Doing Business in Cyprus (Saudi edition)

TheProfilerGroup
DOING BUSINESS
CYPRUS
SAUDI ARABIA EDITION

DOING BUSINESS C YPRUS
2
SAUDI ARABIA EDITION
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Contents
06
10
18
22
34
36
40
46
53
56
58
64
68
73
79
CYPRUS AT A GLANCE
Key Facts & Figures
COUNTRY OVERVIEW
Cyprus: Work-Life Balance
INSIGHT
Minister of Energy, Commerce, and Industry Natasa Pilides
FOREIGN DIRECT INVESTMENT
Investment Gateway
INSIGHT
Minister of Foreign Affairs Ioannis Kasoulides
INTERVIEW
Ambassador of the Kingdom of Saudi Arabia to the Republic of Cyprus
Khaled Mohammed Alsharif
INTERVIEW
Ambassador of the Republic of Cyprus to the Kingdom of Saudi Arabia
Stavros Avgoustides
SPOTLIGHT
Cyprus Real Estate
PROPERTY SHOWCASE
Leading Developments in Cyprus
INSIGHT
CEO of Invest Cyprus George Campanellas
INCENTIVES
New Government Action Plan
INCENTIVES
Cyprus-Saudi Arabia Business Association President Demos Anastassiou
BUSINESS OPERATING ENVIRONMENT
Business operating environment guide including taxation, business
costs, commercial and residential property, and salary survey
TAXATION
Tax and Regulatory Regime of Cyprus
WHO’S WHO IN CYPRUS
The definitive guide to Cyprus’ leading companies,
executives, and professional advisors

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SAUDI ARABIA EDITION
Cyprus at a Glance
Lying at the crossroads of Europe, Asia and Africa, Cyprus has long served as a
major eastern trading post. It is a small country, but the third largest island in
the Mediterranean Sea and shares a maritime border with Egypt 300km to the
south, Lebanon 108km to the east and Turkey 71km to the north, while mainland
Greece lies 800km to the north-west. With 10,000 years of history, the island’s
strategic location has long made it a jewel in the crown of the powers of the day.
PAPHOS
(Pafos)
101,900
Paphos
International
Airport
LIMASSOL
(Lemesos)
258,900
NICOSIA
(Lefkosia)
351,600
Larnaca
International
Airport
LARNACA
(Larnaka)
154,200
35ºN
33ºE
FAMAGUSTA
(Ammochostos)
51,500

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CYPRUS
DATA
MEMBERSHIPS
EU & Eurozone
World Trade
Organization
United Nations
Council of Europe
Commonwealth
World Bank & IMF
RELIGION
89.1%
Greek Orthodox
2.9% Roman Catholic
2.0% Protestant/Anglican
1.8% Muslim
1.7% Unknown/Atheist
1.0% Buddhist
1.5% Other
TOTAL POPULATION
918,100
Republic of Cyprus
79%
Cypriot
21%
Non-Cypriot
OFFICIAL LANGUAGES
Greek &
Turkish
(business generally
conducted in English)
TIME
+2 Hours
ahead of GMT
SUNSHINE
340 days
of sunshine/year
AREA & SIZE
9,251 km 2
(3,355 km 2 in the
occupied area)
POPULATION DENSITY
132
(persons per km 2 )
MEDIAN AGE
38
CURRENCY
Euro (€)
RAINFALL
503 mm
average annual
AVERAGE TEMPERATURE
+13ºC
Winter
+34ºC
Summer
MAIN MEDIA
Cyprus Mail
Phileleftheros
Politis
CyBC

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CYPRUS
BUSINESS
FIGURES
TOTAL GDP
€23.4
billion
(2021)
GDP PER CAPITA
€26,031
(2021)
12.3%
Taxes & Subsidies
5.4%
Construction
7.5%
Mining, manufacturing,
electricity & water
GDP
BY SECTOR
73.1%
Services
1.8%
Agriculture,
forestry & fishing
UNEMPLOYMENT
7.5%
(2021)
GDP GROWTH
5.5%
(2021)
INFLATION
2.3%
(2021)
INTERNATIONAL RANKINGS
Standard & Poor’s
BBB
CORPORATE
TAX RATE
12.5%
TIME TO START
UP A BUSINESS
1.3 days
ACCOUNTING
STANDARD
IFRS
Fitch
BBB- Moody’s
Ba1
(September 2022)
MAIN TRADING PARTNERS
UK
Germany
Italy
France
Israel
Greece
China
CRIME
0.9 per
100 persons
Cyprus is the safest
country in the world for
young people out of
184 countries across
the globe.

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COUNTRY OVERVIEW
Cyprus: Work-Life Balance
Renowned since antiquity, Cyprus has reinvented
itself multiple times and is going through another
exciting transformation today. The island nation has
big ambitions to diversify its economy by placing
innovation at its core, while it continues to attract
professional expats and foreign investors to its
shores thanks to its relaxed lifestyle coupled with
bourgeoning prospects in multiple sectors.
L
ocated in the eastern Mediterranean at the crossroads of Europe, the Middle East
and Africa, Cyprus’ strategic position has always played a key role in shaping its
10,000-year history and in developing the island into a convenient centre for trade
and international business. Despite being a country of less than a million people,
the Republic of Cyprus has steadily built itself into a thriving business centre over
the decades. An EU and eurozone member for over a decade, and with one of the
highest educated populations in Europe, Cyprus has built a strong service-based
economy. Its low-cost business environment with a wealth of support services, a
sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an
extensive network of double taxation agreements with 67 countries – has developed
Cyprus into an important European and regional financial and business services
hub. The country is also one of Europe’s favourite holiday destinations, enjoying
340 days of glorious sunshine a year and boasts a beautiful coastline teeming with

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stretches of golden sand, secluded bays and rocky coves, all surrounded by some of
the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted
with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms
to exquisite Byzantine art and magnificent Venetian architecture. Add to
this the vibrant and cosmopolitan lifestyle where East meets West, Cyprus offers the
perfect balance between business and leisure.
PEOPLE & CULTURE
While the Republic of Cyprus is a
Greek-speaking nation, English
is almost universally spoken and is the
language of international business.
German, French and Russian speakers
are also easily found, thanks to the high
number of Cypriots with international
degrees, the country’s commercial ties
with the global business community,
and the island’s popularity as a tourist
destination. Cyprus is well known for its
hospitality, a fact reflected in the Greek
word, xenos, used for both stranger and
guest. Life is meant to be enjoyed in
Cyprus, which is renowned for its excellent quality of life. Cafe culture predominates,
with both business and social meetings taking place over a leisurely frappe (iced
coffee) in the numerous cafes in every town and city. As with most Mediterranean
cultures, food also plays a vital role in family and social life. The famous Cyprus meze
– a large selection of small, delectable dishes – is best enjoyed siga siga (slowly) and
al fresco.
Cyprus has a resilient economy that
has time and time again proven
its capacity to adjust to continuously
changing conditions and bounce
back from external shocks. Before its
independence from the UK in 1960, the
Cyprus economy was primarily based on
agriculture and the export of minerals.
However, in the last few decades the
country has established itself as a serious
international business and service centre
for shipping, financial services and
commerce, and is classified by the World
Bank as a high-income country. The
island’s accession to the EU in 2004 with
I
Offering a tax-efficient
EU company domicile, the
country is also emerging as
a compelling destination for
regional headquarters and
a base for tech companies,
as well as an increasingly
attractive location for fund
managers and promoters
RESILIENT EU ECONOMY
the subsequent adoption of the euro in 2008, was the catalyst for its transformation into
a competitive financial and business services hub. Following the country’s financial

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crisis in 2013, Cyprus undertook a major
reform agenda and while still facing
some economic challenges, the small
EU nation has demonstrated resilience
and an ability to bounce back to growth.
The year 2015 signalled a sooner-thanexpected
exit from recession and a rapid
economic turnaround followed, with 2017
recording almost 4% growth – earning
Cyprus praise as an economic success
story. Cyprus’ resilience in the face of the
pandemic was once again evident with
GDP growth reaching a strong 5.5% in
2021, although the European Commission
forecasts a downturn to 3.2% growth in
2022. Consistent credit rating upgrades
have further boosted confidence and
foreign direct investment has been
flowing into all key sectors. Cyprus has
retained and strengthened its status as an
attractive investment gateway to the EU
and other high-growth markets, as well
as a secure base to tap into opportunities
in the Middle East. Offering a tax-efficient
EU company domicile, the country is also
emerging as a compelling destination
for regional headquarters and a base for
tech companies, as well as an increasingly
attractive location for fund managers and
promoters.
GROWING INVESTMENT FUND SECTOR
Cyprus has big ambitions in the
investment funds sector to establish
itself as a contender in the global asset
management industry. The steady growth
in both Assets under Management and in
the number of fund structures licensed
and active in Cyprus have underlined
the strength and appeal of the novice
domicile. Assets under Management
(AuM) have seen a formidable increase
from €2.7 billion in 2016 to €11.1 billion in
the first quarter of 2022, showing that it is
not the sector’s size but its fast growth that
has impressed, and is being recognised
by the global asset management and
investor community. Investment funds
CYPRUS FACTS
& FIGURES
EU Member since 2004,
Eurozone member since 2008
Cyprus’ maritime sector accounts
for €1 billion in annual revenue and
is around 7% of the island’s GDP
Cyprus is an established
international business and service
centre for shipping, financial
services and commerce, and is
classified by the World Bank as
a high-income country
Investment funds have already
invested more than €2 billion
in several sectors of the Cypriot
economy, such as shipping,
hospitality, education, healthcare,
and renewable energy

DOING BUSINESS C YPRUS
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SAUDI ARABIA EDITION
have already invested more than €2 billion in several sectors of the Cypriot economy,
such as shipping, hospitality, education, healthcare, and renewable energy. Cyprus
offers both EU-regulated Undertakings of Collective Investment in Transferable
Securities (UCITS) and Alternative Investment Funds (AIFs). In July 2018, the country
upgraded its AIF framework and introduced Registered AIFs (RAIFs), which do not
require authorisation by the supervising Cyprus Securities and Exchange Commission
(CySEC) to commence operations provided they are externally managed by an
Alternative Investment Fund Manager (AIFM) based in Cyprus or another EU country.
The upgraded legislation has been hailed ‘ground-breaking’ and offers a significantly
more time- and cost-efficient means of establishing AIFs in Cyprus. Today, the majority
of alternative investment funds in Cyprus are of a small and medium size and focus
on debt and equity securities, real estate and private equity. However, Cyprus has also
attracted larger funds including one with assets of €500 million under management.
The number of alternative investment funds has more than doubled in the last five
years and foreign UCITS are now widely marketed in Cyprus, including ones promoted
by international financial institutions such as JP Morgan, UBS and Julius Baer.
GLOBAL SHIPPING HUB
major success story for Cyprus has been the maritime sector, which accounts for
A around €1 billion in annual revenue and approximately 7% of the island’s GDP
– and of this figure, shipmanagement alone accounts for 5%. Apart from offering
shipmanagement and business services to the industry, the Cyprus Registry is
classified as the third largest merchant fleet in the European Union and the 11 th largest
in the world. The country is also the EU’s largest shipmanagement centre and amongst
the top three in the world. The sector has seen growth in the past few years and Cyprus
is currently looking at restructuring the commercial shipping sector to strengthen its
competitive edge. Since introducing an advantageous EU-approved tonnage tax system
in 2010, the island has continued to attract increasing numbers of shipping companies
from across the world. The country’s maritime capital, Limassol, is home to some of the
most influential names in shipping today managing around 20% of the world’s thirdparty
managed fleet.
I
Apart from offering shipmanagement and
business services to the industry, the
Cyprus Registry is classified as the third
largest merchant fleet in the European
Union and the 11th largest in the world.

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Apart from the sun and the sea,
Cyprus has few natural resources
and has been dependent on oil imports
to satisfy its energy demands. However,
the substantial discovery of natural gas
and potential oil deposits in Cyprus’
Exclusive Economic Zone (EEZ) in
the Mediterranean Sea is expected to
change all this. Exploratory drillings by
global energy giants have confirmed
natural gas reserves that could meet
Cyprus’ domestic gas demand for over
EAST MED ENERGY CENTRE
IThe country’s top-tier
universities and research
institutes are also playing a
pivotal part in these efforts
to create a more sustainable
energy mix through innovation
in smart tech and research in
ways to battle climate change
100 years, and a surplus for export. The
hydrocarbons race in Cyprus’ waters has attracted international energy heavyweights,
such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s
waters for new discoveries and multiple auxiliary services companies have set up
to support these efforts. With 340 days of sunshine to harness, solar energy has also
become a bit of a boom segment for Cyprus recently. The government is placing strong
focus on renewable energy and working towards achieving a zero-carbon economy.
The country’s top-tier universities and research institutes are also playing a pivotal role
in these efforts to create a more sustainable energy mix through innovation in smart
tech and research in ways to battle climate change.
TECH AND INNOVATION TAKING THE LEAD
The technology space in Cyprus is seeing a fresh boost with more state support to the
sector, the launch of new national strategies to integrate innovative tech, and fresh
incentives to attract more digital nomads, IT start-ups and regional headquarters. With
its new focus on long-term development outcomes, Cyprus is determined to diversify
and harness growth with a technology-driven economy. The biggest spender by far on
IT in Cyprus is the financial sector, followed by the telecoms providers and the public
service. Albeit one of the smallest EU member states, research and development is an
area where Cyprus punches well above its weight. Unprecedented investment into the
sector and ground-breaking projects are establishing this small island, not only as an
innovation and research hub, but as a regional centre of excellence providing strong
links with the global scientific and technical innovation community.
POPULAR TOURISM DESTINATION
Tourism has been a key driving force of the Cypriot economy for decades, and pre-
Covid the country saw consecutive years of record-breaking numbers of tourist
arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,
tourist arrival figures are rebounding and new projects currently underway are
set to strengthen and upgrade Cyprus’ tourism product and encourage more yearround
visitors, a strategy Cyprus is fully committed to. These projects range from the
construction of new golf courses, luxury marina developments and the upgrading of
the island’s wellness and medical tourism product. A new and exciting prospect is the

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SAUDI ARABIA EDITION
Kourion
current construction of the Republic’s first-ever luxury casino resort. The €600 million
integrated resort, run by a consortium with renowned Hong Kong player Melco, will
exceed five-star status and open a whole new market for niche tourism on the island.
ATTRACTIVE REAL ESTATE
The Cyprus real estate sector was showing strong market performance straight
through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.
However, by October 2021, sales to the European market increased 68% and 2022
has shown dynamic momentum in sales so far. Cyprus’ appeal has remained strong
amongst international investors, expats and retirees thanks to its Mediterranean
climate, high quality of life and safety, as well as its status as an EU member state
conveniently located between three continents. Cyprus has one of the highest home
ownership rates in Europe and also has a longstanding market for second homes and
holiday villas, making the economy heavily reliant on the sector. With new up-market
developments, increased foreign investment in top hotels and major infrastructure
projects springing up, Cyprus’ attractiveness as a property investment location is set to
grow in the coming years.
Limassol Marina

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FDI APPEAL
Cyprus’ FDI appeal has been on an upward trajectory thanks to a robust economy.
Real GDP growth averaged 4.6% in 2015-19 and in 2021 the economy showed
strong performance with 5.5% growth, regaining lost ground from the height of the
Covid-19 pandemic. For the last several years, Cyprus has been a hive of activity with
several notable projects already implemented or in the pipeline, strengthening the
country’s image and appeal. Foreign investment flows have been significant. In the
ten-year period 2011-2020, cumulative net FDI reached €22.2 billion. This investment
was driven by equity, with the shipping/shipping finance and real estate sectors
playing a significant role, while investment in communications is now also beginning
to gain importance. Ongoing improvements in the macroeconomic and financial
environment have also revived international interest in around 30 major development
projects on the island. Investment opportunities in Cyprus’ large-scale projects span
various sectors, including high-value tourism and housing developments, projects with
a special focus on golf courses and luxury marinas, as well as education, energy, and
more recently the international film sector. The growth performance of Cyprus over
the last five years has been exceptional and even exceeded international expectations,
while successive credit rating upgrades and new incentives have attracted billions in
foreign investment since 2015, with significant inflows from the US, Asia, Russia and the
Middle East. Cyprus’ liberalised Foreign Direct Investment Policy, both for EU citizens
and investors from third countries, along with its favourable tax regime makes it one of
the most attractive centres for FDI in Europe.
Parklane Limassol
A DIVERSIFIED FUTURE
Offering a professional yet relaxed atmosphere that makes doing business
pleasurable as well as profitable, Cyprus’ Mediterranean lifestyle coexists happily
with a cutting-edge international business hub, allowing investors to enjoy the best of
both worlds: a safe and comfortable environment for family life and a sophisticated
infrastructure from which to grow and develop business. Cyprus combines numerous
advantages as a business base with its EU-approved tax regime, competitive 12.5%
corporate tax rate and tax breaks for high earners, its pro-business government
and highly skilled workforce – as well as promising growth and development across
numerous economic sectors. With Cyprus’ prospects on the rise, the country has all the
right elements firmly in place to strengthen its reputation as an international centre of
business excellence in one of Europe’s most interesting investment locations. n

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DOING BUSINESS C YPRUS
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SAUDI ARABIA EDITION
INSIGHT
Minister of Energy, Commerce and Industry
Natasa Pilides

DOING BUSINESS C YPRUS
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SAUDI ARABIA EDITION
Cyprus and Saudi Arabia are currently deepening their
bilateral ties in terms of trade and investment. Which
sectors of the Cyprus economy could provide the most
investment potential for Saudi Arabia at the moment?
How can Cyprus facilitate more business and make
itself even more attractive to Saudi investors?
The bilateral ties between Cyprus and Saudi Arabia have certainly come a long way
in recent years. In fact, the two countries are constantly growing closer, especially
following the creation of the Cyprus-Saudi Business Association and, more recently,
with the visit to the Kingdom of Saudi Arabia, in March 2022, of the President of the
Republic of Cyprus, Nicos Anastasiades, for official talks with His Royal Highness Prince
Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister
and Minister of Defence.
The whole spectrum of bilateral relations, as well as ways to develop them further,
were reviewed during the visit, along with the mutual strategic pursuit of creating a
fertile and motivating environment for bilateral investment, in several sectors. This
could be achieved through launching several joint initiatives, including in the fields of
civil aviation, energy, maritime and air transport, ports, food, medicine, digitalisation,
cyber security and financial services.
Significant potential exists for both countries to enjoy sizable benefits from such
bilateral collaborations. In this regard, the Republic of Cyprus and the Kingdom of
Saudi Arabia are working together towards promoting a series of bilateral trade and
investment agreements.
Cyprus welcomes the Kingdom’s launch of the Saudi Green and the Middle East
Green Initiatives. Opportunities for cooperation in implementing Saudi Vision
2030 and Cyprus Vision 2035, are in fact immense, as joint projects are possible in a
number of energy related fields, such as petrochemicals, energy efficiency, electricity
production, renewable energy, clean technologies for hydrocarbons, and low-carbon
fuels, including hydrogen.
Being a robust tourist destination,
Cyprus has attracted the interest of
leading investment groups to expand their
international presence in the country. The
National Tourism Strategy 2030 provides
for several investment opportunities,
including development in mountain and
remote regions, and involves diversifying
the country’s offering in order to promote
sustainable tourism.
Moreover, the combination of a robust
private health sector and internationally
acclaimed medical research and health
professionals, as well as the roll-out of a
ISignificant potential exists for
both countries to enjoy sizable
benefits from such bilateral
collaborations. In this regard,
the Republic of Cyprus and
the Kingdom of Saudi Arabia
are working together towards
promoting a series of bilateral
trade and investment agreements.

DOING BUSINESS C YPRUS
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SAUDI ARABIA EDITION
new national health system, open up investment opportunities in the field of healthcare
and medical tourism.
Cyprus, as one of the first EU countries to transpose the Alternative Investment
Fund Managers Directive into national legislation and having ratified the national
Alternative Investment Funds Law, is an ideal jurisdiction for investment funds and
asset management companies, offering direct access to key markets in a very efficient
manner.
I
At the crossroads of Europe, North
At the crossroads of Europe,
Africa and Asia and being the closest EU
country to Saudi Arabia, Cyprus can serve North Africa and Asia and
as an ideal location for Saudi businesses
being the closest EU country
to establish their European and
international headquarters. In addition to Saudi Arabia, Cyprus can
to ease of access to the EU market and
serve as an ideal location
beyond, these businesses can also
benefit from Cyprus’ modern, simple and for Saudi businesses to
transparent tax and legal systems and the
establish their European and
high quality of professional and financial
services offered, conducive to doing international headquarters.
business and increasing international
competitiveness.
True to its business-orientated culture and constantly seeking to facilitate the ease
of doing business on the island, the Republic of Cyprus has also launched, in 2022, the
Business Facilitation Unit, through which business set-up, licensing and permitting
is fast-tracked. In addition, Cyprus has introduced new residence and employment
policies for highly skilled third country nationals. n

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FOREIGN DIRECT INVESTMENT
Investment Gateway
Cyprus has attracted formidable foreign
investment from around the world with billions
flowing into new projects in multiple sectors,
proving the island nation continues to have a
strong pull factor with global investors.
Cyprus has been a hive of activity in recent years, with several notable projects
already implemented or in the pipeline, strengthening the country’s image and
foreign direct investment (FDI) appeal. Large-scale real estate projects, luxury marinas
and tourism infrastructure, coupled with developing opportunities in the energy, asset
management and shipping sectors have all reinforced Cyprus’ status as an interesting
investment destination.
An added benefit of Cyprus is its geostrategic location and secure and stable EU
environment in an often-turbulent region. These factors coupled with the introduction
of new incentives are encouraging increasing numbers of companies from across
the world to set up headquarters on the island, solidifying its position as an attractive
gateway to both established and developing markets. More recently, Cyprus has also
started to gain serious traction in attracting more innovative high-tech organisations
to set up on its shores – rebranding itself as an emerging tech hub.

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EXCEEDING EXPECTATIONS
Successive credit rating upgrades over the years and the continuous introduction
of new incentives have attracted billions in foreign investment to Cyprus, with
substantial inflows from the US, Asia, the Middle East and Eastern Europe. The sectors
that have seen the most significant FDI so far are: finance, most notably in shipping;
real estate in new luxury developments and infrastructure projects; information and
communication; retail trade; and professional services, in particular head-office
activities.
Although having faced some serious
economic shocks over the last ten years,
the resilience and growth performance
of Cyprus has been exceptional and even
exceeded international expectations.
Real GDP growth averaged 5.3% in 2015-
19, and while 2020 marked a critical
downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth
bouncing back to 5.5%. Foreign investment flows have been significant. In the tenyear
period 2012-2021, net inflows reached almost €18 billion. This investment was
driven by equity, with the shipping/shipping finance and real estate sectors playing
an important role.
GROWING TECH INVESTMENT
The technology and communications sector in Cyprus has become fiercely
competitive, with a number of players deploying cutting edge solutions to both
increase their local market share and generate growth through the launch of new
technology and products. 5G was rolled out in 2021, making Cyprus the first EU state to
achieve 100% 5G coverage.
Cyprus is already home to a number
of major tech firms, such as NCR,
Amdocs, Wargaming, 3CX, Exness,
Bolt, Thomson Reuters, Melsoft Games,
and Nexters, and has gained ground
in successfully attracting investment
capital in blockchain. The country’s startup
community has also grown stronger
with more than 200 enterprises and
4,000 entrepreneurs, fostering more
opportunities for business angels and
venture capitalists looking to invest
risk capital in exchange for equity in
promising business ideas. In addition, a
key attraction for high-tech companies
is the Cyprus Intellectual IP Box Regime,
I5G was rolled out in 2021, making
Cyprus the first EU state to achieve
100% coverage
IIn the ten-year period 2012-2021,
net inflows reached almost
€18 billion
which provides a competitive maximum
tax rate of 2.5% on income earned from
IP assets. Cyprus’ regime also applies to
a wider range of income compared to

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SAUDI ARABIA EDITION
other European schemes, most of which restrict benefits to income from patents and
supplementary patent certificates.
2022 saw more global names invest in Cyprus, with European digital neobanking
platform Revolut, valued at US$33 billion, becoming the first entity to receive approval
as a crypto-asset service provider from the Cyprus regulator. The authorisation
will enable Revolut to offer crypto services to its 17 million customers in the EEA
out of a new crypto-asset hub in Cyprus. Revolut said its choice was down to the
sophisticated regulatory regime of the country, which has already attracted the likes
of Crypto.com, eToro and BitPanda. A leading US consumer services and applications
software provider, TangoMe, also announced plans to launch offices in Cyprus. The
internationally renowned tech company, with an annual revenue of around US$350
million, will establish a strong presence in Limassol with a sizeable number of
employees relocating to Cyprus.
Another project set to bolster Cyprus’ efforts to become a regional telecoms and data
hub and attract more investment, was Cyprus’ leading telecoms provider Cyta signing
a €850 million venture with Greece and Saudi Arabia for the construction of the East
Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,
the modernisation of state infrastructure and speeding up the adoption of cloud
services in Cyprus were key targets of the signing of a Memorandum of Understanding
with Amazon Web Services (AWS) in 2022, a collaboration that will open up a new era
of opportunities.
INVESTING IN EDUCATION
Cyprus is developing into a regional
education and knowledge hub with
the rapid expansion of tertiary education
and its universities steadily climbing up
global rankings. The country has already
established synergies with international
universities, most notably the University
of Nicosia launching the island’s first degree
programme in medicine in collaboration
with St George’s Medical School at
the University of London, and University
of Central Lancashire – Cyprus (UCLan),
IThe number of foreign
students choosing Cyprus
for their studies has almost
tripled in the last five years,
representing over 60 different
countries and supporting the
growth of Cyprus into a true
global educational centre

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SAUDI ARABIA EDITION
18th
á 50 PLACES
Cyprus ranked in 18th place in the
2021 Greenfield FDI Performance
Index, climbing 50 places
compared to the year before
á150%
Greenfield investments in Cyprus
rose by 150% in the first half of 2022
from the same period of 2019
Top 10
Cyprus is in the top10
ranking of countries that
stand out for the post-pandemic
investment recovery
á600%
increase in software and
IT investments in Cyprus
between 2019 and 2022
Source: FDI Intelligence
Source: FDI Intelligence
CUMULATIVE FDI LIABILITIES (INVESTMENTS) BY SECTOR 2016-2020
Sector
€/Billion
Finance & Insurance 41.7
Real Estate 4.8
Information & Communication 1.4
Professional Scientific & Technical 1.3
Total (including others) 52.7
being the first British university to establish a campus on the island. This has since
been followed by the announcement of the American University of Beirut (AUB) to establish
a €29 million campus in Paphos in 2023 – branded the American University of
Beirut-Mediterraneo. The aim is to accommodate over 2,000 students in the coming
years.
Cyprus hosts an impressive and
fast-growing R&I ecosystem, featuring
high quality academic and research institutions
and six Centres of Excellence (CoE).
The Cyprus Institute has established itself
as a significant research institute with
global networks of excellence supported
by significant EU funding. The number
ICyprus hosts an impressive and
fast-growing R&I ecosystem,
featuring high quality academic
and research institutions and
six Centres of Excellence (CoE)
of foreign students choosing Cyprus for their studies has almost tripled in the last five
years, representing over 60 different countries and supporting the growth of Cyprus
into a true global educational centre. This fact underlines the great opportunities that
exist in Cyprus for the establishment of new universities, colleges and institutes.

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PORTS AND SHIPPING
The 2017 commercialisation of the country’s largest port in Limassol marked a new
era for Cyprus as a commercial hub. The port privatisation came in the context of
the first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading
terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation
deal with Eurogate International GmbH and leading Emirati logistics giant DP World
Limited is expected to boost state coffers with €2 billion over the next 25 years, while
the new port operators have injected millions in upgrading services and infrastructure.
The more recent contract for the Larnaca
port and marina was signed with
a Cypriot-Israeli consortium, Eldeman
Holding BV and Alexandrou Corporate
Services Ltd, in late 2020 and is expected
to attract around €1.2 billion in construction
and real estate development – making
it one of the biggest infrastructure investments
to date in Cyprus.
One of Cyprus’ most successful export
services has been the maritime industry.
The growth of Cyprus’ resident shipping
sector over the past 50 years has developed
IThere has been a fivefold
increase in the number of
shipping companies that have
registered with Cyprus’
specialised shipping
taxation system
boosting the sector’s
revenue by around 25%
a strong maritime cluster that caters to the
needs of Cyprus-based companies, including banking, professional services, insurance
and IT. The cluster is consistently attracting more quality tonnage and shipping-related
companies to its shores. Between 2010 – when the Cyprus tonnage tax system was
approved by the European Commission – and 2021, there has been a fivefold increase
in the number of shipping companies that have registered with Cyprus’ specialised
shipping taxation system, boosting the sector’s revenue by around 25%.

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Some examples include the decision in 2018 by leading London ship insurer P&I Club
to open a post-Brexit EU subsidiary in Cyprus, reaffirming the island’s position as one
of the top global hubs for shipping. Another triumph came in early 2019, when British
shipping firm P&O Ferries decided to register its English Channel operating fleet
under the Cyprus flag to take advantage of the benefits and security it provides. Two
of the industry’s most highly respected privately-owned shipmanagement companies,
Columbia Shipmanagement and Marlow Navigation – both based in Cyprus – merged
in 2017 to form Columbia Marlow, creating one of the world’s largest ship and crewmanagement
companies. Another transaction constituting FDI was the 2018 buyout
of Limassol-based Songa Offshore SE by Transocean Ltd, the world’s largest offshore
drilling contractor for oil and gas wells, in a deal worth US$3.4 billion. In addition,
natural gas finds within Cyprus’ Exclusive Economic Zone (EEZ) and efforts to exploit
it in cooperation with neighbouring countries have expanded opportunities for the
island’s already thriving shipping sector.
DEVELOPING AN ENERGY HUB
Cyprus’ hydrocarbons discoveries captured the attention of global energy
heavyweights when US company Noble Energy, now acquired by US giant Chevron,
made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic
feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and Total
have all secured exploration licences and conducted exploratory drilling. ExxonMobil
announced the discovery of an estimated 5 to 8 tcf in Block 10 in early 2019, while ENI
confirmed a discovery in Block 6 – which it operates with Total – of around 2.5 tcf in
August 2022. Further discoveries could be announced within the next year.
In 2019 Cyprus agreed to build a subsea pipeline connecting Aphrodite to Egypt’s
liquefaction plants and concluded a production-sharing deal with Noble Energy (now
Chevron) and its partners over the Aphrodite gas reservoir. The development of
ENI, Kogas, ExxonMobil,
Royal Dutch Shell,
and Total have all
secured exploration
licences and conducted
exploratory drilling

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SAUDI ARABIA EDITION
Aphrodite is now expected in 2026. Since the start of the pandemic, activity and works
worth US$200 million have been completed in Cyprus’ EEZ by oil and gas companies,
underlining their continued commitment to Cyprus.
In addition to offshore discoveries in the last decade, a range of other new energy
opportunities have come to the fore. In December 2019, Cyprus signed a landmark
deal with a Chinese-led consortium to build a €290 million LNG import terminal at
Vassilikos. The consortium constructing the project includes China Petroleum Pipeline
Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen
Ship Management. The terminal will include a floating storage and regasification unit
(FSRU), a jetty for mooring the FSRU and related infrastructure at Vassilikos. The FSRU,
expected to be completed in 2023, attracted €150 million in finance from the European
Investment Bank (EIB), €80 million from the European Bank for Reconstruction and
Development (EBRD), €101 million from the EU’s Connecting Europe Facility as well as
an equity contribution of €43 million from the Electricity Authority of Cyprus (EAC).
Parallel to this, Cyprus has been ramping up its renewables capacity, with support
from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The renewable energy
sector could be one of the most attractive areas for investment and joint ventures
with other countries. For example, Israel has been interested in cooperating with its
Cypriot counterparts in establishing pilot projects where new Israeli tech could be
tested in Cyprus. Also, the UAE and Saudi Arabia have been pioneers in clean energy,
especially in the field of hydrogen, and are keen to export its RES know-how and create
synergies. For example, Saudi Arabia – dubbed to become one of the biggest producers
of clean energy – could support the EU’s
hydrogen strategy through Cyprus as
ICyprus has been ramping
up its renewables capacity,
with support from the EU’s
€1.2 billion Recovery and
Resilience Facility (RFF)
an interconnector to Saudi’s biggest
hydrogen production plant currently
under construction. The long-awaited full
liberalisation of the electricity production
market in Cyprus has seen many delays,
but once this materialises it would

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SAUDI ARABIA EDITION
allow a fresh inflow of new private players operating in both renewables and gas to
compete in the local market – and in a broader regional market thanks to the EuroAsia
Interconnector project to connect Cyprus, Israel and Greece via submarine electricity
cable and the related EuroAfrica Interconnector to connect Egypt.
STABLE BANKING SECTOR AND GROWING INVESTMENT FUNDS
Today, Cyprus banks maintain high levels of capital adequacy and liquidity but
continue to grapple with managing their non-performing loan (NPL) portfolios.
The restructuring of the banking sector after 2013 attracted important international
institutional investors and fresh foreign capital and encouraged accelerated sales of
NPLs. These developments substantially
reduced risk and enabled the financial
system to operate on a healthier basis.
The island also hosts a thriving forex
industry with many global giants basing
their operational headquarters in Cyprus.
In addition, the investment funds sector
has grown exponentially in the last few
years with Assets under Management
(AuM) seeing a staggering increase from
€2.7 billion in 2016 to €11.1 billion in the
first quarter of 2022, proving Cyprus
is being recognised by the global asset
management community. Investment
funds have already invested more than
€2 billion in several sectors of the Cypriot
economy, such as shipping, hospitality,
education, healthcare, and renewable
energy.
IThe investment funds sector
LUXURY TOURISM AND HIGH-END REAL ESTATE
has grown exponentially in
the last few years with Assets
under Management (AuM)
seeing a staggering increase
from €2.7 billion in 2016 to
€11.1 billion
in the first quarter of 2022,
proving Cyprus is being
recognised by the global asset
management community
Cyprus continues to be on the top of the list for investors, holiday-home seekers, expats
and retirees. Tourism and real estate have always been robust sectors of the Cypriot
economy, and a concerted effort to diversify the Cyprus offering in recent years has paid
off. The number of foreign investors closing multimillion-euro deals in the last several
years underlines the fact that tourism-related real estate and infrastructure continues
to be one of the most attractive investment opportunities in Cyprus. Pre-pandemic years
of record-breaking tourism numbers saw the island attract new interest in conference,
sports, health and wellness tourism. The construction and investment in multipurpose
projects and mixed-use developments such as luxury marinas, golf courses and more
recently the island’s first-ever and only integrated luxury casino resort, are all part of
the ongoing strategy to upgrade Cyprus’ tourism product. The new casino resort, City
of Dreams Mediterranean, will have extensive facilities and five-star status. The casino
resort is Hong Kong-based Melco’s first expansion outside of Asia and will be the biggest
casino of its kind in Europe, with the investment for this mega project at €600 million.
Spurred by this unique development, Cyprus garnered another landmark investment
deal in 2022 with Israeli business magnate Gilad Shabtai investing in over 130,000 m 2

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SAUDI ARABIA EDITION
Artist Impression: City of Dreams Mediterranean
Artist Impression: Grand Hyatt Limassol
Artist Impression: Ritz-Carlton Residences
IMajor investments have also
of land for development surrounding the
new integrated casino resort in Limassol.
been made in the hospitality
The destination and value of the area are
set to be elevated by this key real estate
industry with acquisitions
investment.
and the construction of new
Proposals include the development
of exclusive seven-star facilities
luxury hotels by renowned
providing bespoke services for owners
hotel management chains
and investors. Plans are also in place
for additional investment by the former
majority shareholder of telecoms start-up Viber into the further expansion of the area
in the future – which is a solid vote of confidence in the vast growth potential of Cyprus.
Following the success of Limassol Marina, more investment has flowed into marina
developments on the Cypriot coast. The €300 million luxury Ayia Napa Marina is under
construction with berthing facilities and a commercial village now fully operational.
The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of

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SAUDI ARABIA EDITION
luxury villas, apartments and facilities. With significant Egyptian investment backing
the innovative project and the seafront residences are expected to be completed by
2023. In addition, the €110 million Paralimni Marina project is set to be completed in
2024, while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting
Engineers SA for a luxury marina in Paphos.
Major investments have also been made in the hospitality industry with acquisitions
and the construction of new luxury hotels by renowned hotel management chains. The
Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world,
has big plans to grow its existing portfolio in the country to six hotels and almost 1,000
rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach
resort by the Radisson Hotel Group worldwide.
In 2019, the Luxury Collection, part of Marriott International, opened the Parklane
Luxury Collection Resort & Spa resort in Limassol, marking Marriott International’s
entry into Cyprus. In July 2020, Hyatt Hotels Corporation announced a management
agreement with Anolia Holdings Limited for the launch of the first Hyatt hotel in Cyprus.
The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. The
new beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury
development, comprised of residential apartments and private villas totalling more
than 80,000 m 2 . One of the latest projects is the Sofitel Resort & Spa, a joint venture
between Singapore-headquartered Oxley Holdings and Planetvision on the Limassol
beachfront. The project will be the first Sofitel Resort with branded residences in
Europe and is expected to be completed by 2023.
Following global trends and faced with an aging population, investing in health and
wellness developments as well as rehabilitation and bespoke retirement villages has
enormous potential. An early example of this is the Eden Seniors Resort in Larnaca
which opened its doors in 2018. Paphos is due to see the first dedicated retirement
village in Cyprus. The €16 million retirement village, branded Lazaris Mill, will consist
of 82 individual apartments, ranging from studios to larger flats and a small 24-
room hotel, and provide bespoke facilities. The first residents are expected in spring
2023. Another upcoming project in Paphos is Cypress Park, a new luxury residential
development turning retirement into a five-star resort stay.
FOCUS ON INVESTOR SUPPORT
Not one to rest on its laurels, Cyprus has been steadily sharpening its competitive
edge by streamlining processes to better cater to investors and by strengthening
new sectors to support its already more established industries.
Investment opportunities in Cyprus’ large-scale projects span various sectors,
including high-value tourism and housing developments, projects with a special focus
on golf courses and luxury marinas, as well as education, energy, and more lately, the
international film sector.
Special schemes and incentives are
in place to facilitate headquartering,
which covers the sectors of technology,
asset management, investment funds,
550 COMPANIES
shipping and higher education, and
‘Olivewood’ for the international film that have relocated or expanded
industry. A new government Action
their activities in Cyprus
Plan launched in 2021 also provides
Ithe BFU has catered to more than

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SAUDI ARABIA EDITION
new incentives to attract non-EU talent
and companies to establish operations
in Cyprus. The recent introduction of a
Business Facilitation Unit (BFU) promises
to be a gamechanger for ease of setting
up in Cyprus. The BFU specialises in fasttracking
business setup, permitting and
licensing for companies, their employees
and families, and in less than two years of
operation, the BFU has catered to more
than 550 companies that have relocated
or expanded their activities in Cyprus.
To better facilitate FDI, the country’s
investment promotion agency, Invest
Cyprus, has also developed an online
investment matchmaking platform
branded the Project Bank, to help
investors identify the right market
opportunities for projects based in
Cyprus. In addition, Invest Cyprus hosts
the annual International Investment
Awards, where it honoured seven companies in 2022 for their contributions to Cyprus,
namely BrainRocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and
SYKES.
LOCATION, LOCATION, LOCATION
Cyprus’ liberalised FDI Policy, both for EU citizens and investors from third countries,
along with its favourable tax regime makes it one of the most attractive investment
targets in Europe. At 12.5% Cyprus’ corporate tax rate is one of the most competitive in
the EU and new tax-neutral reforms that are on the way will simplify and modernise
the tax system further. The country’s extensive network of double taxation treaties
with 67 countries have strengthened its position as a business gateway and a preferred
location for corporate headquarters. The country’s skilled talent, low cost of doing
business, top-tier professional services, and high quality of life renders Cyprus not only
a wise business and investment choice but also a great relocation destination. n
With solid and continuous interest in the tourism sector, Invest
Cyprus has set up a dedicated and specialised unit, TourInvest, to
promote investment opportunities in the tourism and hospitality
sector. In cooperation with the Deputy Ministry of Tourism and
other stakeholders, the unit focuses on attracting multimillioneuro
investment into large-scale infrastructure projects

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SAUDI ARABIA EDITION
CYPRUS-SAUDI ARABIA RELATIONS
T
he bilateral ties between Cyprus and Saudi Arabia have been growing
closer in recent years through constant reciprocal high-level visits and
with several agreements in various fields under revision to further boost
relations and to enhance cooperation.
Relations between the two countries progressed in 2015 with the
establishment of the Cyprus Embassy in Riyadh, followed by the
establishment of the Saudi Embassy in Nicosia three years later. In
addition, the formation of the Cyprus-Saudi Arabia Friendship Group
in the House of Representatives of Cyprus and the Saudi Arabia-Cyprus
Friendship Group in the Majlis Al Shura, as well as the creation of the
Cyprus-Saudi Business Association have fostered closer ties between the
two countries. Similarly, The Federation of Saudi Chambers of Commerce
and the Cyprus Chamber of Commerce recently signed a cooperation
agreement to establish a Saudi-Cypriot Business Council to further
enhance their business links.
The relationship is firmly set on a new trajectory of growth and
enhanced engagement to facilitate joint initiatives and investment in
various fields, such as civil aviation, energy, maritime and air transport,
ports, food, medicine, digitalisation, cyber security and financial services.
Significant potential exists for both countries to enjoy sizable benefits
from bilateral alliances. In this regard, the Republic of Cyprus and the
Kingdom of Saudi Arabia are working together towards promoting a
series of bilateral trade and investment agreements. Another example of
recent collaboration came in 2022, with telecommunications companies
from Cyprus and Saudi Arabia becoming parties of the East Med Corridor
(EMC), an undersea data cable of geostrategic importance, which will start
in Singapore, pass through Saudi Arabia, Israel, Cyprus and Greece and
end in Italy and France. In addition, Arabsat – a global leader in satellite
services – has already invested heavily in Cyprus through Hellas Sat.
At the crossroads of Europe, North Africa and Asia and being the closest
EU country to Saudi Arabia, Cyprus can serve as an ideal location for Saudi
businesses to establish their European and international headquarters.
The island’s new incentives for third country nationals, its EU status and
first-class services offer many opportunities for Saudi business.
The two countries have also adopted national long-term visions that
aspire to better address current and future challenges and to safeguard
growth for the wider region. These are reflected in Cyprus’ Vision 2035
and Saudi Arabia’s Vision 2030 respectively, which include unprecedented
reforms and promote more sustainable and open economies. These
national frameworks offer vast scope for strengthening political and
economic cooperation, and particularly in the energy sector. Cyprus and
the Eastern Mediterranean is likely to play a role in the EU’s hydrogen
strategy, and Saudi entities may also participate in the advancing of the
energy transition in the East Med and towards the expansion of renewable
energies and electricity interconnection.

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SAUDI ARABIA EDITION
INSIGHT
Minister of Foreign Affairs
Ioannis Kasoulides

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SAUDI ARABIA EDITION
Cyprus and Saudi Arabia have recently placed
strong focus on further strengthening their bilateral
relations. What are the key pillars that form this
diplomatic relationship and how do you see this
bilateral partnership developing in the future?
C
yprus views Saudi Arabia as one of its key strategic partners in our wider region and
I am particularly happy to note that, despite the challenges posed by the pandemic –
and more recently by the war in Ukraine – our relations and cooperation grew stronger
in a number of fields.
Fundamental ingredients of this relationship are our shared values and strong
commitment on the core principles of international law, on a rules-based international
order, including the law of the sea and our across-the-board respect of the principles
of sovereignty and territorial integrity. These are non-negotiable principles for both
countries.
The official visit of President Anastasiades last March, who I had the privilege to
accompany, the exchange of visits of other high officials and the well awaited visit of
HRH the Crown Prince to Cyprus, are good indicators of a steadily growing and more
mature, cooperative and results-oriented bilateral relationship. The Joint Statement,
which was adopted following the President’s visit, states the strong commitment of
the two countries for bilateral cooperation and multilateral coordination and the
willingness to contribute to regional and international security and stability. It also
serves as a roadmap of our partnership in many fields. Towards this end, we aim to
create a Comprehensive Strategic Partnership Framework, focusing on key domains
of economic cooperation, including inter alia tourism, digital cooperation, shipping,
energy, culture and education.
Having said that, our cooperation is already materialising, producing concrete and
tangible results. Cyprus was among the first countries to declare its support to the
Kingdom’s candidacy for EXPO2030; we were the first EU Member State to become a
member of the Digital Cooperation Organization launched by the Kingdom of Saudi
Arabia last year to strengthen cooperation across innovation-driven sectors and
accelerate the growth of the digital economies of its members; and more recently,
telecommunications companies from Cyprus and Saudi Arabia became parties of the
East Med Corridor (EMC), an undersea data cable of geostrategic importance, which
will start in Singapore, pass through Saudi Arabia, Israel, Cyprus and Greece and end in
Italy and France.
In addition, both Cyprus and Saudi Arabia have adopted national long-term visions
that aspire to unlock their potential and opportunities, to better address current and
future challenges and to safeguard growth and prosperity for our people and for our
wider common region. These are reflected in Cyprus’ Vision 2035 and Saudi Arabia’s
Vision 2030 respectively, which include unprecedented reforms and promote more
sustainable and open economies. I firmly believe that these provide a vast scope for
strengthening our political and economic cooperation even further and I am confident
that in the years to come, this cooperation will have a direct positive impact on our
peoples. n

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SAUDI ARABIA EDITION
INTERVIEW
Ambassador of the Kingdom of Saudi
Arabia to the Republic of Cyprus
Khaled
Mohammed
Alsharif
Saudi Arabia and Cyprus have made headway in
deepening their bilateral relations with a focus to
intensify cooperation between the two countries in
various fields such as economy, energy, sustainability
and tourism, says Khaled Mohammed Alsharif.

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SAUDI ARABIA EDITION
Saudi Arabia and Cyprus have recently made great efforts
to expand their relationship, how would you describe the
current bilateral relations between the two nations?
Bilateral ties between the two countries were progressed in 2015 when the Cyprus
Embassy in Riyadh was first established followed by the establishment of the Saudi
Embassy in Nicosia three years later. Furthermore, we also had the formation of the
Cyprus-Saudi Arabia Friendship Group in the House of Representatives of Cyprus and
the Saudi Arabia-Cyprus Friendship Group in the Majlis Al Shura. Since then, several
memorandums of cooperation and agreements are under revision to further boost ties
between the two countries in various fields. Last year Cyprus and Saudi Arabia had their
first meeting for political dialogue that was held in our capital, Riyadh. The friendly and
mutually rewarding bilateral relationship between Saudi Arabia and Cyprus has grown
considerably over the last years, and both countries are maintaining an excellent state
of friendship with enhanced cooperation.
Are there significant projects or initiatives between Saudi
Arabia and Cyprus at the moment, and what kind of
cooperation would you like to see developed in the future?
During the recent visit of the President of Cyprus Nicos Anastasiades to the Kingdom
of Saudi Arabia official talks were held with Crown Prince Mohammed bin Salman
bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defence, in order to
review all aspects of bilateral relations as well as to enhance and intensify cooperation
between the two countries in various fields such as economy, energy, sustainability
and tourism.
Cyprus is a strong international business centre
and EU base for cross-border operations. It is also
the closest EU member to Saudi Arabia. What
opportunities does this provide specifically to Saudi
business and what advantages does Cyprus offer
Saudi Arabia to facilitate more trade and business?
I
t is true that due to its geographical location Cyprus is a strong international business
centre and EU base for cross-border operations. It is also the closest EU country to
Saudi Arabia and an attractive destination for foreign direct investment as well as for

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SAUDI ARABIA EDITION
businesses to establish their European and International headquarters. Additionally,
the Cyprus-Saudi Business Association that has been initiated in October 2020 under
the auspices of the Cyprus Chamber of Commerce aims to create new opportunities for
partnership between businesspeople in both countries as well as further strengthening
the business relations by operating as a bridge between Saudi and Cyprus. It’s an
official platform that mutually benefits economic and trade relations. Similarly, The
Federation of Saudi Chambers of Commerce and the Cyprus Chamber of Commerce
recently signed a cooperation agreement to establish a Saudi-Cypriot Business Council
to further enhance our business bond.
Saudi Arabia’s Green Initiative is part of the Kingdom’s
Vision 2030, what kind of strategic trade and investment
opportunities are emerging from this new vision?
The Saudi government has an ambitious plan to steer the Kingdom away from its
dependence on oil. Saudi Arabia’s Crown Prince Mohammed bin Salman has
announced the Saudi Green Initiative and the Middle East Green Initiative, which are
programmes that aim to reduce carbon emissions by 60% and plant 50 billion trees in
the region. The Kingdom fully recognises its share of responsibility in advancing the
efforts against the climate crisis by leading the world’s largest afforestation project.
Being a leader in the energy markets
during the oil and gas era, the Kingdom
aims to become a global leader in forging
a greener world, which is a strategic
target in Saudi’s Vision 2030. The Crown
Prince’s Vision 2030 is a social and
economic strategic reform project laid by
the Kingdom of Saudi Arabia to diversify
IThe friendly and mutually
rewarding bilateral relationship
between Saudi Arabia and
Cyprus has grown considerably
over the last years

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SAUDI ARABIA EDITION
the nation’s economy and to stimulate
numerous changes in its social and
economic sectors, including healthcare.
Moreover, it is built on three pillars – a
vibrant society, a thriving economy and
an ambitious nation. A vibrant society
is vital to achieving the Vision and
establishing a strong foundation for
economic prosperity. The Kingdom’s goal
is to create a society in which every citizen
IBeing a leader in the energy
markets during the oil and gas era,
the Kingdom aims to become a
global leader in forging a greener
world, which is a strategic
target in Saudi’s Vision 2030
enjoys a happy, fulfilling lifestyle complemented by a standard of living which provides
a safe and secure environment for families, and access to world class healthcare and
education. Secondly, a thriving economy provides opportunities for all by building an
education system aligned with market needs to offer the young people the skills for
the jobs of the future, and creating economic opportunities for entrepreneurs, small
enterprises and large corporations. Lastly, an ambitious nation applies efficiency and
responsibility at all levels in order to deliver the Vision efficiently.
What sectors or what type of projects in Cyprus could
be attractive for direct investment from Saudi Arabia?
Several sectors and a variety of projects in a number of fields in Cyprus could be
attractive for direct investment from Saudi Arabia, and we are happy to see that
Invest Cyprus, the National Investment Promotion Authority of Cyprus, was part of the
Business Forum organised by the Cyprus Chamber of Commerce and Industry in Jeddah
and Riyadh earlier in June. A number of meetings were conducted with the Ministry of
Investment of Saudi Arabia to explore various options to strengthen bilateral relations
and mutually beneficial cooperation between both countries.
How do you see Saudi Arabia-Cyprus
relations developing in the future?
The progress in the expanding of
ISeveral sectors and a variety of
relations between our countries
in recent years allows us to be projects in a number of fields in
particularly optimistic about the further
Cyprus could be attractive for direct
strengthening of our friendship and
cooperation in the future. I am confident investment from Saudi Arabia
that together we can achieve much for
our people and the region, contributing together to stability, security and prosperity. n

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INTERVIEW
Ambassador of the Republic of Cyprus
to the Kingdom of Saudi Arabia
Stavros
Avgoustides

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Cyprus and Saudi Arabia have witnessed significant
momentum in strategic bilateral and multilateral
relations, both politically and economically.
Cyprus is a high-growth market which offers
significant opportunities for Saudi companies and
investors across a range of sectors such as tourism,
technology and energy, says Stavros Avgoustides.
Cyprus and Saudi Arabia have actively been deepening
their ties in recent years, how would you describe the
current bilateral relations between the two nations?
The canvas of our engagement looks very different from what it was three or
four years ago. It is now firmly set on a new trajectory of growth and enhanced
engagement. Together with the Kingdom of Saudi Arabia, we are building a relationship
based on mutual trust, respect, and a common vision. The vision of peace, stability and
prosperity for our two peoples and the region.
Cyprus and Saudi Arabia have a similar mindset and share the same goals and
aspirations as nations in the regional and international sphere. The pandemic, and
current events remind us how interdependent we are, and why we need to strengthen
our multiple partnerships to face an increasingly competitive international and
regional environment.
Our people-to-people relations and trust has been continuously strengthened
through constant reciprocal high-level visits. Indeed, despite the disruptions in
engagements due to the Covid situation over the last two years, the rhythm of highlevel
contacts has been maintained. The visit of HE the President of the Republic of
Cyprus to the Kingdom, and the reciprocal visit to Cyprus of HRH the Crown Prince, as
well as the exchange of visits of a good number of high officials from both countries, are
testament to how far the relationship has matured.
When it comes to bilateral agreements and memoranda, we are in favour of ‘quality’
over ‘quantity’. The idea is to grow people-to-people relations through business,
educational, and cultural exchanges. We are now focusing on specific areas that will
potentially have a direct positive impact on the two peoples and societies.

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What kind of joint projects or initiatives do the two
countries participate in at the moment, and what new
prospects are there to increase economic cooperation?
As previously mentioned, we have witnessed a significant momentum in our strategic
bilateral and multilateral relations, both political and economic. Despite the
limitations caused by the pandemic, Riyadh and Jeddah Chamber in collaboration with
the Cyprus Chamber of Commerce and Industry organised last June the first of Cyprus-
Saudi Business Forums in the two Saudi cities. These events and ones to follow are great
testament to the growing strength of Cyprus-Saudi Arabia relations and provide a unique
opportunity for entrepreneurs and members of the business community from both
friendly countries to learn more about the advantages of these attractive investment
destinations and to hear about the prospects and the current market opportunities.
Indeed, businesses from both countries use these forums to forge networks as well as
engage in business-to-business transactions. We are working together with the business
people of both countries and are exploring new avenues and opportunities for bilateral
trade and investments. As previously mentioned, we see it more as people-to-people
interactions. Our Embassy encourages businesses from Cyprus to expand their footprint
in the Kingdom and start building relationships with their Saudi Arabian counterparts.
The Kingdom of Saudi Arabia is undergoing significant changes, economically
and socially. Indeed, the ongoing reforms have led to a significant increase of FDIs in
the Kingdom. Indeed, the results of the Vision 2030 are evident in our daily lives and
interactions. The positive state of our bilateral relations offers a unique opportunity
to build momentum to deepen economic ties in this longstanding and enduring
partnership. Deepening the economic relationship would pay dividends in other areas
as well, translating into greater opportunities for strategic bilateral cooperation.
The production of mutually beneficial results will demand time, resources, and
political capital. Cyprus and Saudi Arabia would benefit from a closer and stronger trade
and foreign direct investment relationship that would amplify growth and prosperity,
in both the short and long term. This
is why we have applauded the creation
of the Cyprus-Saudi Arabia Business
Association, which itself supports the
concrete steps that need to be taken
toward deepening the commercial/
business relationship between our two
countries. Moreover, it is with great
pleasure that we recently witnessed
the signing of the creation of the Saudi-
Cyprus Business Council, which will
involve business people from both
countries, and we are confident it will
create a mutually beneficial framework to
foster the bilateral flow of goods, services,
and investments.
IThe positive state of our
bilateral relations offers a
unique opportunity to build
momentum to deepen economic
ties in this longstanding and
enduring partnership. Deepening
the economic relationship
would pay dividends in other
areas as well, translating
into greater opportunities for
strategic bilateral cooperation

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Cyprus is a strong regional hub and EU base
for international business and offers many
advantages for companies engaged in crossborder
activities, what advantages does Cyprus
offer specifically to Saudi business?
Saudi businesses and investors do not differ from other international businesses.
They seek a safe, stable and trustworthy service-oriented business environment.
That’s why many international companies from different sectors have already chosen
Cyprus as the location for their regional headquarters.
Cyprus provides an element of political and economic stability, an excellent quality
of life and an efficient and productive labour force. All these create a competent and
conducive business environment. Concurrently, Saudi businesses can use Cyprus as a
convenient entry point into the EU marketplace, a bridge for expanding their business
networks and seek new opportunities.
What sectors or niche segments in Cyprus do
you think have untapped potential in terms of
attracting direct investment from Saudi Arabia?
Cyprus is a high-growth market which offers significant opportunities for Saudi
companies and investors across a range of sectors. To this end, I would like to
particularly highlight the importance of the Joint Statement issued following the
President’s recent visit to Riyadh [1/3/2022], which signifies inter alia our willingness
to push further the enhancement of our bilateral relations, towards their elevation to
a full-fledged strategic cooperation.
In the Joint Statement, which we envision to use as a road map in our bilateral
relations, special emphasis is given in certain areas such as tourism, high-tech and
digital economy, education, maritime and energy sectors. More specifically in the
energy sector, it is our strong belief that Cyprus and the Eastern Mediterranean will
potentially play a role in the EU’s hydrogen strategy. Saudi entities may also participate
in the advancing of the energy transition in the East Mediterranean and towards the
expansion of renewable energies and electricity interconnection.
Long term, Saudi Arabia also has
promising potential for supporting
EU’s hydrogen strategy through Cyprus
and the Eastern Mediterranean. Saudi
Arabia inspires and will become in the
coming years the biggest producer of
the clean energy source. Cyprus can act
as an ‘energy bridge’ interconnecting
ISaudi businesses can use Cyprus
as a convenient entry point into
the EU marketplace, a bridge for
expanding their business networks
and seek new opportunities

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the biggest hydrogen production plant,
currently under construction in the
planned city of Neom on the Red Sea
coast, with Europe.
How do you see the
relationship between
Saudi Arabia and Cyprus
developing in the future?
We need to continue on a step-bystep
approach; by setting viable
goals in our bilateral relations. As for
our more immediate goals, establishing
direct air connectivity remains a strong
priority for both countries, and we
ICyprus provides an element
of political and economic
stability, an excellent quality
of life and an efficient and
productive labour force. All
these create a competent
and conducive business
environment. Concurrently,
Saudi businesses can use
Cyprus as a convenient entry
point into the EU marketplace,
a bridge for expanding their
business networks and
seek new opportunities
strongly believe direct flights are a game
changer for better relations. The production of mutually beneficial and viable results
in our bilateral relations will demand time, resources, and political capital, but the
future is bright. n

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SPOTLIGHT
Cyprus
Real Estate
The Cyprus real estate industry has proven its resilience
with 2022 so far exhibiting dynamic momentum in the
sector underlining strong confidence of both Cypriot
and foreign property buyers. First quarter sales reached
€1.3 billion, with coastal business hub Limassol and
capital city Nicosia taking the lion’s share of contracts.

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C
yprus has long been a firm favourite for property buyers worldwide thanks to its
high quality of life, safe environment and Mediterranean climate. In addition, the
country’s EU membership, its thriving international business centre and strategic
position at the crossroads of three continents remain key pull-factors for residential
buyers, relocating companies and investors alike.
Property sales have bounced back post-pandemic and have remained strong in the
last year. In the second quarter of 2022 real estate sales in Cyprus rose year on year by a
robust 29.3%. This was slower than the 51.6% recorded in the first quarter and analysts
say this is likely related to the end of lending subsidies for first-time buyers. In terms of
absolute volume, the largest increase in sales was in Limassol, where sales rose by 293
to 1,130, marking a year-on-year increase of 35%. However, the fastest pace of growth
was in Paphos, where sales rose by 229 or 54.1% to 652.
Sales to Cypriots continue to dominate, accounting for 58.5% of the total in the
second quarter of 2022 and 58% on average in the first half of 2022. This was lower
than in 2020-21, when sales to Cypriots averaged 65%. However, the years 2021-22
were somewhat unusual given pandemic-related travel restrictions. In 2018-19 the
proportion of sales to Cypriots was 55%, therefore closer to the average in the first half
of 2022. Sales to Cypriots are driven both by the abovementioned subsidies but also
growth in population size. According to the latest Labour Force Survey the number of
private households rose year on year by 1.4% in the first quarter of 2022 to 347,650.
REAL ESTATE SALES BY REGION
Contracts of sale unless otherwise indicated
2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2
Nicosia 690 632 856 673 705
% change year on year 118.4 4.8 37.8 4.2 2.2
Limassol 837 825 1,118 1,019 1,130
% change year on year 116.8 17.9 32.2 82.3 35.0
Larnaca 396 422 541 512 610
% change year on year 106.3 26.0 35.9 62.5 54.0
Famagusta 170 181 211 152 157
% change year on year 80.9 14.6 8.8 16.9 -7.6
Paphos 423 442 618 653 652
% change year on year 44.4 17.6 32.9 94.9 54.1
All Cyprus 2,516 2,502 3,344 3,009 3,254
% change year on year 96.4 15.2 32.5 51.6 29.3
Source: Department of Lands and Surveys. © Sapienta Economics Ltd.

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CYPRIOT AND NON-CYPRIOT PROPERTY SALES
Number of contracts 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2
Cypriot contracts 1,663 1,602 1,992 1,732 1,903
EU contracts 421 459 696 628 625
Non-EU contracts 432 441 656 649 726
Total contracts 2,516 2,502 3,344 3,009 3,254
% change over same period of previous year
Cypriot contracts 117.7 10.9 20.1 23.8 14.4
EU contracts 182.6 35.8 89.6 141.5 48.5
Non-EU contracts 17.4 13.1 31.5 99.1 68.1
Total contracts 96.4 15.2 32.5 51.6 29.3
Source: Department of Lands and Surveys. © Sapienta Economics Ltd.
PROPERTY PRICE INDICATORS SHOW INCREASE IN PRICES
G
iven the strength of sales, it is not surprising that the various indices for
residential property prices point to rising property prices, even though the
degree of increase differs depending on the index. The Central Bank of Cyprus index,
which is based on a large sample of valuations, reports a year-on-year increase in
prices of 3.2% in the first quarter of 2022, compared with 2.6% in the fourth quarter
of 2021. This is the fastest pace of growth since 2008 according to the Central Bank
index.
The index prepared by the Statistical Service, Cystat, which is based on a smaller
sample of actual sales, reports an increase in prices of 1.1% in the first quarter of 2022,
compared with a fairly sharp decline of 5.1% in the previous quarter. According to the
Central Bank index, apartment prices are clearly rising faster than those of houses,
rising by 6.8% compared with an increase of 1.5% for houses in the first quarter. This
probably also underlines the importance of the local residential market in property
purchases, especially after the withdrawal of the Cyprus Investment Programme in
2020.
However, the Central Bank index shows a fairly large discrepancy by district. While
apartment prices in Paphos rose by 4.0%, thanks to the abovementioned strength
of sales, apartment prices in Nicosia actually declined by 0.2%. Nicosia was the only
district that saw a decline in apartment prices according to this index.

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All residential property
PROPERTY PRICE INDICATORS
% change over the same period of the previous year
2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1
Cystat
(hedonic, based on actual sales) -5.8 -4.8 2.5 -5.2 1.1
Central Bank of Cyprus
(hedonic, based on valuations) 0.9 0.3 1.2 2.6 3.2
Houses
Central Bank of Cyprus
(hedonic, based on valuations) 0.2 -1.0 -0.3 1.0 1.5
WiRE FS residential houses
(proprietary methodology) 1.5 1.7 0.1 -0.5 n/a
Apartments
Central Bank of Cyprus
(hedonic, based on valuations) 2.5 3.3 4.5 6.3 6.8
WiRE FS residential apartments
(proprietary methodology) 0.5 0.3 0.7 2.2 n/a
Other
WiRE FS holiday houses
(proprietary methodology) -3.2 -3.8 -4.3 -3.7 n/a
Land Registry: average unit
value of parcel transfers (a) -20.5 -3.9 -21.6 17.9 31.2
(a) Parcels may vary in size; Sapienta Economics calculations.
Sources: Cystat; Central Bank of Cyprus; WireFS; Department of Lands and Surveys. © Sapienta Economics Ltd.

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PROPERTY-PRICE INDICES
CYPRUS PROPERTY-PRICE INDICES
There are three regular property-price
indices produced in Cyprus and one which
Sapienta calculates from parcel transfers.
u The Cystat index is hedonic (adjusted for changes in
quality) and is based on actual sales. The Cystat index does
not give a breakdown by region or by property type.
u The Central Bank of Cyprus index is also hedonic but is based on bank
valuations, as opposed to current sales, although recent sales are also
considered in valuations. The Central Bank of Cyprus index gives a
breakdown by region and by property type (apartments and houses).
u The WiRE FS index, which is a fairly new index largely based on
actual sales prices but also adjusted to consider “thin trading
and an inherent lag in price recording” in Cyprus. It gives a
breakdown by region and property type, including commercial
property (retail, warehouses and offices). It also distinguishes
between residential and holiday houses/apartments.
u Sapienta Economics also uses data from the Department of Lands
and Surveys (Land Registry) to calculate the average price per unit
of parcel transfers. This is not a market price, as it will include, for
example, debt-for-property swaps by banks, and parcels may also
vary in size. However, it can be an indicator of forced acquisitions.
The three public indices give different results because of their different
focus. Out of the three the Central Bank probably lags the most, as
property valuations tend to be made on the basis of sales in the previous
period. However, it has the advantage of being based on a larger data set
than the Cystat index, especially in periods when sales are stagnant.

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PROPERTY
SHOWCASE
Leading
Developments
in Cyprus
LARNACA
Blue Sky Villas
Perivolia,
Larnaca
Type: Luxury Villas
Price: Upon Request
Developer: Quality Group
Contact: (+357) 24 821 855
info@qualitydevelopments.com
qualitygroupcyprus.com
Watch: Property Video
Download: Brochure

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PROPERTY SHOWCASE: Leading Developments in Cyprus
LARNACA
Habitat Residences
Mall Area,
Larnaca
Type: 1,2,3 bedroom apartments
Price: Upon Request
Developer: Quality Group
Contact: (+357) 24 821 855
info@qualitydevelopments.com
qualitygroupcyprus.com
Watch: Property Video
Download: Brochure
LIMASSOL
Trilogy Limassol Seafront
Limassol
Type: 1 to 5-bedroom
apartments and penthouses
Price: €510,000 - €10,500,000
Developer: Cybarco
Development Ltd
Contact: (+357) 25 362 800
info@trilogylimassol.com
Trilogylimassol.com
Watch: Property Video
Download: Brochure
PAPHOS
Akamas Bay Villas
Latchi,
Paphos
Type: 3 and 4-bedroom
beachfront villas
Price: €1,390,000 - €3,000,000
Developer: Cybarco
Development Ltd
Contact: (+357) 25 820 511
info@cybarco.com
Akamasbay.com
Watch: Property Video
Download: Brochure

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PROPERTY SHOWCASE: Leading Developments in Cyprus
PAPHOS
Cap St Georges Hotel & Resort
Akamas,
Paphos
Type: Villas, 3, 4, 5 and
6-bedroom villas
Price: From €1,800,000 +
Developer: Korantina Homes
info@korantinahomes.com
www.korantinahomes.com
PAPHOS
SOHO Resort
Tourist Area,
Paphos
Type: Apartments on
15-floor tower and Villas
Price: €1,200,000 – 6,000,000
Developer: Korantina Homes
info@korantinahomes.com
www.korantinahomes.com
PAPHOS
Topos Residence – Alto Design
Minthis,
Paphos
Type: 2-bedroom suites and
duplexes, 3-bedroom villas,
3, 4 and 5+ bedroom residences
Price: From €783,000
Developer: Pafilia
Property Developers
Contact: (+357) 26 848 800
info@pafilia.com
www.minthisresort.com
Watch: Property Video
Watch: Resort Video

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INSIGHT
CEO, Invest Cyprus
George Campanellas

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Cyprus and Saudi Arabia have been fostering
a closer relationship in the last few years both
economically and politically. In terms of investment,
what kind of activity has Cyprus attracted from
Saudi Arabia and what type of Saudi foreign direct
investment would you like to see in the future?
Invest Cyprus is committed to strengthening the economic and business ties
between Cyprus and Saudi Arabia. Across every level of the Cypriot government,
Saudi Arabia is recognised as a reliable ally contributing to the preservation of
stability in the region. The Arabian Peninsula was always a strategic and economic
point of reference for Cyprus, and it is hoped that cooperation will be expanded and
enhanced.
As a result of its proximity, Cyprus is an ideal EU destination for business owners
looking to relocate their businesses or establish a base in an EU jurisdiction. Of
particular importance are Cyprus’ attractive tax system (Saudi Arabia and Cyprus
have a double tax treaty since 2019), the high-level professional services, the low cost
of living compared to other European states with similar characteristics, but also
the regulatory changes and incentives integrated into the government’s strategy for
attracting international companies.
Cyprus can be a close, strategic and
ICyprus can be a close, strategic
reliable partner for the development of
the Saudi Arabia Vision 2030 aimed at and reliable partner for the
diversifying the investment model of
development of the Saudi
Saudi Arabia. It is anticipated that there
will be significant investments in the Arabia Vision 2030 aimed at
coming years in Saudi Arabia, including
diversifying the investment
infrastructure projects, which create
vast prospects for bilateral cooperation. model of Saudi Arabia
Additionally, Cyprus offers excellent
investment opportunities in industries like renewable energy, tourism and hospitality,
manufacturing, digital technology, healthcare and green development. It is worth
mentioning that Arabsat, a global leader in satellite services, has already invested
heavily in Cyprus through Hellas Sat. Also, the East Med Corridor (EMC) is another
important milestone for the relations of the two countries. The EMC is a new submarine
and terrestrial cable data transmission system connecting Europe with Asia via Greece
and Saudi Arabia and is necessary for the global economy. The consortium comprises
of MENA HUB, Telecommunication Telephony Satellite Applications (TTSA, Greece),
Public Power Corporation (PPC, Greece) and Cyta (Cyprus). n

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INCENTIVES
New Government
Action Plan
Cyprus has launched a new action plan to attract foreign businesses
to establish or expand their activities on the island. Cyprus already
provides many competitive advantages, but this new set of incentives
is geared to ramp up interest for companies to set up headquarters
in the country. The plan has taken into account the best practices
from other European countries, with emphasis on domains related
to technology, shipping, innovation, research and development,
biogenetics and biotechnology, without excluding any other
companies that choose Cyprus as their place of business. The new
strategy which aims to promote foreign investment and stimulate
economic activity was implemented on January 1, 2022.
The Presidential Palace
THE BUSINESS FACILITATION UNIT
The previous Fast Track Business Activation mechanism for companies of foreign
interest has been transformed into a Business Facilitation Unit for foreign
companies operating in Cyprus or for foreign companies that wish to expand their
operations in the country. The new Unit is responsible for the various services required
for the establishment of corporate entities:
• new company name approval and registration
• registration with Social Insurance and VAT authorities,
and with Income Tax authorities
• guidance in relation to the establishment, licensing and operations of companies
• issuance and renewal of residence and employment
permits for staff employed by foreign companies

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RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED
THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF
The government has revised the policy for the employment of highly skilled
personnel from third countries employed by companies of foreign interests, as well
as for those employed by Cypriot companies which give added value to the economy
and the local workforce.
ELIGIBLE COMPANIES:
• companies operating in Cyprus and are of foreign interest/
shareholding and maintain fully fledged offices
• Cyprus shipping companies
• Cyprus companies involved in innovation and technology
• Cyprus pharmaceutical companies or companies that
operate in the fields of biogenetics or biotechnology
ELIGIBLE COMPANIES CAN EMPLOY HIGHLY SKILLED THIRD COUNTRY
NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:
• a minimum monthly gross salary of €2,500
• candidate must hold a university degree or equivalent, or
have a minimum 2 years’ relevant experience
• minimum two-year contract
• work permits will be issued within a one-month
period and will be valid for three years
• a work permit can also be granted to the spouse of the eligible
individual that obtains a visa with this scheme
There is a maximum number of third country nationals that may be employed under
this policy. Only 70% of the total number of all employees may be employed under it
in a period of five years from the date of
joining the Business Facilitation Unit.
Wargaming Headquarters, Nicosia
In case five years have passed and it is
not possible to employ 30% of Cypriot
workers, it will be re-examined on a caseby-case
basis.
Eligible companies will also be allowed
to employ third-country nationals as
support staff with a gross monthly salary
less than €2,500. The employment of
third-country nationals as support staff
is allowed, provided that it does not
exceed 30% of the total support staff and
provided that the third country nationals
and the employers have entered into an
employment contract approved by the
relevant authority in accordance with
the applicable law. The amount of their
salary is to be determined by the current
legislation.

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CASE STUDY
THREE-STEP
COMPANY
REGISTRATION
Company registration in Cyprus is simple and
efficient. This is an example of the required
steps for a simple and straightforward set up in
Cyprus for a small or medium sized company.
THREE EASY STEPS:
1REGISTRATION OF THE COMPANY
Registration must be done at the Department of Registrar of Companies
and Intellectual Property. It is advised to seek professional advice and
once your lawyer has filed for registration, it can be expedited and
completed in one (1) business day. The administrative cost is €395, lawyer’s
or administrative service provider’s fees not included.
2SUBMIT A ‘LETTER OF INTENT’
A ‘Letter of Intent’ must be submitted along with the supportive
documents required through email to the Business Facilitation Unit
(BFU) to register the company as Company with Foreign Interests.
This takes no more than seven (7) business days.
3BOOK AN APPOINTMENT
Finally, you must book an appointment to register the company’s
employees with the Civil Registry & Migration Department (CRMD).
Only 3-5 employees per appointment, administrative cost is
€330 per employee, lawyer’s or administrative service provider’s fees not
included. Once you book an appointment, the licence of the employee for
temporary residence and employment takes 40 days to be issued.
• Simply visit the booking website. Select a convenient language
option and choose: Town (Nicosia)→ Third-country nationals→
Companies registered at the Business Facilitation Unit and select a date.
• Regarding the stipulations for ‘Employing Third-Country
Nationals’ please visit this webpage of the CRMD’s website and have a
look at the documents and fees.

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FAMILY REUNIFICATION RIGHTS
Family reunification rights are granted to third-country nationals employed by this
revised policy and regulated by the Business Facilitation Unit. Direct and free access
to the labour market as paid employees is granted to spouses of the third-country
nationals who have obtained a residence and work permit in Cyprus, through this
revised policy and who receive a minimum gross monthly salary of €2,500. This right
does not extend to supporting staff who receive a monthly salary of less than €2,500.
SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E
The action plan provides for the simplification and acceleration of the process of
granting immigration and work permits under Category E – Long-Term Resident Status
to persons who have been offered permanent employment and whose employment
does not create undue local competition.
DIGITAL NOMAD VISA
Significantly the new Action Plan provides for the introduction and the issuing of Digital
Nomad Visas with a maximum initial limit of 100 beneficiaries.
WHO IS ELIGIBLE:
Third-country nationals who are either self-employed or are employees who work
remotely using information and communication technologies to communicate with
their clients or employers who must be outside Cyprus.
WHAT RIGHTS DO YOU GET:
• right to stay in the country for up to one year, with the
right to renew their visas for another two years
• can be accompanied by family members, to whom a residence permit is granted
upon request, which will expire at the same time as that of the main applicant
• during their stay in Cyprus, the spouse or partner and the minor
members of the main applicant’s family are not allowed to
engage in any kind of economic activity in the country
WHAT ARE THE CONDITIONS:
• must show evidence of sufficient resources at a fixed income level of a
minimum €3,500/month to cover living expenses during their stay without
burdening the national and welfare system (the amount is increased by 20%
in case they have a wife/husband/partner and another 10% per child)
• must have insurance coverage and a clean criminal record
• the aforementioned prerequisites are indicative and
additional requirements are applicable
In the event that the holders of Digital Nomad Visas reside in the Republic for one or more
periods that in total exceed 183 days within the same tax year, then they are considered
tax residents of Cyprus provided they are not tax residents in any other state.

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NEW TAX INCENTIVES
The new Action Plan also includes the introduction of new tax benefits and tax
breaks which were submitted to the House of Representatives in 2021.
NEW INCENTIVES:
• a 50% tax exemption to be granted to new residents/employees who
receive an annual income from their employment of €55,000
• extension of the tax exemption applicable to eligible employees in
Cyprus who have an income below €100,000 from 10 years to 17
years provided they were not domiciled in the Republic for a period
of 17 years prior to the commencement of their employment
• beneficiaries of this tax benefit with an income of €55,000-€100,000 should be
entitled to benefit from this exemption for the remaining period of the 17 years
• extension of the 50% tax exemption for investment in certified innovative
companies to corporate investors. The regime that was in force until the
end of June 2021 allowed the tax exemption only to natural persons
• a 120% capital allowance on expenses that relate to R&D
View from 360, Cyfield
NATURALISATION
The government has introduced the right to submit an application for naturalisation
after five years of residency and employment in Cyprus instead of the former sevenyear
rule or a further reduction to four years if the potential applicants meet the
criteria of holding a recognised certificate of very good knowledge of the Greek
language. n

FLAVOURS
OF
Cyprus
ts@meci.gov.cy
www.meci.gov.cy

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INTERVIEW
Cyprus-Saudi Arabia Business
Association President
Demos
Anastassiou
Saudi companies and investors can benefit
significantly from Cyprus’ strong business ecosystem,
and there are many business opportunities in both
Cyprus and in Saudi Arabia for companies to build on
to strengthen cooperation, says Demos Anastassiou.

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How would you describe the current trade
relations between Cyprus and Saudi Arabia?
The trade relationship between Cyprus and Saudi Arabia dates back decades. Since
the 1970s and until very recently a lot of Cypriots emigrated to Saudi to work
in construction but also in other sectors in Saudi Arabia, so traditionally there are
strong and friendly ties with the Kingdom.
There is great potential in the trade relationship between Cyprus and Saudi Arabia
which is enhanced by the strengthening of the diplomatic relations between the two
countries. The opening of the Cyprus Embassy in Riyadh in 2015 and the opening of
Saudi Arabia’s Embassy in Cyprus in 2018 cemented the new era in these relations.
In terms of products traded between the two countries, around half of Cyprus’
exports to Saudi are dairy produce and animal products. Other exports include
pharmaceutical products, boilers and machinery, animal food, agricultural products
and others. Most of our imports from Saudi include mineral fuels and mineral oils,
organic chemicals, plastic and others.
What advantages does Cyprus offer specifically
to Saudi companies and investors?
S
audi companies and investors can benefit significantly from Cyprus’ strong
business ecosystem, from full access to the European Single Market and to more
than 40 EU Trade Agreements.
Cyprus’ legal system is reliable and predictable. It is based on English Common Law
and is in full compliance with EU and International Laws and regulations. There is
also strong protection of Investment and Intellectual Property.
Saudi businesses will also benefit from a well-educated, multilingual, highly skilled
local talent and professionals with international business experience. In addition,
Saudi businesses can also relocate to Cyprus, travel to anywhere in the EU without
the need of a visa or from any third country through a quick and simplified process by
utilising the new government’s incentives for Third Country Nationals.
Furthermore, there is a wide network of high calibre accountants, lawyers, and
other professionals to support the Saudi businesses which will set up in Cyprus. At
the same time, Cyprus maintains a low cost of doing business compared to other EU
destinations in terms of labour cost, office rentals, company set up, operational, filing
and other costs.
Saudi businesses can benefit from an attractive and transparent tax regime with a
12.5% corporate tax rate, one of the lowest in EU, and can utilise the Double Tax Treaty
with Saudi Arabia which came into effect on 1 st of January 2020.
Equally important is Cyprus’ high quality of life in a safe and friendly international
environment, a strong and first-rate education system and schools, which makes
Cyprus an attractive destination to relocate.

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What new prospects and opportunities could
be cultivated to facilitate more business
between Cyprus and Saudi Arabia?
T
here are many business opportunities across various sectors, both in Cyprus and
in Saudi Arabia, for companies to build on. Indicatively I would like to highlight the
following sectors.
In the construction sector companies in Cyprus have both the technological
knowledge and capabilities to take on a big range of construction projects in Saudi
Arabia.
In terms of headquartering, following Brexit and the approval of the Fast Track
Business Activation mechanism by the Cypriot Council of Ministers in September
2020, Cyprus is now an attractive destination for the establishment of business
entities from Saudi Arabia which have activities in the European Union. In addition,
Cyprus’ modern and favourable legal environment make it an ideal location for the
establishment of investment funds from Saudi Arabia.
Cyprus is an international player in shipping and ship management having one
of the most competitive and high-quality flags and at the same time offering firstrate
ship management services. Given the high export activity of Saudi Companies
such as Aramco Trading in the Mediterranean, Cyprus could also potentially offer oil
product storage, mixture and ‘ship-to-ship’ transfers, especially given its strategic
geographic location and its already existing infrastructure.
Start-up companies from Saudi Arabia could make use of Cyprus’ beneficial
corporate and investment environment, its membership to the EU as well as the
good relationships Cyprus has with neighbouring countries, while Cypriot start-up
companies could benefit from Saudi’s investment appetite for new technologies and
innovations.
Our country is a comprehensive travel destination encompassing modern
infrastructure and an advanced tourism and hospitality sector. Given the Kingdom’s
focus on the development of the tourist industry in Saudi and the proximity with
Cyprus, we see great cooperation opportunities for companies in this sector.
In the education sector, forming connections between universities in Cyprus and
Saudi Arabia that would enable collaboration in both teaching and research would
give these universities the opportunity to be more competitive internationally.
Moreover, through such a collaboration, Saudi Arabian universities would become
eligible for both EU funding and participation in European Programmes. These
institutions could also organise conferences and symposiums together.
In terms of foreign direct investment, there are worthwhile opportunities to
invest in university institutions, hotel establishments, hospitals and clinics, banks,
renewable energy projects as well as ports and marinas. And as for the Cyprus Stock
Exchange (CSE) and given the interest that the Saudi Arabian Stock Exchange receives
from international investors, we consider that double listing important companies in
both our stock exchanges would be beneficial. This would facilitate foreign investor
transactions to Saudi Arabian companies that are referred from a European Exchange.

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How does the Cyprus-Saudi Arabia Business
Association support and foster business
links between the two countries?
T
he Cyprus–Saudi Arabia Business Association was established in September
2020 and operates under the auspices of the Cyprus Chamber of Commerce
and Industry. In that respect it is working very closely with the Federation of Saudi
Chambers of Commerce (FSCC), the Riyadh Chamber of Commerce and the Jeddah
Chamber of Commerce to act as a bridge between the two business communities and to
facilitate companies from both countries to explore opportunities both in Saudi and in
Cyprus. The cooperation with the Saudi Chambers was formalised via the cooperation
agreement that was signed with the FSCC on June 7, 2022 to form the Saudi–Cyprus
Business Council which will comprise of members from both business communities.
One of the main tools we use to foster and support the business links between the
two countries is the organisation of business delegations. These delegations act as
a platform for businesses from both countries to meet and explore opportunities of
mutual interest. We organised our first business delegation to Riyadh and Jeddah at the
beginning of June this year and we are discussing with the FSCC to organise a similar
business delegation from Saudi to Cyprus in the near future.
Furthermore, the Cyprus–Saudi Arabia Business Association works very closely
with all ministries and especially the Embassy of Saudi Arabia in Nicosia and the
Embassy of Cyprus in Riyadh to promote local businesses and projects and to create
a solid foundation to build sustainable trade relations between the two countries.
To that effect, our Association’s agenda includes, amongst other things, to work
closely with all stakeholders to establish direct flights between the two countries, to
streamline the visa issuing process for Saudi nationals when visiting Cyprus, and to
establish a Bilateral Investment Protection Treaty. n

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BUSINESS OPERATING ENVIRONMENT
DOING
BUSINESS
INCYPRUS
€
Cyprus’ business-friendly infrastructure and cando
attitude has brought it worldwide recognition
as an international business centre. The country
offers a winning package for both international
entrepreneurs and investors with its sophisticated
business environment, highly skilled workforce
and cost-effective, yet high quality of life.

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BUSINESS CULTURE
Respect, hospitality and personal trust are the cornerstones of the Cypriot business
environment. An island nation with a long history of dealing with foreign traders
and businesses, Cypriot businesspeople are international in their outlook and astute
and knowledgeable in their negotiations. Punctuality is expected, business dress is
formal for both men and women, especially at the beginning of a business relationship,
and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone
conferences or written communications, which are regarded as too impersonal, and
place great importance on building personal relationships with business partners or
connections. Trust is the key to successful business dealings in Cyprus.
LANGUAGE
Greek and Turkish are the official languages of Cyprus. However, English, the
legacy of the British who ruled Cyprus from 1878 to 1960, is widely spoken and is
the language of business. Many Cypriots also speak French, German or Russian.
BUSINESS HOURS
Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to
Friday. Although in summer some offices take a longer lunch break or finish early.
Nicosia

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BUSINESS COSTS
An EU base within the eurozone, Cyprus remains one of the few international
business centres offering low operational costs and a high standard of living.
Office space and residential property in Nicosia, the capital and major business
centre, is relatively inexpensive when compared to other European capitals.
In terms of cost of living, Cyprus remains one of the most advantageous places to
live, with cost of living lower than in most Western European countries. At the same
time, residents of Cyprus enjoy a high standard of living and exceptional quality of
life, as the balmy climate and low crime rate offer both comfort and peace of mind.
Business Costs Cyprus EU27 Average
Labour (business sector) €18.30 €29.10
Communications (services & equipment)* 109 100
Electricity (households) €0.2204/kWh €0.2369/kWh
Electricity (non-households) €0.1946/kWh €0.1445/kWh
* EU average is set to equal 100
Source: Eurostat (2021)
Limassol Marina
COMMERCIAL AND RESIDENTIAL PROPERTY
Cyprus offers a full range of properties for both commercial and residential use
situated in key locations across the island. While the exclusive, top-level market
is currently the most sought after, the island has a good stock of properties available,
from townhouses and apartments, to villas and seaside bungalows in five-star gated
developments. Nicosia and Limassol are the main business centres. Office space
is available in purpose-built office blocks, in converted houses or flats. A number of
business centres also offer ready-to-move-into offices. They usually include fully
equipped offices that are available on demand with flexible terms, meeting rooms
and a receptionist service. Overall, rentals are around two-thirds of those charged
for comparable commercial spaces in continental Europe, and offices, retail or other
commercial space is widely available for purchase or for rent.

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300
200
COMPARISON OF ESTIMATED AVERAGE RENT LEVELS
FOR FLATS, 2021 (BRUSSELS = 100)
European
Union
Europe
(others)
100
0
225
216
199
199
197
171
134
128
122
122
119
109
104
100
99
99
Dublin
Copenhagen
Paris
Luxembourg
Stockholm
Helsinki
Berlin
The Hague
Madrid
Vienna
Lisbon
Rome
Vilnius
Brussels
Valletta
Ljubljana
Budapest
Tallinn
Athens
Prague
Zagreb
Riga
Bratislava
Warsaw
Bucharest
Nicosia
Sofia
London
Geneva
Rejkjavik
Oslo
Podgorica
98
98
98
96
94
84
81
74
71
64
46
278
227
188
178
54
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2021.
Source: Eurostat
OFFICE SPACE
In terms of office rental and sales prices, Limassol continues to be the most expensive
region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.
OFFICE SALE AND RENTAL PRICES PER CITY (2022)
Sale Prices (per m 2 ) Rental Prices (per m 2 )
Famagusta €1,300-€1,500 €6-€10
Larnaca €1,800-€2,500 €8-€10
LImassol €4,500-€6,500 €20-€40
Nicosia €3,500-€4,500 €12-€22
Paphos €1,400-€2,000 €7-€10
Source: Danos International Property Consultants
HUMAN RESOURCES
Well-trained and versatile, the Cypriot workforce is one of the island’s most
valuable resources, offering high standards of productivity, technical expertise
and professional excellence at reasonable costs to businesses.
According to the Statistical Service in Cyprus, the country records the most higher
education graduates per capita (age 30-34) in the European Union.
The Cypriot labour force amounted to 482,385 persons or 65.1% of the population
(males 71.2%, females 59.5%) in the Q2 of 2022. The biggest percentage of employed
persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture
(2.5%).

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SALARY SURVEY 2022 Source: GRS Recruitment
JOB TITLE LOW (€) MID (€) HIGH (€)
Management CEO 60,000 100,000 150,000
Executive Director 60,000 100,000 140,000
CFO 65,000 80,000 120,000
Accounting & Finance Financial Controller 55,000 60,000 75,000
Finance Manager / Senior Accountant 40,000 55,000 65,000
Accountant / Auditor (Qualified) 34,000 38,000 45,000
Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000
Account Assistant 16,000 22,000 25,000
HR Department Head of HR / Group of HRM 55,000 80,000 120,000
HR Manager 40,000 50,000 60,000
HR Executive 18,000 21,000 24,000
Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000
Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000
Legal Assistant / Paralegal / None Qualified Lawyer 18,000 20,000 24,000
Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000
Laundering (AML), Counter - Compliance / AML / CTF / Manager 42,000 46,000 52,000
Terrorist Financing (CTF) Compliance / AML / CTF / Officer 26,000 32,000 40,000
Dealing Room Chief Dealer 45,000 52,000 60,000
Dealer 24,000 33,000 45,000
Junior Dealer 18,000 20,000 22,000
IT Development Head of IT / CTO 60,000 80,000 140,000
IT Manager / Development Manager 50,000 60,000 80,000
Quality Assurance (QA) / Tester 26,000 36,000 46,000
IT Technician 20,000 24,000 36,000
Developer* 28,000 42,000 60,000
Marketing Department Head of Marketing 42,000 50,000 72,000
Marketing Officer 24,000 30,000 36,000
Digital Marketing Specialist (Social, PPC / SEO) 26,000 34,000 42,000
Marketing Executive 18,000 22,000 24,000
Graphic Designer 24,000 30,000 36,000
Content Writer 24,000 32,000 40,000
Sales Department Head of Sales 42,000 60,000 75,000
FX Sales* 20,000 24,000 30,000
Sales Executive (Industries other than FX / Fintech) 18,000 22,000 26,000
Administration Office Manager / PA / EA 18,000 28,000 39,000
Administator / Receptionist 17,000 20,000 24,000
Corporate Administrator 20,000 28,000 36,000

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Taxation
Cyprus offers one of the most attractive tax regimes
in Europe. A member of the European Union since
2004, Cyprus’ regulatory regime is in full compliance
with the requirements of the EU and OECD. Cyprus has
one of the lowest EU corporate tax rates at 12.5%. The
island’s advantageous tax rate coupled with an extensive
list of double tax treaties places it high on the list of
preferred jurisdictions for international tax planners.
CORPORATION TAX
The Corporation Tax Rate in Cyprus is 12.5%.
BASIS OF TAXATION
All companies that are tax residents of Cyprus are taxed on their income accrued or
derived from all sources in Cyprus and abroad. A non-Cyprus tax resident company
is taxed on income accrued or derived from a business activity which is carried out
through a permanent establishment in Cyprus and on certain income arising from
sources in Cyprus. A company is considered tax resident of Cyprus if it is managed and
controlled from Cyprus.
Trilogy, Limassol

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SPECIAL TYPES OF COMPANIES
SHIPPING COMPANIES
The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption
from all direct taxes and taxation under tonnage tax regime. The merchant shipping
legislation applies to qualifying shipowners, charterers and ship managers, which
are involved with the operation of qualifying community ships (ships under a CY flag
or a flag of an EU member state or of a country in the European Economic Area) and
foreign (non-community) ships (under conditions) and provided that they engage in
qualifying activities. The legislation allows non community vessels to enter the tonnage
tax regime provided the fleet is composed by at least 60% community vessels. If this
requirement is not met, then non community vessels can still qualify if certain criteria
are met. Exemption is also given in relation to the salaries of officers and crew aboard
a Cyprus ship.
INSURANCE COMPANIES
Profits of insurance companies are liable to corporation tax similar to all other
companies except in the case where the corporation tax payable on taxable profit of life
insurance business is less than 1.5% of the gross premium. In this case the difference is
paid as additional corporation tax.
ADMINISTRATION AND COMPLIANCE
The tax year is the calendar year. The accounts of a company may be closed on a date
different from 31 st of December, in which case taxable profits are apportioned on a time
basis relevant to the tax years.
CONSOLIDATED RETURNS
Taxation on a consolidated basis is not permitted and each company is required to
submit a separate standalone tax return. A set-off of group losses is possible provided
there is a 75% parent subsidiary relationship, including subsidiaries under 75% control
of a common parent company. Group loss relief is available only between resident
companies (and EU-based companies/companies with which Cyprus has concluded a
double tax treaty, provided that they have exhausted all options to utilise the losses in
their country of residence).
FILING REQUIREMENTS
Corporate tax returns must be filed electronically by the 31 st of March of the year following
the year under consideration (i.e. 15 months from the year-end). Companies are required
to pay provisional tax in two equal instalments by 31 st of July and 31 st of December of the
year under consideration. Any underpayment is due to be settled via self-assessment by
1 st of August of the following year. If the income declared for the payment of the provisional
tax is lower than 75% of the actual income as finally determined, an additional tax equal
to 10% of the difference between the final and provisional tax is payable.

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PERSONAL INCOME TAX
BASIS OF TAXATION
All Cyprus tax residents are taxed in Cyprus on all income accrued or derived from
all sources in Cyprus and abroad such as employment income, rental income etc. (i.e.
worldwide income).
Individuals who are not tax residents of Cyprus are taxed on income accrued or
derived from sources in Cyprus.
An individual is tax resident in Cyprus if one of the following conditions are met:
• he/she spends physically in Cyprus over 183 days during the relevant tax year, or
• he/she does not remain in any other state for one or more periods which altogether
exceed 183 days in the same tax year and he/she is not tax resident in any other
state for the same tax year and all the following conditions are cumulatively met:
• he/she should remain in Cyprus for at least 60 days during the tax year
• he/she should pursue any business in Cyprus and/or to work in Cyprus and/or to
be a director in a company tax resident in Cyprus at any time during the tax year
• he/she should maintain a permanent residence in Cyprus,
which can be either owned or rented by him/her
The personal income tax rates that apply to individuals are as follows:
Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€)
0-19,500 0 0 0
19,501- 28,000 20 1,700 1,700
28,001-36,300 25 2,075 3,775
36,301-60,000 30 7,110 10,885
60,001 and over 35

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TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS:
The individuals who were non-Cypriot tax residents prior to the commencement of
their employment, but become Cypriot tax residents afterwards, are eligible for a 50%
exemption from income tax if all the following conditions are met:
• their remuneration from the employment exercised
in Cyprus is over €55,000 per annum; and
• they were not tax residents of Cyprus for 10 consecutive years
prior to the commencement of their employment; and
• the exemption is available from 1 January 2022, it is granted from the first
year of employment and it can be enjoyed for a period of 17 years
• individuals with annual remuneration below €55,000 who were non-Cypriot
tax residents in the 3 years preceding their employment, are eligible for a 20%
exemption from income tax (maximum exempt amount is €8,550 per year)
The exemption is available from the 1 st of January following the year of commencement
of the employment and can be enjoyed for a period of 7 years.
It is important to note that the above provisions were recently introduced (published
in the Official Gazette of the Republic on 26/07/2022 ) as amendments to the previous
rules that were applicable until the publication date. The amended provisions also
include certain transitional provisions that may enable the individuals that claimed
the exemptions based on the previous rules to enjoy the exemptions based on the
provisions included in the new rules. Furthermore, the individuals that do not fall within
the transitional provisions, are eligible to continue claiming the exemption based on the
previous rules for the remaining years, without being affected by the new rules.

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SUBMISSION OF TAX RETURNS
The tax year is the calendar year. Tax on employment income is withheld by the
employer under the PAYE system and remitted to the tax authorities.
Self-employed individuals pay tax through the provisional and self-assessment
systems. Tax returns must be filed electronically by 31 st of July following the tax year for
employees, 30 th of September for self-employed persons who are not required to file
audited/reviewed financial statements and 31 st of March of the year following the year
under consideration (i.e. 15 months from the year-end) for self-employed persons whose
returns are accompanied by audited/reviewed financial statements. Sole proprietors with
an annual turnover of more than €70,000 are obliged to prepare financial statements
that are either audited or are subject to a review by a statutory auditor (in case their
net turnover does not exceed the amount of €200,000 and the total value of the assets
without deducting liabilities does not exceed the amount of €500,000).
Limassol Seafront
VALUE ADDED TAX (VAT)
Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services
in Cyprus, on the acquisition of goods from other Member States and on the importation
of goods from third countries. The standard rate of 19% applies to the supplies of all
goods and services in Cyprus which are not subject to the zero rate, the reduced rates
(5% and 9%) or are not exempt. Cyprus constitutes an attractive EU VAT jurisdiction
applying several options permissible by the EU Directive among others a flexible VAT
Grouping. As long as the pre-requisite links are satisfied, and governmental revenues
are not put into jeopardy, related entities can form a VAT group disregarding intragroup
transactions and having a representative member submitting a single VAT
return. Even such entities not incorporated in Cyprus can form a VAT Group in case
they are tax resident or possessing an establishment in Cyprus.
SPECIAL CONTRIBUTION FOR DEFENCE
Special contribution for defence (SDC) is imposed on the dividend, interest and rental
income earned by Cypriot tax resident and domiciled individuals. Non-domiciled
Cypriot tax residents are exempt from SDC.

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KEY FEATURES OF THE CYPRUS TAX SYSTEM
Simple, transparent and EU harmonised tax system
following recommended OECD practices.
Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive,
Merger Directive and Interest and Royalties Directive).
Extensive Tax Treaty network with 67 countries.
A corporate income tax rate of 12.5%, one of the lowest within the
EU with possibility to enjoy a much lower effective tax rate.
Availability of a Notional Interest Deduction for companies
receiving new equity funding. The tax deduction can reach up to
80% of the taxable income generated by the new equity.
IP Box regime based on the nexus approach which allows 80% deemed
deduction on qualifying profits from the business use of qualifying IP.
Increased deduction of 20% on the actual expenditure incurred for scientific
research as well as research and development, subject to conditions.
Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.
Attractive tax jurisdiction for funds and attractive tax regime for fund managers.
Capital gains are exempt from tax (except for capital gains arising
from the disposal of immovable property located in Cyprus).
Profits of a foreign Permanent Establishment exempt from tax.
Gains from trading in securities (shares, bonds and certain
other financial instruments) are exempt from tax.
Unilateral credit relief for foreign taxes.
No withholding tax on dividend, interest or royalty payments
(for use of royalties outside of Cyprus) made abroad.
No taxes on entry and on qualifying reorganisations.
Carry forward of tax losses for five years.
Tax incentives for expatriate employees taking up
employment in Cyprus (20%/50% exemption).
Dividend income and interest income are exempt from SDC for
non-domiciled individuals taking up tax residency in Cyprus.
Possibility to obtain Cyprus tax residency by spending
only 60-days in Cyprus (subject to conditions).
No inheritance tax.
No immovable property tax.

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WHO’S
WHO
CYPRUS BUSINESS DIRECTORY
The definitive guide
to Cyprus’ leading
companies, executives
and professional advisers.

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ACCOUNTING & AUDITING
A. Zemenides & Co Ltd..................................................................................................................................... 83
Baker Tilly South East Europe...................................................................................................................... 83
Deloitte Cyprus.................................................................................................................................................... 83
Demetriou & Associates Business Advisers Ltd (DBA).................................................................... 83
Joannides + Co Ltd..............................................................................................................................................84
KPMG........................................................................................................................................................................84
PwC Cyprus............................................................................................................................................................84
ServPro Accountants & Consultants........................................................................................................84
ASSOCIATIONS
Association of Cyprus Banks........................................................................................................................ 85
Cyprus Cannabis Association (CYCA)....................................................................................................... 85
Cyprus Chamber of Commerce and Industry..................................................................................... 85
Cyprus Fiduciary Association...................................................................................................................... 85
Cyprus Healthcare Tourism (CHT).............................................................................................................86
Cyprus Hotel Association...............................................................................................................................86
Cyprus International Business Association (CIBA)..........................................................................86
Cyprus Investment Funds Association (CIFA).....................................................................................86
Cyprus Shipping Chamber............................................................................................................................ 87
Cyprus Union of Shipowners (CUS).......................................................................................................... 87
Insurance Association of Cyprus............................................................................................................... 87
Society of Trust and Estate Practitioners (STEP) ............................................................................... 87
The Cyprus Employers & Industrialists Federation (OEB)............................................................88
The Cyprus Tech Association.......................................................................................................................88
The Institute of Certified Public Accountants of Cyprus (ICPAC)..............................................88
BANKING
Bank of Cyprus PLC............................................................................................................................................88
cdbbank (The Cyprus Development Bank Public Company Ltd)................................................89
Eurobank Cyprus Ltd........................................................................................................................................89
Societe Generale Bank – Cyprus................................................................................................................89
CONSULTING
e-CNHC – E-C Natural Hydrocarbons Company Ltd.......................................................................89
PIVOT Consultants (Cyprus) Limited........................................................................................................90

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CORPORATE SERVICES
Alter Domus (Cyprus) Ltd...............................................................................................................................90
Andersen.................................................................................................................................................................90
Aspen Trust Group.............................................................................................................................................90
ATG Corporate Services....................................................................................................................................91
Executive Business Constultants Ltd........................................................................................................91
GFSC Global............................................................................................................................................................91
KENDRIS (Cyprus) Limited.............................................................................................................................91
Pagecorp Group................................................................................................................................................... 92
Sovereign Group – Cyprus............................................................................................................................. 92
Trident Trust Company (Cyprus) Limited.............................................................................................. 92
Vistra (Cyprus) Ltd.............................................................................................................................................. 92
ECONOMIC ANALYSIS
Sapienta Economics Ltd.................................................................................................................................. 93
ENERGY
Cyprus Hydrocarbons Company (CHC)................................................................................................... 93
EXECUTIVE EDUCATION
European Institute of Management and Finance (EIMF).............................................................. 93
FINANCIAL ADVISORY
MAP S.Platis Group............................................................................................................................................ 93
FUND ADMINISTRATION
ATG Fund Services............................................................................................................................................. 94
FUND MANAGEMENT
Inveqo Fund Management Ltd..................................................................................................................... 94
IXI Investments................................................................................................................................................... 94
Leon MFO Investments Ltd............................................................................................................................ 94
Wealth Fund Services Ltd............................................................................................................................... 95
INVESTMENT PROMOTION
Invest Cyprus........................................................................................................................................................ 95

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INVESTMENT SERVICES
Windsor Brokers Ltd......................................................................................................................................... 95
LAW FIRMS
A.G. Paphitis & Co LLC....................................................................................................................................... 95
Agni Livera LLC.................................................................................................................................................... 96
Andreas Th.Sofokleous LLC........................................................................................................................... 96
Antonis Paschalides & Co LLC...................................................................................................................... 96
Areti Charidemou & Associates LLC......................................................................................................... 96
E. Tzioni & Associates LLC...............................................................................................................................97
Elias Neocleous & Co LLC.................................................................................................................................97
George Z. Georgiou & Associates LLC.......................................................................................................97
L Papaphilippou & Co LLC................................................................................................................................97
N. Xenofontos LLC Law Firm.........................................................................................................................98
Patrikios Pavlou & Associates LLC.............................................................................................................98
Pourgoura & Aspri LLC.....................................................................................................................................98
Stelios Americanos & Co LLC........................................................................................................................98
NON PROFIT
Cyprus Seeds......................................................................................................................................................... 99
REAL ESTATE
Cybarco Development Ltd.............................................................................................................................. 99
Korantina Homes............................................................................................................................................... 99
Pafilia Property Developers Ltd................................................................................................................... 99
Quality Group.....................................................................................................................................................100
Trilogy Limassol Seafront ...........................................................................................................................100
RECRUITMENT
CareerFinders Recruitment Services Limited..................................................................................100
GRS Recruitment .............................................................................................................................................100
RESEARCH INSTITUTION
The Cyprus Institute ........................................................................................................................................101
WEB DEVELOPMENT
Ideaseven Digital...............................................................................................................................................101

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ACCOUNTING & AUDITING
AFXENTIS ZEMENIDES
MANAGING DIRECTOR
A. ZEMENIDES & CO LTD
A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants,
tax consultants and business advisors based in Limassol, Cyprus.
We aim to provide excellent service in a professional manner and
of the highest standards to our clients, both local and international.
We aim to act as one-stop-shop for our clients providing them a
full range of services. The boutique nature of our firm ensures that
the clients enjoy personalized attention. Through our participation
in the international network of associates IR GLOBAL we provide
solutions to corporate and individual clients worldwide. Our
objective is to assist our clients to achieve their goals.
Omirou Street 61, Joanna Court,
3rd Floor, 3091 Limassol - Cyprus
Contact: Afxentis Zemenides
- Managing Director
(+357) 25 745 800
azemenides@zemenides.com.cy
www.zemenides.com.cy
ACCOUNTING & AUDITING
MARIOS A. KLITOU
CHIEF EXECUTIVE OFFICER
BAKER TILLY SOUTH EAST EUROPE
Baker Tilly South East Europe is a full-service accounting
and advisory firm, that offers industry specialised services
in assurance, tax and advisory. Every day, more than 500
professionals located in 16 offices throughout South East Europe
(Cyprus, Greece, Romania, Bulgaria and Moldova) share their
expertise to accelerate your business growth, by operating under a
unified structure, directed by a single, central management team
of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s
challenges. We believe in the power of great relationships, by
leading and listening to great conversations. Baker Tilly South East
Europe is an independent member of Baker Tilly International, one
of the world’s leading networks, uniting independent companies
to provide top-quality professional services in both international
and regional markets.
Corner C Hatzopoulou & 30
Griva Digheni Avenue,
1066 Nicosia, Cyprus P.O.Box
27783, 2433 Nicosia - Cyprus
Contact: Marios A. Klitou -
Chief Executive Officer
(+357) 22 458 500
info@bakertilly.com.cy
www.bakertilly.com.cy
ACCOUNTING & AUDITING
PIERIS MARKOU
CEO, DELOITTE CYPRUS
DELOITTE CYPRUS
Deloitte Limited is among the leading professional services firms
in Cyprus, providing audit & assurance, consulting, financial
advisory, risk advisory, tax and related services, as well as a
complete range of services to international business, through
over 750 people in Nicosia and Limassol. Deloitte Limited, is the
sub-licensed affiliate for Cyprus of Deloitte NSE LLP. As part
of the Deloitte global network, with more than 345,000 people
in over 150 countries and territories, Deloitte Limited has the
advantage of global sharing of knowledge with local adaptation
and personal approach, built on the solid foundations of over 60
years of successful operations on the island.
24 Spyrou Kyprianou Avenue,
CY 1075, Nicosia - Cyprus
Contact: Michelle Karaolides -
Head of Marketing & Communications
(+357) 22 360 300
infonicosia@deloitte.com
www.deloitte.com/cy
ACCOUNTING & AUDITING
ELIAS DEMETRIOU
DIRECTOR
DEMETRIOU & ASSOCIATES BUSINESS ADVISERS LTD (DBA)
dba was established in 2017 by a team with more than 30 years
experience in the professional financial services industry.
The company provides an extensive range of services on most
financial matters including auditing, accounting, taxation,
financial and business consulting. We also specialise in the
formation and management of companies, liquidation and
dissolution of companies, the creation and administration
of trusts and estates, IT consulting, and much more. dba
comprises of 3 directors and more than 20 members of staff.
Our commitment is to provide exceptional quality services to
our clients, tailored to all their needs. dba is passionate about
ideas, innovation, and always adopts a forward-looking proactive
approach. The firm is a member of DFK International, the
number 6 Association in the world.
1 Salaminos Avenue, 1045 Nicosia - Cyprus
Contact: Elias Demetriou – Director
(+357) 22 799 900
e.demetriou@dbacy.com
www.dbacy.com

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SAUDI ARABIA EDITION
ACCOUNTING & AUDITING
DAVINIA JOANNIDOU
DIRECTOR
JOANNIDES + CO LTD
Joannides + Co. Ltd is a leading firm of accountants and
management consultants established in Cyprus for over 40
years providing audit and assurance, taxation, business support
services and management consulting to international companies
and private clients. The firm has offices in Nicosia, Limassol
and Larnaca offering its services with the utmost integrity,
independence and objectivity with the aim to add significant
value to its clients’ business performance. Joannides + Co. Ltd
is a member of AGN International Ltd, a worldwide association
of independent accounting and consulting firms operating in
85 countries, is an approved training centre of the professional
accounting institutes ICAEW and ACCA and in 2010 was awarded
the quality award certification from the Institute of Certified
Public Accountants of Cyprus.
13, Agiou Prokopiou Str. 2406
Egkomi, Nicosia - Cyprus
P.O.Box 25411, Nicosia 1309 - Cyprus
Contact: Davinia Joannidou - Director
(+357) 22 556 556
cy@joannides.com.cy
www.joannides.com.cy
ACCOUNTING & AUDITING
CHRISTOS V. VASILIOU
MANAGING DIRECTOR
KPMG
KPMG is a global organisation of independent professional services
firms providing Audit, Tax and Advisory services. KPMG operates
in 144 countries and territories and has approximately 236.000
people working in member firms around the world. KPMG has
been operating in Cyprus since 1948 and currently employs more
than 850 professionals working from 6 offices across the island
(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous).
By utilising the whole spectrum of KPMG International services
and the deep knowledge in all major industries, KPMG provides its
clients with solutions which address their unique characteristics.
Clients look to KPMG for a consistent standard of service based
on high-order professional capabilities, industry insight, local
knowledge and expertise.
14 Esperidon Street, 1087, Nicosia - Cyprus
Contact: Maria A. Papacosta -
Board Member, Head of Clients and Markets
(+357) 22 209 000
maria.papacosta@kpmg.com.cy
www.kpmg.com.cy
ACCOUNTING & AUDITING
PHILIPPOS SOSEILOS
CEO, PwC CYPRUS
PWC CYPRUS
In a world that is constantly evolving, our aim at PwC Cyprus is to
find the right solutions to complex problems. We focus on quality
and build strong relationships based on trust, creating value for
our clients, stakeholders and society. Based on PwC’s new global
strategy, “The New Equation”, we look at problems from different
angles and present innovative solutions that make a difference
and lead to sustained outcomes. More than 1,000 people in Cyprus
join forces with 327,000 professionals of our global network in
155 countries and create an experienced team that combines
intelligent approaches, experience and technological innovation.
www.pwc.com.cy
PwC Central, 43 Demostheni Severi Avenue,
CY-1080 Nicosia - Cyprus
Contact: Konstantina Logotheti -
Director, Marketing & Communications
(+357) 22 555 000
konstantina.logotheti@pwc.com
www.pwc.com.cy
ACCOUNTING & AUDITING
PETROS THEODOTOU
FCCA
FOUNDER & CEO
SERVPRO ACCOUNTANTS & CONSULTANTS
ServPRO is a team of accountants, auditors, lawyers and
consultants. A practicing member of ICPAC and ACCA, a National
Member of Auditaxes International, an ACCA Approved Employer,
an ISO 9001:2015 and an ISO 27001:2013 Certified Company.
Our areas of expertise are Accounting & Finance, Advisory &
Consulting, Audit & Assurance, Corporate & Legal, Economic
Substance and Taxation. We have a stellar track record in
delivering practical solutions to corporate and individual clients
with a spherical, solution-driven and detail-oriented approach,
while demonstrating an aptitude of professionalism, integrity and
commercial acumen. During the remarkable year of 2021, we have
celebrated 10 years of delivering an impeccable quality of services
and practical solutions across a diversified range of industries to a
growing multinational clientele.
Accountants & Consultants
1 Kinyra Street, Kinyras Tower,
3rd Floor, 1102 Nicosia - Cyprus
Contact: Petros Theodotou FCCA -
Founder & CEO
(+357) 22 021 100
info@servpro.com.cy
www.servpro.com.cy

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SAUDI ARABIA EDITION
ASSOCIATION
DR. MICHAEL KAMMAS
DIRECTOR GENERAL
ASSOCIATION OF CYPRUS BANKS
Through its representation of ten member banks that hold more
than 95% market share, the Association of Cyprus Banks (ACB)
is the voice of the local banking system. Its primary target is to
promote best practices for the interest of the banking sector
and the local economy. The ACB is a non-profit organization
through which common positions are formulated and promoted
on banking and financial issues when local legislative and
governmental policies are determined. Through its more than
53 years of operations, the ACB has gained the reputation of a
prudent, reliable and consistent partner for various policy makers,
organizations, media, institutions and the local society.
15 Demetriou Karatasou Str, Office 401,
P.O. Box 16113, 2086 Nicosia - Cyprus
Contact: Dr. Michael Kammas
- Director General
(+357) 22 664 293
info@acb.com.cy
www.acb.com.cy
ASSOCIATION
ANDRIA ANDREOU
PRESIDENT
CYPRUS CANNABIS ASSOCIATION (CYCA)
CYCA was formed in October 2019 under the auspices of Cyprus
Chamber of Commerce & Industry. We are leading the collective of
individuals and businesses that will build the legal Cannabis Ecosystem
in Cyprus, and advancing the interests of a responsible,
compliant, transparent and high-quality industry. As global
recognition of the benefits of legal Cannabis increases with
governments around the world steadily moving to full legalization,
there is a burgeoning need for high-quality products with known
components; cultivated at large scale for consistent, reliable supply
to users. Cyprus is primely positioned as an attractive center of
excellence for production; research; genetics, and intellectual
property from which the legal Cannabis industry can flourish.
38 Grivas Dhigenis Ave. & 3 Deligiogis
1066 Nicosia - Cyprus
Contact: Andria Andreou - President
(+357) 99 672 366
a.andreou@cy-ca.org
www.cy-ca.org
ASSOCIATION
CHRISTODOULOS E.
ANGASTINIOTIS
PRESIDENT
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY
The Cyprus Chamber of Commerce and Industry (CCCI) membership
exceeds 10.000 enterprises representing over 95% of the local
business community. 160 Professional Associations are affiliated
to the CCCI including 41 Bilateral Associations. Its wide range of
services include advisory, provision of business information,
foreign trade exhibitions, trade missions & business fora abroad,
business training courses & seminars, advice on European Union
issues, labour relations matters, issue of Certificates of Origin and
ATA-CARNETS and participation in EU programmes. CCCI is a full
member of 12 International organizations including Eurochambers,
the International Chamber of Commerce, SME United,
Eurocommerce, GS1 and many other international organisations.
Follow us on twitter @ccci_cyprus.
38, Grivas Digenis Ave. &
3 Deligiorgis Str. Chamber Building - Cyprus
Contact: Marios Tsiakkis - Secretary General
(+357) 22 660 066
secgen@ccci.org.cy
www.ccci.org.cy
ASSOCIATION
CHRIS KOUTOUROUSSIS
PRESIDENT
CYPRUS FIDUCIARY ASSOCIATION
The Cyprus Fiduciary Association (CYFA), established in 2011,
is the representative body of regulated Administrative Service
Providers (ASP’s) in Cyprus. With a vision to assist in forming a
solid international business sector in Cyprus operating on high
professional standards, ethics and integrity, the Association aims
to serve industry providers by promoting their interests, raising
sector awareness, supporting their operations, contributing to
new legislations and delivering valuable training to professionals.
The Association’s commitment to its purpose has established it
among the most reputable and recognised organisations within
the country, before public and regulatory authorities, other
associations, as well as the business community in Cyprus and
overseas.
6, Emmanuel Roide Street, Fourth floor,
Office 402, 1095, Nicosia - Cyprus
(+357) 22 256 263
info@cyfa.org.cy
www.cyfa.org.cy

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SAUDI ARABIA EDITION
ASSOCIATION
YIOTA SKITINI-
FLOURENTZOU
PRESIDENT
CYPRUS HEALTHCARE TOURISM (CHT)
The Cyprus Healthcare Tourism (CHT) is a non-profit organization
that was founded in November 2006 after an initiative taken by the
Cyprus Chamber of Commerce and Industry (CCCI) aiming to develop
and promote Cyprus as a high quality Health Tourism destination. The
CHΤ currently has more than 80 members who are actively involved
in the Cyprus Health Tourism Industry. These vary from state-of-theart
hospitals and clinics to specialized travel agencies, wellness and
rehabilitation centres as well as consulting firms. Most of the largest
and best equipped hospitals are members of the CHΤ and they are all
licensed by the Cyprus Government and comply with EU regulations.
Some of them have moved a step ahead towards gaining international
accreditations.
38 Grivas Dighenis & 3 Deligiorgis
Street, Nicosia - Cyprus
T: (+357) 22 889 744
Contact: Polis Peratikos - Executive Secretary
E: cyprushealth@ccci.org.cy
W: www.cyhealthservices.com
ASSOCIATION
HARIS LOIZIDES
PRESIDENT
CYPRUS HOTEL ASSOCIATION
The Cyprus Hotel Association is the Hoteliers National Trade
Union. The history of its foundation goes back to the beginning of
the 1930s. Today the vast majority of all hotel establishments and
other licensed tourist accommodation units, all over Cyprus, are
members of the Cyprus Hotel Association. The most important
aims of the Association are as follows: The protection and
promotion of the interests of the hoteliers as employers and as
professionals, as well as of the interests of Cyprus in general; The
promotion and upgrading of the Cyprus tourism development; The
upgrading and development of the hotel establishments in Cyprus
and the improvement of the professional level of the hoteliers; The
solidarity between its members.
Andreas Araouzos Str., No 12,
Hesperides Building, 1076 Nicosia - Cyprus
Contact: Philokypros Roussounides
- Director General
(+357) 22 452 820
cha@cyprushotelassociation.org
www.cyprushotelassociation.org
ASSOCIATION
DOXIA NIKIA
HADJIVASSILIOU
PRESIDENT
CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION
CIBA is a non-governmental, fully independent association,
financed by membership fees only. Its activities and initiatives are
organised and carried out by its General Secretary and Executive
Committee of (max.) 12 persons. CIBA represents and safeguards
the interests of the international businesses, their shareholders,
managers and staff. The authorities recognize that CIBA
represents the whole of the international business community
in Cyprus and that it is instrumental in finding compromises
between the required EU-driven legislation and international
business requirements. CIBA annually awards the prestigious
CIBA Excellence award to a member company that fulfils the
specific criteria as set out by the Association.
10 Pikionis Street, Highsight House
3075 Limassol - Cyprus
Contact: Andreas Pishias - General Secretary
(+357) 25 583 400
ciba@ciba-cy.org
www.ciba-cy.org
ASSOCIATION
ANDREAS YIASEMIDES
PRESIDENT
CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)
CIFA is the Association of professionals, businesses, and
organizations involved in the Investment Funds and Asset
Management Sector in Cyprus. CIFA has nearly 400 members, legal
and physical. The Mission of CIFA is to: Help its members capitalize
on industry trends; Shape regulation; Enhance professionalism,
integrity, and quality and Promote the Cyprus Investment Fund
Industry. The Board is comprised of highly reputable industry
professionals experienced in all aspects of the industry. CIFA is
a full member of the European Funds and Asset Management
Association and the International Investment Funds Association.
The fund industry in Cyprus has been on a continuous increase,
with Assets under Management exceeding €11 billion.
Severis Building, 9 Makarios III Ave.,
4th Floor, Lefkosia 1065 - Cyprus
Contact: Maria Panayiotou - Board Secretary
(+357) 22 441 133
info@cifacyprus.org
www.cifacyprus.org

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SAUDI ARABIA EDITION
ASSOCIATION
THOMAS A. KAZAKOS
DIRECTOR GENERAL
CYPRUS SHIPPING CHAMBER
The Cyprus Shipping Chamber is the trade association of the
Shipping Industry in Cyprus. The main purpose of the Chamber
is to promote the interests of Cyprus Shipping and to further
the reputation of the Cyprus flag. The Chamber also acts as a
lobbying group for the promotion and safeguard of the legitimate
interests of its Member-companies, at national and international
level. On the local front, the Chamber co-operates very closely
with the Government in all shipping related matters. Moreover,
the Chamber operates as a roving ambassador of Cyprus
Shipping through its membership and active participation at
the International Chamber of Shipping (ICS) and the European
Community Shipowners’ Associations (ECSA).
City Chambers, 6 Regas Fereos Str.
P.O.Box 56607, 3309, Limassol - Cyprus
Contact: Thomas A. Kazakos
– Director General
(+357) 25 360 717
csc@csc-cy.org
www.csc-cy.org
ASSOCIATION
MICHAEL FILIPPOU
CEO
CYPRUS UNION OF SHIPOWNERS (CUS)
Cyprus Union of Shipowners, as the major representative
Organization of the Cyprus Flag vessels, is committed to the firm
growth of our National Registry and the establishment of Limassol
as a world-class Maritime Centre. The cooperation between
our Union, the Shipping Deputy Ministry and the Ministry of
Finance resulted to an exceptional Framework that induced
prominent Shipping Companies, P&I Clubs and other Shipping
related Service Providers to establish management offices in
Cyprus. Moreover, the solidification of the global reach of our
Union and its institutional status has curved our participation in
IMO Committees, as Government Consultants, both mandatory
and effective.
17, Gordonos Str., Suite 301,
3070 Limassol - Cyprus
Contact: Katerina Michael - PR Manager
(+357) 25 818 161
cus@cus.com.cy
www.cus.com.cy
ASSOCIATION
EVANGELOS
ANASTASIADES
CHAIRMAN
INSURANCE ASSOCIATION OF CYPRUS
The Insurance Association of Cyprus is the accredited and
representative body of the Cypriot insurance industry, with 29
member insurance companies operating in Cyprus, accounting
for approximately 98% of total gross written premiums. As
the leading and united voice of the Cyprus insurance market
its mission is to promote the industry’s views and positions to
policymakers and legislators. It is also particularly active with
respect to work aiming at the modernization of the sector, the
continuous improvement of the level and quality of service to the
public, the enhancement of consumers’ trust and confidence in
insurance products and their providers, and the strengthening of
the institution of insurance.
23, Zenon Sozos str., 1st floor
1075 Nicosia - Cyprus
Contact: Andreas Athanasiades
– Director General
(+357) 22 452 990
info@iac.org.cy
www.iac.org.cy
ASSOCIATION
STELLA KAMMITSI
STEP CYPRUS CHAIRWOMAN
SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)
STEP is the global professional association for practitioners who
specialise in family inheritance and succession planning. STEP
works to improve public understanding of the issues families
face in this area and promotes education and high professional
standards among its members. STEP members help families
plan for their futures, from drafting a will to advising on issues
concerning international families, protection of the vulnerable,
family businesses and philanthropic giving. Today STEP has
more than 20,000 members across 96 countries from a range of
professions, including lawyers, accountants and other specialists.
The Cyprus branch of STEP numbers over 185 experienced
professionals from all over Cyprus, and is active in the spread of
industry related knowledge, through regular conferences and
presentations.
P.O.Box 24789, 1303 Nicosia - Cyprus
itsi - STEP Cyprus Chairwoman
(+357) 22 777 787
Contact: Stella Kammitsi
skammitsi@raza.com.cy
www.step.org

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SAUDI ARABIA EDITION
ASSOCIATION
ANTONIS ANTONIOU
CHAIRMAN
THE CYPRUS EMPLOYERS AND
INDUSTRIALISTS FEDERATION (OEB)
The Cyprus Employers and Industrialists Federation (OEB) was
founded in 1960. Today, its members are active in all sectors of
the economy and employ more than 60% of the private sector’s
workforce. OEB is a pancyprian independent organisation
comprising of more than 100 of the main professional / sectoral
Associations, as well as hundreds of companies from the
Agricultural, Manufacturing, Construction, Commercial and
Services Sectors. In total, OEB has more than 10.000 Members
/ Enterprises. OEB is established as a dynamic force in Cyprus’
socio - economic development and welfare and acts as the main
advocate and representative of the business community.
`
years
4, Cyprus Employers & Industrialists
Federation Street, 2000 Nicosia /
P.O.Box 21657, 1511 Nicosia - Cyprus
Contact: Michalis Antoniou - Director General
(+357) 22 643 000
info@oeb.org.cy
www.oeb.org.cy
ASSOCIATION
KYRIAKOS KYRIAKOU
PRESIDENT
THE CYPRUS TECH ASSOCIATION
The Cyprus Tech Association, a non-for-profit entity, aspires
to provide a dynamic platform for all tech professionals and
international ICT companies established in Cyprus to discuss,
promote, and address common challenges. It also provides a
formal representation to all its members to forums, public and
private entities, as well as offers direction on key strategic issues,
including the economic importance of the ICT sector and policy
advocacy.
Makariou III Avenue,
4th Floor, 1065 Nicosia - Cyprus
(+357) 22 441 133
info@techcyprus.org.cy
www.cyprustechassociation.org.cy
ASSOCIATION
KYRIAKOS IORDANOU
GENERAL MANAGER
THE INSTITUTE OF CERTIFIED PUBLIC
ACCOUNTANTS OF CYPRUS (ICPAC)
The Institute of Certified Public Accountants of Cyprus (ICPAC) is the
competent authority for regulating the accounting profession and the
sole recognised body of Auditors by the state in Cyprus. Established in
1961, ICPAC currently has more than 5.500 professional accountants
as members and 3.500 students. ICPAC houses all professional
accountants, supports and promotes the activities and interests of the
accountancy profession, safeguards the reputation of the profession
and adherence to the Code of Ethics, as well as provides for the
continuous professional development and updating of members. In
addition, ICPAC is also a competent authority under the Anti-Money
Laundering law, the laws on the Regulation of Enterprises Providing
Administrative Services and the Insolvency Practitioners Law, as well
as one of the primary stakeholders of the economy of the country.
11 Byron Avenue, CY-1096, Nicosia - Cyprus
Contact: Kyriakos Iordanou
– General Manager
(+357) 22 870 030
info@icpac.org.cy
www.icpac.org.cy
BANKING
PANICOS NICOLAOU
CHIEF EXECUTIVE OFFICER
BANK OF CYPRUS PLC
Established in 1899, Bank of Cyprus is currently the leading
banking and financial services Group in Cyprus, operating 64
branches in Cyprus and representative offices in Russia, Ukraine
an China. The Bank is the only financial institution in the region
that is concurrently regulated by three different corporate
governance codes (UK Corporate Governance Code, Cyprus
Stock Exchange Corporate Governance Code and Central Bank
of Cyprus Internal Governance Directive) and in four different
European jurisdictions (Cyprus, Ireland, the UK and the EU).
Through the Wealth Services Division we offer a wide range of
investment products and specialized services, including Private
Banking, Affluent Banking, Institutional Wealth & Custody,
Brokerage & Asset Management as well as Investment Banking.
51 Stassinou, 2002 Strovolos,
Nicosia - Cyprus
Contact: Emilios Tannousis -
Manager Wealth Management
(+357) 22 128 000
info@bankofcyprus.com
www.bankofcyprus.com

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SAUDI ARABIA EDITION
BANKING
LOUCAS MARANGOS
CEO
CDBBANK (THE CYPRUS DEVELOPMENT
BANK PUBLIC COMPANY LTD)
Founded in 1963, cdbbank (Cyprus Development Bank) is today one
of the country’s leading niche financial institutions dedicated to
satisfying the needs of domestic and international clients. cdbbank
offers a wide range of specialised financial services and products,
designed to accommodate the sophisticated requirements of its
clientele which consists of corporate and institutional clients and
high net worth individuals. The Bank’s vision is to be the reference
Bank for businesspeople. Relying on its long-term experience and
high level of expertise, cdbbank aspires to establish long-term
relationships of trust with its clients, always delivering excellence
and value.
50 Arch. Makarios III Ave.,
1065 Nicosia - Cyprus
Contact: Liza Philippou - Head, Network
Business and Communication
(+357) 22 846 500
info@cdb.com.cy
www.cdb.com.cy
BANKING
MICHALIS LOUIS
CEO
EUROBANK CYPRUS LTD
Since the commencement of our operations in August 2007,
we have achieved impressive growth rates, while consistently
demonstrating healthy profitability, as well as, a strong capital
base and liquidity position. We currently operate a network of eight
Banking Centers across the island. With tailor-made products and
services based on our clients’ needs, our business model sets us
apart from our competitors, focusing on the areas of Corporate
Banking, Wealth Management, International Business Banking,
Shipping, Global Markets and Affluent Banking.
28, Spyrou Kyprianou Avenue,
1075 Nicosia, P.O Box 27236,
1643 Nicosia - Cyprus
(+357) 22 208 000
info@eurobank.com.cy
www.eurobank.com.cy
BANKING
KHALIL LETAYF
CEO
SOCIETE GENERALE BANK – CYPRUS
Societe General Bank – Cyprus (SGBCy) draws on more than thirty
years of accumulated experience in global banking in Cyprus as
well as all the advantages of being part of an international Group.
The bank is present in the most important big cities in Cyprus:
Nicosia, Limassol and Larnaca. SGBCy activities are organized
around private banking, corporate banking and international
businesses. Banking services encompass a wide range of
diversified, standard and tailor-made services that are conceived
to answer the broadest range of customers’ needs. The bank
pursues long-term relationships with its high net worth and
corporate customers in order to meet fully their expectations.
88 Dighenis Akritas & 36 Kypranoros
Street, 1061 Nicosia - Cyprus
Contact: Hovik Arslanian -
Assistant General Manager
(+357) 80 007 777
Hovik.Arslanian@sgbcy.com
www.sgcyprus.com
CONSULTING
CHARLES ELLINAS
CEO
E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD
The company provides advisory, project management and
consultancy services in the oil & gas and energy sectors and aims
to contribute to the successful development of these Sectors for
the future of Cyprus. The CEO has over 35-years international
experience in promoting and developing oil & gas business and
projects spanning Europe, Asia and Africa. We can assist our clients
in developing their business in Cyprus, evaluating opportunities
and providing in depth professional advice and support.
11 Tyrtaiou Street, 1087 Nicosia - Cyprus
Contact: Dr Charles Ellinas - CEO
(+357) 97 705 060
Charles.ellinas@yahoo.com
www.e-cnhc.com

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SAUDI ARABIA EDITION
CONSULTING
PANAYIOTIS GREGORIADES
CEO & DIRECTOR
PIVOT CONSULTANTS (CYPRUS) LIMITED
We are a leading contributor of simplified, nimble integrated,
customized solutions, Cross-border Business transactions and
strategies in Asia and Europe. Deep well recognized local expertise
with Global connectivity and vision form part of the solutions
we deliver to entrepreneurs and Government clients looking
for substance in Financial services Industry, Capital markets,
Taxation, Corporate advisory and Investment funds Industry. Our
insights assist you to be more proactive, effective and profitable
especially in fast growing India, Greece and Cyprus. We are
committed to providing best in class service, compliant and
transparent solutions, with increased focus on localization and
developing local markets.
PIVOT, member of TSSAG
88 Markarios III Avenue
1077 Nicosia - Cyprus
Contact: Panayiotis Gregoriades
The - CEO & Director
(+357) 22 731 002
The Securities Services Advisory Group
pgregoriades@pivotcyprus.com
www.pivotcyprus.com
CORPORATE SERVICES
EVDOKIA STAVRAKI
DIRECTOR
ALTER DOMUS (CYPRUS) LTD
Alter Domus is a fully integrated service provider dedicated to
private equity, infrastructure, real asset, and debt capital markets
sectors. Our 3,600 employees across more than 35 offices in 20
countries provide end-to-end solutions to alternative investment
managers, freeing up time for them to focus on their core activities
of sourcing capital and executing deals. Our local team in Cyprus
works diligently to help clients meet their growing regulatory
obligations and keep up with increasing investor demands.
Offering fund administration, corporate services, transfer pricing,
and domiciliation services, you can rely on our on-the-ground
expertise to help you take advantage of opportunities as they arise.
11 Limassol Avenue, Galatariotis Building,
2112, PO Box 27282, 1643 Nicosia - Cyprus
Contact: Evdokia Stavraki - Director
(+357) 22 465 151
Evdokia.Stavraki-Stephanou@
alterdomus.com
www.alterdomus.com
CORPORATE SERVICES
NAKIS KYPRIANOU
MANAGING PARTNER
ANDERSEN
Andersen in Cyprus is the Cypriot member firm of Andersen
Global®, an international association of member firms comprised
of tax and legal professionals worldwide. Andersen Cy is a
regulated accounting firm based in Nicosia providing a wide range
of professional services mainly to international clients. The firm
is a member of the Institute of Certified Public Accountants of
Cyprus and the Cyprus VAT Association. With worldwide presence
through the member firms and collaborating firms of Andersen
Global, client service and solutions are coordinated seamlessly
between service lines and locations to ensure clients receive bestin‐class,
comprehensive solutions.
140 Athalassas Avenue,
2024 Nicosia - Cyprus
Contact: Nakis Kyprianou
- Managing Partner
(+357) 22 456 333
nakis.kyprianou@cy.Andersen.com
cy.Andersen.com
CORPORATE SERVICES
MARINA ZEVEDEOU
CO-FOUNDER AND CEO
ASPEN TRUST GROUP
The Aspen Trust Group is a leading corporate service and financial
planning provider; established in 1998 and licensed by ICPAC, our
Group provides International Structuring and Tax Management
solutions to Corporates and High Net Worth Individuals. Specific
services include entity setup and management, legal and
administration support, banking and tax compliance, financial
management and restructuring, re-domiciliation, patent
registration, residency and citizenship, cross- border mergers,
family office services and headquartering. We build long term,
trusted relationships with clients and associates, aiming to add
value to their businesses and be part of their success stories. Our
team consists of qualified accountants, lawyers and MBA-holders
who undergo rigorous training to provide tailor-made solutions.
77 Limassol Avenue
Elia House, Nicosia 2121 - Cyprus
Contact: Marina Zevedeou -
Co-founder and CEO
(+357) 22 418 730
marina.zevedeou@aspentrust.com
www.aspentrust.com

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SAUDI ARABIA EDITION
CORPORATE SERVICES
ANDREAS ATHINODOROU
CEO
ATG CORPORATE SERVICES
‘Creating Protecting and Growing Wealth’: We offer a
comprehensive range of services that include initial structuring
advice, company/trust formation, corporate administration, legal
and company secretarial, tax compliance, accounting and financial
reporting. As our clients’ trusted service partner, we act as a single
contact point for their structure’s needs and centrally coordinate
all parties including the shareholders and directors, banks, legal
advisers and others. Our Cyprus solutions include the IP box, EU
headquartering, tech/crypto-asset solutions and international
trusts/foundations. ATG Corporate Services is a member of the
Athina Trust Group offering financial services that include Fund
and Private Wealth services to high-net-worth individuals, fund
managers/promoters.
KEMA Bldg, 5th Floor East,
21 Akademias Avenue, 2107,
Nicosia - Cyprus
Contact: Andreas Athinodorou - CEO
(+357) 22 057 560
andreas.athinodorou@atgcorporate.com
www.atgcorporate.com
CORPORATE SERVICES
ANDREAS HADJIMICHAEL
CEO
EXECUTIVE BUSINESS CONSULTANTS LTD
Executive Business Consultants Limited is an international
Fiduciary and Family Office Service Firm based in, and operating
out of, Larnaca, Cyprus. It is a fully independent and privately
owned service firm having its roots established since 1987. EBC
operates under a boutique style concept, providing specialized
and tailor-made solutions and services to High-Net-Worth
Individuals and their corporate structures. Since its existence
EBC has managed to develop and build strong business links with
both local and international Financial Institutions, and other
professionals together creating a strong worldwide network of
reputable and trusteed associates working together as a team
to provide our clients the knowledge and expertise required for
satisfying their needs.
Simou Menardou 8, Ria Court 8, 4th Floor,
Office 402, 6015 Larnaca - Cyprus
PO. Box 42633, 6051
Contact: Andreas Hadjimichael - CEO
(+357) 24 823 999
andreas@executive.com.cy
www.executive.com.cy
CORPORATE SERVICES
ISAVELLA EVRIPIDOU
CEO/FOUNDER
GFSC GLOBAL
GFSC Global is a leading Corporate and Legal Group of Companies
Licensed and Regulated Worldwide. Since our establishment,
GFSC Global assists with a full range of corporate, legal, financial,
licensing, gaming, crypto, ico/sto, blockchain, immigration, tax
advice, accounting, banking and administration services across
the world. Our services are offered in more than 70 jurisdictions,
including advising, planning, formation and incorporation as
well as management of international structures, full licensing
and post-licensing supports. Through our Licensed Service
Providers, professional Consultants and Tax Advisors, we assist in
choosing the most convenient jurisdictions, subject to your needs,
operations and business intentions. GFSC GLOBAL is a member
with CYFA, CIA, ACAMs, IIA, CIFA and many other associations.
Agias Zonis 22A, Iakovou center,
Office 101, 3027, Limassol - Cyprus
Isavella Evripidou – CEO/Founder
(+357) 25 269 400
Evripidou.i@gfscglobal.com
www.gfscglobal.com, www.gciecorp.com
CORPORATE SERVICES
SARA GUNNERVIK
MANAGING PARTNER
KENDRIS (CYPRUS) LIMITED
KENDRIS is your Swiss partner in Cyprus for family office,
trust and fiduciary services, international tax and legal advice,
accounting, outsourcing, aviation advisory and art management.
KENDRIS is fully owned and operated by its management and
employees. KENDRIS Group employs around 180 specialists,
and our clients comprise companies, individuals, and families
as well as family offices, financial institutions, law firms and tax
consultancies. We offer our clients tailored solutions to help them
achieve their objectives. Our strong presence and our specific
know-how in various sectors and markets make us an expert
and reliable partner for corporate clients, private clients, and
institutional clients.
Spyrou Kyprianou 50, Irida 3
12th Floor, Larnaca 6057 - Cyprus
Contact: Sara Gunnervik –
Office Managing Partner
(+357) 24 631 300
s.gunnervik@kendris.com
www.kendris.com

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SAUDI ARABIA EDITION
CORPORATE SERVICES
STAVROS PAVLOU
CEO
PAGECORP GROUP
Pagecorp Group is a leading provider of corporate,
administration, secretarial and other related services based
in Cyprus, with a worldwide network of professional affiliates.
Licensed by the Cyprus Securities and Exchange Commission
(CySEC) and with over 20 years of experience in the fiduciary
and corporate services sector, the Group advises major local
and international organizations, institutions and groups, as
well as start-ups and entrepreneurs on all aspects of their
corporate needs, including relocating/headquartering in Cyprus.
Furthermore, the legal consultants, company administrators,
accountants and support staff of the Group can assist clients on
all matters relating to Cyprus International Trusts, international
tax planning, accounting, financial advisory, tax administration
and other related services.
334 Agiou Andreou & Eleftheriou Venizelou
corner, Vashiotis Business Centre, Ground
floor offices, 3035 Limassol - Cyprus
Contact: Stavros Pavlou - CEO
(+357) 25 878 866
info@pagecorpgroup.com
www.pagecorpgroup.com
CORPORATE SERVICES
GEORGE AYIOMAMITIS
MANAGING DIRECTOR
SOVEREIGN GROUP - CYPRUS
Sovereign is a leading independent provider of corporate,
private client and retirement planning services. Currently
managing over 20,000 structures for a wide variety of clients –
companies, entrepreneurs, private investors or high net worth
individuals (HNWIs) and their families – and have assets under
administration in excess of £20 billion. As an international
provider with a presence in over 20 jurisdictions around the
world, Sovereign is dedicated to offering integrated advice,
products and services to internationally mobile businesses
and people that have sophisticated and often complex needs.
Sovereign assist them to generate, structure and protect their
income and assets in the most efficient way.
16 Herodotou Street,
Limassol, 3095 - Cyprus
Contact: George Ayiomamitis
- Managing Director
(+357) 25 733 440
cy@SovereignGroup.com
www.SovereignGroup.com
CORPORATE SERVICES
ANDREAS MERCOURI
MANAGING DIRECTOR
TRIDENT TRUST COMPANY (CYPRUS) LIMITED
Founded in 1978, the Trident Trust Group is one of the largest
independent global providers of corporate, trust, fund, marine and
fiduciary services. With presence in more than 24 Jurisdictions
ensures access to a range of services that extends from traditional
corporate domicile representation to the administration
of complex trust and fund structures. Trident Trust Cyprus
established its presence over 25 years ago, is regulated by the
Cyprus Securities and Exchange Commission, and is today one
of the largest members of the local financial services industry,
employing over 80 professionally qualified staff.
Griva Digeni 115, Trident Centre
3101 Limassol - Cyprus
Contact: Andreas Mercouri -
Managing Director
(+357) 25 820 650
cyprus@tridenttrust.com
www.tridenttrust.com
CORPORATE SERVICES
NICK TERRY
MANAGING DIRECTOR
VISTRA (CYPRUS) LTD
At Vistra, we believe your business and your people can make a
difference in the world. That’s why our work is focused on helping
our clients act with confidence and speed to seize opportunity
wherever it arises. As a global corporate service provider and
fund administrator with more than 5,000 professionals in over 45
jurisdictions, we empower legal entities globally to work smarter,
grow faster, act responsibly, protect capital and scale across
borders — by doing what we do best: reducing risk and enhancing
efficiency. Discover how we can help you and your business seize
opportunity today by exploring our services at vistra.com.
2nd Floor Sotiri Tofini 4
Agios Athanasios, 4102 Limassol - Cyprus
Contact: Nick Terry - Managing Director
(+357) 25 817 411
Nick.Terry@vistra.com
www.vistra.com

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SAUDI ARABIA EDITION
ECONOMIC ANALYSIS
FIONA MULLEN
DIRECTOR
SAPIENTA ECONOMICS LTD
Sapienta Economics is a Nicosia-based economic consultancy
producing top-level analysis primarily on Cyprus for a range
of prestigious clients, including banks, oil/gas majors, big four
accounting firms and over a dozen embassies. Our services
include bespoke consultancy and the monthly Sapienta Country
Analysis Cyprus. Each month we take an in-depth look at prospects
for political stability, government effectiveness, a resolution of the
Cyprus problem, structural policies including natural gas, fiscal
performance, debt sustainability, banking sector stability and the
latest economic trends. No other organization offers such breadth
and depth of inter-related issues. Sapienta Economics and its
Director Fiona Mullen are independent, with no political ties in
Cyprus or abroad and no investment in Cyprus shares or bonds.
Tenedou 7, No 401, Lykavitos,
CY1055 Nicosia - Cyprus
Contact: Fiona Mullen - Director
(+357) 99 338 224
fiona.mullen@sapientaeconomics.com
www.sapientaeconomics.com
ENERGY
DEMETRIS C. FESSAS
ACTING DIRECTOR GENERAL
CYPRUS HYDROCARBONS COMPANY (CHC)
CHC is the National Oil and Gas Company of Cyprus. As a stateowned
company, CHC undertakes the commercial management
of the ownership rights of the Republic of Cyprus that arise from
the contracts with which it has entered into with oil and gas
companies within its Exclusive Economic Zone. The vision of
CHC is aligned with that of the Government of Cyprus, which is
to ensure the sustainable development of hydrocarbon resources
present in the Exclusive Economic Zone of the Republic of Cyprus,
in order to maximize the benefits for Cypriot society and future
generations.
53 Strovolou Avenue, Victory Building,
2018 Strovolos, Nicosia - Cyprus
Contact: Demetris Fessas –
Acting Director General
(+357) 22 203 880
d.fessas@chc.com.cy
www.chc.com.cy
EXECUTIVE EDUCATION
MARIOS SIATHAS
CHIEF EXECUTIVE OFFICER
EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)
The EIMF is an accredited and licensed Education Group that
offers learning and development opportunities, including
Global Qualifications, across an array of areas. EIMF possesses
a strong concentration within the areas of financial and
professional services (regulation, compliance, AML, banking,
funds), accounting, legal, management, as well as Information-
Technology through its New Horizons Computer Learning Centers.
Knowledge is delivered by established subject-matter experts,
through classroom, Live Online, eLearning and customized
learning solutions. With a presence in London, Brussels, Frankfurt,
Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and
Bucharest and over 5,000 students annually, 330+ programmes,
60+ instructors and 25 international Certifications, make the EIMF
a leader in the field of vocational education in the wider region.
25 Megaron Street, 2032 Strovolos
Nicosia - Cyprus
Contact: Marios Siathas -
Chief Executive Officer
(+357) 22 274 470
msiathas@eimf.eu
www.eimf.eu
FINANCIAL ADVISORY
DEMETRIS TAXITARIS
CHIEF EXECUTIVE OFFICER
MAP S.PLATIS GROUP
MAP S.Platis Group is a leading financial services consulting Group
with clients that include regulators, banks, funds and fund managers,
investment firms, brokers, fintech firms, insurance firms and payment
and electronic money institutions. Our expert team, currently
comprising over 400 high-calibre professionals, provides unique
and tailored solutions in licensing, regulatory compliance, risk management,
internal audit, human resources, regulatory technology,
information technology, business resilience, information security
including cybersecurity, governance, executive training and innovation
consulting to financial and other firms in the UK, Cyprus and the
EU. Thanks to our vast regulatory compliance experience, continued
interaction with regulatory authorities, unparalleled track record,
global network of associates and wealth of resources, our team can
support any client’s regulatory needs efficiently and effectively.
74 Archiepiskopou Makariou C, Floors 2-3,
Mesa Geitonia, 4003, Limassol - Cyprus
Contact: Herodotos Michael - Senior
Manager, Authorisations and Regulatory
Business Development (+357) 25 351 335
info@mapsplatis.com
www.mapsplatis.com

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SAUDI ARABIA EDITION
FUND ADMINISTRATION
ANDREAS ATHINODOROU
CEO
ATG FUND SERVICES
‘Creating Protecting and Growing Wealth’: We offer a
comprehensive range of services including initial fund structuring
advice, licensing, fund set up, fund management support, fund
administration/back-office, registrar transfer agent services, NAV
and regulatory reporting. As our clients’ trusted service partner
we act as a single contact point for their structures, centrally
coordinating all fund parties including the fund manager,
investors, depositary and the regulator. Our clients are Cyprus,
Cayman Islands and BVI funds that invest in liquid securities,
private equity, real estate, shipping and crypto assets. ATG Fund
Services is a member of the Athina Trust Group offering financial
services that include Corporate and Private Wealth services to
high-net-worth individuals and corporates.
KEMA Bldg, 5th Floor East,
21 Akademias Avenue, 2107,
Nicosia - Cyprus
Contact: Andreas Athinodorou - CEO
(+357) 22 057 570
andreas.athinodorou@atgfunds.com
www.atgfunds.com
FUND MANAGEMENT
NIKOLAS CHARALAMBOUS
CEO
INVEQO FUND MANAGEMENT LTD
Inveqo Fund Management Ltd (INVEQO) is an Alternative
Investment Fund Manager, authorised and supervised by the
Cyprus Securities and Exchange Commission (CySEC) with
license number AIFM32/56/2013. The team brings together
several years of experience in fund and investment management
services in various jurisdictions such as the United Kingdom,
Malta, Luxembourg and Cyprus. INVEQO provides a range of
services, including portfolio management, risk management,
administration, fund set-up, licensing and registration, and
other fund related services. Our mission is to create value for our
investors, clients and associates by demonstrating principled
industry leadership, offering high-quality services, and innovative
solutions.
16 Navarinou Street, Agios Andreas
CY-1100, Nicosia - Cyprus
Nikolas Charalambous - CEO
(+357) 22 666 500
info@inveqo.net
www.inveqo.net
FUND MANAGEMENT
MARIA PAPAKOKKINOU
EXECUTIVE DIRECTOR
IXI INVESTMENTS
IXI Investments is authorized by CySEC as an Alternative
Investment Fund Manager, focused on achieving capital growth
with relatively low drawdowns and low correlation and by actively
managing exposures in the G10 currencies and gold. IXI applies a
robust in-house developed investment process and an efficient
execution framework that allows it to tap into the FX market in a
timely and systematic manner, from the signal generation stage
to trades execution. IXI employs sophisticated computational
systems for its trading and execution algorithms which implement
advanced quantitative, mathematical, and statistical models.
Syntagmatos Square, Old Port, Building X1,
1ST Floor, 3042 Limassol - Cyprus
Contact: Maria Papakokkinou - COO
(+357) 25 262 669
info@ixi.com
www.ixi.com
FUND MANAGEMENT
ANDREY NARUTSKIY
MANAGING DIRECTOR, CEO
LEON MFO INVESTMENTS LTD
Leon MFO Investments Ltd is an Alternative Investment Fund
Manager authorized and regulated by CySEC (license number
AIFM 37/56/2013). The firm provides discretionary portfolio
management, fund management and investment advice. Total
assets under management exceed $800mln. Recently, Leon
launched two funds which are addressed to professional and wellinformed
investors: a) LEON Income Fund RAIF VCIC PLC and b)
LEON Global Hedge Fund RAIF VCIC PLC.
37, Theklas Lisioti, Gemini House,
Office 301, CY-3030, Limassol - Cyprus
Contact: Andrey Narutskiy -
Managing Director, CEO
(+357) 25 268 120
leonmfo@leonmfo.com
www.leoninvestments.com.cy

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SAUDI ARABIA EDITION
FUND MANAGEMENT
GEORGE W. SAMS
CEO
WEALTH FUND SERVICES LTD
Wealth Fund Services Ltd is a global advisory and asset
management company, based in Cyprus and licensed by
CySEC (Cyprus Securities & Exchange Commission) as an AIFM
management company with license No 6/78/2012. It operates
in the field of setting-up, running and managing UCITS Mutual
Fund, Registered Alternative Fund (RAIF) and Alternative
Investment Fund (AIF) in line with the recent EU Directive which is
implemented by the Cypriot legislation. It also offers Discretionary
Asset management and Advisory services to HNI and Institutional
clients. The primary goal of the Company is the protection of the
assets under management remaining focused on achieving high
return yields and providing top quality services to its investors.
Kennedy 12-14, Kennedy Business Center
Office 305, 1087, Nicosia - Cyprus
Contact: George Sams - CEO
(+357) 22 755 506-07
info@wealthfs.com.cy
www.wealthfs.com.cy
INVESTMENT PROMOTION
EVGENIOS EVGENIOU
CHAIRMAN
INVEST CYPRUS
Invest Cyprus (Cyprus Investment Promotion Agency) is the
investment authority of the Government of Cyprus dedicated to
attract and facilitate foreign direct investment into the country.
In close collaboration with all governmental authorities and
public institutions, as well as the private sector, Invest Cyprus is
the country’s lead agent in establishing Cyprus as a world-class
destination for international business activity and investments.
Invest Cyprus’ mandate is to raise awareness of Cyprus as a
destination for FDI across the globe, providing certainty around all
aspects of operating a business in Cyprus and supporting potential
investors in developing their business case for investment into the
country.
9 Makariou III Avenue,
4th Floor, 1065 Nicosia - Cyprus
(+357) 22 441 133
info@investcyprus.org.cy
www.investcyprus.org.cy
INVESTMENT SERVICES
JOHNY ABUAITAH
CEO
WINDSOR BROKERS LTD
Windsor Brokers was established in Limassol Cyprus with roots
dating back to 1988. The Company was the first Cypriot Investment
Firm of its type to be licensed and regulated by the Central Bank
of Cyprus, and by 2004, it was regulated by the Cyprus Securities
and Exchange Commission. Our company’s mission is to empower
people in the pursuit of their financial goals. For over three
decades, we have remained committed to serving investors who
place security, integrity, and reliability at the forefront of their
investment goals.
Windsor Brokers Business Center,
Spyrou Kyprianou 53, Mesa Geitonia
4003 Limassol - Cyprus
Contact: Jabra Serieh - Director of Marketing
(+357) 25 500 700
Jabra.Serieh@WindsorBrokers.eu
www.windsorbrokers.eu
LAW FIRM
ANGELOS G. PAPHITIS
MANAGING PARTNER
A.G.PAPHITIS & CO. LLC
AGP & Co is a highly reputable, leading, dynamic and award
winning Law Firm. Our reputation for excellence is recognized
worldwide. Based in Cyprus with strong international presence
and a full service office in the UAE, we serve our clients as a team,
with a common focus on innovation, efficiency and agility. We
provide full service Legal, Corporate, FS Advisory & Regulatory
Compliance/AML, Crypto Licensing, Tax, Immigration, Relocation
and Real Estate services. AGP & Co consists of the following main
departments: Dispute Resolution; Corporate/Commercial; FS
Advisory & Regulatory Compliance; Real Estate & Immigration;
Tax-Accounting-Audit. Delivering excellent client service that
benefits from long and lasting relationships, we are dedicated to
providing our clients with superior results.
“AGP Chambers”, 84 Spyrou
Kyprianou Avenue,
4004 Limassol - Cyprus
Postal Address: P.O.Box 58419,
3734 Limassol - Cyprus
Contact: Angelos G. Paphitis
- Managing Partner
(+357) 25 731 000
angelos.paphitis@agplaw.com
www.agplaw.com

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SAUDI ARABIA EDITION
LAW FIRM
AGNI LIVERA
MANAGING DIRECTOR
AGNI LIVERA LLC
Agni Livera LLC is a highly experienced and fully serviced law firm,
based in Nicosia, Cyprus. Agni Livera LLC offers a complete array
of legal services specialising in the areas of Banking & Finance,
Company law, Insurance law, Debt Collection, Employment law,
Intellectual Property, Fund services, Regulatory and Compliance
services as well as a full range of Fiduciary services. Following
a client centric approach, the firms’ high-caliber lawyers are
equipped to accommodate all your legal needs, offering the
highest level of service and advice applicable in a fast and costefficient
way, always operating with discretion, professionalism,
integrity and transparency.
1-3 Bouboulinas Street, Bouboulina
Building, 3rd Floor, Office 34,
1060 Nicosia - Cyprus
Contact: Agni Livera – Managing Director
(+357) 22 552 733
agni@liveralaw.com
www.liveralaw.com
LAW FIRM
LORENZO TOFFOLONI
PARTNER
ANDREAS TH. SOFOKLEOUS LLC
With nearly 40 years of experience, Andreas Th. Sofokleous
LLC is a dynamic and modern boutique law firm. Andreas Th.
Sofokleous LLC has been ranked on top-notch legal directories
(such as Chambers and Partners) and received accomplishments
from different organizations. The firm specializes in private client
matters and corporate law (including cross border transactions). It
regularly advises high net worth individuals on a range of matters,
including tax planning, inheritance and asset management.
2, Agapinoros Street & Makariou III,
IRIS TOWER, Offices 403-405,
1076, Nicosia - Cyprus
Contact: Lorenzo Toffoloni - Partner
(+357) 22 763 601
info@aslaw.eu
www.aslaw.eu
LAW FIRM
ANTONIS PASCHALIDES
SENIOR PARTNER: HEAD OF
ENERGY LAW DEPARTMENT
ANTONIS PASCHALIDES & CO LLC
Antonis Paschalides & Co LLC is a boutique, medium-size law firm
based in Nicosia that has provided legal services on a local and
international level for over 40 years. The Firm has associates in
UK, Russia, Greece and France. The trust of clients and associates
in the high quality of work provided by the Firm is reflected on
the projects in which it is involved, and which include some of
the biggest investments ever made in Russia and Eastern Europe.
Main areas of practice: Mergers & Acquisitions, Corporate Law,
Banking, Civil & Commercial litigation, Family Law, Conveyance &
Estate Planning.
Makariou & Ayias Elenis 36,
Galaxias Building, 5th floor, Office
502, 1061 Nicosia - Cyprus
Contact: Lila Kartelia, Head of
Litigation Department
(+357) 22 661 661
l.kartelia@paschalides.com
www.paschalides.com
LAW FIRM
ARETI CHARIDEMOU
FOUNDER
ARETI CHARIDEMOU & ASSOCIATES LLC
Areti Charidemou & Associates LLC was established in 1990 with
a vision of being committed to excellence while creating a wellrespected
diverse portfolio of international clientele. Our areas
of expertise range from Property Law to Trust Law, Company
Law, Mergers and Acquisitions, Tax and Estate Law and Shipping
Law. Our knowledgeable professionals provide legal services in
a variety of issues including buying properties and investing in
Cyprus or abroad, advice on the optimum tax structure based
on the individual circumstances, incorporate companies in
Cyprus or abroad, support the operation of the companies after
the incorporation, provide nominee services if required, etc.
Our objective is to ensure that our clients, whether these are
individuals, small business entities or large organizations, benefit
from the best of legal advice.
Vasili Michailidi 21-23,
3026 Limassol - Cyprus
Contact: Areti Charidemou - Founder
(+357) 25 508 000
info@aretilaw.com
www.aretilaw.com

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SAUDI ARABIA EDITION
LAW FIRM
ELENI TZIONI
MANAGING DIRECTOR
E. TZIONI & ASSOCIATES LLC
E. Tzioni & Associates LLC is a fastly growing boutique law firm
based in Nicosia, Cyprus. With its innovative and flexible approach,
E. Tzioni & Associates LLC delivers the most efficient, complete
and optimum quality service available today. E. Tzioni & Associates
LLC takes the pride of covering a wide area of knowledge and
expertise possessing strong legal background and experience in
corporate and commercial matters, with a special emphasis on
mergers and acquisitions, banking and finance, joint ventures
and international, cross-border transactions and start-ups as
well as litigation matters. Our practice further possesses a robust
background in alternative investment funds and other regulated
entities, providing full services ranging from the set up to creation
and functioning.
7 Dositheou Street, Para Building,
Block A, Office 001, 1071 Nicosia - Cyprus
Contact: Eleni Tzioni - Managing Director
(+357) 22 932 293
info@tzionilaw.com.cy
www.tzionilaw.com.cy
LAW FIRM
ELIAS NEOCLEOUS
MANAGING PARTNER
ELIAS NEOCLEOUS & CO LLC
Award-winning Elias Neocleous & Co LLC is the largest law firm
in Cyprus and one of the top law firms in south east Europe. With
more than 150 lawyers and other professionals based in offices
in Cyprus, Brussels, Budapest, Kiev and Prague we offer a valueadded
service which is second to none. We are dedicated to
diversity in recruitment and to retaining experienced specialists
in every practice area. Combined with our investment in IT and
knowledge management infrastructure, this means we are able
to tackle the largest and most demanding national and crossborder
assignments. Elias Neocleous and Co LLC is professional,
responsive, innovative, and represents the legal practice of the
future.
Neocleous House, 195 Makarios Avenue,
P O Box 50613, Limassol CY 3608 - Cyprus
Contact: Elias Neocleous - Managing Partner
(+357) 25 110 110
info@neo.law
www.neo.law
LAW FIRM
GEORGE Z. GEORGIOU
MANAGING PARTNER
GEORGE Z. GEORGIOU & ASSOCIATES LLC
George Z. Georgiou & Associates LLC is a full-service Cypriot
law firm with offices in Nicosia and Limassol. It consists of
approx.70 lawyers, arbitrators, legal consultants and support
staff and is ranked in the main international legal directories:
Chambers & Partners, Legal 500 and Who’s Who Legal. The
Firm’s specialist departments include: Arbitration • Banking &
Finance • Commercial • Corporate (incl. M&A) • Data Protection •
Employment & Pensions • Estate Planning • EU Law • Family Law •
Intellectual Property & Media • Litigation (Cyprus & International)
• Private Client • Probate • Property & Construction • Regulatory
& Compliance • Tax • Tech. As the sole Cypriot member of the
international law alliances Ius Laboris and GALA, it is able to
provide any client with prompt, fully-coordinated, yet locally
specific advice from countries across the globe.
Head Office: 1 Iras Street,
1060 Nicosia - Cyprus
(+357) 22 763 340
admin@gzg.com.cy
www.gzg.com.cy
LAW FIRM
LEANDROS PAPAPHILIPPOU
MANAGING PARTNER
L PAPAPHILIPPOU & CO LLC
L Papaphilippou & Co LLC was founded in 1963. Through constant
and consistent work, it is now one of the leading and most
respectable law firms in Cyprus. The firm quickly established
strong presence in the fields of corporate and shipping law,
litigation, banking and finance, wealth management and
immigration, thus achieving good cross-border reputation, which
led to the development of a concrete international professional
network and client base. Our list of clients includes regulatory
bodies, local and international banking and financial institutions,
insurance, shipping and listed companies, multinationals and
high net worth individuals.
17 Ifigenias Street, 2007 Strovolos,
P.O.Box 28541, 2080 Nicosia - Cyprus
Contact: Leandros Papaphilippou
- Managing Partner
(+357) 22 271 000
info@papaphilippou.eu
www.papaphilippou.eu

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SAUDI ARABIA EDITION
LAW FIRM
NICKY XENOFONTOS
FOUNDER, MANAGING
PARTNER
N. XENOFONTOS LLC LAW FIRM
N. Xenofontos LLC is a specialist, boutique business centric law
firm, servicing both private clients and businesses. In providing
our specialised services we deploy a collaborative workflow,
resulting in efficient and solid advice, experience, with agility.
Our specialist, tailored expertise ecompasses these core
services: Corporate Advisory; Corporate Secretarial / Corporate
Administration; Professional Fiduciary services; Trusts / Estate
Planning / Establishment and administration; M&A / Joint Ventures;
Intellectual Property; Insolvency, Bankruptcy and Restructuring;
Contractual; Legal Opinions; Compliance, AML , Regulatory and
Privacy law; Legal Training / Seminars / Webinars; Real Estate;
Employment; Immigration & Migration. Our philosophy is simple:
“Knowledge is of no use unless put into practice” - Anton Chekhov
4 Promitheos Street,
Executive Centre, 1st floor, office M01
1065 Nicosia - Cyprus
Contact: Nicky Xenofontos –
Founder, Managing Partner
(+357) 22 25 20 77
nicky@xenofontosllc.com
www.xenofontosllc.com
LAW FIRM
STAVROS PAVLOU
SENIOR AND MANAGING
PARTNER
PATRIKIOS PAVLOU & ASSOCIATES LLC
Patrikios Pavlou & Associates LLC is a leading law firm in Cyprus.
With nearly 60 years of experience in the local and international
legal market, the Firm has developed distinguished expertise
in dispute resolution and ADR and a renowned legal consulting
department. The legal teams are constantly involved in some of the
largest cross-border banking, financial and corporate transactions
and handle complex litigation, arbitration and mediation matters.
In close cooperation with the associated Pagecorp Group, the
Firm provides its clients with a comprehensive range of corporate
and other related services. The Firm is highly recommended by
prestigious legal directories worldwide for its distinctive legal
services.
Patrician Chambers, 332
Agiou Andreou Street,
3035 Limassol - Cyprus
Contact: Stavros Pavlou - Senior
and Managing Partner
(+357) 25 871 599
spavlou@pavlaw.com
www.pavlaw.com
LAW FIRM
CELIA POURGOURA
PARTNER
POURGOURA & ASPRI LLC
We are a progressive commercial Law Firm, comprising of a team
of dynamic and highly specialised lawyers with diverse academic
and professional backgrounds. Our paramount objective is to offer
the highest level of professional and personalised service to the
client, yet in a quick, efficient and affordable manner. Our mission
is to establish ongoing and long term relations with our clients
through commitment, specialisation and by offering tailor made
professional service by directing each client’s needs in a personal,
individual way. By choosing to work with us you are assured to
be provided with a complete all round solution regarding your
business affairs, as we maintain close relations with a vast number
of related disciplines in other cities and overseas.
33 Klimentos Street, Office 401,
1061 Nicosia - Cyprus
Contact: Vasiliki Pourgoura
(+357) 22 460 831
celia.pourgoura@ca-advocates.com
www.ca-advocates.com
LAW FIRM
STELIOS AMERICANOS
MANAGING PARTNER
STELIOS AMERICANOS & CO LLC
Stelios Americanos & Co LLC is a full services, highly innovative
law firm with headquarters based in Nicosia, Cyprus and a
branch in Athens, Greece. It specializes in corporate, commercial
and banking law, corporate and commercial litigation, real
estate, financial advisory & regulation and blockchain legal
advisory. Stelios Americanos & Co LLC provides its services to
governmental organizations, international banking institutions,
public companies and multinational corporations. Moreover
Stelios Americanos & Co LLC has created close relationships with
reputable international legal and consulting firms and is, thus,
able to assist clients with their cross-border transactions and
needs. Today, Stelios Americanos & Co LLC is considered one of the
leading law firms in Cyprus in the areas of its specialty.
12, Demostheni Severi Av.
Office 601, 6th Floor 1080 Nicosia - Cyprus
Contact: Stelios Americanos
- Managing Partner
(+357) 22 465 500
stelios@americanoslaw.com
www.americanoslaw.com

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SAUDI ARABIA EDITION
NON PROFIT
MARIA MARKIDOU
GEORGIADOU
MANAGING DIRECTOR
CYPRUS SEEDS
Cyprus Seeds is a non-profit organization with the mission to
support the commercialization of innovative academic research
in Cyprus. To achieve its objectives, Cyprus Seeds offers an
annual 12M program to a small number of scientific teams whose
projects give breakthrough solutions to world problems from any
area, including health, environment, and art. In addition to grants,
it offers mentoring, business skills training, and networking
with investors. Cyprus Seeds is funded through donations
from Foundations, corporations, and individuals in Cyprus and
abroad. Among the great achievements of Cyprus Seeds are the
signing for two option-to-be licensing agreements, the creation
of one start-up company, and the spinning out of the University
of Cyprus a solar energy research project.
Antinou 18, Strovolos,
Nicosia, 2034 - Cyprus
Contact: Maria Markidou Georgiadou
- Managing Director
(+357) 22 364 522
maria@cyprusseeds.com
www.cyprusseeds.com
REAL ESTATE
MICHALIS
HADJIPANAYIOTOU
CEO
CYBARCO DEVELOPMENT LTD
Cybarco is the leading luxury property developer in Cyprus. Part
of the prestigious Lanitis Group, Cybarco is behind many of the
island’s landmark projects, including Aphrodite Hills Golf Resort,
Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Marina
and Trilogy Limassol Seafront. Cybarco is also responsible for
the exclusive sales of the luxury properties at Limassol Greens,
the most anticipated new golf resort in Cyprus. With over 75
years’ experience at the top of its industry, Cybarco has earned its
reputation for outstanding quality and dedicated customer care by
consistently delivering projects to the highest standards.
10 Tefkrou Anthia Street,
Dali Industrial Zone, 2540 Nicosia - Cyprus
Contact: Michalis Hadjipanayiotou - CEO
(+357) 22 741 300
info@cybarco.com
www.cybarco.com
REAL ESTATE
GEORGE IOANNOU
CEO
KORANTINA HOMES
With over 30 years of experience in developing some of the most
luxurious, high aesthetic, projects in Cyprus, Korantina Homes
has become the most reputable name in the development of
luxury and exclusive properties. Our company emphasizes
establishing long-lasting relationships with our clients by offering
personalized services. Our award-winning flagship luxury resorts,
Cap St Georges, Coral Residences and Soho Resort have attracted
exclusive clientele from every corner of the globe including several
celebrities and internationally renowned jet setters. Our group has
also expanded into the tourism & hospitality sector by developing
the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star
hotel located at Soho Resort.
Trikomou Str. 32, 8560
Pegeia Paphos, Cyprus
Contact: Melina Rafti – Business
Development Director
(+357) 26 623 536
info@korantinahomes.com
www.korantinahomes.com
REAL ESTATE
EVANGELIA ELIADOU
EXECUTIVE DIRECTOR
PAFILIA PROPERTY DEVELOPERS LTD
Pafilia is the largest privately-owned residential developer in
Cyprus, dedicated to delivering the best in concept, design,
quality and service. With a vast property portfolio and projects
in enviable locations throughout Cyprus and Greece, we offer
excellent investment opportunities and lifestyle orientated
homes. Pafilia is also the developer behind three groundbreaking
destination resorts, ONE – the tallest residential
seafront tower in Europe, NEO – a unique development of 4
towers on the Limassol seafront and Minthis - the islands most
exclusive leisure and lifestyle resort conveniently located in the
wine producing region of Paphos.
Pafilia House,
33 Nicodemou Mylona Street,
P.O. Box 60159, 8101 Pafos - Cyprus
Contact: Andrea Lindsay –
Group Marketing Manager
(+357) 26 848 800
info@pafilia.com
www.pafilia.com

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SAUDI ARABIA EDITION
REAL ESTATE
SAVVAS KAKOS
CEO AND BOARD DIRECTOR
QUALITY GROUP
Quality Group is one of the leading investment and development
organizations in Cyprus and the Mediterranean, with over 30
years of experience, operating in numerous projects. The group
managed to transform from a traditional construction company
into a strong organisation by embracing the diversification that
the market had to offer. Through trusting the market, the group
managed to build a diversified client-based portfolio, providing
a variety of investment options. As a result, Quality Group has
evolved through four distinct fundamental pillars: Quality Property
Developments, Quality Hospitality, Quality Education, and Quality
Medical. Our commitment to a people-focused approach as well as
our uncompromising dedication to quality ensures that excellence
and client satisfaction is delivered.
41, Costantinou Paleologou str.
6036, Larnaca - Cyprus
(+357) 24 821 855
Info@qualitydevelopments.com
qualitygroupcyprus.com
REAL ESTATE
MICHALIS
HADJIPANAYIOTOU
EXECUTIVE DIRECTOR
TRILOGY LIMASSOL SEAFRONT
Brought to life by a world-class collaboration of architects,
designers and developers, Trilogy is an exciting new beachfront
development in the heart of Limassol. Three landmark buildings
surrounding a bustling inner plaza, Trilogy is a place to live, work
and play. Its luxury apartments blend the aspirational dream of
high-end living, with the sophistication of urban cool. State-ofthe-art
offices also enjoy first-class services and uninterrupted
sea views from every window. Three distinct social areas offer
resident-only facilities for secluded leisure and relaxation, as well
as a lively public plaza that can be enjoyed and experienced by
everyone. Your story begins here…
341, 28th October Avenue
3106 Limassol - Cyprus
Contact: Yiorgos Georghiou - Sales Director
(+357) 25 362 800
info@trilogylimassol.com
www.trilogylimassol.com
RECRUITMENT
SOPHIE ARISTODEMOU
CO-FOUNDER
CAREERFINDERS RECRUITMENT SERVICES LIMITED
CareerFinders Recruitment Services Limited is one of Cyprus’
most well-respected and established providers of tailor-made
recruitment solutions to many of the largest and most well-known
local and international companies operating across the Island.
With offices in both Nicosia and Limassol, our highly experienced
team of recruitment professionals have the knowledge and
expertise to ensure that our clients receive the most suitable
and well-qualified candidates to suit their recruitment needs.
The industry sectors we service include Accounting/Audit, Legal,
Corporate/Fiduciary, Information Technology, Shipping, Oil & Gas,
Banking/Finance and many more. If you are a company seeking to
recruit the very best talent in Cyprus, please contact us today.
Head Office: 6th Floor, Athlos Building,
28 Nikis Avenue, Nicosia 1086 - Cyprus
Contact: Sophie Aristodemou - Director
(+357) 22 002 285
jobs@careerfinders.com.cy
www.careerfinders.com.cy
RECRUITMENT
STEVE SLOCOMBE
FOUNDER / DIRECTOR
GRS RECRUITMENT
With more than 17 years of presence and experience in Cyprus,
our expertise in the provision of Recruitment, Payroll, HR,
and Outplacements services is un-paralleled. By working in
partnership with our clients, we provide tailored services based
on a thorough understanding of each client’s circumstances
and needs. We specialise in: Permanent Recruitment Search &
Selection, Temporary Recruitment Services, Payroll Solutions,
Recruitment Process Outsourcing, Salary Benchmarking,
Outplacement and Psychometric Personality Assessment.
Our team consists of a highly capable team with international
experience and local knowledge.
Head office: Agathangelou Business Centre,
101 Gladstonos Street,
Limassol, 3032 - Cyprus
Contact: Steve Slocombe - Founder/Director
(+357) 25 342 720
jobs@grsrecruitment.com
www.grsrecruitment.com

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SAUDI ARABIA EDITION
RESEARCH INSTITUTION
PROF. COSTAS N.
PAPANICOLAS
PRESIDENT
THE CYPRUS INSTITUTE
The Cyprus Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit
research and educational institution with a strong scientific
and technological orientation. It is a regional Center of Excellence,
addressing issues of regional interest but of global significance,
with an emphasis on cross-disciplinary research and international
collaborations. Areas of research include Solar Thermal Energy
and Energy Storage, Climate and Environmental Research,
Technologies for Archaeology and Cultural Heritage, High-
Performance Computing, Simulation and Hyper-infrastructures.
CyI is also an accredited, degree-granting institution of higher
education that offers unique, high-quality Master’s and PhD
programs to select students from around the world, and provides
training for future researchers and scholars in partnership with
leading international universities.
20 Konstantinou Kavafi
2121 Aglantzia - Cyprus
Contact: Dr. Nicolas Jarraud - Assistant
Vice-President for Institute Affairs
(+357) 22 208 700
international.relations@cyi.ac.cy
www.cyi.ac.cy
WEB DEVELOPMENT
ALEX CONSTANTI
MANAGING DIRECTOR
IDEASEVEN DIGITAL
Ideaseven are a dynamic, enthusiastic online digital development
agency with over 17 years of experience. We focus on providing
global solutions in digital marketing, web & app development,
branding and design services. At ideaseven, we understand
that design and development requires continuous mutual
communication with our clients. Together, we can provide a
constantly productive and evolving project. We can help visualize
even the craziest ideas, converting them into elegant, awesome
experiences and catchy products. We have worked with a lot of
prestigious brands and have delivered award winning projects
throughout the years.
Pentadactylou 2, office 104,
6060, Larnaca - Cyprus
Contact: Alex Constanti – Managing Director
(+357) 24 823 832
info@ideaseven.com
www.ideaseven.com
THE CYPRUS TRADE CENTER (CTC)
The Cyprus Trade Centre (CTC) in the United Arab Emirates operates under the auspices of the Cyprus Ministry
of Energy, Commerce and Industry and it is the commercial and economic arm of the Embassy of the Republic of
Cyprus in the UAE and covers also some GCC Countries, such as Saudi Arabia. The main objective of CTC Dubai is to
enhance the export of Cyprus products and services and to establish, maintain and develop business relationships
between Cyprus and the UAE and GCC Countries by promoting, facilitating, and attracting foreign investment.
CORE ACTIVITIES
• Promoting Cypriot exports and services in Saudi Arabia and other GCC countries
• Organising business events, trade delegations and participation in trade fairs and exhibitions
• Identifying and promoting investment opportunities in Cyprus
• Providing information on Cyprus to Saudi Arabian and other GCC importers, businesses and investors
• Providing information to Cypriot businesses about opportunities in Saudi Arabia
CONTACT INFORMATION
Hamsah Building Block A, 2nd Floor,
Office no. 215, Khalid Bin Waleed Street,
Opposite UAE Ministry of Foreign Affairs,
PO Box 11294 Dubai
Contact: Fadi Al Shebli
T: +971 (4) 3575592
W: https://ctcdubai.org
E: cycentre@emirates.net.ae / info@ctcdubai.org
Embassy of the Republic of Cyprus Riyadh, Saudi Arabia
Contact: Christakis Demetriou
T: +966 (0) 11 460 22 03 • E: cdemetriou@mfa.gov.cy

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SAUDI ARABIA EDITION
TheProfilerGroup
16, Elia Papakyriakou, Suite 101,
Engomi, 2415 Nicosia, Cyprus
cyprus@theprofilergroup.com
www.theprofilergroup.com
www.cyprusprofile.com