR <strong>Cyprus</strong> Ltd<br />
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“Amdocs is driving our increasingly connected digital society forward by<br />
utilising the creativity of our 27,000 employees and the power of our innovative,<br />
award-winning technology. With almost 40 years of unparalleled industry<br />
expertise, Amdocs is a trusted partner to the world’s leading communications<br />
and media companies, serving more than 350 service providers in over<br />
80 countries. Our development centre in <strong>Cyprus</strong> opened<br />
more than 23 years ago and is a strategic centre for the<br />
company and the European HQ of corporate services such<br />
as finance and learning. The centre has continuously<br />
employed a highly skilled, multinational workforce,<br />
offering a variety of languages and cultures onsite,<br />
empowering great communication at ease. In addition<br />
to its excellent education infrastructure, there are<br />
numerous advantages for foreign companies<br />
to establish presence in <strong>Cyprus</strong>. The island<br />
offers quality of life and climate, a welcoming<br />
social environment for expats, and is a safe<br />
destination for our employees and their<br />
families due to the low crime rate and political<br />
stability. English is widely spoken and there<br />
is a good immigration process and support<br />
system for emerging country nationals.”<br />
Yiannis Tinis<br />
Head of Amdocs <strong>Cyprus</strong><br />
“Bernhard Schulte Shipmanagement<br />
(BSM) was the first shipmanagement<br />
company incorporated on the island as<br />
Hanseatic Shipping Co in 1972. <strong>Cyprus</strong><br />
was chosen due to its ideal geographical<br />
location as a ‘gateway’ to Europe and the<br />
Middle East. Foreign investors benefit<br />
tremendously from the availability<br />
of very educated local personnel as<br />
well as the high quality of life for expatriates. In addition, foreign companies<br />
benefit from the ease of doing business which is enhanced by the island’s<br />
well-developed infrastructure. Another key factor for us is the strong support<br />
provided to investors by the government and local industrial associations<br />
such as the <strong>Cyprus</strong> Shipping Chamber. <strong>Cyprus</strong> is one of the key ship<br />
management clusters in the world and a global company like BSM benefits<br />
a lot by being part of this advanced and dynamic business community.”<br />
Ian Beveridge<br />
CEO - Bernhard Schulte Shipmanagement (BSM)<br />
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“In July 2017, SYKES opened a new service delivery<br />
facility in Larnaca as the result of conducting a<br />
thorough investigation and due diligence looking<br />
at numerous locations in southern Europe. SYKES<br />
<strong>Cyprus</strong> operation has augmented and strengthened<br />
its multilingual customer engagement capabilities.<br />
Given the growth opportunities in certain key<br />
language segments of the EMEA market, Larnaca<br />
is well situated geographically and serves as an<br />
optimal place for commerce given its diverse<br />
multilingual human capital talent pool and its<br />
competitive operating model. Worth mentioning<br />
that the <strong>Cyprus</strong> investment promotion agency Invest <strong>Cyprus</strong> provided us<br />
with remarkable proactive support in getting this effort off the ground.”<br />
Christian Schaffer<br />
Managing Director and Senior Vice President<br />
SYKES Central & Northern EMEA<br />
“When we came to <strong>Cyprus</strong> back in 1988, we were<br />
first attracted by <strong>Cyprus</strong>’ location and proximity<br />
to the Middle East, which was our main target<br />
market at the time. We remained in <strong>Cyprus</strong><br />
because it has matured into a solid international<br />
business centre offering many benefits, such<br />
as its advantageous and EU-compliant tax and<br />
regulatory framework, good access to various<br />
markets and an excellent quality of life.”<br />
Johny Abuaitah<br />
CEO - Windsor Brokers<br />
“<strong>Cyprus</strong> has been an important base of<br />
operations for 3CX to enter the European<br />
and Middle Eastern markets. The country’s<br />
emphasis on creating a business-friendly<br />
climate has meant that we have been able<br />
to quickly grow our operations in <strong>Cyprus</strong> to<br />
a team of over 100. Our team benefit from<br />
the great climate, friendly people and the<br />
safety and security that <strong>Cyprus</strong> provides.”<br />
Nick Galea<br />
CEO - 3CX<br />
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New Government Action Plan<br />
<strong>Cyprus</strong> has launched a new action plan to attract foreign businesses to establish<br />
or expand their activities on the island. <strong>Cyprus</strong> already provides many competitive<br />
advantages, but this new set of incentives is geared to ramp up interest for<br />
companies to set up headquarters in the country. The plan has taken into account<br />
the best practices from other European countries, with emphasis on domains<br />
related to technology, shipping, innovation, research and development, biogenetics<br />
and biotechnology, without excluding any other companies that choose <strong>Cyprus</strong> as<br />
their place of business. The new strategy which aims to promote foreign investment<br />
and stimulate economic activity will be implemented on January 1, 2022.<br />
THE BUSINESS FACILITATION UNIT<br />
The existing Fast Track Business Activation mechanism for companies of foreign<br />
interest will be transformed into a Business Facilitation Unit for foreign companies<br />
operating in <strong>Cyprus</strong> or for foreign companies that wish to expand their operations<br />
in the country. The new Unit will be responsible for the various services required<br />
for the establishment of corporate entities:<br />
• new company name approval and registration<br />
• registration with Social Insurance and VAT authorities,<br />
and with Income Tax authorities<br />
• guidance in relation to the establishment, licensing<br />
and operations of companies<br />
• issuance and renewal of residence and employment<br />
permits for staff employed by foreign companies<br />
Wargaming Headquarters, Nicosia<br />
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RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED<br />
THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF<br />
The government has revised the policy for the employment of highly skilled personnel<br />
from third countries employed by companies of foreign interests, as well as<br />
for those employed by Cypriot companies which give added value to the economy<br />
and the local workforce.<br />
Eligible companies:<br />
• companies operating in <strong>Cyprus</strong> and are of foreign interest/<br />
shareholding and maintain fully fledged offices<br />
• <strong>Cyprus</strong> shipping companies<br />
• <strong>Cyprus</strong> companies involved in innovation and technology<br />
• <strong>Cyprus</strong> pharmaceutical companies or companies that<br />
operate in the fields of biogenetics or biotechnology<br />
Eligible companies can employ highly skilled third country<br />
nationals in key positions if the following criteria is met:<br />
• a minimum monthly gross salary of €2,500<br />
• candidate must hold a university degree or equivalent,<br />
or have a minimum 2 years’ relevant experience<br />
• minimum two-year contract<br />
• work permits will be issued within a one-month<br />
period and will be valid for three years<br />
• a work permit can also be granted to the spouse of the eligible<br />
individual that obtains a visa with this scheme<br />
There is a maximum number of third country nationals that may be employed<br />
under this policy. Only 70% of the total number of all employees may be employed<br />
under it in a period of five years from the date of joining the Business Facilitation<br />
Unit. In case five years have passed and it is not possible to employ 30% of Cypriot<br />
workers, it will be re-examined on a case-by-case basis.<br />
Eligible companies will also be allowed to employ third-country nationals as<br />
support staff with a gross monthly salary less than € 2,500. The employment of<br />
third-country nationals as support staff is allowed, provided that it does not exceed<br />
30% of the total support staff and provided that the third country nationals and<br />
the employers have entered into an employment contract approved by the relevant<br />
authority in accordance with the applicable law. The amount of their salary is to be<br />
determined by the current legislation.<br />
FAMILY REUNIFICATION RIGHTS<br />
Family reunification rights are granted to third-country nationals employed by<br />
this revised policy and regulated by the Business Facilitation Unit. Direct and<br />
free access to the labour market as paid employees is granted to spouses of the<br />
third-country nationals who have obtained a residence and work permit in <strong>Cyprus</strong>,<br />
through this revised policy and who receive a minimum gross monthly salary of<br />
€2,500. This right does not extend to supporting staff who receive a monthly salary<br />
of less than €2,500.<br />
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SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E<br />
The action plan provides for the simplification and acceleration of the process of<br />
granting immigration and work permits under Category E – Long-Term Resident<br />
Status to persons who have been offered permanent employment and whose employment<br />
does not create undue local competition.<br />
DIGITAL NOMAD VISA<br />
Significantly the new Action Plan provides for the introduction and the issuing of<br />
Digital Nomad Visas with a maximum initial limit of 100 beneficiaries.<br />
Who is eligible<br />
Third-country nationals who are either self-employed or are employees who work<br />
remotely using information and communication technologies to communicate<br />
with their clients or employers who must be outside <strong>Cyprus</strong>.<br />
What rights do you get:<br />
• right to stay in the country for up to one year, with the<br />
right to renew their visas for another two years<br />
• can be accompanied by family members, to whom a<br />
residence permit is granted upon request, which will expire<br />
at the same time as that of the main applicant<br />
• during their stay in <strong>Cyprus</strong>, the spouse or partner and the<br />
minor members of the main applicant’s family are not allowed<br />
to engage in any kind of economic activity in the country<br />
What are the conditions:<br />
• must show evidence of sufficient resources at a fixed income level of a<br />
minimum €3,500/month to cover living expenses during their stay without<br />
burdening the national and welfare system (the amount is increased by 20%<br />
in case they have a wife/husband/partner and another 10% per child)<br />
• must have insurance coverage and a clean criminal record<br />
• the aforementioned prerequisites are indicative and<br />
additional requirements are applicable<br />
In the event that the holders of Digital Nomad Visas reside in the Republic for<br />
one or more periods that in total exceed 183 days within the same tax year, then<br />
they are considered tax residents of <strong>Cyprus</strong> provided they are not tax residents in<br />
any other state.<br />
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View from 360, Cyfield<br />
PROPOSED TAX INCENTIVES<br />
The new Action Plan includes legislative proposals concerning the granting of tax<br />
benefits and tax breaks which will be submitted to the House of Representatives by<br />
the end of December <strong>2021</strong>. The government is hopeful that these proposals shall<br />
be approved by the first quarter of 2022.<br />
Proposed incentives:<br />
• a 50% tax exemption to be granted to new residents/employees who<br />
receive an annual income from their employment of € 55,000<br />
• extension of the tax exemption applicable to eligible employees in<br />
<strong>Cyprus</strong> who have an income below €100,000 from 10 years to 17<br />
years provided they were not domiciled in the Republic for a period<br />
of 17 years prior to the commencement of their employment<br />
• beneficiaries of this tax benefit with an income of €55,000-€ 100,000 should be<br />
entitled to benefit from this exemption for the remaining period of the 17 years<br />
• extension of the 50% tax exemption for investment in certified innovative<br />
companies to corporate investors. The regime that was in force until the<br />
end of June <strong>2021</strong> allowed the tax exemption only to natural persons<br />
• a 120% capital allowance on expenses that relate to R&D<br />
NATURALISATION<br />
The government is also proposing the right to submit an application for naturalisation<br />
after five years of residency and employment in <strong>Cyprus</strong> instead of the current<br />
seven-year rule or a further reduction to four years if the potential applicants meet<br />
the criteria of holding a recognised certificate of very good knowledge of the Greek<br />
language.<br />
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CYPRUS: A GROWING TECH AND INNOVATION HUB<br />
The Reflect Festival has grown to be the largest tech and future-focused event<br />
in <strong>Cyprus</strong>. Since 2018, the festival has hosted more than 7,000 attendees<br />
including a multitude of founders, executives, investors, and speakers<br />
from around the world. With the tech sector proving a growing<br />
INSIGHT<br />
sector in <strong>Cyprus</strong>, more than 100 tech companies joined forces in <strong>2021</strong><br />
to showcase that <strong>Cyprus</strong> is an ideal place to live, work, and innovate.<br />
They launched Techisland, a non-profit organisation with a mission<br />
to promote the acceleration of the local tech ecosystem. Read what the<br />
players making moves are saying about <strong>Cyprus</strong>.<br />
“In a time when digital change<br />
is a key driver of a country’s<br />
economy, <strong>Cyprus</strong> is making strides<br />
towards that goal. For example,<br />
by the end of this year, <strong>Cyprus</strong> will<br />
most likely be the only country in<br />
Europe with 100% 5G coverage.”<br />
Andreas Neocleous<br />
Chief Executive Officer, Cyta<br />
“Our goal was to open up a platform<br />
that encourages interesting<br />
collaborations, new projects, and<br />
exciting ideas. It feels immensely<br />
rewarding, especially since the<br />
people of <strong>Cyprus</strong> are very actionoriented<br />
and proud of the progress<br />
the country has made.”<br />
Dusan Duffek<br />
Co-Founder, Reflect<br />
“All these bright minds have been<br />
brought together determined to make<br />
a step change on how we make <strong>Cyprus</strong><br />
a regional – if not global – hub for<br />
sciences, technology, and start-ups.”<br />
Kyriacos Kokkinos<br />
Deputy Minister to the President<br />
of <strong>Cyprus</strong> for Research,<br />
Innovation & Digital Policy<br />
“During the last five years, the<br />
IT ecosystem of <strong>Cyprus</strong> has<br />
been massively disrupted.”<br />
Alexey Gubarev<br />
Co-founder at Servers.com and Cofounder<br />
and Board Member at Palta<br />
“<strong>Cyprus</strong> already has a lot of<br />
what it takes to become a very<br />
appealing and internationally<br />
successful technology hub.”<br />
Arthur Mamedov<br />
COO, TheSoul Publishing<br />
“The <strong>Cyprus</strong> tech ecosystem has been<br />
steadily growing, and a significant<br />
acceleration came especially in the<br />
past few years. We’ve teamed up to<br />
strengthen the prospects of <strong>Cyprus</strong><br />
as a tech hub. <strong>Cyprus</strong> of such high<br />
international standards will attract<br />
many professionals and global<br />
technology companies. In return, the<br />
technology sector will have a key role<br />
in helping the government transform<br />
the economy by contributing to a<br />
new sustainable growth model.”<br />
Stylianos Lambrou<br />
Serial entrepreneur and Founding<br />
Member of Techisland<br />
FIND OUT<br />
MORE<br />
www.reflectfest.com<br />
www.thetechisland.org<br />
71
CYPRUS<br />
A Reliable International<br />
Business Centre<br />
• Strategic location at the crossroad of Europe, Asia and Africa<br />
• EU and Eurozone Member State<br />
• Low cost of doing business for high-quality professional services<br />
• Modern and transparent legal and regulatory framework<br />
• Extensive network of Double Tax Treaties<br />
• Attractive corporate tax environment<br />
• Strong business support services<br />
• Highly educated workforce<br />
• High quality of life under secure living conditions<br />
ts@meci.gov.cy<br />
www.meci.gov.cy
<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> <strong>Report</strong> <strong>2021</strong><br />
INTERNATIONAL TRADE<br />
<strong>Cyprus</strong> Exports<br />
<strong>Cyprus</strong>’ strong track record of producing quality and soughtafter<br />
exports, coupled with the island’s strong EU trade links and<br />
unique position along key Mediterranean trade routes are further<br />
strengthening its longstanding reputation as a service centre<br />
providing exporters strong competitive advantages. Long-standing<br />
relationships with international export partners have also supported<br />
the development of the island and its transport infrastructure into<br />
a modern and efficient regional trading and transhipment hub.<br />
Star-Performing Exports (Volume / Value 2020)<br />
Pharmaceuticals<br />
7,094 tonnes<br />
€353.2 million<br />
Halloumi<br />
39,548 tonnes<br />
€266.4 million<br />
Mineral Fuels & Oils<br />
753,023 tonnes<br />
€253.3 million<br />
Potatoes<br />
67,943 tonnes<br />
€36.6 million<br />
Fish<br />
5,039 tonnes<br />
€27.1 million<br />
Fruit & Veg Juices<br />
52,141 tonnes<br />
€25.6 million<br />
Citrus Fruit<br />
22,690 tonnes<br />
€13.4 million<br />
Meat<br />
4,815 tonnes<br />
€4.6 million<br />
Fire Extinguishers<br />
494 tonnes<br />
€12.9 million<br />
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Fastest-Growing Exports (2015-2020)<br />
Halloumi<br />
increase by 158%<br />
Pharma Products<br />
increase by 60%<br />
Mineral Fuel and Oils<br />
increase by 171%<br />
Despite the serious effects of the pandemic<br />
on international trade, exports of domestically<br />
produced products during 2020 reached €1.26<br />
billion marking only a slight decrease of<br />
approximately 2.7% as compared to the previous<br />
year. During the same period, main export<br />
products, such as pharmaceuticals and halloumi,<br />
registered a remarkable increase of 18.8%<br />
and 18.9% respectively as compared to 2019.<br />
At the same time, total export of services reached €13.4 billion and were<br />
reduced by 6% due to the reduction in transport and travel services that<br />
were negatively affected by the restrictive measures taken to address the<br />
pandemic. During the same period, exports of financial services increased<br />
significantly by 33%, revealing the positive future prospects of the <strong>Cyprus</strong><br />
financial services sector. For <strong>2021</strong>, preliminary data are modestly positive,<br />
since domestic exports of goods for January to August, register a growth of<br />
16%. For the period January to June exports of services marked an increase<br />
of 8.4%. The impact of Covid-19, will continue to be present during 2022, but<br />
we have now learned how to deal and adapt with the pandemic. Therefore,<br />
we are now more optimistic that through targeted policies and measures,<br />
the years to come will be years of recovery and growth for <strong>Cyprus</strong> exports.<br />
Panayiota Patsali<br />
Director of Trade, Ministry of Energy, Commerce and Industry<br />
Total Exports (2020)<br />
€2.74 billion<br />
Domestic Exports<br />
€1.26<br />
billion<br />
Re-Exports<br />
€1.48<br />
billion<br />
Total Imports (2020)<br />
€7.50 billion<br />
Export of Goods (2020)<br />
€2.74 billion<br />
Export of Services (2020)<br />
€13.42<br />
billion<br />
Ratio of Goods and Services<br />
Exports to GDP (2020)<br />
75%<br />
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Export of Domestically Produced Goods (2020)<br />
Exports/Dispatches of domestically produced goods, excluding stores and provisions<br />
6.4%<br />
Agricultural products (raw)<br />
citrus fruit, grapes, melons, vegetables<br />
and aromatic herbs<br />
1.4%<br />
Unclassified<br />
0.3%<br />
Minerals<br />
26.0%<br />
Industrial products of<br />
agricultural origin<br />
fruit and vegetable juices,<br />
fish and meat products.<br />
23.9%<br />
Industrial products<br />
of mineral origin<br />
42.0%<br />
Industrial products of<br />
manufacturing origin<br />
Exports by Main Regions (2020)<br />
EU<br />
31.4%<br />
Other European<br />
Countries<br />
10.5%<br />
Americas (North,<br />
South, Central)<br />
6.1%<br />
North Africa<br />
6.7%<br />
Other African<br />
Countries<br />
10.0%<br />
Near and<br />
Middle East<br />
10.4%<br />
Other Asian<br />
Countries<br />
10.3%<br />
Countries of Oceania<br />
& Polar Regions<br />
6.7%<br />
<strong>Cyprus</strong> Trade Centres (2020)<br />
New York<br />
United States<br />
London<br />
United<br />
Kingdom<br />
Paris<br />
France<br />
Berlin<br />
Germany<br />
Athens<br />
Greece<br />
Cairo<br />
Egypt<br />
Vienna<br />
Austria<br />
Warsaw<br />
Poland<br />
Beirut<br />
Tel Aviv<br />
Lebanon<br />
Israel<br />
Dubai<br />
United Arab<br />
Emirates<br />
Moscow<br />
Russia<br />
Tehran<br />
Iran<br />
Beijing<br />
China<br />
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Trade of Products (January-August 2020/<strong>2021</strong>)<br />
Total<br />
Imports<br />
Domestic<br />
Exports<br />
Re-Exports<br />
Total<br />
Exports<br />
Change 2020/21<br />
14.1%<br />
Change 2020/21<br />
16.3%<br />
Change 2020/21<br />
-13.1%<br />
Change 2020/21<br />
-0.3%<br />
4,824.06<br />
5,502.18<br />
852.69<br />
991.48<br />
1,106.53<br />
961.49<br />
1,959.22<br />
1,952.97<br />
Jan-Aug<br />
2020<br />
Jan-Aug<br />
<strong>2021</strong><br />
Jan-Aug<br />
2020<br />
Jan-Aug<br />
<strong>2021</strong><br />
Jan-Aug<br />
2020<br />
Jan-Aug<br />
<strong>2021</strong><br />
Jan-Aug<br />
2020<br />
Jan-Aug<br />
<strong>2021</strong><br />
Trade in Services (January-June 2020/<strong>2021</strong>)<br />
Total Exports<br />
Total Imports<br />
Jan-June 2020<br />
€ million<br />
6,341.3<br />
Jan-June <strong>2021</strong><br />
€ million<br />
6,871.3<br />
Jan-June 2020<br />
€ million<br />
4,915.4<br />
Jan-June <strong>2021</strong><br />
€ million<br />
5,051.7<br />
Change 2020/<strong>2021</strong> = 8.4%<br />
Change 2020/<strong>2021</strong> = 2.8%<br />
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Sector Profiles<br />
Click the links below for detailed profiles on each sector.<br />
Agriculture<br />
& Food<br />
Banking<br />
Capital<br />
Markets<br />
Construction &<br />
Real Estate<br />
Education<br />
Energy:<br />
Oil & Gas<br />
Energy:<br />
Renewables<br />
Film<br />
Production<br />
Health<br />
Insurance<br />
International<br />
Financial Services<br />
Investment<br />
Funds<br />
Manufacturing<br />
& Industry<br />
Maritime<br />
& Shipping<br />
Research &<br />
Development<br />
Technology &<br />
Start-Ups<br />
Telecoms<br />
& Satellite<br />
Communication<br />
Tourism<br />
Transport &<br />
Logistics<br />
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BUSINESS OPERATING ENVIRONMENT<br />
Doing Business<br />
in <strong>Cyprus</strong><br />
Nicosia<br />
<strong>Cyprus</strong>’ business-friendly infrastructure and can-do attitude has brought<br />
it worldwide recognition as an international business centre. The country<br />
offers a winning package for both international entrepreneurs and investors<br />
with its sophisticated business environment, highly skilled workforce and cost-effective,<br />
yet high quality of life. <strong>Cyprus</strong> is ranked 54 th among 190 economies in the<br />
ease of doing business, according to the latest World Bank annual ratings (2020).<br />
BUSINESS CULTURE<br />
Respect, hospitality and personal trust are the cornerstones of the Cypriot business<br />
environment. An island nation with a long history of dealing with foreign<br />
traders and businesses, Cypriot businesspeople are international in their outlook<br />
and astute and knowledgeable in their negotiations. Punctuality is expected, business<br />
dress is formal for both men and women, especially at the beginning of a<br />
business relationship, and even in warm weather. Most Cypriots prefer face-to-face<br />
meetings to telephone conferences or written communications, which are regarded<br />
as too impersonal, and place great importance on building personal relationships<br />
with business partners or connections. Trust is the key to successful business<br />
dealings in <strong>Cyprus</strong>.<br />
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LANGUAGE<br />
Greek and Turkish are the official languages of <strong>Cyprus</strong>. However, English, the<br />
legacy of the British who ruled <strong>Cyprus</strong> from 1878 to 1960, is widely spoken and is<br />
the language of business. Many Cypriots also speak French, German or Russian.<br />
BUSINESS HOURS<br />
Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to<br />
Friday. Although in summer some offices take a longer lunch break or finish early.<br />
BUSINESS COSTS<br />
An EU base within the eurozone, <strong>Cyprus</strong> remains one of the few international<br />
business centres offering low operational costs and a high standard of living. Office<br />
space and residential property in Nicosia, the capital and major business centre, is<br />
relatively inexpensive when compared to other European capitals.<br />
In terms of cost of living, <strong>Cyprus</strong> remains one of the most advantageous places<br />
to live, with cost of living lower than in most Western European countries. At the<br />
same time, residents of <strong>Cyprus</strong> enjoy a high standard of living and exceptional<br />
quality of life, as the balmy climate and low crime rate offer both comfort and<br />
peace of mind.<br />
Business Costs<br />
<strong>Cyprus</strong> EU27 Average<br />
Labour (business sector) €15.30 €27.80<br />
Telecommunications (Local) €0.18 for a 10-minute local call €0.41<br />
Telecommunications (overseas) €0.65 €1.71<br />
Electricity (households) €0.2236/kWh €0.2160/kWh<br />
Electricity (non-households) €0.1800/kWh €0.1200/kWh<br />
*Source: Eurostat (May 2020)<br />
Trilogy, Limassol<br />
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TAXATION<br />
<strong>Cyprus</strong> offers one of the most attractive tax regimes in Europe. A member of the<br />
European Union since 2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance with<br />
the requirements of the EU and OECD. <strong>Cyprus</strong> has one of the lowest EU corporate<br />
tax rates at 12.5%. The island’s advantageous tax rate coupled with an extensive list<br />
of double tax treaties places it high on the list of preferred jurisdictions for international<br />
tax planners.<br />
The Corporation Tax Rate: 12.5%<br />
CORPORATION TAX<br />
BASIS OF TAXATION<br />
All companies that are tax residents of <strong>Cyprus</strong> are taxed on their income accrued<br />
or derived from all sources in <strong>Cyprus</strong> and abroad. A non-<strong>Cyprus</strong> tax resident<br />
company is taxed on income accrued or derived from a business activity which is<br />
carried out through a permanent establishment in <strong>Cyprus</strong> and on certain income<br />
arising from sources in <strong>Cyprus</strong>. A company is considered tax resident of <strong>Cyprus</strong> if<br />
it is managed and controlled from <strong>Cyprus</strong>.<br />
VAT<br />
The standard rate of 19% applies to the supplies of all goods and services in <strong>Cyprus</strong><br />
which are not subject to the zero rate, the reduced rates (5% and 9%) or are not exempt.<br />
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Key Features of the <strong>Cyprus</strong> Tax System<br />
w Simple, transparent and EU<br />
harmonised tax system following<br />
recommended OECD practices<br />
w Enjoys the tax benefits of EU<br />
Directives (Parent – Subsidiary<br />
Directive, Merger Directive and<br />
Interest and Royalties Directive)<br />
w Extensive Tax Treaty network<br />
with 66 countries<br />
w A corporate income tax rate of<br />
12.5%, one of the lowest within<br />
the EU with possibility to enjoy<br />
a much lower effective tax rate<br />
w Availability of a Notional Interest<br />
Deduction for companies<br />
receiving new equity funding.<br />
The tax deduction can reach up<br />
to 80% of the taxable income<br />
generated by the new equity<br />
w IP Box regime based on the<br />
nexus approach which allows<br />
80% deemed deduction on<br />
qualifying profits from the<br />
business use of qualifying IP<br />
w Attractive Tonnage Tax (TT)<br />
regime for ship owners,<br />
managers and charterers<br />
w Attractive tax jurisdiction<br />
for funds and attractive tax<br />
regime for fund managers<br />
w Capital gains are exempt<br />
from tax (except for capital<br />
gains arising from the<br />
disposal of immovable<br />
property located in <strong>Cyprus</strong>)<br />
w Profits of a foreign Permanent<br />
Establishment exempt from tax<br />
w Gains from trading in securities<br />
(shares, bonds and certain<br />
other financial instruments)<br />
are exempt from tax<br />
w Unilateral credit relief<br />
for foreign taxes<br />
w No withholding tax on dividend,<br />
interest or royalty payments<br />
(for use of royalties outside<br />
of <strong>Cyprus</strong>) made abroad<br />
w No taxes on entry and on<br />
qualifying reorganisations<br />
w Carry forward of tax<br />
losses for five years<br />
w Tax incentives for expatriate<br />
employees taking up<br />
employment in <strong>Cyprus</strong><br />
(20%/50% exemption)<br />
w Dividend income and interest<br />
income are exempt from SDC<br />
for non-domiciled individuals<br />
taking up tax residency in <strong>Cyprus</strong><br />
w Possibility to obtain <strong>Cyprus</strong><br />
tax residency by spending<br />
only 60-days in <strong>Cyprus</strong><br />
(subject to conditions)<br />
w No inheritance tax<br />
w No immovable property tax<br />
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Personal Income Tax<br />
BASIS OF TAXATION<br />
All <strong>Cyprus</strong> tax residents are taxed in <strong>Cyprus</strong> on all income accrued or derived<br />
from all sources in <strong>Cyprus</strong> and abroad such as employment income, rental income<br />
etc. (i.e. worldwide income). Individuals who are not tax residents of <strong>Cyprus</strong> are<br />
taxed on income accrued or derived from sources in <strong>Cyprus</strong>. An individual is tax<br />
resident in <strong>Cyprus</strong> if one of the following conditions are met:<br />
• he/she spends physically in <strong>Cyprus</strong> over 183<br />
days during the relevant tax year, or;<br />
• he/she does not remain in any other state for one or more periods<br />
which altogether exceed 183 days in the same tax year and he/<br />
she is not tax resident in any other state for the same tax year<br />
and all the following conditions are cumulatively met:<br />
• he/she should remain in <strong>Cyprus</strong> for at least 60 days during the tax year;<br />
• he/she should pursue any business in <strong>Cyprus</strong> and/or to<br />
work in <strong>Cyprus</strong> and/or to be a director in a company tax<br />
resident in <strong>Cyprus</strong> at any time during the tax year;<br />
• he/she should maintain a permanent residence in <strong>Cyprus</strong>,<br />
which can be either owned or rented by him/her<br />
PERSONAL TAX RATES<br />
The following income tax rates apply to individuals:<br />
Taxable Income TaxRate (%) Tax (€) Cumulative Tax (€)<br />
0-19,500 0 0 0<br />
19,501- 28,000 20 1,700 1,700<br />
28,001-36,300 25 2,075 3,775<br />
36,301-60,000 30 7,110 10,885<br />
60,001 and over 35<br />
TAX INCENTIVES FOR EXPATRIATE EMPLOYEES<br />
TAKING UP EMPLOYMENT IN CYPRUS:<br />
The individuals who were non-Cypriot tax residents prior to the commencement<br />
of their employment, but become Cypriot tax residents afterwards, are eligible for<br />
a 50% exemption from income tax if all the following conditions are met:<br />
• their remuneration from the employment exercised<br />
in <strong>Cyprus</strong> is over €100,000 per annum; and<br />
• they were not tax residents of <strong>Cyprus</strong> for any three out of the last five<br />
years prior to the commencement of their employment and they were<br />
not tax residents of <strong>Cyprus</strong> in the year preceding their employment<br />
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The exemption is available from the first year of employment and can be enjoyed<br />
for a period of ten years. Individuals with annual remuneration below €100,000<br />
who were non-Cypriot tax residents in the year preceding their employment, but<br />
become Cypriot tax residents afterwards, are eligible for a 20% exemption from<br />
income tax for every year until the end of 2025 (maximum exempt amount is<br />
€8,550 per year). The exemption is available from the 1st January following the<br />
year of commencement of the employment.<br />
(It is important to note that the above provisions may be amended during 2022,<br />
since there is an intention by the Government to amend the relevant legislation in<br />
order to introduce more favourable provisions, as part of its wider strategy for attracting<br />
businesses to <strong>Cyprus</strong>.)<br />
Limassol Marina<br />
COMMERCIAL AND RESIDENTIAL PROPERTY<br />
<strong>Cyprus</strong> offers a full range of properties for both commercial and residential use<br />
situated in key locations across the island. While the exclusive, top-level market<br />
is currently the most sought after, the island has a good stock of properties available,<br />
from townhouses and apartments, to villas and seaside bungalows in five-star<br />
gated developments. Nicosia and Limassol are the main business centres. Office<br />
space is available in purpose-built office blocks, in converted houses or flats. A<br />
number of business centres also offer ready-to-move-into offices. They usually<br />
include fully equipped offices that are available on demand with flexible terms,<br />
meeting rooms and a receptionist service. Overall, rentals are around two-thirds<br />
of those charged for comparable commercial spaces in continental Europe, and<br />
offices, retail or other commercial space is widely available for purchase or for rent.<br />
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Comparison of Estimated Average Rent Levels<br />
for Flats, 2020 (Brussels = 100)<br />
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2020.<br />
Source: Eurostat<br />
300<br />
European<br />
Union<br />
Europe<br />
(others)<br />
200<br />
100<br />
Dublin<br />
Copenhagen<br />
Paris<br />
Stockholm<br />
Luxembourg<br />
Helsinki<br />
Madrid<br />
The Hague<br />
Berlin<br />
Lisbon<br />
Budapest<br />
Valletta<br />
Rome<br />
Prague<br />
Vienna<br />
Tallinn<br />
Ljubljana<br />
Vilnius<br />
Brussels<br />
Athens<br />
Zagreb<br />
Bratislava<br />
Warsaw<br />
Riga<br />
Bucharest<br />
Nicosia<br />
Sofia<br />
London<br />
Geneva<br />
Rejkjavik<br />
Oslo<br />
Podgorica<br />
249<br />
214<br />
205<br />
194<br />
196<br />
180<br />
154<br />
139<br />
129<br />
127<br />
117<br />
122<br />
115<br />
113<br />
118<br />
99<br />
101<br />
101<br />
100<br />
90<br />
92<br />
86<br />
85<br />
78<br />
83<br />
69<br />
53<br />
287<br />
234<br />
179<br />
166<br />
61<br />
0<br />
COMMERCIAL PROPERTY<br />
In terms of office rental prices, the most expensive city is Limassol with €18 per<br />
square metre. In Nicosia, it is €15 per sq.m, in Larnaca and Paphos €12 per sq.m<br />
and in Famagusta €10 per sq.m.<br />
Office Rental Prices per City<br />
Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />
Famagusta €1,500 €10<br />
Larnaca €2,000 €12<br />
LImassol €4,000 €18<br />
Nicosia €3,200 €15<br />
Paphos €1,800 €12<br />
Source: Danos International Property Consultants<br />
HUMAN RESOURCES<br />
Well-trained and versatile, the Cypriot workforce is one of the island’s most valuable<br />
resources, offering high standards of productivity, technical expertise and<br />
professional excellence at reasonable costs to businesses.<br />
According to the Statistical Service in <strong>Cyprus</strong>, the country records the most<br />
higher education graduates per capita (age 30-34) in the European Union.<br />
The island’s labour force numbers some 416,500 persons in the Republic of<br />
<strong>Cyprus</strong>, with some 78.3% working in the services sector, 19.1% in industry and<br />
only 2.6% in agriculture.<br />
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SALARY SURVEY <strong>2021</strong> Source: GRS Recruitment<br />
JOB TITLE LOW MID HIGH<br />
Management<br />
CEO 60,000 100,000 150,000<br />
Executive Director 60,000 100,000 140,000<br />
CFO 50,000 80,000 110,000<br />
Accounting & Finance<br />
Financial Controller 45,000 57,000 70,000<br />
Finance Manager/Senior Accountant 40,000 45,000 70,000<br />
Accountant/Auditor (Qualified) 30,000 38,000 45,000<br />
Accountant/Auditor (Part Qualified or QBE) 20,000 26,000 32,000<br />
Account Assistant 15,000 20,000 24,000<br />
HR Department<br />
Head of HR / Group of HRM 60,000 80,000 120,000<br />
HR Manager 35,000 50,000 65,000<br />
HR Executive 16,000 20,000 24,000<br />
Legal Deparment<br />
Head of Legal / Group Legal Head 60,000 90,000 130,000<br />
Legal Advisor (Qualified Lawyer) 20,000 37,500 55,000<br />
Legal Assistant / Paralegal / None Qualified Lawyer 15,000 18,000 22,000<br />
Compliance, Anti-Money Laudering (AML), Counter- Terrorist Financing (CTF)<br />
Head of Compliance 50,000 62,500 75,000<br />
Compliance/AM/CTF/Manager 40,000 45,000 50,000<br />
Compliance/AM/CTF/ Officer 25,000 32,000 40,000<br />
Dealing Room<br />
Chief Dealer 44,000 52,000 60,000<br />
Dealer 24,000 33,000 42,000<br />
Junior Dealer 17,000 19,500 22,000<br />
IT Development<br />
Head of IT/ CTO 50,000 70,000 120,000<br />
IT Manager/ Development Manager 40,000 60,000 80,000<br />
Quality Assurance (QA) / Tester 24,000 32,000 45,000<br />
IT Technician 18,000 24,000 30,000<br />
Developer 25,000 40,000 65,000<br />
Marketing Department<br />
Head of Marketing 40,000 50,000 70,000<br />
Marketing Officer 24,000 28,000 35,000<br />
Digital Marketing Specialist (Social, PPC/SEO) 24,000 32,000 40,000<br />
Marketing Executive 15,000 19,000 24,000<br />
Sales Department<br />
Head of Sales 40,000 58,000 75,000<br />
FX Sales 18,000 22,000 30,000<br />
Sales Executive (Industries other than FX/Fintech) 14,000 18,000 22,000<br />
Administration<br />
Office Manager/ Personal Assistant 16,000 25,000 36,000<br />
Administator/ Receptionist 15,000 18,000 24,000<br />
Corporate Administrator 22,000 30,000 40,000<br />
Graphic Designer 20,000 35,000 40,000<br />
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TRAVEL & LIVING<br />
The Profiler Group<br />
Essential Expat Guide<br />
<strong>Cyprus</strong> is a top tourist destination for all seasons, and<br />
one of Europe’s hot spots for expats thanks to its thriving<br />
economy and relaxed Mediterranean lifestyle.<br />
COUNTRY<br />
Located in the Eastern Mediterranean at the crossroads of Europe, the Middle<br />
East, Asia and Africa, <strong>Cyprus</strong>’ strategic position has played a key role in shaping<br />
its history and in developing the island into a centre for trade and international<br />
business. <strong>Cyprus</strong> enjoys around 340 days of glorious sunshine a year and boasts a<br />
coastline teeming with endless stretches of golden sands, secluded bays and rocky<br />
coves. Surrounded by the crystal-clear waters of the Mediterranean Sea, the island<br />
is dotted with the fascinating remains of history from Neolithic settlements and<br />
ancient city-kingdoms to exquisite Byzantine art and magnificent Venetian architecture.<br />
<strong>Cyprus</strong> is known for its hospitality – filoxenia – a fact reflected in the Greek<br />
word xenos which is used for both guest and stranger. Life is meant to be enjoyed<br />
in <strong>Cyprus</strong>, where emphasis is put on working to live, as opposed to living for work.<br />
Café culture predominates, with both business and social meetings taking place<br />
over a leisurely iced coffee frappé in the numerous cafes in every town and city.<br />
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HISTORY<br />
<strong>Cyprus</strong> has been coveted, conquered and colonised numerous times during its<br />
10,000-year history. The island attracted the interest of a succession of dominant<br />
powers in the region, which battled for it through the millennia. The first of these<br />
are believed to have been the Achaean Greeks who arrived in around 1200 BC<br />
introducing their language, religion and customs to the island. <strong>Cyprus</strong> was subsequently<br />
colonised by the Phoenicians, the Assyrians, the Egyptians and the<br />
Persians. In the 4th century BC Alexander the Great claimed the island, which<br />
remained part of the Greek-Egyptian kingdom until 30 BC, when the Romans<br />
arrived, and <strong>Cyprus</strong> became a senatorial province. It was during this period that<br />
Saint Paul was said to have visited the island and converted the Roman governor<br />
to Christianity. <strong>Cyprus</strong> remained a Roman possession until the empire began to<br />
disintegrate in 330AD, when it became part of the Eastern Roman or Byzantine<br />
Empire.<br />
In 1191, <strong>Cyprus</strong> was conquered by the English king, Richard the Lionheart,<br />
while on his way to take part in the Third Crusade. He later sold the island to<br />
the Knights Templar, who consequently sold it on to the Franks or Lusignans, a<br />
dynasty which went on to rule <strong>Cyprus</strong> for almost 300 years, until the last of the<br />
Lusignans ceded the island to Venice in 1489. Despite building heavy fortifications<br />
around the island’s major cities of Famagusta and Nicosia, the Venetians were not<br />
able to withstand the invading Ottoman troops who conquered the island in 1571.<br />
<strong>Cyprus</strong> remained under Ottoman rule until the arrival of the British in 1878.<br />
The island’s long history offers visitors a journey of discovery paved with ancient<br />
archaeological treasures. The ancient city-kingdoms of Kourion and Amathus,<br />
and the Mosaics of Paphos, are considered among the finest mosaic floors in the<br />
Eastern Mediterranean. Other must-see historic sites include the Neolithic settlements<br />
of Choirokoitia and Kalavasos-Tenta, the Tombs of the Kings and the<br />
famous Sanctuary of Aphrodite, the Goddess of Love, who legend claims was born<br />
on this island.<br />
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In more recent times, <strong>Cyprus</strong> gained independence from Britain in 1960,<br />
however a Greek sponsored coup d’état in 1974 was swiftly followed by an invasion<br />
of Turkish forces which occupied the northern one-third of the island. Despite numerous<br />
efforts over the intervening decades, the island remains de facto divided,<br />
and the self-declared Turkish Republic of Northern <strong>Cyprus</strong> (TRNC) remains<br />
unrecognised by the international community. The Greek Cypriot and Turkish<br />
Cypriot leaders continue to look for a solution to end the division of the island, but<br />
while negotiations have been slow, some progress is being made. The capital city,<br />
Nicosia, is still split between the two sides, though visitors can access either side<br />
from checkpoints at Ledra Palace and Ledra Street, and today Nicosia is the last<br />
remaining divided capital city in the world.<br />
CLIMATE<br />
<strong>Cyprus</strong> enjoys a Mediterranean climate, with long, warm, dry summers from May to<br />
October and mild winters with occasional rain, lasting from December to February.<br />
Summer and winter in <strong>Cyprus</strong> are separated by short autumn and spring seasons.<br />
The average daytime temperatures during summer range from +21C to +34C, although<br />
in high summer temperatures can reach as high as +40C. During the cooler<br />
months, temperatures can range between +7C and +15C although even during the<br />
height of winter there are generally six hours of bright sunshine during the day.<br />
LANGUAGE<br />
Cypriots are highly educated and multilingual. The official languages of <strong>Cyprus</strong> are<br />
Greek and Turkish, however English is widely spoken and written and is the language<br />
of international business. German, French and Russian are also widely spoken in commerce,<br />
due both to the number of Cypriot graduates from overseas universities and the<br />
island’s commercial ties with the global business community.<br />
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GETTING THERE<br />
Popular since the early 1980s with British and other European holidaymakers,<br />
<strong>Cyprus</strong> is well connected to Europe’s main cities, as well as to Asia and the Middle<br />
East. Flights from mainland Europe are quick, frequent and increasingly low cost.<br />
By air, <strong>Cyprus</strong> is 1.5hrs away from Athens, 4hrs from Frankfurt, 3.5hrs from Dubai<br />
and 5hrs from London.<br />
HOTELS / ACCOMMODATION<br />
When it comes to a place to stay, <strong>Cyprus</strong> offers every conceivable type of accommodation,<br />
from budget-priced two and three-star hotels to a large range of upmarket and<br />
boutique hotels with four and five-star status. Agritourism houses are available for rent<br />
all over the island, often in the most picturesque villages, and give the traveller a unique<br />
opportunity to experience authentic <strong>Cyprus</strong> village life.<br />
CULTURE & ENTERTAINMENT<br />
More than a place just for lounging in the sun, there are lots of things happening<br />
in <strong>Cyprus</strong> all year round. From music concerts and cultural performances with big<br />
name stars, sports events, religious festivals with all the pomp and circumstance of<br />
the Greek Orthodox Church, to informative conferences where you can meet like<br />
minds. The <strong>Cyprus</strong> Rally has been held every year since 1970 and forms part of<br />
the World Rally Championship and the FIA Middle East Rally Championship, and<br />
attracts hordes of car enthusiasts, while the annual Historic <strong>Cyprus</strong> Rally draws<br />
crowds of vintage car enthusiasts. Cultural events such as the Pharos Chamber<br />
Music Festival, the Kypria International Festival, which comprises music, dance<br />
and performance arts.<br />
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The Pharos Arts Foundation has established a world-wide reputation for its<br />
commitment to excellence and for promoting classical music in <strong>Cyprus</strong>, having<br />
presented more than 500 concerts over the past 15 years. Outstanding musicians<br />
are hosted in the Pharos Arts Foundation’s Concert Series and the annual<br />
International Chamber Music Festival, with programmes ranging from ancient to<br />
contemporary.<br />
The Pharos Centre for Contemporary Art (PCCA) presents the work of major<br />
international artists. A variety of contemporary art forms are included in the<br />
Centre’s programme - visual, performance, photography, video - as well as lectures<br />
and discussions. Exhibitions are in many cases individually curated by internationally<br />
recognised curators from all over Europe.<br />
The Pafos Aphrodite Festival <strong>Cyprus</strong> organises and hosts an annual opera performance<br />
at the end of August or early September and has over the years invited a<br />
variety of internationally acclaimed companies and performances to the festival.<br />
Showcasing the rich viticulture of the island, <strong>Cyprus</strong> has created a wine trail<br />
project, offering six different organised routes for visitors to tour the island’s<br />
wine-producing regions. The reputation of the annual Limassol Wine Festival,<br />
launched in 1961, attracts over 100,000 visitors every August to the city’s municipal<br />
gardens to discover the wine portfolios of one of the oldest wine-producing<br />
countries in the world.<br />
SHOPPING<br />
In <strong>Cyprus</strong> you can shop till you drop. The island is supplied with stores catering<br />
for all tastes and requirements. Most major British and European chains are represented<br />
on the island and there is a plethora of fashionable boutiques and big<br />
malls in Nicosia, Limassol and Paphos, selling designer brands including Louis<br />
Vuitton, Chanel, Dolce & Gabbana, Gucci, Roberto Cavalli, Calvin Klein, Kenzo,<br />
Gianfranco Ferre and many more. For those looking for something more unique,<br />
you can find traditional and handmade items that are quintessentially Cypriot in<br />
the old towns of the bigger cities, as well as in the many villages in the countryside.<br />
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SPORTS & OUTDOOR ACTIVITIES<br />
<strong>Cyprus</strong> offers a host of energetic pursuits to engage the visitor. Becoming increasingly<br />
popular as a destination for golfers, <strong>Cyprus</strong> offers first-class facilities with<br />
four professional courses in magnificent locations, and the development of several<br />
new courses in the pipeline. Spectacular pine-clad mountains in the centre of the<br />
island offer walkers and cyclists welcome respite from the heat. Breathe in the<br />
bracing pine scented air, whilst admiring the series of Venetian stone bridges and<br />
waterfalls that pepper various hiking trails in scenery that looks as if it has been<br />
lifted from a book of fairy tales. In winter months, skiers can test the slopes on<br />
Troodos whilst the rest of the island wear short sleeves and bask in winter sun. The<br />
island provides excellent opportunities for water sports, such as windsurfing and<br />
kitesurfing. There are also excellent dive sites and facilities, with one of the best<br />
wreck dives in the world, the Zenobia, situated off Larnaca. Other popular dive<br />
sites include Ayia Napa, Paphos and the Akamas Peninsula, where divers are often<br />
able to see artefacts such as Roman pottery on the seabed.<br />
CUISINE<br />
It is of course impossible to talk about <strong>Cyprus</strong> without<br />
mentioning the food. As with most Mediterranean<br />
countries, food plays an important role and is to be<br />
enjoyed at a leisurely pace with friends and family. One<br />
of the first Greek phrases to learn in <strong>Cyprus</strong> is siga siga,<br />
which means ‘slowly’, and is a mantra one will hear<br />
almost daily. The fabulous Cypriot food is to be savoured<br />
unhurriedly, usually al fresco with friends and<br />
family. Even a cup of coffee can be a two hour past time.<br />
Cypriot food bears a distinct resemblance to Greek<br />
cooking, but also has Turkish and Lebanese influences. As in other Mediterranean<br />
countries, eating is an activity to be savoured and enjoyed and is certainly not to be<br />
rushed in any way. Which is a good job as a traditional Cypriot meze – a meal of small<br />
plates similar to tapas – can consist of up to 30 dishes. Cypriot cuisine features lots of<br />
fresh fish, meat, beans, pulses and vegetables flavoured with lemon, fresh herbs and<br />
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spices. <strong>Cyprus</strong> is also one of the world’s oldest grape-growing and winemaking regions,<br />
with its fruits of the grape ranging from delicate whites and full-bodied reds to the rich<br />
sweet amber-coloured dessert nectar known as Commandaria. This is one of the oldest<br />
wines in the world, representing an ancient wine style documented in <strong>Cyprus</strong> back to<br />
800 BC and has the distinction of being the world’s oldest named wine still in production,<br />
with the name Commandaria dating back to the crusades in the 12th century.<br />
PUBLIC TRANSPORT<br />
Within urban areas, buses run on fixed routes roughly every half hour, with<br />
services ending in the evenings at about 18:00 Monday to Friday and earlier on<br />
Saturdays. Some routes have no service on Sundays. Hours are extended until<br />
midnight during the tourist season and some urban routes now offer a night bus<br />
service on Fridays and Saturdays. Timetables are available from tourist offices<br />
or directly from the bus companies. Rural buses connect towns and villages and<br />
make frequent stops. The service is infrequent with schedules limited to one or two<br />
routes per day. These buses can often be smaller mini-buses. There are also buses<br />
providing a service linking all major towns. These are generally very regular and<br />
all buses are modern and comply with European standards. A private company,<br />
Kapnos, provides a regular daily airport shuttle service between the major towns<br />
and cities and both of the island’s airports. There are no trains in <strong>Cyprus</strong>.<br />
www.cyprusbybus.com<br />
www.intercity-buses.com<br />
www.kapnosairportshuttle.com<br />
CAR HIRE & TAXIS<br />
Car and motorcycle rental firms have offices in all towns, as well as at Larnaca<br />
and Paphos International Airports. Their rates vary according to the rental period,<br />
season of the year and extras. They usually offer unlimited mileage and their cars<br />
can be delivered and collected at the airports by prior arrangement. Rental cars<br />
and bikes are usually delivered to the customer with a full tank of fuel paid for by<br />
the customer. When the car is returned, the customer receives a refund for any<br />
remaining fuel, unless stated otherwise in the contract. Drivers under 25 years of<br />
age holding a driving license for less than three years must inform the car rental<br />
company so special insurance cover can be provided. Foreign visitors are strongly<br />
advised to read the rental agreement carefully and demand fulfilment of all their<br />
rights. Taxis are also very common, but before setting off on your journey discuss<br />
the pricing with the driver and ensure the meter is functioning. TravelExpress is<br />
another good option, as a private company, which provides a shared taxi service<br />
between cities in <strong>Cyprus</strong>. Taxi service app Bolt (formerly Taxify), which was<br />
created in Estonia, has also successfully launched in <strong>Cyprus</strong> operating in Nicosia<br />
and Limassol. The app allows users to set their location and see where the nearest<br />
partner taxi is and order it. The taxi can be tracked heading to the customer’s location<br />
and indicates how far away it is and how long it will take to arrive. Customers<br />
can also track their routes while inside the cab, preventing drivers from taking<br />
longer routes and overcharging for trips. Customers can also pay via their phones.<br />
www.travelexpress.com.cy<br />
www.bolt.eu<br />
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DRIVING<br />
Roads are well maintained in and between the main towns, and there are four-lane motorways<br />
connecting Nicosia with Limassol and Larnaca. Driving is on the left in <strong>Cyprus</strong><br />
and the maximum speed limit on motorways is 100 kph (60 mph). <strong>Cyprus</strong> accepts the<br />
driving licences of all EU Member States and any person with a valid licence may drive<br />
legally in <strong>Cyprus</strong>. According to EU rulings, driving licences issued before 1996 do not<br />
have to be exchanged for the new Community Model and remain valid until their expiration.<br />
Non-EU citizens may drive on valid foreign licences for a certain period (for<br />
those with a US licence the period is six months). Relevant Consular authorities can<br />
provide further information.<br />
BUSINESS HOURS<br />
Office hours are generally 8:30am-1:00pm and 2:00pm-5:30pm, though in summer<br />
some offices take a long lunch break or finish early. Government offices are generally<br />
open from 7:30am-2:30pm, from Mondays to Fridays and until 6pm on<br />
Thursdays. Banks typically open at 8:30am and close at 1:30pm. International<br />
banks are open from 8:30am to 5:30pm. Shops are generally open from Mondays<br />
to Saturdays from 9am- 7pm, with larger supermarkets, malls and tourist areas<br />
open all day on Sundays as well.<br />
<strong>Cyprus</strong> offers a full range of properties<br />
for both commercial and residential<br />
use, situated in key locations across the<br />
island. While the exclusive, top-level<br />
market is currently the most sought<br />
after, the island has a good stock of<br />
properties available, from townhouses<br />
and apartments, to villas and sea-side<br />
bungalows in five-star developments.<br />
Nicosia and Limassol are the main business<br />
centres. Office space is available in<br />
purpose-built office blocks, in converted<br />
houses or flats. A number of business<br />
centres also offer ready-to-move into<br />
serviced offices. They usually include<br />
fully-equipped offices that are available<br />
on demand with flexible terms, meeting<br />
rooms and a receptionist service.<br />
Overall, rentals are around two-thirds<br />
of those charged for comparable commercial<br />
spaces in continental Europe,<br />
and offices, retail or other commercial<br />
space is widely available for purchase or<br />
for rent.<br />
BUYING & RENTING PROPERTY<br />
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EDUCATION<br />
There is a wealth of excellent private schools on the island, the majority of which<br />
are English speaking, but there are also French, Russian and Greek-speaking<br />
private schools. Fees are generally less than for the equivalent education in the UK.<br />
Public schools are free, and teaching is conducted in Greek. Tertiary education is<br />
provided by the six universities in <strong>Cyprus</strong> as well as several other colleges that offer<br />
a variety of vocational and academic courses.<br />
HEALTHCARE<br />
Ranked by the World Health Organisation as one of the healthiest countries in the<br />
Mediterranean, <strong>Cyprus</strong> has an excellent healthcare system provided through both<br />
the private and public sector. <strong>Cyprus</strong> has recently introduced an island-wide NHS,<br />
which covers both inpatient and outpatient care and is available to all citizens and<br />
permanent residents. EU citizens who are visiting <strong>Cyprus</strong> can receive free outpatient<br />
or inpatient treatment with a European Health Card, which is issued by the health<br />
authority in their home country. However, this covers only essential treatment and<br />
not routine treatment. Non-EU visitors must pay for healthcare. <strong>Cyprus</strong> boasts internationally<br />
educated specialists with top-notch facilities and a plethora of medical<br />
insurance options available.<br />
www.gesy.org.cy<br />
RELIGION<br />
Religious freedom is written into the Cypriot constitution and Greek Orthodox,<br />
Muslims, Catholics, Jews, Armenians and Maronites coexist peacefully on the<br />
island. However, the overwhelming majority of Cypriots are members of the Greek<br />
Orthodox Church, an institution that plays an important role in both personal and<br />
public life on the island.<br />
VISITING CYPRUS DURING COVID<br />
To facilitate travel arrangements to <strong>Cyprus</strong> and<br />
to ensure all necessary information required by<br />
the health authorities are submitted, the <strong>Cyprus</strong><br />
government has created a constantly updated<br />
online portal where you can complete all the<br />
necessary formalities in a quick and easy way<br />
and receive your authorisation to fly. For more<br />
information and to plan your journey visit www.cyprusflightpass.gov.cy<br />
Covid Information<br />
Covid Information Hotline: 1474 (in <strong>Cyprus</strong>) or +357 22 285 75<br />
For the latest Covid information visit the government’s<br />
Important Announcements page.<br />
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PETS<br />
<strong>Cyprus</strong> is a member of the Pet Travel Scheme which allows pets from any of the<br />
countries covered by the scheme to enter <strong>Cyprus</strong> without quarantine provided<br />
they meet specified anti-rabies, blood sampling and anti-worm/anti-tick hygiene<br />
requirements. The pet must be micro-chipped, vaccinated against rabies and blood<br />
tested, and can be brought into <strong>Cyprus</strong> only after six months have elapsed following<br />
a satisfactory blood test.<br />
COMMUNICATIONS<br />
<strong>Cyprus</strong> has an efficient and reliable postal service as well as an excellent telecommunications<br />
network. Telecommunications costs are among the cheapest in<br />
Europe. Cyta, remains the main provider, offering a full range of telecommunications<br />
services. Other main providers are Epic, Primetel and Cablenet. <strong>Cyprus</strong>’<br />
network boasts 100% broadband coverage.<br />
MEDIA AND TV<br />
A number of daily and weekly newspapers are published in <strong>Cyprus</strong>, some of which<br />
are in the English language, including the <strong>Cyprus</strong> Mail. Many UK, European,<br />
Russian and Arabic newspapers can be bought in <strong>Cyprus</strong> a day or two after publication.<br />
Several terrestrial TV stations in <strong>Cyprus</strong> broadcasting locally produced<br />
programmes as well as international films, dramas and TV series. Cable and satellite<br />
television is widely available.<br />
TAXATION<br />
<strong>Cyprus</strong> offers one of the most attractive tax regimes in Europe. A member of the<br />
European Union since 2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance with<br />
the requirements of the EU and OECD. <strong>Cyprus</strong> has one of the lowest corporate<br />
tax rates in the European Union at 12.5%, while the maximum personal tax rate is<br />
35%, those earning less than €19,500 are tax exempt.<br />
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PERSONAL FINANCIAL SERVICES<br />
<strong>Cyprus</strong> has a well-developed banking system modelled on the British banking<br />
system. The Central Bank of <strong>Cyprus</strong> has the responsibility for monetary and credit<br />
policy. There are currently a number of domestic banks operating in <strong>Cyprus</strong>, including<br />
commercial banks and specialised financial institutions. Standard branch<br />
opening hours are usually from 8:30am-1:30pm Mondays to Fridays and from<br />
3:15pm to 4:45pm on Monday afternoons only. International banks are open from<br />
8:30am to 5:30pm.<br />
HOME HELP<br />
Many expatriates find they can afford domestic help that they could not have afforded<br />
at home and often choose to employ a helper for cleaning, cooking, general<br />
household chores and child minding.<br />
UTILITIES<br />
Electricity = 240V 50Hz, 5 amp or 13 amp square three-pin British-style plugs.<br />
Electricity is provided by the Electricity Authority of <strong>Cyprus</strong> (EAC) and water is<br />
provided by the water board of the nearest main town. Many properties have solar<br />
water heating systems. <strong>Cyprus</strong> has no piped gas, but bottled gas is widely available<br />
in supermarkets. <strong>Cyprus</strong> makes use of the BS 1363, British 3-pin, 13A, 240V,<br />
50Hz earthed and fused plug. The BS 1363 plug, also known as a ‘13 amp plug’,<br />
is a large plug that has 3 rectangular prongs forming a triangle. Live and neutral<br />
are 4Χ6Χ18mm spaced 22mm apart. 9mm of insulation over the base of the pins<br />
prevents people from touching a bare connector while the plug is partly inserted.<br />
Earth is 4Χ8Χ23mm. On plugs for Class II appliances that do not require an earth,<br />
the pin is often plastic.<br />
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CRIME<br />
<strong>Cyprus</strong> is the 5th safest country in the world, according to recent statistics, and<br />
one of the safest countries in the EU. It is safe to walk around all towns and villages<br />
whether day or night. Few locations in the world can offer the same level of security<br />
and stability that <strong>Cyprus</strong> does.<br />
VISAS & EMBASSIES<br />
As a member of the EU, under community laws EU nationals have the right to enter<br />
the country with an identity card or valid passport and to seek work. For non-EU<br />
nationals, employment permits have to be obtained before entering <strong>Cyprus</strong>. The<br />
nationals of many non-EU countries do not require a visa to enter <strong>Cyprus</strong> for a stay<br />
not exceeding three months. Details of visa-exempt countries and visa application<br />
procedures are available on the Ministry of Foreign Affairs website.<br />
www.mfa.gov.cy<br />
VISITING THE OCCUPIED AREA<br />
Following the Turkish occupation of the north of the island in 1974, the island has<br />
been divided. In 2003 checkpoints opened for the first time allowing both sides to<br />
cross over with a passport or valid ID. It is perfectly safe to visit and explore the<br />
area. If travelling by car, insurance has to be purchased at the checkpoint. Various<br />
policies are available covering vehicles from three days to a full year. Cigarettes<br />
and alcohol cannot be taken from the north to the Republic of <strong>Cyprus</strong> and there<br />
are restrictions on certain foodstuffs, such as meat and dairy produce. There is a<br />
maximum limit of €260 of goods per person allowed to be brought across the UNcontrolled<br />
buffer zone.<br />
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STANDARD OF LIVING<br />
Other factors that contribute to the enviable lifestyle of <strong>Cyprus</strong> include a superb<br />
road system with signs in both Greek and English, a reliable and efficient postal<br />
service, a large choice of schools, clubs, restaurants, gyms, theatres, cinemas,<br />
museums and art galleries. The local infrastructure is ideally suited for business<br />
people who need to get things done. Thanks to its modern road network, extensive<br />
port facilities and two international airports, travel and transport in and beyond<br />
<strong>Cyprus</strong> is fast, efficient and economical.<br />
Cost of Living: Average Prices (Source: Numbeo)<br />
Milk (1ltr)<br />
€1.38<br />
Tomatoes (1 kg)<br />
€2.20<br />
Loaf of fresh white bread (500g)<br />
€1.41<br />
Bottle of mid-range wine<br />
€6.75<br />
Domestic Beer (0.5l draught)<br />
€3.00<br />
Imported Beer (0.33l bottle)<br />
€4.00<br />
Three-course meal<br />
for two in midrange<br />
restaurant<br />
€45.00<br />
Cappuccino<br />
€3.07<br />
Water (1.5l bottle)<br />
€0.73<br />
LARGE EXPAT COMMUNITY<br />
A notable British presence remains to this day and <strong>Cyprus</strong> has become home to a<br />
large expat community. Today, <strong>Cyprus</strong> has the second highest percentage of foreign<br />
citizens in the European Union, with 13% of the total population from other EU<br />
member states, and around 7% from non-EU countries according to a survey of<br />
the EU’s statistical office. The biggest group of expats living in <strong>Cyprus</strong> consists of<br />
British nationals, but there are also large communities of Americans, Russians and<br />
other Eastern European nationals.<br />
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Key Tourist Areas in <strong>Cyprus</strong><br />
➊<br />
Nicosia<br />
Larnaca<br />
➌<br />
Famagusta<br />
➎<br />
➍<br />
Paphos<br />
Limassol<br />
➋<br />
➊NICOSIA is the capital of <strong>Cyprus</strong> and the main commercial and business<br />
centre and the seat of government. It boasts a world-famous archaeological<br />
museum, a thriving old city surrounded by fortified Venetian walls and a labyrinth<br />
of traditional streets. It is also the last remaining divided capital city in the<br />
world following the fall of the Berlin Wall. Visitors are usually couples, families<br />
and business people.<br />
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➋LIMASSOL is the second largest city, situated between archaeological sites,<br />
the ancient kingdoms of Amathous, Kourion and Kolossi. The coastal town<br />
is also home to the famous Limassol Marina and the city’s geographical location<br />
provides easy access to mountainous villages and Troodos mountain. The<br />
city is a business centre attracting business executives, as well as couples, families<br />
and young people. It has developed significantly in recent years, emerging as<br />
a business hub as well as a party town with reputable beach bars, Carnival and<br />
Wine Festivals. Limassol has the largest port in <strong>Cyprus</strong>.<br />
LARNACA is the<br />
➌<br />
third largest city<br />
in <strong>Cyprus</strong> and<br />
is known for its<br />
palm-tree seafront<br />
promenade. It is home<br />
to the country’s primary<br />
airport, a seaport and a<br />
marina. It has a picturesque<br />
old town, salt<br />
lakes with flamingos<br />
in the winter, and a<br />
large marina. There is a<br />
wealth of historical interests<br />
around the town<br />
including the St Lazarus<br />
church, the Hala Sultan<br />
Tekke Muslim shrine,<br />
the historical Kiti<br />
church and the monastery<br />
of Stavrovouni.<br />
The city mostly attracts<br />
couples and families.<br />
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➍PAPHOS is a popular coastal town. Visitors can enjoy spectacular<br />
scenery and some of <strong>Cyprus</strong>’ finest beaches, as well as ancient historical<br />
sites. Tourist attractions in Paphos include the Paphos mosaics,<br />
the Tombs of the Kings, which are UNESCO Heritage sites, the Venetian<br />
fortressed harbour and the Pillar of St Paul. The Akamas peninsula is<br />
one of the island’s residual unspoilt wildernesses and is home to endemic<br />
flora and fauna species. Paphos mostly attracts couples and families.<br />
➎The FAMAGUSTA REGION consists of Ayia Napa, Protaras, and Paralimni,<br />
and has many of the best beaches on the island. Ayia Napa in particular<br />
is a reputable party town for twenty-somethings and prime site for<br />
nightlife. The area mostly attracts young people, couples and families.<br />
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FOCUS<br />
ON WHAT<br />
MATTERS*<br />
*FOCUS ON DEVELOPING YOUR BUSINESS,<br />
NOT MANAGING YOUR FLEET.<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
<strong>Country</strong> Who’s Who <strong>Report</strong> - <strong>Cyprus</strong> <strong>2021</strong>Business Directory<br />
The definitive guide to <strong>Cyprus</strong>’ leading companies,<br />
executives and professional advisers.<br />
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ACCOUNTING & AUDITING<br />
Baker Tilly South East Europe........................................................................................ 6<br />
Deloitte <strong>Cyprus</strong>................................................................................................................. 9<br />
EY <strong>Cyprus</strong> .......................................................................................................................10<br />
Grant Thornton <strong>Cyprus</strong>.................................................................................................11<br />
Joannides + Co Ltd.........................................................................................................12<br />
KPMG..............................................................................................................................12<br />
Nexia Poyiadjis ...............................................................................................................14<br />
PwC <strong>Cyprus</strong>....................................................................................................................15<br />
ServPro Accountants & Consultants...........................................................................16<br />
BANKING<br />
AstroBank Public Company Limited............................................................................. 5<br />
Bank of <strong>Cyprus</strong> PLC......................................................................................................... 6<br />
cdbbank (The <strong>Cyprus</strong> Development Bank Public Company Ltd)............................. 6<br />
RCB Bank Ltd.................................................................................................................15<br />
CONSULTING<br />
e-CNHC (E-C Natural Hydrocarbons Company Ltd)................................................ 9<br />
CORPORATE & FIDUCIARY SERVICES<br />
Aspen Trust Group........................................................................................................... 5<br />
IQ-EQ (<strong>Cyprus</strong>) Limited...............................................................................................12<br />
Oneworld Ltd..................................................................................................................14<br />
Raza Corporate Services Ltd.........................................................................................15<br />
Trident Trust Company (<strong>Cyprus</strong>) Ltd.........................................................................17<br />
Vistra (<strong>Cyprus</strong>) Limited................................................................................................18<br />
ECONOMIC ANALYSIS<br />
Sapienta Economics.......................................................................................................15<br />
ENERGY<br />
<strong>Cyprus</strong> Hydrocarbons Company (CHC)...................................................................... 8<br />
Natural Gas Public Company (DEFA).........................................................................13<br />
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EXECUTIVE EDUCATION<br />
European Institute of Management and Finance (EIMF).........................................10<br />
FINANCIAL ADVISORY<br />
MAP S.Platis Group.......................................................................................................13<br />
FUND & ASSET MANAGEMENT<br />
GMM Group...................................................................................................................10<br />
Leon MFO Investments Ltd..........................................................................................13<br />
Oneworld Plus Management........................................................................................14<br />
Wealth Fund Services Ltd..............................................................................................18<br />
INSURANCE<br />
Hellas Direct....................................................................................................................11<br />
Royal Crown Insurance Co Ltd....................................................................................15<br />
INVESTMENT PROMOTION AGENCY<br />
Invest <strong>Cyprus</strong>..................................................................................................................12<br />
INVESTMENT SERVICES<br />
EFG <strong>Cyprus</strong> Limited......................................................................................................10<br />
One Plus Capital Ltd......................................................................................................14<br />
Windsor Brokers Ltd......................................................................................................18<br />
LAW FIRMS<br />
A Karitzis & Associates LLC........................................................................................... 5<br />
A.G. Paphitis & Co LLC.................................................................................................. 5<br />
Elias Neocleous & Co LLC............................................................................................10<br />
L Papaphilippou & Co LLC...........................................................................................12<br />
Michael Chambers & Co. LLC......................................................................................13<br />
Patrikios Pavlou & Associates LLC..............................................................................14<br />
Stelios Americanos & Co LLC......................................................................................16<br />
NON-PROFIT ORGANISATION<br />
<strong>Cyprus</strong> Seeds..................................................................................................................... 8<br />
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<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
PROFESSIONAL BODIES & INDUSTRY ASSOCIATIONS<br />
Association of <strong>Cyprus</strong> Banks.......................................................................................... 5<br />
<strong>Cyprus</strong> Cannabis Association (CYCA)......................................................................... 7<br />
<strong>Cyprus</strong> Chamber of Commerce and Industry.............................................................. 7<br />
<strong>Cyprus</strong> Fiduciary Association......................................................................................... 7<br />
<strong>Cyprus</strong> Healthcare Tourism (CHT)............................................................................... 7<br />
<strong>Cyprus</strong> Hotel Association................................................................................................ 7<br />
<strong>Cyprus</strong> International Businesses Association (CIBA)................................................. 8<br />
<strong>Cyprus</strong> Investment Funds Association (CIFA)............................................................ 8<br />
<strong>Cyprus</strong> Shipping Chamber.............................................................................................. 8<br />
<strong>Cyprus</strong> Union of Shipowners.......................................................................................... 9<br />
Insurance Association of <strong>Cyprus</strong>..................................................................................11<br />
Society of Trust and Estate Practitioners (STEP) ......................................................16<br />
TechIsland.......................................................................................................................17<br />
The <strong>Cyprus</strong> Employers & Industrialists Federation (OEB)......................................17<br />
The <strong>Cyprus</strong> Tech Association.......................................................................................17<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC)..........................17<br />
REAL ESTATE & PROPERTY<br />
Cybarco Development Ltd.............................................................................................. 6<br />
Trilogy Limassol Seafront..............................................................................................18<br />
RECRUITMENT<br />
CareerFinders Recruitment Services Limited.............................................................. 6<br />
SOFTWARE & IT SERVICES<br />
NETinfo Plc.....................................................................................................................13<br />
TELECOMS & INTERNET<br />
Cyta.................................................................................................................................... 9<br />
Cytaglobal.......................................................................................................................... 9<br />
TRANSPORT & LOGISTICS<br />
Hermes Airports.............................................................................................................11<br />
Skylink Services Ltd.......................................................................................................16<br />
Swissport (<strong>Cyprus</strong>) Limited..........................................................................................16<br />
WEB DEVELOPMENT<br />
Ideaseven Digital Solutions...........................................................................................11<br />
4
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANTONIS KARITZIS<br />
MANAGING DIRECTOR<br />
A. KARITZIS & ASSOCIATES L.L.C<br />
(“AK”) is a full-service, innovative and forward-thinking <strong>Cyprus</strong> Law Firm<br />
headquartered in Limassol, <strong>Cyprus</strong>, with offices also in Athens, Greece. We<br />
offer all major practice area disciplines and boasts a diverse portfolio of clients<br />
ranging from local to global businesses and corporations and to non-profit<br />
organisations, to SMEs, large groups of companies and to private individuals<br />
of all levels of wealth. We pride ourselves in being committed to achieving the<br />
most desirable outcome for our clients in a cost-effective, time-efficient and<br />
highly-qualitative manner, offering precise, effective and pragmatic advice/<br />
solutions at all times.<br />
228 Arch. Makarios III Avenue, Agios<br />
Pavlos Court, Block B, 4th Floor<br />
3030 Limassol - <strong>Cyprus</strong><br />
P.O. Box: 58244, 3732 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 028 114<br />
Contact: Antonis Karitzis – Managing Director<br />
E: antonis@karitzis.com<br />
W: www.karitzis.com<br />
ANGELOS G. PAPHITIS<br />
MANAGING PARTNER<br />
A.G.PAPHITIS & CO. LLC<br />
AGP & Co is a highly reputable, leading, dynamic and award winning Law Firm.<br />
Our reputation for excellence is recognized worldwide. Based in <strong>Cyprus</strong> with<br />
strong international presence, we serve our clients as a team, with a common<br />
focus on innovation, efficiency and agility. We provide full service Legal,<br />
Corporate, FS Advisory & Regulatory Compliance/AML, Tax, Immigration and<br />
Real Estate services. AGP & Co consists of the following main departments:<br />
Dispute Resolution; Corporate/Commercial; FS Advisory & Regulatory<br />
Compliance; Real Estate & Immigration; Tax-Accounting-Audit. Delivering<br />
excellent client service that benefits from long and lasting relationships, we<br />
are dedicated to providing our clients with superior results.<br />
“AGP Chambers”, 84 Spyrou Kyprianou Avenue,<br />
4004 Limassol - <strong>Cyprus</strong><br />
Postal Address: P.O.Box 58419,<br />
3734 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 731 000<br />
Contact: Angelos G. Paphitis - Managing Partner<br />
E: angelos.paphitis@agplaw.com<br />
W: www.agplaw.com<br />
MARINA ZEVEDEOU<br />
CO-FOUNDER AND CEO<br />
ASPEN TRUST GROUP<br />
The Aspen Trust Group is a leading corporate service and financial planning<br />
provider; established in 1998 and licensed by ICPAC, our Group provides<br />
International Structuring and Tax Management solutions to Corporates<br />
and High Net Worth Individuals. Specific services include entity setup and<br />
management, legal and administration support, banking and tax compliance,<br />
financial management and restructuring, re-domiciliation, patent registration,<br />
residency and citizenship, cross- border mergers, family office services and<br />
headquartering. We build long term, trusted relationships with clients and<br />
associates, aiming to add value to their businesses and be part of their success<br />
stories. Our team consists of qualified accountants, lawyers and MBA-holders<br />
who undergo rigorous training to provide tailor-made solutions.<br />
77 Limassol Avenue<br />
Elia House, Nicosia 2121 - <strong>Cyprus</strong><br />
T: (+357) 22 418 730<br />
Contact: Marina Zevedeou -<br />
Co-founder and CEO<br />
E: marina.zevedeou@aspentrust.com<br />
W: www.aspentrust.com<br />
DR. MICHAEL KAMMAS<br />
DIRECTOR GENERAL<br />
ASSOCIATION OF CYPRUS BANKS<br />
Through its representation of ten member banks that hold more than 90% market<br />
share, the Association of <strong>Cyprus</strong> Banks (ACB) is the voice of the local banking<br />
system. Its primary aim is to promote best practices for the interest of the banking<br />
sector and the local economy. The ACB is a non-profit organization through which<br />
common positions are formulated and promoted on banking and financial issues<br />
when local legislative and governmental policies are determined. Through its<br />
more than 50 years of operations, the ACB has gained the reputation of a prudent,<br />
reliable and consistent partner for various policy makers, organizations, media,<br />
institutions and the local society.<br />
15 Demetriou Karatasou Str, Office 401,<br />
P.O. Box 16113, 2086 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 664 293<br />
Contact: Dr. Michael Kammas<br />
- Director General<br />
E: info@acb.com.cy<br />
W: www.acb.com.cy<br />
ARISTIDIS VOURAKIS<br />
CHIEF EXECUTIVE OFFICER<br />
ASTROBANK PUBLIC COMPANY LIMITED<br />
AstroBank is a <strong>Cyprus</strong> licensed Banking Institution established in 2008 and<br />
operating under the supervision of the Central Bank of <strong>Cyprus</strong>. AstroBank<br />
maintains a network of 14 branches and business units across <strong>Cyprus</strong> and<br />
is well-established in the local market, offering a comprehensive package of<br />
innovative and technologically advanced products and services tailored to the<br />
needs of its local and international clientele. AstroBank’s operations are based<br />
on four pillars: Retail, Corporate/SME, Private and International Business<br />
Banking. Aiming to enhance competitiveness and contribute to the country’s<br />
business environment, AstroBank invests in technology and innovation,<br />
constantly upgrading its services, promoting new products, exploring new<br />
business opportunities and cultivating a culture of cooperation and mutual<br />
respect with its clients.<br />
1 Spyrou Kyprianou Ave., 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 575 555<br />
E: info@astrobank.com<br />
W: www.astrobank.com<br />
5
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MARIOS A. KLITOU<br />
CHIEF EXECUTIVE OFFICER<br />
BAKER TILLY SOUTH EAST EUROPE<br />
Baker Tilly South East Europe is a full-service accounting and advisory firm,<br />
that offers industry specialised services in assurance, tax and advisory. Every<br />
day, more than 500 professionals located in 16 offices throughout South East<br />
Europe (<strong>Cyprus</strong>, Greece, Romania, Bulgaria and Moldova) share their expertise<br />
to accelerate your business growth, by operating under a unified structure,<br />
directed by a single, central management team of 44 directors. At Baker Tilly,<br />
we are ready now, for tomorrow’s challenges. We believe in the power of great<br />
relationships, by leading and listening to great conversations. Baker Tilly South<br />
East Europe is an independent member of Baker Tilly International, one of the<br />
world’s leading networks, uniting independent companies to provide top-quality<br />
professional services in both international and regional markets.<br />
Corner C Hatzopoulou & 30<br />
Griva Digheni Avenue,<br />
1066 Nicosia, <strong>Cyprus</strong> P.O.Box<br />
27783, 2433 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 458 500<br />
Contact: Marios A. Klitou -<br />
Chief Executive Officer<br />
E: info@bakertilly.com.cy<br />
W: www.bakertilly.com.cy<br />
PANICOS NICOLAOU<br />
CHIEF EXECUTIVE OFFICER<br />
BANK OF CYPRUS PLC<br />
Established in 1899, Bank of <strong>Cyprus</strong> is currently the leading banking and financial<br />
services Group in <strong>Cyprus</strong>, operating 90 branches in <strong>Cyprus</strong> and representative<br />
offices in Russia, Ukraine and China. The Group is the only corporation in the<br />
region fully complying with the UK Corporate Governance Code, the <strong>Cyprus</strong><br />
Stock Exchange Code, and the Central Bank of <strong>Cyprus</strong> Directive on governance<br />
and management arrangements in credit institutions. Since early 2014, the<br />
Bank has engaged in a very demanding and rigorous anti financial crime<br />
remediation programme which has successfully been implemented by the end<br />
of 2015. The Bank is listed on the London Stock Exchange, which has the most<br />
demanding and strict corporate governance codes internationally.<br />
51 Stassinou, 2002 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 128 000<br />
Contact: Emilios Tannousis -<br />
Manager Wealth Management<br />
E: info@bankofcyprus.com<br />
W: www.bankofcyprus.com<br />
SOPHIE ARISTODEMOU<br />
CO-FOUNDER<br />
CAREERFINDERS RECRUITMENT SERVICES LIMITED<br />
CareerFinders Recruitment Services Limited is one of <strong>Cyprus</strong>’ most wellrespected<br />
and established providers of tailor-made recruitment solutions to<br />
many of the largest and most well-known local and international companies<br />
operating across the Island. With offices in both Nicosia and Limassol, our<br />
highly experienced team of recruitment professionals have the knowledge and<br />
expertise to ensure that our clients receive the most suitable and well-qualified<br />
candidates to suit their recruitment needs. The industry sectors we service<br />
include Accounting/Audit, Legal, Corporate/Fiduciary, Information Technology,<br />
Shipping, Oil & Gas, Banking/Finance and many more. If you are a company<br />
seeking to recruit the very best talent in <strong>Cyprus</strong>, please contact us today.<br />
Head Office: 6th Floor, Athlos Building,<br />
28 Nikis Avenue, Nicosia 1086 - <strong>Cyprus</strong><br />
T: (+357) 22 002 285<br />
Contact: Sophie Aristodemou, Director<br />
E: jobs@careerfinders.com.cy<br />
W: www.careerfinders.com.cy<br />
LOUCAS MARANGOS<br />
CEO<br />
CDBBANK (The <strong>Cyprus</strong> Development Bank Public Company Ltd)<br />
Founded in 1963, cdbbank (<strong>Cyprus</strong> Development Bank) is today one of the<br />
country’s leading niche financial institutions dedicated to satisfying the needs of<br />
domestic and international clients. cdbbank offers a wide range of specialised<br />
financial services and products, designed to accommodate the sophisticated<br />
requirements of its clientele which consists of corporate and institutional<br />
clients and high net worth individuals. The Bank’s vision is to be the reference<br />
Bank for businesspeople. Relying on its long-term experience and high level of<br />
expertise, cdbbank aspires to establish long-term relationships of trust with its<br />
clients, always delivering excellence and value.<br />
50 Arch. Makarios III Ave., 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 846 500<br />
Contact: Liza Philippou - Head, Network<br />
Business and Communication<br />
E: info@cdb.com.cy<br />
W: www.cdb.com.cy<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
CEO<br />
CYBARCO DEVELOPMENT LTD<br />
Cybarco is the leading luxury property developer in <strong>Cyprus</strong>. Part of the<br />
prestigious Lanitis Group, Cybarco is behind many of the island’s landmark<br />
projects, including world-class Aphrodite Hills Golf Resort, Akamas Bay Villas,<br />
Sea Gallery Villas, The Oval, Limassol Marina – the first residential marina<br />
project in the whole of <strong>Cyprus</strong> – and Trilogy Limassol Seafront. Cybarco is also<br />
responsible for the exclusive sales of the luxury properties at Limassol Greens.<br />
With over 70 years’ experience at the top of its industry, Cybarco has earned its<br />
reputation for outstanding quality and dedicated customer care by consistently<br />
delivering projects to the highest standards.<br />
10 Tefkrou Anthia Street,<br />
Dali Industrial Zone, 2540 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 741 300<br />
Contact: Michalis Hadjipanayiotou - CEO<br />
E: info@cybarco.com<br />
W: www.cybarco.com<br />
6
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANDRIA ANDREOU<br />
PRESIDENT<br />
CYPRUS CANNABIS ASSOCIATION (CYCA)<br />
CYCA was formed in October 2019 under the auspices of <strong>Cyprus</strong> Chamber of<br />
Commerce & Industry. We are leading the collective of individuals and businesses<br />
that will build the legal Cannabis Eco-system in <strong>Cyprus</strong>, and advancing the<br />
interests of a responsible, compliant, transparent and high-quality industry. As<br />
global recognition of the benefits of legal Cannabis increases with governments<br />
around the world steadily moving to full legalization, there is a burgeoning<br />
need for high-quality products with known components; cultivated at large<br />
scale for consistent, reliable supply to users. <strong>Cyprus</strong> is primely positioned<br />
as an attractive center of excellence for production; research; genetics, and<br />
intellectual property from which the legal Cannabis industry can flourish.<br />
38 Grivas Dhigenis Ave. & 3 Deligiogis<br />
1066 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 99 672 366<br />
Contact: Andria Andreou - President<br />
E: a.andreou@cy-ca.org<br />
W: www.cy-ca.org<br />
CHRISTODOULOS E.<br />
ANGASTINIOTIS<br />
PRESIDENT<br />
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY<br />
The <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) membership exceeds<br />
10.000 enterprises representing over 95% of the local business community.<br />
152 Professional Associations are affiliated to the CCCI including 41 Bilateral<br />
Associations. Its wide range of services include advisory, provision of business<br />
information, foreign trade exhibitions, trade missions & business fora abroad,<br />
business training courses & seminars, advice on European Union issues,<br />
labour relations matters, issue of Certificates of Origin and ATA-CARNETS and<br />
participation in EU programmes. CCCI is a full member of 12 International<br />
organizations including Eurochambres, the International Chamber of Commerce,<br />
SME United, Eurocommerce, GS1 and many other international organisations.<br />
Follow us on twitter @ccci_cyprus.<br />
38, Grivas Digenis Ave. &<br />
3 Deligiorgis Str. Chamber Building - <strong>Cyprus</strong><br />
T: (+357) 22 660 066<br />
Contact: Marios Tsiakkis, Secretary General<br />
E: secgen@ccci.org.cy<br />
W: www.ccci.org.cy<br />
CHRISTOPHOROS<br />
KOUTOUROUSSIS<br />
PRESIDENT<br />
CYPRUS FIDUCIARY ASSOCIATION<br />
The <strong>Cyprus</strong> Fiduciary Association (CYFA), established in 2011, is the<br />
representative body of regulated Administrative Service Providers (ASP’s) in<br />
<strong>Cyprus</strong>. With a vision to assist in forming a solid international business sector<br />
in <strong>Cyprus</strong> operating on high professional standards, ethics and integrity, the<br />
Association aims to serve industry providers by promoting their interests,<br />
raising sector awareness, supporting their operations, contributing to new<br />
legislations and delivering valuable training to professionals. The Association’s<br />
commitment to its purpose has established it among the most reputable and<br />
recognised organisations within the country, before public and regulatory<br />
authorities, other associations, as well as the business community in <strong>Cyprus</strong><br />
and overseas.<br />
1, Menandrou Street, Frosia House,<br />
4th floor, Office 401, 1066, Nicosia - <strong>Cyprus</strong><br />
T: +357 22 256 263<br />
E: info@cyfa.org.cy<br />
W: www.cyfa.org.cy<br />
DR NITSA KILIARI<br />
PRESIDENT<br />
CYPRUS HEALTHCARE TOURISM (CHT)<br />
The <strong>Cyprus</strong> Healthcare Tourism (CHT) is a non-profit organization that was<br />
founded in November 2006 after an initiative taken by the <strong>Cyprus</strong> Chamber of<br />
Commerce and Industry (CCCI) aiming to develop and promote <strong>Cyprus</strong> as a high<br />
quality Health Tourism destination. The CHΤ currently has more than 80 members<br />
who are actively involved in the <strong>Cyprus</strong> Health Tourism Industry. These vary from<br />
state-of-the-art hospitals and clinics to specialized travel agencies, wellness<br />
and rehabilitation centres as well as consulting firms. Most of the largest and<br />
best equipped hospitals are members of the CHΤ and they are all licensed by the<br />
<strong>Cyprus</strong> Government and comply with EU regulations. Some of them have moved a<br />
step ahead towards gaining international accreditations.<br />
38 Grivas Dighenis & 3 Deligiorgis<br />
Street, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 889 744<br />
Contact: Polis Peratikos - Executive Secretary<br />
E: cyprushealth@ccci.org.cy<br />
W: www.cyhealthservices.com<br />
HARIS LOIZIDES<br />
PRESIDENT<br />
CYPRUS HOTEL ASSOCIATION<br />
The <strong>Cyprus</strong> Hotel Association is the Hoteliers National Trade Union. The history of<br />
its foundation goes back to the beginning of the 1930s. Today the vast majority of<br />
all hotel establishments and other licensed tourist accommodation units, all over<br />
<strong>Cyprus</strong>, are members of the <strong>Cyprus</strong> Hotel Association. The most important aims<br />
of the Association are as follows: The protection and promotion of the interests<br />
of the hoteliers as employers and as professionals, as well as of the interests<br />
of <strong>Cyprus</strong> in general; The promotion and upgrading of the <strong>Cyprus</strong> tourism<br />
development; The upgrading and development of the hotel establishments<br />
in <strong>Cyprus</strong> and the improvement of the professional level of the hoteliers; The<br />
solidarity between its members.<br />
Andreas Araouzos Str., No 12,<br />
Hesperides Building, 1076 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 452 820<br />
Contact: Philokypros Roussounides<br />
- Director General<br />
E: cha@cyprushotelassociation.org<br />
W: www.cyprushotelassociation.org<br />
7
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
DEMETRIS C. FESSAS<br />
ACTING DIRECTOR GENERAL<br />
CYPRUS HYDROCARBONS COMPANY (CHC)<br />
CHC is the National Oil and Gas Company of <strong>Cyprus</strong>. As a state-owned company,<br />
CHC undertakes the commercial management of the ownership rights of the<br />
Republic of <strong>Cyprus</strong> that arise from the contracts with which it has entered into with<br />
oil and gas companies within its Exclusive Economic Zone. The vision of CHC is<br />
aligned with that of the Government of <strong>Cyprus</strong>, which is to ensure the sustainable<br />
development of hydrocarbon resources present in the Exclusive Economic Zone of<br />
the Republic of <strong>Cyprus</strong>, in order to maximize the benefits for Cypriot society and<br />
future generations.<br />
53 Strovolou Avenue, Victory Building,<br />
2018 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 203 880<br />
Contact: Demetris Fessas –<br />
Acting Director General<br />
E: d.fessas@chc.com.cy<br />
W: www.chc.com.cy<br />
DOXIA NIKIA<br />
HADJIVASSILIOU<br />
PRESIDENT<br />
CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION<br />
CIBA is a non-governmental, fully independent association, financed by membership<br />
fees only. Its activities and initiatives are organised and carried out by its General<br />
Secretary and Executive Committee of (max.) 12 persons. CIBA represents and<br />
safeguards the interests of the international businesses, their shareholders,<br />
managers and staff. The authorities recognize that CIBA represents the whole<br />
of the international business community in <strong>Cyprus</strong> and that it is instrumental in<br />
finding compromises between the required EU-driven legislation and international<br />
business requirements. CIBA annually awards the prestigious CIBA Excellence<br />
award to a member company that fulfils the specific criteria as set out by the<br />
Association.<br />
10 Pikionis Street, Highsight House<br />
3075 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 583 400<br />
Contact: Andreas Pishias - General Secretary<br />
E: ciba@ciba-cy.org<br />
W: www.ciba-cy.org<br />
ANDREAS YIASEMIDES<br />
PRESIDENT<br />
CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)<br />
CIFA is the Association of professionals, businesses, and organizations<br />
involved in the Investment Funds and Asset Management Sector in <strong>Cyprus</strong>.<br />
CIFA has more than 370 members, legal and physical. The Mission of CIFA is<br />
to: Help its members capitalize on industry trends; Shape regulation; Enhance<br />
professionalism, integrity, and quality and Promote the <strong>Cyprus</strong> Investment Fund<br />
Industry. The Board is comprised of highly reputable industry professionals<br />
experienced in all aspects of the industry. CIFA is a full member of the European<br />
Funds and Asset Management Association and the International Investment<br />
Funds Association. The fund industry in <strong>Cyprus</strong> has been on a continuous<br />
increase, with Assets under Management reaching almost €10 billion.<br />
Severis Building, 9 Makarios III Ave.,<br />
4th Floor, Lefkosia 1065 - <strong>Cyprus</strong><br />
T: (+357) 22 441 133<br />
Contact: Maria Panayiotou - Board Secretary<br />
E: info@cifacyprus.org<br />
W: www.cifacyprus.org<br />
MARIA MARKIDOU<br />
GEORGIADOU<br />
MANAGING DIRECTOR<br />
CYPRUS SEEDS<br />
<strong>Cyprus</strong> Seeds is a non-profit organization with the mission to support the<br />
commercialization of innovative academic research taking place in Cypriot<br />
universities and research institutions. To achieve its objectives, <strong>Cyprus</strong> Seeds<br />
offers a very competitive 12M program to a small number of research teams,<br />
from any area/field, whose projects have strong IP value and market potential.<br />
In addition to grants, it offers mentoring, business skills training as well as<br />
networking with the business community and possible investors. <strong>Cyprus</strong> Seeds<br />
is largely funded through the generosity of Foundations, corporations and<br />
individuals in <strong>Cyprus</strong> and abroad.<br />
Antinou 18, Strovolos, Nicosia, 2034 - <strong>Cyprus</strong><br />
T: (+357) 22 364 522<br />
Contact: Maria Markidou Georgiadou<br />
- Managing Director<br />
E: maria@cyprusseeds.com<br />
W: www.cyprusseeds.com<br />
THOMAS A. KAZAKOS<br />
DIRECTOR GENERAL<br />
CYPRUS SHIPPING CHAMBER<br />
The <strong>Cyprus</strong> Shipping Chamber is the trade association of the Shipping Industry<br />
in <strong>Cyprus</strong>. The main purpose of the Chamber is to promote the interests of<br />
<strong>Cyprus</strong> Shipping and to further the reputation of the <strong>Cyprus</strong> flag. The Chamber<br />
also acts as a lobbying group for the promotion and safeguard of the legitimate<br />
interests of its Member-companies, at national and international level. On<br />
the local front, the Chamber co-operates very closely with the Government<br />
in all shipping related matters. Moreover, the Chamber operates as a roving<br />
ambassador of <strong>Cyprus</strong> Shipping through its membership and active participation<br />
at the International Chamber of Shipping (ICS) and the European Community<br />
Shipowners’ Associations (ECSA).<br />
City Chambers, 6 Regas Fereos Str.<br />
P.O.Box 56607, 3309, Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 360 717<br />
Contact: Thomas A. Kazakos – Director General<br />
E: csc@csc-cy.org<br />
W: www.csc-cy.org<br />
8
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MICHAEL FILIPPOU<br />
CEO<br />
CYPRUS UNION OF SHIPOWNERS (CUS)<br />
<strong>Cyprus</strong> Union of Shipowners, as the major representative Organization of the<br />
<strong>Cyprus</strong> Flag vessels, is committed to the firm growth of our National Registry<br />
and the establishment of Limassol as a world-class Maritime Centre. The<br />
cooperation between our Union, the Shipping Deputy Ministry and the Ministry of<br />
Finance resulted to an exceptional Framework that induced prominent Shipping<br />
Companies, P&I Clubs and other Shipping related Service Providers to establish<br />
management offices in <strong>Cyprus</strong>. Moreover, the solidification of the global reach<br />
of our Union and its institutional status has curved our participation in IMO<br />
Committees, as Government Consultants, both mandatory and effective.<br />
17, Gordonos Str., Suite 301,<br />
3070 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 818 161<br />
Contact: Katerina Michael - PR Manager<br />
E: cus@cus.com.cy<br />
W: www.cus.com.cy<br />
ANDREAS NEOCLEOUS<br />
CEO<br />
CYTA<br />
Cyta, is the leading provider of integrated electronic communications in <strong>Cyprus</strong>.<br />
Making the most of its technologically advanced networks, it offers a wide<br />
range of services and solutions to meet the ever-increasing demands of its<br />
residential and business customers for voice, data and content applications.<br />
With a pivotal role in the digital transformation of our country, Cyta is deploying<br />
an island-wide, fiber-optic network, while it progressively upgrades its mobile<br />
network technology. It advances and maintains subsea and satellite networks<br />
for international connections of strategic importance that have established our<br />
country as a regional telecommunications and connectivity hub in the Eastern<br />
Mediterranean.<br />
Telecommunications Street,<br />
P.O.Box 24929, 1396 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 701 000<br />
E: cytapressoffice@cyta.com.cy<br />
W: www.cyta.com.cy<br />
COSTAS PSILLIDES<br />
MANAGER - INTERNATIONAL<br />
WHOLESALE MARKET<br />
CYTAGLOBAL<br />
Cyta, the primary telecommunications provider in <strong>Cyprus</strong>, covers the whole<br />
spectrum of electronic communications ranging from fixed and mobile voice and<br />
data communications, internet, IPTV and broadband services. Taking advantage<br />
of the island’s strategic geographical position, Cytaglobal, a strategic business<br />
unit of Cyta, has developed an extensive subsea fibre optic cable network,<br />
which connects <strong>Cyprus</strong> with its neighbouring countries and thereafter with<br />
the rest of the world. Cytaglobal also operates an extensive satellite network<br />
with three teleport sites, providing connectivity with major satellite systems.<br />
Through its global network, Cytaglobal provides a wide range of international<br />
telecommunications products, services and total solutions, making <strong>Cyprus</strong> a<br />
major telecommunications hub in the Eastern Mediterranean and an excellent<br />
international electronic communications centre.<br />
Telecommunications Str,<br />
PO Box 24929, 1396 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 701 498<br />
Contact: Costas Psillides - Manager,<br />
International Wholesale Market<br />
E: global@cyta.com.cy<br />
W: www.cytaglobal.com<br />
PIERIS MARKOU<br />
CEO, DELOITTE CYPRUS<br />
DELOITTE CYPRUS<br />
Deloitte Limited is among the leading professional services firms in <strong>Cyprus</strong>,<br />
providing audit & assurance, consulting, financial advisory, risk advisory, tax<br />
and related services, as well as a complete range of services to international<br />
business, through over 750 people in Nicosia and Limassol. Deloitte Limited, is<br />
the sub-licensed affiliate for <strong>Cyprus</strong> of Deloitte NSE LLP. As part of the Deloitte<br />
global network, with approximately 330,000 people in over 150 countries and<br />
territories, Deloitte Limited has the advantage of global sharing of knowledge<br />
with local adaptation and personal approach, built on the solid foundations of<br />
over 60 years of successful operations on the island.<br />
24 Spyrou Kyprianou Avenue,<br />
CY 1075, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 360 300<br />
Contact: Michelle Karaolides -<br />
Head of Marketing & Communications<br />
E: infonicosia@deloitte.com<br />
W: www.deloitte.com/cy<br />
E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD<br />
The company provides advisory, project management and consultancy services<br />
in the oil & gas and energy sectors and aims to contribute to the successful<br />
development of these Sectors for the future of <strong>Cyprus</strong>. The CEO has over<br />
35-years international experience in promoting and developing oil & gas<br />
business and projects spanning Europe, Asia and Africa. We can assist our<br />
clients in developing their business in <strong>Cyprus</strong>, evaluating opportunities and<br />
providing in depth professional advice and support.<br />
CHARLES ELLINAS<br />
CEO<br />
11 Tyrtaiou Street, 1087 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 97 705 060<br />
Contact: Dr Charles Ellinas - CEO<br />
E: Charles.ellinas@yahoo.com<br />
W: www.e-cnhc.com<br />
9
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
COSTAS STYLIANOU<br />
CHIEF EXECUTIVE OFFICER<br />
EFG CYPRUS LIMITED<br />
EFG <strong>Cyprus</strong> Limited is a <strong>Cyprus</strong> Investment Firm (“CIF”) regulated by the<br />
<strong>Cyprus</strong> Securities and Exchange Commission (CySEC) and is licensed to provide<br />
clients with portfolio management, investment advice and the reception and<br />
transmission of orders (CYSEC license number 393/20). EFG <strong>Cyprus</strong> Limited is<br />
a one hundred percent direct subsidiary of EFG Private Bank (UK) Limited and is<br />
registered in <strong>Cyprus</strong> under company number HE408062. EFG Private Bank Ltd<br />
is part of the EFG International group, a global private banking and investment<br />
services group headquartered in Zurich, offering private banking and asset<br />
management services in around 40 locations worldwide<br />
23 John Kennedy Avenue,<br />
Globe House, 1075 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 025900<br />
Contact: Costas Stylianou -<br />
Chief Executive Officer<br />
E: enquiries@efgcy.com<br />
W: www.cy.efgl.com<br />
ELIAS NEOCLEOUS<br />
MANAGING PARTNER<br />
ELIAS NEOCLEOUS & CO LLC<br />
Award-winning Elias Neocleous & Co LLC is the largest law firm in <strong>Cyprus</strong><br />
and one of the top law firms in south east Europe. With more than 150 lawyers<br />
and other professionals based in offices in <strong>Cyprus</strong>, Brussels, Budapest, Kiev<br />
and Prague we offer a value-added service which is second to none. We are<br />
dedicated to diversity in recruitment and to retaining experienced specialists<br />
in every practice area. Combined with our investment in IT and knowledge<br />
management infrastructure, this means we are able to tackle the largest and<br />
most demanding national and cross-border assignments. Elias Neocleous and<br />
Co LLC is professional, responsive, innovative, and represents the legal practice<br />
of the future.<br />
Neocleous House, 195 Makarios Avenue,<br />
P O Box 50613, Limassol CY 3608 - <strong>Cyprus</strong><br />
T: (+357) 25 110 110<br />
Contact: Elias Neocleous - Managing Partner<br />
E: info@neo.law<br />
W: www.neo.law<br />
MARIOS SIATHAS<br />
CHIEF EXECUTIVE OFFICER<br />
EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)<br />
The EIMF is an accredited and licensed Education Group that offers learning<br />
and development opportunities, including Global Qualifications, across an array<br />
of areas. EIMF possesses a strong concentration within the areas of financial<br />
and professional services (regulation, compliance, AML, banking, funds),<br />
accounting, legal, management, as well as Information-Technology through<br />
its New Horizons Computer Learning Centers. Knowledge is delivered by<br />
established subject-matter experts, through classroom, Live Online, eLearning<br />
and customized learning solutions. With a presence in London, Brussels,<br />
Frankfurt, Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and<br />
Bucharest and over 5,000 students annually, 330+ programmes, 60+ instructors<br />
and 25 international Certifications, make the EIMF a leader in the field of<br />
vocational education in the wider region.<br />
25 Megaron Street, 2032 Strovolos<br />
Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 274 470<br />
Contact: Marios Siathas - Chief Executive Officer<br />
E: msiathas@eimf.eu<br />
W: www.eimf.eu<br />
RONALD A. ATTARD<br />
COUNTRY MANAGING PARTNER<br />
EY CYPRUS<br />
EY is a global leader in assurance, tax, strategy, transactions and consulting<br />
services with about 300,000 people in over 150 countries. It is the most globally<br />
integrated professional services organisation, working with businesses,<br />
entrepreneurs and governments around the world to solve their most pressing<br />
challenges. EY distils everything it does down to a single, unified purpose:<br />
building a better working world. For over 80 years, the <strong>Cyprus</strong> practice has been<br />
a trusted business advisor and auditor to a broad range of clients and is ideally<br />
placed to cater to the needs of our clients in a wider geographic span.<br />
6 Stasinou Avenue, 1060 Nicosia<br />
P.O.Box 21656, 1511 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 209 999<br />
E: info@cy.ey.com<br />
W: www.ey.com/cy<br />
ALEXIOS KARTALIS<br />
GENERAL MANAGER<br />
GMM GROUP<br />
GMM Fund Management is a group of companies comprising GMM Global<br />
Money Managers AIFM Ltd which is an AIF Manager Company License No.<br />
AIFM33/56/2013 and GMM Global Money Managers Ltd which is a Management<br />
Company holding UCITS Manager License No. 2/13. GMM GROUP is<br />
managing 19 UCITS and 32 AIFs with aggregate assets under management<br />
of approximately €230mil. GMM operates in the financial sector, setting up,<br />
running, and managing UCITS Funds as well as Alternative Investment Funds<br />
(AIF, RAIF) in line with the most recent EU directives, fully implemented by the<br />
Cypriot legislation.<br />
26B Agiion Omologiton Avenue<br />
Nicosia 1080 - <strong>Cyprus</strong><br />
T: (+357) 22 205 858<br />
Contact: Alexios Kartalis - General Manager<br />
E: info@global-mm.com<br />
W: www.global-mm.com<br />
10
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
YIANNOS ASHIOTIS<br />
LEADER, REGULATORY<br />
COMPLIANCE AND<br />
FUND SERVICES<br />
GRANT THORNTON CYPRUS<br />
As part of Grant Thornton’s network with member firms in more than 140<br />
countries and with more than 56.000 people, we have the scale to meet your<br />
changing needs, but with the insight and agility that helps you stay one step<br />
ahead. Our Regulatory Compliance and Fund Services Department was set-up<br />
to serve the growing Fund industry in <strong>Cyprus</strong> by providing a full suite of tailored<br />
solutions. We offer advice on optimal fund set-up and undertake all necessary<br />
licensing activities until the final approval by the regulator. We also support our<br />
clients by offering outsourced risk management as well as comprehensive Fund<br />
Administration and Transfer Agent services.<br />
41-49, Agiou Nicolaou Str., Nimeli Court,<br />
Block C, Engomi 2408<br />
P.O.Box 23907, 1687, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 600 000<br />
Contact: Yiannos Ashiotis - Leader,<br />
Regulatory Compliance and Fund Services<br />
E: Yiannos.Ashiotis@cy.gt.com<br />
W: www.grantthornton.com.cy<br />
ALEXIS PANTAZIS<br />
CO-FOUNDER AND<br />
EXECUTIVE DIRECTOR<br />
HELLAS DIRECT<br />
Hellas Direct is a digital-first, full-stack insurance company, empowered<br />
by cutting-edge technology and the use of advanced analytics. The company<br />
is backed by a roster of leading investors, including the European Bank for<br />
Reconstruction and Development, the European Investment Bank, Portage<br />
Ventures and IFC (a member of the World Bank). Modelling itself on Amazon,<br />
Hellas Direct aims to disrupt the insurance value chain by adopting an extreme<br />
focus on operational excellence. Hellas Direct was recently listed by the<br />
Financial Times as one of Europe’s 1,000 Fastest Growing Companies.<br />
8, Dasoupoleos Street, 2015 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 277 499<br />
Contact: Elina Nomicou - Head<br />
of Digital Media & Content<br />
E: elina.nomicou@hellasdirect.gr<br />
W: www.hellasdirect.com.cy<br />
ELENI KALOYIROU<br />
CEO<br />
HERMES AIRPORTS<br />
Hermes Airports is an international consortium of nine shareholders,<br />
managing and operating Larnaka and Pafos airports since 2006 under a 25-<br />
year BOT Concession Agreement with the Republic of <strong>Cyprus</strong>. Hermes Airports<br />
significantly contributes to the country’s tourism growth, through both a<br />
targeted air service development strategy consisting of incentive schemes<br />
provision and joint marketing activities with airlines, as well as a productive<br />
collaboration with the Government and tourism stakeholders for the expansion<br />
of tourism related opportunities. Hermes Airports is committed to enhancing<br />
the overall passenger experience, with an emphasis on operational excellence<br />
and customer service.<br />
P.o Box 43027, 6650<br />
Larnaka International Airport - <strong>Cyprus</strong><br />
T: (+357) 24 742 164<br />
Contact: Maria Kouroupi - Senior Manager Aviation<br />
Development, Marketing & Communication<br />
E: maria.kouroupi@hermesairports.com<br />
W: www.hermesairports.com<br />
ALEX CONSTANTI<br />
MANAGING DIRECTOR<br />
IDEASEVEN DIGITAL SOLUTIONS<br />
Ideaseven are a dynamic, enthusiastic online digital agency with over 15 years<br />
of experience. We focus on providing global solutions in digital marketing, web<br />
& app development. At ideaseven, we understand that design and development<br />
requires continuous mutual communication with our clients. Together, we can<br />
provide a constantly productive and evolving project. We can help visualize<br />
even the craziest ideas, converting them into elegant, awesome experiences<br />
and catchy products. We have worked with a lot of prestigious brands and have<br />
delivered award winning projects. We are now a full stack, turnkey partner with<br />
specialists in all fields required for the development and creative process. We<br />
look forward to your call.<br />
Pentadactylou 2, office 104,<br />
6060, Larnaca - <strong>Cyprus</strong><br />
T: (+357) 24 823 832<br />
Contact: Alex Constanti – Managing Director<br />
E: info@ideaseven.com<br />
W: www.ideaseven.com<br />
EVANGELOS<br />
ANASTASIADES<br />
CHAIRMAN<br />
INSURANCE ASSOCIATION OF CYPRUS<br />
The Insurance Association of <strong>Cyprus</strong> is the accredited and representative<br />
body of the Cypriot insurance industry, with 29 member insurance companies<br />
operating in <strong>Cyprus</strong>, accounting for approximately 98% of total gross written<br />
premiums. As the leading and united voice of the <strong>Cyprus</strong> insurance market<br />
its mission is to promote the industry’s views and positions to policymakers<br />
and legislators. It is also particularly active with respect to work aiming at the<br />
modernization of the sector, the continuous improvement of the level and quality<br />
of service to the public, the enhancement of consumers’ trust and confidence in<br />
insurance products and their providers, and the strengthening of the institution<br />
of insurance.<br />
23, Zenon Sozos str., 1st floor<br />
1075 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 452 990<br />
Contact: Andreas Athanasiades<br />
– Director General<br />
E: info@iac.org.cy<br />
W: www.iac.org.cy<br />
11
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
YANNIS MATSIS<br />
CHAIRPERSON<br />
INVEST CYPRUS<br />
Invest <strong>Cyprus</strong> (<strong>Cyprus</strong> Investment Promotion Agency) is the investment<br />
authority of the Government of <strong>Cyprus</strong> dedicated to attract and facilitate foreign<br />
direct investment into the country. In close collaboration with all governmental<br />
authorities and public institutions, as well as the private sector, Invest <strong>Cyprus</strong><br />
is the country’s lead agent in establishing <strong>Cyprus</strong> as a world-class destination<br />
for international business activity and investments. Invest <strong>Cyprus</strong>’ mandate is to<br />
raise awareness of <strong>Cyprus</strong> as a destination for FDI across the globe, providing<br />
certainty around all aspects of operating a business in <strong>Cyprus</strong> and supporting<br />
potential investors in developing their business case for investment into the<br />
country.<br />
9 Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 441 133<br />
E: info@investcyprus.org.cy<br />
W: www.investcyprus.org.cy<br />
CONSTANTINOS<br />
MEIVATZIS<br />
MANAGING DIRECTOR<br />
IQ EQ (CYPRUS) LIMITED<br />
A leading global investor services group, IQ-EQ is present in 23 jurisdictions<br />
employing over 3,400+ people across four continents with assets under<br />
administration (AUA) exceeding US$500 billion. Our experienced and wellqualified<br />
teams specialise in trust establishment and administration, company<br />
incorporation and management, accounting and financial reporting, transaction<br />
support services, fund administration services, escrow services and more.<br />
The combination of our professional service breadth, global reach and depth<br />
of experience has assisted us in attracting new clients from all over the world<br />
and allowed us to actively promote <strong>Cyprus</strong> through the quality of our services.<br />
20 Spyrou Kyprianou Avenue, Chapo Central,<br />
3rd floor, 1075 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 749 000<br />
Contact: Constantinos Meivatzis<br />
- Managing Director<br />
E: Constantinos.Meivatzis@iqeq.com<br />
W: iqeq.com<br />
DAVINIA JOANNIDOU<br />
DIRECTOR<br />
JOANNIDES + CO LTD<br />
Joannides + Co. Ltd is a leading firm of accountants and management consultants<br />
established in <strong>Cyprus</strong> for over 40 years providing audit and assurance, taxation,<br />
business support services and management consulting to international companies<br />
and private clients. The firm has offices in Nicosia, Limassol and Larnaca offering<br />
its services with the utmost integrity, independence and objectivity with the aim<br />
to add significant value to its clients’ business performance. Joannides + Co. Ltd<br />
is a member of AGN International Ltd, a worldwide association of independent<br />
accounting and consulting firms operating in 85 countries, is an approved training<br />
centre of the professional accounting institutes ICAEW and ACCA and in 2010<br />
was awarded the quality award certification from the Institute of Certified Public<br />
Accountants of <strong>Cyprus</strong>.<br />
13, Agiou Prokopiou Str. 2406<br />
Egkomi, Nicosia - <strong>Cyprus</strong><br />
P.O.Box 25411, Nicosia 1309 - <strong>Cyprus</strong><br />
T: (+357) 22 556 556<br />
Contact: Davinia Joannidou - Director<br />
E: cy@joannides.com.cy<br />
W: www.joannides.com.cy<br />
CHRISTOS V. VASILIOU<br />
MANAGING DIRECTOR<br />
KPMG<br />
KPMG is a global organisation of independent professional services firms<br />
providing Audit, Tax and Advisory services. KPMG operates in 146 countries<br />
and territories and has approximately 227.000 people working in member firms<br />
around the world. KPMG has been operating in <strong>Cyprus</strong> since 1948 and currently<br />
employs more than 850 professionals working from 6 offices across the island<br />
(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous). By utilising<br />
the whole spectrum of KPMG International services and the deep knowledge<br />
in all major industries, KPMG provides its clients with solutions which address<br />
their unique characteristics. Clients look to KPMG for a consistent standard of<br />
service based on high-order professional capabilities, industry insight, local<br />
knowledge and expertise.<br />
14 Esperidon Street, 1087, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 209 000<br />
Contact: Demetris S. Vakis - Board<br />
Member, Head of Sales and Markets<br />
E: demetris.vakis@kpmg.com.cy<br />
W: www.kpmg.com.cy<br />
LEANDROS<br />
PAPAPHILIPPOU<br />
MANAGING PARTNER<br />
L PAPAPHILIPPOU & CO LLC<br />
L Papaphilippou & Co LLC was founded in 1963. Through constant and consistent<br />
work, it is now one of the leading and most respectable law firms in <strong>Cyprus</strong>. The<br />
firm quickly established strong presence in the fields of corporate and shipping<br />
law, litigation, banking and finance, wealth management and immigration,<br />
thus achieving good cross-border reputation, which led to the development<br />
of a concrete international professional network and client base. Our list of<br />
clients includes regulatory bodies, local and international banking and financial<br />
institutions, insurance, shipping and listed companies, multinationals and high<br />
net worth individuals.<br />
17 Ifigenias Street, 2007 Strovolos,<br />
P.O.Box 28541, 2080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 271 000<br />
Contact: Leandros Papaphilippou<br />
- Managing Partner<br />
E: info@papaphilippou.eu<br />
W: www.papaphilippou.eu<br />
12
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
ANDREY NARUTSKIY<br />
MANAGING DIRECTOR, CEO<br />
LEON MFO INVESTMENTS LTD<br />
Leon MFO Investments Ltd (the “Company”) is authorized by the CySEC as an<br />
alternative investment fund manager with license number AIFM 37/56/2013. At<br />
present, the Company manages three registered alternative investment funds<br />
(the “RAIF”) addressed to professional investors only. The total assets under the<br />
Company’s fund management exceed $670mln. The Company focuses on liquid<br />
investment strategies. The Company is in the process of launching two more<br />
RAIFs which will be addressed to both professional and well-informed investors:<br />
LEON Income Fund RAIF VCIC PLC and LEON Global Hedge Fund RAIF VCIC PLC.<br />
37, Theklas Lisioti, Gemini House,<br />
Office 301, CY-3030, Limasso - <strong>Cyprus</strong><br />
T: (+357) 25 268 120<br />
Contact: Andrey Narutskiy -<br />
Managing Director, CEO<br />
E: leonmfo@leonmfo.com<br />
W: www.leoninvestments.com.cy<br />
DEMETRIS TAXITARIS<br />
CHIEF EXECUTIVE OFFICER<br />
MAP S.PLATIS GROUP<br />
MAP S.Platis Group is a leading financial services consulting Group with<br />
clients that include regulators, banks, funds and fund managers, investment<br />
firms, brokers, fintech firms, insurance firms and payment and electronic<br />
money institutions. Our expert team, currently comprising over 400 highcalibre<br />
professionals, provides unique and tailored solutions in licensing,<br />
regulatory compliance, risk management, internal audit, human resources,<br />
regulatory technology, information technology, business resilience, information<br />
security including cybersecurity, governance, executive training and innovation<br />
consulting to financial and other firms in the UK, <strong>Cyprus</strong>, Hong Kong and the EU.<br />
Thanks to our vast regulatory compliance experience, continued interaction with<br />
regulatory authorities, unparalleled track record, global network of associates<br />
and wealth of resources, our team can support any client’s regulatory needs<br />
efficiently and effectively.<br />
74 Archiepiskopou Makariou C, 3rd Floor,<br />
Mesa Geitonia, 4003, Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 351 335<br />
Contact: Svetlana Lazarevic –<br />
Head of Business Development<br />
E: info@mapsplatis.com<br />
W: www.mapsplatis.com<br />
ANDREAS LAOS<br />
SENIOR ADVOCATE -<br />
LEGAL CONSULTANT<br />
MICHAEL CHAMBERS & CO. LLC<br />
Michael Chambers & Co. LLC is a full-service Law Firm with <strong>Cyprus</strong> and English<br />
Lawyers offering a wide spectrum of expertise in an impressive variety of legal<br />
disciplines. Our team of Lawyers offers clients a range of integrated global<br />
capabilities, comprising the world’s most active M&A, real estate, finance, litigation<br />
and corporate risk practices. Our law office is located at the heart of the commercial<br />
district of Limassol. The firm enjoys considerable success and has developed an<br />
enviable reputation by pursuing a simple goal – to give its clients unambiguous,<br />
concise and clear-cut legal advice.<br />
25 Voukourestiou Street, Neptune House,<br />
1st Floor, Suite 11 Limassol, <strong>Cyprus</strong>, CY – 3045<br />
T: (+357) 25 819 966<br />
Contact: Michael Chambers - Senior Partner<br />
E: info@chambers.law<br />
W: www.chambers.law<br />
MARIOS MENELAOU<br />
GENERAL MANAGER<br />
NATURAL GAS PUBLIC COMPANY (DEFA)<br />
DEFA has the exclusive right to import and supply natural gas to all consumers<br />
in <strong>Cyprus</strong>. DEFA will develop and manage the gas network infrastructure. It<br />
will construct gas transmission lines and support a virtual network, provide<br />
bunkering services for ships and also natural gas for transportation. DEFA also<br />
owns 70% of ETYFA (30% owned by EAC), a special purpose subsidiary company<br />
that will own the LNG Import Terminal (comprising an FSRU, Jetty, pipelines<br />
and onshore facilities). The Terminal’s EPCOM contract with the international<br />
consortium was signed in December 2019.<br />
13 Limassol Ave, Demetra Tower, 4th Floor,<br />
2112 Nicosia | P. O. Box 24954,<br />
1305 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 761 761<br />
Contact: Maria Theocharidou -<br />
Secretary/PA to the Executive Chairman<br />
E: info@defa.com.cy<br />
W: www.defa.com.cy<br />
VASSOS ARISTODEMOU<br />
CHAIRMAN & CEO<br />
NETINFO PLC<br />
NETinfo is a versatile and innovative technology company that has been enabling<br />
digital transformation strategies for banks and financial institutions since 2000.<br />
NETinfo’s flagship products, NETinfo Digital Banking Platform and NETinfo<br />
Mobile Financial Services (MFS), have successfully been part of the digital<br />
transformation process of banks and financial institutions, in more than 30<br />
countries worldwide. NETinfo focuses on retail, corporate and private banking.<br />
We support banks and financial institutions of all sizes across all geographies,<br />
helping them to harness the latest technologies, and we fully embrace the<br />
needs of today’s digital consumers. Industry analysts recognise NETinfo as one<br />
of the global leaders for omnichannel design and delivery.<br />
23 Aglantzias Ave., 2108 Nicosia<br />
P.O. Box 22658, 1523 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 753 636<br />
E: mail@netinfo.eu<br />
W: www.netinfo.eu<br />
13
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
SUSANA POYIADJIS<br />
MANAGING DIRECTOR<br />
NEXIA POYIADJIS<br />
Established in 1969, Nexia Poyiadjis is a prominent firm of accountants, auditors<br />
and advisors, based in Nicosia and Limassol, providing one of the highest<br />
standards of professional services to local and international clients. Nexia<br />
Poyiadjis is the exclusive <strong>Cyprus</strong> member firm of Nexia International, a leading<br />
global network of independent firms, providing clients with audit and assurance,<br />
taxation, advisory, financial outsourcing, turnaround restructuring and insolvency<br />
services. The firm operates in various industries but has a strong history and<br />
expertise in servicing the financial services industry – regulated funds, alternative<br />
investment fund managers, investment firms, e-money and payment institutions.<br />
Apart from the standard services Nexia Poyiadjis provides set up and licensing<br />
services, fund administration services, valuation, financial modeling, strategic<br />
reviews, internal audit, risk and compliance advisory services.<br />
Sophouli 2 Str., The Chanteclair House,<br />
8th floor, 1096 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 456 111<br />
Contact: Susana Poyiadjis - Managing Director<br />
E: susana.poyiadjis@nexia.com.cy<br />
W: www.nexia.com.cy<br />
KIKIS LAGOS<br />
MANAGING DIRECTOR<br />
ONE PLUS CAPITAL LTD<br />
One Plus Capital (OPC) is as a licensed boutique investment firm based in Nicosia.<br />
OPC is licensed by CySEC to offer the full spectrum of investment services. Its core<br />
services include portfolio management, investment advisory, global brokerage,<br />
corporate finance, custody and safekeeping. OPC is also a trading member of<br />
the Athens and <strong>Cyprus</strong> Stock Exchange (ASE, CSE). Over the past few years, OPC<br />
has weighed in on its expertise and years of presence in the industry to broaden<br />
the range of services offered. Specifically, OPC has been active in the field of<br />
fund management for a number of <strong>Cyprus</strong> licensed funds with multi-asset class<br />
strategies and compartments for both retail and professional investors.<br />
75 Prodromou Avenue,<br />
Oneworld Parkview House,<br />
2063 Strovolos, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 873 760<br />
Contact: Kikis Lagos - Managing Director<br />
E: info@onepluscapital.net<br />
W: www.onepluscapital.net<br />
SAVVAS SHIATIS<br />
MANAGING DIRECTOR<br />
ONEWORLD LTD<br />
Oneworld Ltd is a leading advisory, corporate and business services firm in<br />
<strong>Cyprus</strong> and Dubai with associated offices in key global centres. We provide<br />
company incorporation, management, banking, redomiciliation services as<br />
well as setting up and administering private funds and trusts. We advise on<br />
international tax planning, family succession, incorporate offshore companies<br />
in zero and low tax jurisdictions and provide other boutique services including<br />
licensing of various operations and structures. We bring a depth of experience<br />
to our work and dealings with our clients, which range from dynamic young<br />
enterprises to global corporations and high net worth individuals, their families<br />
and consultants.<br />
75 Prodromou Avenue, Oneworld House,<br />
POBox 25207, Nicosia 1307 - <strong>Cyprus</strong><br />
T: (+357) 22 496 000<br />
Contact: Savvas Shiatis - Managing Director<br />
E: SShiatis@oneworldweb.net<br />
W: www.oneworldweb.net<br />
PAUL PAVLI<br />
MANAGING DIRECTOR<br />
ONEWORLD PLUS MANAGEMENT<br />
Oneworld Plus Management is a dedicated third party Alternative Investment<br />
Fund Manager (AIFM) providing AIFM services to fund initiators, promoters and<br />
fund managers of private equity, real estate, infrastructure, debt, fund of funds,<br />
transferable securities as well as other alternative asset classes. Our experience<br />
encompasses funds and assets in Ireland, Luxembourg, UK, <strong>Cyprus</strong>, Greece, Middle<br />
East, Asia, Cayman Islands and various other jurisdictions. We offer full fund setup<br />
services or we can provide services to existing funds. Oneworld Plus Management<br />
is authorised and regulated by the <strong>Cyprus</strong> Securities and Exchange Commission<br />
AIFM35/56/2013.<br />
E U L I C E N S E D A I F M<br />
Oneworld House<br />
75 Prodromou Avenue, Level 2,<br />
Nicosia 1307 - <strong>Cyprus</strong><br />
T: (+357) 22 507 723<br />
Contact: Paul Pavli - Managing Director<br />
E: ppavli@oneworldaifm.com<br />
W: www.oneworldaifm.com<br />
STAVROS PAVLOU<br />
SENIOR AND MANAGING<br />
PARTNER<br />
PATRIKIOS PAVLOU & ASSOCIATES LLC<br />
Patrikios Pavlou & Associates LLC is a leading law firm in <strong>Cyprus</strong>. With<br />
nearly 60 years of experience in the local and international legal market, the<br />
Firm has developed distinguished expertise in dispute resolution and ADR<br />
and a renowned legal consulting department. The legal teams are constantly<br />
involved in some of the largest cross-border banking, financial and corporate<br />
transactions and handle complex litigation, arbitration and mediation matters.<br />
In close cooperation with the associated Pagecorp Group, the Firm provides its<br />
clients with a comprehensive range of corporate and other related services. The<br />
Firm is highly recommended by prestigious legal directories worldwide for its<br />
distinctive legal services.<br />
Patrician Chambers, 332 Agiou Andreou Street,<br />
3035 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 871 599<br />
Contact: Stavros Pavlou - Senior<br />
and Managing Partner<br />
E: spavlou@pavlaw.com<br />
W: www.pavlaw.com<br />
14
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
EVGENIOS C EVGENIOU<br />
CEO, PwC CYPRUS<br />
PwC CYPRUS<br />
We support you to create the value you are looking for by providing specialised<br />
solutions based on quality. Together we build relationships based on trust and<br />
we say things as they are, to assist you to deal with issues that tomorrow will<br />
prove important. We adapt the expertise of more than 1,000 professionals in<br />
<strong>Cyprus</strong> and the power of our global network of more than 284,000 people in 155<br />
countries to your specific needs, helping you make the difference. In a demanding<br />
and challenging business environment, our diverse teams of professionals are<br />
sharing deep knowledge and experience. We provide a broad range of services to<br />
meet your increasingly complex needs.<br />
PricewaterhouseCoopers Ltd<br />
PwC Central, 43 Demostheni Severi Avenue,<br />
CY-1080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 555 000<br />
Contact: Konstantina Logotheti -<br />
Director, Marketing & Communications<br />
E: konstantina.logotheti@pwc.com<br />
W: www.pwc.com.cy<br />
STELLA KAMMITSI<br />
MANAGING DIRECTOR<br />
RAZA CORPORATE SERVICES LTD<br />
Raza is regulated by the <strong>Cyprus</strong> Bar Association as an Administrative Service<br />
Provider and operates under the management, control and supervision of Stella<br />
Kammitsi, a licensed lawyer with over 30 years of experience. It offers innovative<br />
fiduciary, corporate, trustee and advisory services to corporates, partnerships,<br />
high net worth individuals and families. Being a boutique firm gives it a high<br />
degree of flexibility when navigating challenges, and Raza is proud to state that<br />
throughout the years it has earned the loyalty and trust of its clients by providing<br />
them with personal, reliable and timely services whilst demonstrating attention<br />
to their specific requirements.<br />
5 Anastasios Leventis Street,<br />
Leventis Gallery Tower, 8th Floor,<br />
1097 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 777 787<br />
Contact: Stella Kammitsi - Managing Director<br />
E: skammitsi@raza.com.cy<br />
W: www.raza.com.cy<br />
DR. KIRILL ZIMARIN<br />
CHIEF EXECUTIVE OFFICER<br />
RCB BANK LTD<br />
RCB Bank Ltd was founded in 1995 and is now one of the largest financial<br />
institutions in <strong>Cyprus</strong> and a significant EU bank. The Bank offers corporate,<br />
investment and retail products and services to clients from around 50 countries.<br />
RCB is a private financial institution. It is headquartered in Limassol, with<br />
branches in Nicosia, Limassol, Larnaca, Pafos, Luxembourg and representative<br />
offices in Moscow and London. With 25 years of history and expertise in<br />
banking, RCB has earned a reputation as a financially stable and reliable bank.<br />
RCB offers a wide range of everyday banking products and services as well<br />
as tailored investment solutions and aspires to establish long-term strategic<br />
partnership with its clients.<br />
2, Amathountos Street, P.O. Box 56868,<br />
3310 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 837 300<br />
E: rcb@rcbcy.com<br />
W: www.rcbcy.com<br />
PHILIOS ZACHARIADES<br />
GENERAL MANAGER<br />
ROYAL CROWN INSURANCE CO LTD<br />
RCI is a non-life insurance company that has been active in the <strong>Cyprus</strong><br />
market for more than forty years. Initially RCI was the local agent for Royal &<br />
SunAlliance, of which it is still part of the global network, and since 1999, RCI<br />
has been licensed as a purely Cypriot private insurance company. RCI’s mission<br />
has always been to operate on the principles of absolute integrity, transparency<br />
and to provide the best possible services to its clients. RCI’s practices and<br />
procedures have been awarded the quality certification ISO9001-2015 by Lloyd’s<br />
Register. Insurance, for RCI, is not a product to be sold, but a service provided<br />
and a commitment created.<br />
16-20 Mnasiadou Street<br />
P.O.Box: 24690 1302 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 885 555<br />
Contact: Anthie Zachariadou<br />
– Executive Director<br />
E: info@royalcrowninsurance.com<br />
W: www.royalcrowninsurance.com<br />
FIONA MULLEN<br />
DIRECTOR<br />
SAPIENTA ECONOMICS LTD<br />
Sapienta Economics is a Nicosia-based economic consultancy producing toplevel<br />
analysis primarily on <strong>Cyprus</strong> for a range of prestigious clients, including<br />
banks, oil/gas majors, big four accounting firms and over a dozen embassies.<br />
Our services include bespoke consultancy and the monthly Sapienta <strong>Country</strong><br />
Analysis <strong>Cyprus</strong>. Each month we take an in-depth look at prospects for political<br />
stability, government effectiveness, a resolution of the <strong>Cyprus</strong> problem,<br />
structural policies including natural gas, fiscal performance, debt sustainability,<br />
banking sector stability and the latest economic trends. No other organization<br />
offers such breadth and depth of inter-related issues. Sapienta Economics and<br />
its Director Fiona Mullen are independent, with no political ties in <strong>Cyprus</strong> or<br />
abroad and no investment in <strong>Cyprus</strong> shares or bonds.<br />
Tenedou 7, No 401, Lykavitos,<br />
CY1055 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 99 338 224<br />
Contact: Fiona Mullen - Director<br />
E: fiona.mullen@sapientaeconomics.com<br />
W: www.sapientaeconomics.com<br />
15
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
PETROS THEODOTOU<br />
FCCA<br />
FOUNDER & CEO<br />
SERVPRO ACCOUNTANTS & CONSULTANTS<br />
ServPRO is a team of accountants, auditors, lawyers and consultants. A practicing<br />
member of ICPAC and ACCA, a National Member of Auditaxes International, an<br />
ACCA Approved Employer, an ISO 9001:2015 and an ISO 27001:2013 Certified<br />
Company. Our areas of expertise are Accounting & Finance, Advisory &<br />
Consulting, Audit & Assurance, Corporate & Legal, Economic Substance and<br />
Taxation. We have a stellar track record in delivering practical solutions to<br />
corporate and individual clients with a spherical, solution-driven and detailoriented<br />
approach, while demonstrating an aptitude of professionalism,<br />
integrity and commercial acumen. Today, we celebrate 10 years of delivering an<br />
impeccable quality of services and practical solutions across a diversified range<br />
of industries to a growing multinational clientele.<br />
Accountants & Consultants<br />
1 Kinyra Street, Kinyras Tower,<br />
3rd Floor, 1102 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 021 100<br />
Contact: Petros Theodotou FCCA -<br />
Founder & CEO<br />
E: info@servpro.com.cy<br />
W: www.servpro.com.cy<br />
GEORGE MAVROS<br />
MANAGING DIRECTOR<br />
SKYLINK SERVICES LTD<br />
Skylink Services Ltd is a provider of ground handling services for Executive<br />
Aviation Aircraft in <strong>Cyprus</strong>. We began operations in 1998, filling the gap in<br />
the Executive Aircraft ground handling market at both International Airports<br />
of <strong>Cyprus</strong>, Larnaca and Paphos. Skylink Services now owns and operates the<br />
only FBO facility at Larnaka Airport offering around-the-clock professional<br />
VIP aircraft and passenger handling services. Currently representing over 400<br />
companies that own or operate executive aircraft worldwide. Skylink Services<br />
also manages and operates the new Heads of State Lounge facility at Larnaka<br />
International Airport. This Lounge is used by all Heads of State visiting the<br />
Republic of <strong>Cyprus</strong> as well as a host of other visiting dignitaries.<br />
P.O. Box 43012, Larnaca Airport,<br />
6650 Larnaca - <strong>Cyprus</strong><br />
T: (+357) 24 840 900<br />
T: (+357) 24 643 334 24hr Operation<br />
E: flightops@skylink.com.cy<br />
W: www.skylink.com.cy<br />
STELLA KAMMITSI<br />
STEP CYPRUS CHAIRWOMAN<br />
SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)<br />
STEP is the global professional association for practitioners who specialise<br />
in family inheritance and succession planning. STEP works to improve public<br />
understanding of the issues families face in this area and promotes education<br />
and high professional standards among its members. STEP members help<br />
families plan for their futures, from drafting a will to advising on issues<br />
concerning international families, protection of the vulnerable, family businesses<br />
and philanthropic giving. Today STEP has more than 20,000 members across<br />
96 countries from a range of professions, including lawyers, accountants and<br />
other specialists. The <strong>Cyprus</strong> branch of STEP numbers over 185 experienced<br />
professionals from all over <strong>Cyprus</strong>, and is active in the spread of industry related<br />
knowledge, through regular conferences and presentations.<br />
P.O.Box 24789, 1303 Nicosia, <strong>Cyprus</strong><br />
T: (+357) 22 777 787<br />
Contact: Stella Kammitsi - STEP<br />
<strong>Cyprus</strong> Chairwoman<br />
E: skammitsi@raza.com.cy<br />
W: www.step.org<br />
STELIOS AMERICANOS<br />
MANAGING PARTNER<br />
STELIOS AMERICANOS & CO LLC<br />
Stelios Americanos & Co LLC is a full services, highly innovative law firm with<br />
headquarters based in Nicosia, <strong>Cyprus</strong> and a branch in Athens, Greece. It<br />
specializes in corporate, commercial and banking law, corporate and commercial<br />
litigation, real estate, financial advisory & regulation and blockchain legal<br />
advisory. Stelios Americanos & Co LLC provides its services to governmental<br />
organizations, international banking institutions, public companies and<br />
multinational corporations. Moreover Stelios Americanos & Co LLC has created<br />
close relationships with reputable international legal and consulting firms and is,<br />
thus, able to assist clients with their cross-border transactions and needs. Today,<br />
Stelios Americanos & Co LLC is considered one of the leading law firms in <strong>Cyprus</strong><br />
in the areas of its specialty.<br />
12, Demostheni Severi Av.<br />
Office 601, 6th Floor 1080 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 465 500<br />
Contact: Stelios Americanos<br />
- Managing Partner<br />
E: stelios@americanoslaw.com<br />
W: www.americanoslaw.com<br />
SOFOCLES TYMVIOS<br />
CHIEF EXECUTIVE OFFICER<br />
SWISSPORT CYPRUS LIMITED<br />
Swissport has been present in <strong>Cyprus</strong> since January 2006 providing Passenger,<br />
Ramp, Ticketing, cargo, and executive aviation services at both the island’s<br />
airports. It is a subsidiary of Swissport International, the words largest Airport<br />
provider of ground and air cargo services, active at over 269 airports in 47<br />
countries across all five continents. With more than 850 client-companies,<br />
Swissport provides airport ground services for 82 million passengers, and<br />
4.1 million tons of cargo at 116 warehouses world-wide per annum, with a<br />
workforce of 45,000. In <strong>Cyprus</strong> Swissport employs over 850 people, trained at<br />
the highest level and in line with industry standards and procedures.<br />
Office 2, Larnaka International Airport<br />
T: (+357) 24 008 781<br />
Contact: Michael Kokkinos -<br />
Commercial Manager<br />
E: Michael.kokkinos@swissport.com<br />
W: www.swissport.com<br />
16
`<br />
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
TECHISLAND<br />
TechIsland is a non-profit organization with the mission to promote and<br />
accelerate the growth of technology and innovation ecosystem in <strong>Cyprus</strong>. At the<br />
same time, it’s the biggest Tech Association in <strong>Cyprus</strong>, with currently more than<br />
140 Members. In its strategy, called Vision 2030, there are a series of actions<br />
and initiatives that have the aim of establishing <strong>Cyprus</strong> as a top-tech destination<br />
for companies and professionals.<br />
MARIOS GIORGOUDIS<br />
GENERAL MANAGER<br />
Riga Feraiou 47, Limassol - <strong>Cyprus</strong><br />
T: (+357) 99 987 577<br />
Contact: Marios Giorgoudis – General Manager<br />
E: marios@thetechisland.org<br />
W: www.thetechisland.org<br />
ANTONIS ANTONIOU<br />
CHAIRMAN<br />
THE CYPRUS EMPLOYERS AND INDUSTRIALISTS FEDERATION (OEB)<br />
The <strong>Cyprus</strong> Employers and Industrialists Federation (OEB) was founded in 1960.<br />
Today, its members are active in all sectors of the economy and employ more<br />
than 60% of the private sector’s workforce. OEB is a pancyprian independent<br />
organisation comprising of more than 100 of the main professional / sectoral<br />
Associations, as well as hundreds of companies from the Agricultural,<br />
Manufacturing, Construction, Commercial and Services Sectors. In total, OEB<br />
has more than 10.000 Members / Enterprises. OEB is established as a dynamic<br />
force in <strong>Cyprus</strong>’ socio - economic development and welfare and acts as the main<br />
advocate and representative of the business community.<br />
years<br />
4, <strong>Cyprus</strong> Employers & Industrialists<br />
Federation Street, 2000 Nicosia /<br />
P.O.Box 21657, 1511 Nicosia<br />
T: (+357) 22 643 000<br />
Contact: Michalis Antoniou - Director General<br />
E: info@oeb.org.cy<br />
W: www.oeb.org.cy<br />
THE CYPRUS TECH ASSOCIATION<br />
The <strong>Cyprus</strong> Tech Association, a non-for-profit entity, aspires to provide a<br />
dynamic platform for all tech professionals and international ICT companies<br />
established in <strong>Cyprus</strong> to discuss, promote, and address common challenges. It<br />
also provides a formal representation to all its members to forums, public and<br />
private entities, as well as offers direction on key strategic issues, including the<br />
economic importance of the ICT sector and policy advocacy.<br />
KYRIAKOS KYRIAKOU<br />
PRESIDENT<br />
Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
T: (+357) 441 133<br />
E: info@techcyprus.org.cy<br />
W: www.techcyprus.org.cy<br />
KYRIAKOS IORDANOU<br />
GENERAL MANAGER<br />
THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF CYPRUS (ICPAC)<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC) is the competent<br />
authority for regulating the accounting profession and the sole recognised body<br />
of Auditors by the state in <strong>Cyprus</strong>. Established in 1961, ICPAC currently has<br />
more than 5.300 professional accountants as members and 3.500 students.<br />
ICPAC houses all professional accountants, supports and promotes the activities<br />
and interests of the accountancy profession, safeguards the reputation of the<br />
profession and adherence to the Code of Ethics, as well as provides for the<br />
continuous professional development and updating of members. In addition,<br />
ICPAC is also a competent authority under the Anti-Money Laundering law, the<br />
laws on the Regulation of Enterprises Providing Administrative Services and the<br />
Insolvency Practitioners Law, as well as one of the primary stakeholders of the<br />
economy of the country.<br />
11 Byron Avenue, CY-1096, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 870 030<br />
Contact: Kyriakos Iordanou – General Manager<br />
E: info@icpac.org.cy<br />
W: www.icpac.org.cy<br />
ANDREAS MERCOURI<br />
GENERAL MANAGER<br />
TRIDENT TRUST COMPANY (CYPRUS) LIMITED<br />
Founded in 1978, the Trident Trust Group is one of the largest independent<br />
providers of corporate and fiduciary services, employing more than 900 staff<br />
in over 25 jurisdictions. Trident Trust <strong>Cyprus</strong> is one of the Group’s leading<br />
offices established in 1996 and is today one of the main members of the local<br />
financial services industry, employing just over 75 employees. Trident <strong>Cyprus</strong> is<br />
regulated by the <strong>Cyprus</strong> Securities and Exchange Commission and provides a<br />
full range of services on <strong>Cyprus</strong> companies, funds and trusts, principally to law<br />
firms, accountants and tax advisors, as well as financial institutions and large<br />
international organizations.<br />
Griva Digeni 115, Trident Centre<br />
3101 Limassol - <strong>Cyprus</strong><br />
T; (+357) 25 820 650<br />
Contact: Andreas Mercouri - General Manager<br />
E: cyprus@tridenttrust.com<br />
W: www.tridenttrust.com<br />
17
<strong>Cyprus</strong>Profile Digital Series<br />
Who’s Who - <strong>Cyprus</strong> Business Directory<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
EXECUTIVE DIRECTOR<br />
TRILOGY LIMASSOL SEAFRONT<br />
Brought to life by a world-class collaboration of architects, designers and<br />
developers, Trilogy is an exciting new high-rise development in the heart of<br />
Limassol. A trio of shimmering beachfront towers surrounding a bustling inner<br />
plaza, Trilogy is a place to live, work and play. Its luxury apartments blend the<br />
aspirational dream of high-end living, with the sophistication of urban cool. Stateof-the-art<br />
offices also enjoy first-class services and uninterrupted sea views from<br />
every window. Three distinct social areas offer resident-only facilities for secluded<br />
leisure and relaxation, as well as a lively public plaza that can be enjoyed and<br />
experienced by everyone. Your story begins here…<br />
341, 28th October Avenue<br />
3106 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 362 800<br />
Contact: Yiorgos Georghiou - Sales Director<br />
E: info@trilogylimassol.com<br />
W: www.trilogylimassol.com<br />
NICK TERRY<br />
MANAGING DIRECTOR<br />
VISTRA (CYPRUS) LIMITED<br />
Vistra Group is a leading fund, trust and corporate services provider. Ranked<br />
among the top three in our industry, we have 81 offices across 45 countries,<br />
and employ over 4.500 professionals globally. In <strong>Cyprus</strong>, our team of forty<br />
professionals provides a uniquely broad range of services and solutions for a<br />
wide client-base of high net worth entrepreneurs, international investment<br />
funds and multinational groups. Certainly, in these challenging times, and with<br />
the regulatory and financial environment constantly changing, many clients<br />
seek comfort in working with a world leader such as Vistra; its wide group<br />
network and professionalism being an invaluable asset.<br />
2nd Floor Sotiri Tofini 4<br />
Agios Athanasios, 4102 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 817 411<br />
Contact: Nick Terry - Managing Director<br />
E: Nick.Terry@vistra.com<br />
W: www.vistra.com<br />
GEORGE W. SAMS<br />
CEO<br />
WEALTH FUND SERVICES LTD<br />
Wealth Fund Services Ltd is a global advisory and asset management company,<br />
based in <strong>Cyprus</strong> and licensed by CySEC (<strong>Cyprus</strong> Securities & Exchange Commission)<br />
as an AIFM management company with license No 6/78/2012. It operates in<br />
the field of setting-up, running and managing UCITS Mutual Fund, Registered<br />
Alternative Fund (RAIF) and Alternative Investment Fund (AIF) in line with the<br />
recent EU Directive which is implemented by the Cypriot legislation. It also offers<br />
Discretionary Asset management and Advisory services to HNI and Institutional<br />
clients. The primary goal of the Company is the protection of the assets under<br />
management remaining focused on achieving high return yields and providing top<br />
quality services to its investors.<br />
Kennedy 12-14, Kennedy Business Center<br />
Office 305, 1087, Nicosia - <strong>Cyprus</strong><br />
T: (+357) 22 755 506-07<br />
Contact: George Sams - CEO<br />
E: info@wealthfs.com.cy<br />
W: www.wealthfs.com.cy<br />
JOHNY ABUAITAH<br />
CEO<br />
WINDSOR BROKERS LTD<br />
Windsor Brokers was established in Limassol <strong>Cyprus</strong> with roots dating back to<br />
1988. The Company was the first Cypriot Investment Firm of its type to be licensed<br />
and regulated by the Central Bank of <strong>Cyprus</strong>, and by 2004, it was regulated by<br />
the <strong>Cyprus</strong> Securities and Exchange Commission. Our company’s mission is to<br />
empower People in the pursuit of their financial goals. For three decades, we<br />
have remained committed to serving investors who place security, integrity, and<br />
reliability at the forefront of their investment goals.<br />
Windsor Brokers Business Center,<br />
Spyrou Kyprianou 53, Mesa Geitonia<br />
4003 Limassol - <strong>Cyprus</strong><br />
T: (+357) 25 500 700<br />
Contact: Jabra Serieh - Director of Marketing<br />
E: Jabra.Serieh@WindsorBrokers.eu<br />
W: www.windsorbrokers.eu<br />
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