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TheProfilerGroup<br />
DOING BUSINESS<br />
CYPRUS<br />
UNITED STATES OF AMERICA EDITION
DOING BUSINESS C YPRUS<br />
2<br />
<strong>USA</strong> EDITION<br />
TheProfilerGroup<br />
The Profiler Group is a specialist publisher of country information that assists<br />
corporations managing operations across national borders with trade, investment<br />
and relocation decisions. The Profiler Group is recognised by senior business<br />
executives, government representatives, institutions and global organisations<br />
as a leading provider of informative and insightful country intelligence.<br />
Kristina Ernst<br />
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ernst@theprofilergroup.com<br />
Heidi Marttinen<br />
Editor<br />
marttinen@theprofilergroup.com<br />
Victoria Vasiliou<br />
Administrative Manager<br />
vasiliou@theprofilergroup.com<br />
EUROPE<br />
16, Elia Papakyriakou, Suite 101,<br />
Engomi, 2415 Nicosia, <strong>Cyprus</strong><br />
cyprus@theprofilergroup.com<br />
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NORTH AMERICA<br />
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RESEARCH & CONTRIBUTIONS<br />
The Profiler Group staff<br />
PUBLICATION DATE<br />
September 2022<br />
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DOING BUSINESS C YPRUS<br />
4<br />
<strong>USA</strong> EDITION<br />
Contents<br />
06<br />
10<br />
18<br />
22<br />
34<br />
36<br />
42<br />
46<br />
53<br />
56<br />
58<br />
64<br />
69<br />
75<br />
CYPRUS AT A GLANCE<br />
Key Facts & Figures<br />
COUNTRY OVERVIEW<br />
<strong>Cyprus</strong>: Work-Life Balance<br />
INSIGHT<br />
Minister of Energy, Commerce, and Industry Natasa Pilides<br />
FOREIGN DIRECT INVESTMENT<br />
Investment Gateway<br />
INSIGHT<br />
Minister of Foreign Affairs Ioannis Kasoulides<br />
INTERVIEW<br />
Ambassador of the United States of America to the Republic of <strong>Cyprus</strong><br />
Judith Garber<br />
INTERVIEW<br />
Ambassador of the Republic of <strong>Cyprus</strong> to the United States of America<br />
Marios Lysiotis<br />
SPOTLIGHT<br />
<strong>Cyprus</strong> Real Estate<br />
PROPERTY SHOWCASE<br />
Leading Developments in <strong>Cyprus</strong><br />
INSIGHT<br />
CEO of Invest <strong>Cyprus</strong> George Campanellas<br />
INCENTIVES<br />
New Government Action Plan<br />
BUSINESS OPERATING ENVIRONMENT<br />
<strong>Business</strong> operating environment guide including taxation, business<br />
costs, commercial and residential property, and salary survey<br />
TAXATION<br />
Tax and Regulatory Regime of <strong>Cyprus</strong><br />
WHO’S WHO IN CYPRUS<br />
The definitive guide to <strong>Cyprus</strong>’ leading companies,<br />
executives, and professional advisors
There are new<br />
competitors with a<br />
fresh vision.<br />
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to outpace them?<br />
Using innovative tools, thinking and<br />
frameworks, KPMG can help adapt your<br />
business in the face of constant disruption.<br />
Learn more at kpmg.com.cy<br />
©2022 KPMG Limited, a <strong>Cyprus</strong> limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG<br />
International Limited, a private English company limited by guarantee. All rights reserved.<br />
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.
DOING BUSINESS C YPRUS<br />
6<br />
<strong>USA</strong> EDITION<br />
<strong>Cyprus</strong> at a Glance<br />
Lying at the crossroads of Europe, Asia and Africa, <strong>Cyprus</strong> has long served as a<br />
major eastern trading post. It is a small country, but the third largest island in<br />
the Mediterranean Sea and shares a maritime border with Egypt 300km to the<br />
south, Lebanon 108km to the east and Turkey 71km to the north, while mainland<br />
Greece lies 800km to the north-west. With 10,000 years of history, the island’s<br />
strategic location has long made it a jewel in the crown of the powers of the day.<br />
PAPHOS<br />
(Pafos)<br />
101,900<br />
Paphos<br />
International<br />
Airport<br />
LIMASSOL<br />
(Lemesos)<br />
258,900<br />
NICOSIA<br />
(Lefkosia)<br />
351,600<br />
Larnaca<br />
International<br />
Airport<br />
LARNACA<br />
(Larnaka)<br />
154,200<br />
35ºN<br />
33ºE<br />
FAMAGUSTA<br />
(Ammochostos)<br />
51,500
DOING BUSINESS C YPRUS<br />
7<br />
<strong>USA</strong> EDITION<br />
CYPRUS<br />
DATA<br />
MEMBERSHIPS<br />
EU & Eurozone<br />
World Trade<br />
Organization<br />
United Nations<br />
Council of Europe<br />
Commonwealth<br />
World Bank & IMF<br />
RELIGION<br />
89.1%<br />
Greek Orthodox<br />
2.9% Roman Catholic<br />
2.0% Protestant/Anglican<br />
1.8% Muslim<br />
1.7% Unknown/Atheist<br />
1.0% Buddhist<br />
1.5% Other<br />
TOTAL POPULATION<br />
918,100<br />
Republic of <strong>Cyprus</strong><br />
79%<br />
Cypriot<br />
21%<br />
Non-Cypriot<br />
OFFICIAL LANGUAGES<br />
Greek &<br />
Turkish<br />
(business generally<br />
conducted in English)<br />
TIME<br />
+2 Hours<br />
ahead of GMT<br />
SUNSHINE<br />
340 days<br />
of sunshine/year<br />
AREA & SIZE<br />
9,251 km 2<br />
(3,355 km 2 in the<br />
occupied area)<br />
POPULATION DENSITY<br />
132<br />
(persons per km 2 )<br />
MEDIAN AGE<br />
38<br />
CURRENCY<br />
Euro (€)<br />
RAINFALL<br />
503 mm<br />
average annual<br />
AVERAGE TEMPERATURE<br />
+13ºC<br />
Winter<br />
+34ºC<br />
Summer<br />
MAIN MEDIA<br />
<strong>Cyprus</strong> Mail<br />
Phileleftheros<br />
Politis<br />
CyBC
DOING BUSINESS C YPRUS<br />
8<br />
<strong>USA</strong> EDITION<br />
CYPRUS<br />
BUSINESS<br />
FIGURES<br />
TOTAL GDP<br />
€23.4<br />
billion<br />
(2021)<br />
GDP PER CAPITA<br />
€26,031<br />
(2021)<br />
12.3%<br />
Taxes & Subsidies<br />
5.4%<br />
Construction<br />
7.5%<br />
Mining, manufacturing,<br />
electricity & water<br />
GDP<br />
BY SECTOR<br />
73.1%<br />
Services<br />
1.8%<br />
Agriculture,<br />
forestry & fishing<br />
UNEMPLOYMENT<br />
7.5%<br />
(2021)<br />
GDP GROWTH<br />
5.5%<br />
(2021)<br />
INFLATION<br />
2.3%<br />
(2021)<br />
INTERNATIONAL RANKINGS<br />
Standard & Poor’s<br />
BBB<br />
CORPORATE<br />
TAX RATE<br />
12.5%<br />
TIME TO START<br />
UP A BUSINESS<br />
1.3 days<br />
ACCOUNTING<br />
STANDARD<br />
IFRS<br />
Fitch<br />
BBB- Moody’s<br />
Ba1<br />
(September 2022)<br />
MAIN TRADING PARTNERS<br />
UK<br />
Germany<br />
Italy<br />
France<br />
Israel<br />
Greece<br />
China<br />
CRIME<br />
0.9 per<br />
100 persons<br />
<strong>Cyprus</strong> is the safest<br />
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184 countries across<br />
the globe.
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DOING BUSINESS C YPRUS<br />
10<br />
<strong>USA</strong> EDITION<br />
COUNTRY OVERVIEW<br />
<strong>Cyprus</strong>: Work-Life Balance<br />
Renowned since antiquity, <strong>Cyprus</strong> has reinvented<br />
itself multiple times and is going through another<br />
exciting transformation today. The island nation has<br />
big ambitions to diversify its economy by placing<br />
innovation at its core, while it continues to attract<br />
professional expats and foreign investors to its<br />
shores thanks to its relaxed lifestyle coupled with<br />
bourgeoning prospects in multiple sectors.<br />
L<br />
ocated in the eastern Mediterranean at the crossroads of Europe, the Middle East<br />
and Africa, <strong>Cyprus</strong>’ strategic position has always played a key role in shaping its<br />
10,000-year history and in developing the island into a convenient centre for trade<br />
and international business. Despite being a country of less than a million people,<br />
the Republic of <strong>Cyprus</strong> has steadily built itself into a thriving business centre over<br />
the decades. An EU and eurozone member for over a decade, and with one of the<br />
highest educated populations in Europe, <strong>Cyprus</strong> has built a strong service-based<br />
economy. Its low-cost business environment with a wealth of support services, a<br />
sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an<br />
extensive network of double taxation agreements with 67 countries – has developed<br />
<strong>Cyprus</strong> into an important European and regional financial and business services<br />
hub. The country is also one of Europe’s favourite holiday destinations, enjoying<br />
340 days of glorious sunshine a year and boasts a beautiful coastline teeming with
DOING BUSINESS C YPRUS<br />
11<br />
<strong>USA</strong> EDITION<br />
stretches of golden sand, secluded bays and rocky coves, all surrounded by some of<br />
the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted<br />
with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms<br />
to exquisite Byzantine art and magnificent Venetian architecture. Add to<br />
this the vibrant and cosmopolitan lifestyle where East meets West, <strong>Cyprus</strong> offers the<br />
perfect balance between business and leisure.<br />
PEOPLE & CULTURE<br />
While the Republic of <strong>Cyprus</strong> is a<br />
Greek-speaking nation, English<br />
is almost universally spoken and is the<br />
language of international business.<br />
German, French and Russian speakers<br />
are also easily found, thanks to the high<br />
number of Cypriots with international<br />
degrees, the country’s commercial ties<br />
with the global business community,<br />
and the island’s popularity as a tourist<br />
destination. <strong>Cyprus</strong> is well known for its<br />
hospitality, a fact reflected in the Greek<br />
word, xenos, used for both stranger and<br />
guest. Life is meant to be enjoyed in<br />
<strong>Cyprus</strong>, which is renowned for its excellent quality of life. Cafe culture predominates,<br />
with both business and social meetings taking place over a leisurely frappe (iced<br />
coffee) in the numerous cafes in every town and city. As with most Mediterranean<br />
cultures, food also plays a vital role in family and social life. The famous <strong>Cyprus</strong> meze<br />
– a large selection of small, delectable dishes – is best enjoyed siga siga (slowly) and<br />
al fresco.<br />
<strong>Cyprus</strong> has a resilient economy that<br />
has time and time again proven<br />
its capacity to adjust to continuously<br />
changing conditions and bounce<br />
back from external shocks. Before its<br />
independence from the UK in 1960, the<br />
<strong>Cyprus</strong> economy was primarily based on<br />
agriculture and the export of minerals.<br />
However, in the last few decades the<br />
country has established itself as a serious<br />
international business and service centre<br />
for shipping, financial services and<br />
commerce, and is classified by the World<br />
Bank as a high-income country. The<br />
island’s accession to the EU in 2004 with<br />
I<br />
Offering a tax-efficient<br />
EU company domicile, the<br />
country is also emerging as<br />
a compelling destination for<br />
regional headquarters and<br />
a base for tech companies,<br />
as well as an increasingly<br />
attractive location for fund<br />
managers and promoters<br />
RESILIENT EU ECONOMY<br />
the subsequent adoption of the euro in 2008, was the catalyst for its transformation<br />
into a competitive financial and business services hub. Following the country’s financial
DOING BUSINESS C YPRUS<br />
12<br />
<strong>USA</strong> EDITION<br />
crisis in 2013, <strong>Cyprus</strong> undertook a major<br />
reform agenda and while still facing<br />
some economic challenges, the small<br />
EU nation has demonstrated resilience<br />
and an ability to bounce back to growth.<br />
The year 2015 signalled a sooner-thanexpected<br />
exit from recession and a rapid<br />
economic turnaround followed, with 2017<br />
recording almost 4% growth – earning<br />
<strong>Cyprus</strong> praise as an economic success<br />
story. <strong>Cyprus</strong>’ resilience in the face of the<br />
pandemic was once again evident with<br />
GDP growth reaching a strong 5.5% in<br />
2021, although the European Commission<br />
forecasts a downturn to 3.2% growth in<br />
2022. Consistent credit rating upgrades<br />
have further boosted confidence and<br />
foreign direct investment has been<br />
flowing into all key sectors. <strong>Cyprus</strong> has<br />
retained and strengthened its status as an<br />
attractive investment gateway to the EU<br />
and other high-growth markets, as well<br />
as a secure base to tap into opportunities<br />
in the Middle East. Offering a tax-efficient<br />
EU company domicile, the country is also<br />
emerging as a compelling destination<br />
for regional headquarters and a base for<br />
tech companies, as well as an increasingly<br />
attractive location for fund managers and<br />
promoters.<br />
GROWING INVESTMENT FUND SECTOR<br />
<strong>Cyprus</strong> has big ambitions in the<br />
investment funds sector to establish<br />
itself as a contender in the global asset<br />
management industry. The steady growth<br />
in both Assets under Management and in<br />
the number of fund structures licensed<br />
and active in <strong>Cyprus</strong> have underlined<br />
the strength and appeal of the novice<br />
domicile. Assets under Management<br />
(AuM) have seen a formidable increase<br />
from €2.7 billion in 2016 to €11.1 billion in<br />
the first quarter of 2022, showing that it is<br />
not the sector’s size but its fast growth that<br />
has impressed, and is being recognised<br />
by the global asset management and<br />
investor community. Investment funds<br />
CYPRUS FACTS<br />
& FIGURES<br />
EU Member since 2004,<br />
Eurozone member since 2008<br />
<strong>Cyprus</strong>’ maritime sector accounts<br />
for €1 billion in annual revenue and<br />
is around 7% of the island’s GDP<br />
<strong>Cyprus</strong> is an established<br />
international business and service<br />
centre for shipping, financial<br />
services and commerce, and is<br />
classified by the World Bank as<br />
a high-income country<br />
Investment funds have already<br />
invested more than €2 billion<br />
in several sectors of the Cypriot<br />
economy, such as shipping,<br />
hospitality, education, healthcare,<br />
and renewable energy
DOING BUSINESS C YPRUS<br />
13<br />
<strong>USA</strong> EDITION<br />
have already invested more than €2 billion in several sectors of the Cypriot economy,<br />
such as shipping, hospitality, education, healthcare, and renewable energy. <strong>Cyprus</strong><br />
offers both EU-regulated Undertakings of Collective Investment in Transferable<br />
Securities (UCITS) and Alternative Investment Funds (AIFs). In July 2018, the country<br />
upgraded its AIF framework and introduced Registered AIFs (RAIFs), which do not<br />
require authorisation by the supervising <strong>Cyprus</strong> Securities and Exchange Commission<br />
(CySEC) to commence operations provided they are externally managed by an<br />
Alternative Investment Fund Manager (AIFM) based in <strong>Cyprus</strong> or another EU country.<br />
The upgraded legislation has been hailed ‘ground-breaking’ and offers a significantly<br />
more time- and cost-efficient means of establishing AIFs in <strong>Cyprus</strong>. Today, the majority<br />
of alternative investment funds in <strong>Cyprus</strong> are of a small and medium size and focus<br />
on debt and equity securities, real estate and private equity. However, <strong>Cyprus</strong> has also<br />
attracted larger funds including one with assets of €500 million under management.<br />
The number of alternative investment funds has more than doubled in the last five<br />
years and foreign UCITS are now widely marketed in <strong>Cyprus</strong>, including ones promoted<br />
by international financial institutions such as JP Morgan, UBS and Julius Baer.<br />
GLOBAL SHIPPING HUB<br />
major success story for <strong>Cyprus</strong> has been the maritime sector, which accounts for<br />
A around €1 billion in annual revenue and approximately 7% of the island’s GDP<br />
– and of this figure, shipmanagement alone accounts for 5%. Apart from offering<br />
shipmanagement and business services to the industry, the <strong>Cyprus</strong> Registry is<br />
classified as the third largest merchant fleet in the European Union and the 11 th largest<br />
in the world. The country is also the EU’s largest shipmanagement centre and amongst<br />
the top three in the world. The sector has seen growth in the past few years and <strong>Cyprus</strong><br />
is currently looking at restructuring the commercial shipping sector to strengthen its<br />
competitive edge. Since introducing an advantageous EU-approved tonnage tax system<br />
in 2010, the island has continued to attract increasing numbers of shipping companies<br />
from across the world. The country’s maritime capital, Limassol, is home to some of the<br />
most influential names in shipping today managing around 20% of the world’s thirdparty<br />
managed fleet.<br />
I<br />
Apart from offering shipmanagement and<br />
business services to the industry, the<br />
<strong>Cyprus</strong> Registry is classified as the third<br />
largest merchant fleet in the European<br />
Union and the 11th largest in the world.
DOING BUSINESS C YPRUS<br />
14<br />
<strong>USA</strong> EDITION<br />
Apart from the sun and the sea,<br />
<strong>Cyprus</strong> has few natural resources<br />
and has been dependent on oil imports<br />
to satisfy its energy demands. However,<br />
the substantial discovery of natural gas<br />
and potential oil deposits in <strong>Cyprus</strong>’<br />
Exclusive Economic Zone (EEZ) in<br />
the Mediterranean Sea is expected to<br />
change all this. Exploratory drillings by<br />
global energy giants have confirmed<br />
natural gas reserves that could meet<br />
<strong>Cyprus</strong>’ domestic gas demand for over<br />
EAST MED ENERGY CENTRE<br />
IThe country’s top-tier<br />
universities and research<br />
institutes are also playing a<br />
pivotal part in these efforts<br />
to create a more sustainable<br />
energy mix through innovation<br />
in smart tech and research in<br />
ways to battle climate change<br />
100 years, and a surplus for export. The<br />
hydrocarbons race in <strong>Cyprus</strong>’ waters has attracted international energy heavyweights,<br />
such as Total, ENI, Kogas, Royal Dutch Shell, and ExxonMobil to explore the island’s<br />
waters for new discoveries and multiple auxiliary services companies have set up<br />
to support these efforts. With 340 days of sunshine to harness, solar energy has also<br />
become a bit of a boom segment for <strong>Cyprus</strong> recently. The government is placing strong<br />
focus on renewable energy and working towards achieving a zero-carbon economy.<br />
The country’s top-tier universities and research institutes are also playing a pivotal role<br />
in these efforts to create a more sustainable energy mix through innovation in smart<br />
tech and research in ways to battle climate change.<br />
TECH AND INNOVATION TAKING THE LEAD<br />
The technology space in <strong>Cyprus</strong> is seeing a fresh boost with more state support to the<br />
sector, the launch of new national strategies to integrate innovative tech, and fresh<br />
incentives to attract more digital nomads, IT start-ups and regional headquarters. With<br />
its new focus on long-term development outcomes, <strong>Cyprus</strong> is determined to diversify<br />
and harness growth with a technology-driven economy. The biggest spender by far on<br />
IT in <strong>Cyprus</strong> is the financial sector, followed by the telecoms providers and the public<br />
service. Albeit one of the smallest EU member states, research and development is an<br />
area where <strong>Cyprus</strong> punches well above its weight. Unprecedented investment into the<br />
sector and ground-breaking projects are establishing this small island, not only as an<br />
innovation and research hub, but as a regional centre of excellence providing strong<br />
links with the global scientific and technical innovation community.<br />
POPULAR TOURISM DESTINATION<br />
Tourism has been a key driving force of the Cypriot economy for decades, and pre-<br />
Covid the country saw consecutive years of record-breaking numbers of tourist<br />
arrivals and revenue. Although the pandemic temporarily stifled the thriving sector,<br />
tourist arrival figures are rebounding and new projects currently underway are<br />
set to strengthen and upgrade <strong>Cyprus</strong>’ tourism product and encourage more yearround<br />
visitors, a strategy <strong>Cyprus</strong> is fully committed to. These projects range from the<br />
construction of new golf courses, luxury marina developments and the upgrading of<br />
the island’s wellness and medical tourism product. A new and exciting prospect is the
DOING BUSINESS C YPRUS<br />
15<br />
<strong>USA</strong> EDITION<br />
Kourion<br />
current construction of the Republic’s first-ever luxury casino resort. The €600 million<br />
integrated resort, run by a consortium with renowned Hong Kong player Melco, will<br />
exceed five-star status and open a whole new market for niche tourism on the island.<br />
ATTRACTIVE REAL ESTATE<br />
The <strong>Cyprus</strong> real estate sector was showing strong market performance straight<br />
through to 2019, but 2020 marked a turning point as the pandemic hit worldwide.<br />
However, by October 2021, sales to the European market increased 68% and 2022<br />
has shown dynamic momentum in sales so far. <strong>Cyprus</strong>’ appeal has remained strong<br />
amongst international investors, expats and retirees thanks to its Mediterranean<br />
climate, high quality of life and safety, as well as its status as an EU member state<br />
conveniently located between three continents. <strong>Cyprus</strong> has one of the highest home<br />
ownership rates in Europe and also has a longstanding market for second homes and<br />
holiday villas, making the economy heavily reliant on the sector. With new up-market<br />
developments, increased foreign investment in top hotels and major infrastructure<br />
projects springing up, <strong>Cyprus</strong>’ attractiveness as a property investment location is set to<br />
grow in the coming years.<br />
Limassol Marina
DOING BUSINESS C YPRUS<br />
16<br />
<strong>USA</strong> EDITION<br />
FDI APPEAL<br />
<strong>Cyprus</strong>’ FDI appeal has been on an upward trajectory thanks to a robust economy.<br />
Real GDP growth averaged 4.6% in 2015-19 and in 2021 the economy showed<br />
strong performance with 5.5% growth, regaining lost ground from the height of the<br />
Covid-19 pandemic. For the last several years, <strong>Cyprus</strong> has been a hive of activity with<br />
several notable projects already implemented or in the pipeline, strengthening the<br />
country’s image and appeal. Foreign investment flows have been significant. In the<br />
ten-year period 2011-2020, cumulative net FDI reached €22.2 billion. This investment<br />
was driven by equity, with the shipping/shipping finance and real estate sectors<br />
playing a significant role, while investment in communications is now also beginning<br />
to gain importance. Ongoing improvements in the macroeconomic and financial<br />
environment have also revived international interest in around 30 major development<br />
projects on the island. Investment opportunities in <strong>Cyprus</strong>’ large-scale projects span<br />
various sectors, including high-value tourism and housing developments, projects with<br />
a special focus on golf courses and luxury marinas, as well as education, energy, and<br />
more recently the international film sector. The growth performance of <strong>Cyprus</strong> over<br />
the last five years has been exceptional and even exceeded international expectations,<br />
while successive credit rating upgrades and new incentives have attracted billions in<br />
foreign investment since 2015, with significant inflows from the US, Asia, Russia and the<br />
Middle East. <strong>Cyprus</strong>’ liberalised Foreign Direct Investment Policy, both for EU citizens<br />
and investors from third countries, along with its favourable tax regime makes it one of<br />
the most attractive centres for FDI in Europe.<br />
Parklane Limassol<br />
A DIVERSIFIED FUTURE<br />
Offering a professional yet relaxed atmosphere that makes doing business<br />
pleasurable as well as profitable, <strong>Cyprus</strong>’ Mediterranean lifestyle coexists happily<br />
with a cutting-edge international business hub, allowing investors to enjoy the best of<br />
both worlds: a safe and comfortable environment for family life and a sophisticated<br />
infrastructure from which to grow and develop business. <strong>Cyprus</strong> combines numerous<br />
advantages as a business base with its EU-approved tax regime, competitive 12.5%<br />
corporate tax rate and tax breaks for high earners, its pro-business government<br />
and highly skilled workforce – as well as promising growth and development across<br />
numerous economic sectors. With <strong>Cyprus</strong>’ prospects on the rise, the country has all the<br />
right elements firmly in place to strengthen its reputation as an international centre of<br />
business excellence in one of Europe’s most interesting investment locations. n
THERE IS A PLACE WHERE…<br />
you have a local partner<br />
on the ground.<br />
As the national investment authority, Invest<br />
<strong>Cyprus</strong> acts as a single point of contact and one<br />
stop shop for existing and potential investors.<br />
Our dedicated team provides after care and<br />
facilitation services, including supporting you in<br />
site selection, setting up offices, staff immigration<br />
and relocation procedures while continuing to<br />
grow its extensive portfolio of available<br />
projects and investment opportunities.<br />
www.investcyprus.org.cy
DOING BUSINESS C YPRUS<br />
18<br />
<strong>USA</strong> EDITION<br />
INSIGHT<br />
Minister of Energy, Commerce and Industry<br />
Natasa Pilides
DOING BUSINESS C YPRUS<br />
19<br />
<strong>USA</strong> EDITION<br />
<strong>Cyprus</strong> and the US have a strong partnership<br />
and longstanding cooperation in multiple areas.<br />
Which sectors are providing the most investment<br />
potential at the moment, and how can <strong>Cyprus</strong> attract<br />
more business and investment from the <strong>USA</strong>?<br />
As an EU Member State since 2004 and Eurozone Member since 2008, <strong>Cyprus</strong><br />
has been steadily improving its economic performance over the past years,<br />
evolving into a modern, cosmopolitan, and transparent business centre and offering<br />
opportunities for investment across a wide range of sectors.<br />
In recent years, the island has been attracting a fast-growing number of international<br />
companies operating in the areas of technology, shipping and financial services.<br />
<strong>Cyprus</strong> can serve as an ideal business and trade hub for American companies, as well<br />
as a welcoming destination for those interested in expanding their regional operations<br />
or entering the European Market. <strong>Cyprus</strong>, through its 67 double taxation agreements –<br />
including with the US – and enjoying the benefits afforded by more than 40 EU trade<br />
agreements with third countries, provides US multinationals a gateway to the European<br />
Union and a portal for investment outside the EU, namely into the Middle East, India<br />
and North Africa. This holds especially true following Brexit, as <strong>Cyprus</strong> is now one of the<br />
very few Common Law jurisdictions in the EU.<br />
The country is also fast becoming one of the top emerging investment fund centres<br />
in Europe, in part due to its continuous efforts to upgrade its legislative and regulatory<br />
framework, which is backed by an attractive tax regime and a strong network of financial<br />
and professional services providers. <strong>Cyprus</strong> has developed into a key regional and costefficient<br />
domicile for investment funds, private equity firms and asset managers, with<br />
its many advantages beginning to attract notable interest from the US.<br />
We have confidence in our country’s existing dynamic investment portfolio, and we<br />
are positive that there is great potential in investing in even more sectors of strategic<br />
importance for the Government, such as research and innovation, information and<br />
communication technology, hospitality and tourism, healthcare, education and<br />
renewable energy.<br />
A case in point is <strong>Cyprus</strong>’ energy sector, with the discovery of significant hydrocarbon<br />
deposits in the Exclusive Economic<br />
Zone (EEZ) of the Republic having<br />
driven major FDI by US multinationals<br />
has developed into a<br />
in recent years. <strong>Cyprus</strong>’ commitment<br />
key regional and cost-efficient<br />
to the green transition, combined<br />
with the development of the EuroAsia domicile for investment funds,<br />
Interconnector and the liberalisation<br />
private equity firms and asset<br />
of the electricity market, creates new<br />
opportunities for US investment in managers, with its many<br />
infrastructure, especially for power<br />
advantages beginning to attract<br />
generation from Renewable Energy<br />
Sources (RES) and for energy storage.I<strong>Cyprus</strong><br />
notable interest from the US.
DOING BUSINESS C YPRUS<br />
20<br />
<strong>USA</strong> EDITION<br />
IOur growing ICT innovation and<br />
Additionally, our growing ICT<br />
innovation and research sector, which<br />
is able to serve the entire Eastern research sector, which is able<br />
Mediterranean while bridging Europe,<br />
to serve the entire Eastern<br />
the Middle East, and North Africa, has<br />
transformed <strong>Cyprus</strong> into a promising Mediterranean while bridging<br />
location for high-technology businesses.<br />
Europe, the Middle East, and<br />
Well-known global technology companies<br />
such as Amdocs, NCR, Wargaming, eToro North Africa, has transformed<br />
and 3CX, have already established their<br />
<strong>Cyprus</strong> into a promising location<br />
presence on the island.<br />
A number of Government initiatives for high-technology businesses.<br />
have paved the way for a vibrant<br />
technology ecosystem in <strong>Cyprus</strong>, where tech companies have the opportunity to<br />
grow and expand in today’s ever-changing global market. According to the European<br />
Innovation Scoreboard of 2022, <strong>Cyprus</strong> is a strong innovator, ranked 10 th in the EU,<br />
performing above the Union’s average and labelled as the most improved across Europe<br />
in the period since 2015.<br />
The Government has also introduced a new strategy for attracting both high-skilled<br />
talent and international businesses that wish to set up, relocate or expand their<br />
activities in <strong>Cyprus</strong>. Furthermore, the existing investment policy has been radically<br />
reviewed, broadened and simplified to<br />
include a series of actions and reforms,<br />
has been radically reviewed, which aim at enhancing <strong>Cyprus</strong>’ position<br />
as an international high-growth business<br />
broadened and simplified to<br />
centre.<br />
include a series of actions<br />
A big part of our new Strategy has been<br />
the launch of the <strong>Business</strong> Facilitation<br />
and reforms, which aim at<br />
Unit, as of 1 st January 2022, that operates<br />
enhancing <strong>Cyprus</strong>’ position<br />
under the auspices of the Ministry<br />
of Energy, Commerce and Industry,<br />
as an international high-<br />
providing fast-track business setup to<br />
international companies. n<br />
IThe existing investment policy<br />
growth business centre.
asgleasing.cy<br />
FOCUS<br />
ON WHAT<br />
MATTERS*<br />
*FOCUS ON DEVELOPING YOUR BUSINESS,<br />
NOT MANAGING YOUR FLEET.<br />
by
DOING BUSINESS C YPRUS<br />
22<br />
<strong>USA</strong> EDITION<br />
FOREIGN DIRECT INVESTMENT<br />
Investment Gateway<br />
<strong>Cyprus</strong> has attracted formidable foreign<br />
investment from around the world with billions<br />
flowing into new projects in multiple sectors,<br />
proving the island nation continues to have a<br />
strong pull factor with global investors.<br />
<strong>Cyprus</strong> has been a hive of activity in recent years, with several notable projects<br />
already implemented or in the pipeline, strengthening the country’s image and<br />
foreign direct investment (FDI) appeal. Large-scale real estate projects, luxury marinas<br />
and tourism infrastructure, coupled with developing opportunities in the energy, asset<br />
management and shipping sectors have all reinforced <strong>Cyprus</strong>’ status as an interesting<br />
investment destination.<br />
An added benefit of <strong>Cyprus</strong> is its geostrategic location and secure and stable EU<br />
environment in an often-turbulent region. These factors coupled with the introduction<br />
of new incentives are encouraging increasing numbers of companies from across<br />
the world to set up headquarters on the island, solidifying its position as an attractive<br />
gateway to both established and developing markets. More recently, <strong>Cyprus</strong> has also<br />
started to gain serious traction in attracting more innovative high-tech organisations<br />
to set up on its shores – rebranding itself as an emerging tech hub.
DOING BUSINESS C YPRUS<br />
23<br />
<strong>USA</strong> EDITION<br />
EXCEEDING EXPECTATIONS<br />
Successive credit rating upgrades over the years and the continuous introduction<br />
of new incentives have attracted billions in foreign investment to <strong>Cyprus</strong>, with<br />
substantial inflows from the US, Asia, the Middle East and Eastern Europe. The sectors<br />
that have seen the most significant FDI so far are: finance, most notably in shipping;<br />
real estate in new luxury developments and infrastructure projects; information and<br />
communication; retail trade; and professional services, in particular head-office<br />
activities.<br />
Although having faced some serious<br />
economic shocks over the last ten years,<br />
the resilience and growth performance<br />
of <strong>Cyprus</strong> has been exceptional and even<br />
exceeded international expectations.<br />
Real GDP growth averaged 5.3% in 2015-<br />
19, and while 2020 marked a critical<br />
downturn due to the Covid-19 pandemic, 2021 saw a strong rebound with growth<br />
bouncing back to 5.5%. Foreign investment flows have been significant. In the tenyear<br />
period 2012-2021, net inflows reached almost €18 billion. This investment was<br />
driven by equity, with the shipping/shipping finance and real estate sectors playing<br />
an important role.<br />
GROWING TECH INVESTMENT<br />
The technology and communications sector in <strong>Cyprus</strong> has become fiercely<br />
competitive, with a number of players deploying cutting edge solutions to both<br />
increase their local market share and generate growth through the launch of new<br />
technology and products. 5G was rolled out in 2021, making <strong>Cyprus</strong> the first EU state to<br />
achieve 100% 5G coverage.<br />
<strong>Cyprus</strong> is already home to a number<br />
of major tech firms, such as NCR,<br />
Amdocs, Wargaming, 3CX, Exness,<br />
Bolt, Thomson Reuters, Melsoft Games,<br />
and Nexters, and has gained ground<br />
in successfully attracting investment<br />
capital in blockchain. The country’s startup<br />
community has also grown stronger<br />
with more than 200 enterprises and<br />
4,000 entrepreneurs, fostering more<br />
opportunities for business angels and<br />
venture capitalists looking to invest<br />
risk capital in exchange for equity in<br />
promising business ideas. In addition, a<br />
key attraction for high-tech companies<br />
is the <strong>Cyprus</strong> Intellectual IP Box Regime,<br />
I5G was rolled out in 2021, making<br />
<strong>Cyprus</strong> the first EU state to achieve<br />
100% coverage<br />
IIn the ten-year period 2012-2021,<br />
net inflows reached almost<br />
€18 billion<br />
which provides a competitive maximum<br />
tax rate of 2.5% on income earned from<br />
IP assets. <strong>Cyprus</strong>’ regime also applies to<br />
a wider range of income compared to
DOING BUSINESS C YPRUS<br />
24<br />
<strong>USA</strong> EDITION<br />
other European schemes, most of which restrict benefits to income from patents and<br />
supplementary patent certificates.<br />
2022 saw more global names invest in <strong>Cyprus</strong>, with European digital neobanking<br />
platform Revolut, valued at US$33 billion, becoming the first entity to receive approval<br />
as a crypto-asset service provider from the <strong>Cyprus</strong> regulator. The authorisation<br />
will enable Revolut to offer crypto services to its 17 million customers in the EEA<br />
out of a new crypto-asset hub in <strong>Cyprus</strong>. Revolut said its choice was down to the<br />
sophisticated regulatory regime of the country, which has already attracted the likes<br />
of Crypto.com, eToro and BitPanda. A leading US consumer services and applications<br />
software provider, TangoMe, also announced plans to launch offices in <strong>Cyprus</strong>. The<br />
internationally renowned tech company, with an annual revenue of around US$350<br />
million, will establish a strong presence in Limassol with a sizeable number of<br />
employees relocating to <strong>Cyprus</strong>.<br />
Another project set to bolster <strong>Cyprus</strong>’ efforts to become a regional telecoms and data<br />
hub and attract more investment, was <strong>Cyprus</strong>’ leading telecoms provider Cyta signing<br />
a €850 million venture with Greece and Saudi Arabia for the construction of the East<br />
Med Corridor (EMC) for a global digital highway linking Europe with Asia. In addition,<br />
the modernisation of state infrastructure and speeding up the adoption of cloud<br />
services in <strong>Cyprus</strong> were key targets of the signing of a Memorandum of Understanding<br />
with Amazon Web Services (AWS) in 2022, a collaboration that will open up a new era<br />
of opportunities.<br />
INVESTING IN EDUCATION<br />
<strong>Cyprus</strong> is developing into a regional<br />
education and knowledge hub with<br />
the rapid expansion of tertiary education<br />
and its universities steadily climbing up<br />
global rankings. The country has already<br />
established synergies with international<br />
universities, most notably the University<br />
of Nicosia launching the island’s first degree<br />
programme in medicine in collaboration<br />
with St George’s Medical School at<br />
the University of London, and University<br />
of Central Lancashire – <strong>Cyprus</strong> (UCLan),<br />
IThe number of foreign<br />
students choosing <strong>Cyprus</strong><br />
for their studies has almost<br />
tripled in the last five years,<br />
representing over 60 different<br />
countries and supporting the<br />
growth of <strong>Cyprus</strong> into a true<br />
global educational centre
DOING BUSINESS C YPRUS<br />
25<br />
<strong>USA</strong> EDITION<br />
18th<br />
á 50 PLACES<br />
<strong>Cyprus</strong> ranked in 18th place in the<br />
2021 Greenfield FDI Performance<br />
Index, climbing 50 places<br />
compared to the year before<br />
á150%<br />
Greenfield investments in <strong>Cyprus</strong><br />
rose by 150% in the first half of 2022<br />
from the same period of 2019<br />
Top 10<br />
<strong>Cyprus</strong> is in the top10<br />
ranking of countries that<br />
stand out for the post-pandemic<br />
investment recovery<br />
á600%<br />
increase in software and<br />
IT investments in <strong>Cyprus</strong><br />
between 2019 and 2022<br />
Source: FDI Intelligence<br />
Source: FDI Intelligence<br />
CUMULATIVE FDI LIABILITIES (INVESTMENTS) BY SECTOR 2016-2020<br />
Sector<br />
€/Billion<br />
Finance & Insurance 41.7<br />
Real Estate 4.8<br />
Information & Communication 1.4<br />
Professional Scientific & Technical 1.3<br />
Total (including others) 52.7<br />
being the first British university to establish a campus on the island. This has since<br />
been followed by the announcement of the American University of Beirut (AUB) to establish<br />
a €29 million campus in Paphos in 2023 – branded the American University of<br />
Beirut-Mediterraneo. The aim is to accommodate over 2,000 students in the coming<br />
years.<br />
<strong>Cyprus</strong> hosts an impressive and<br />
fast-growing R&I ecosystem, featuring<br />
high quality academic and research institutions<br />
and six Centres of Excellence (CoE).<br />
The <strong>Cyprus</strong> Institute has established itself<br />
as a significant research institute with<br />
global networks of excellence supported<br />
by significant EU funding. The number<br />
I<strong>Cyprus</strong> hosts an impressive and<br />
fast-growing R&I ecosystem,<br />
featuring high quality academic<br />
and research institutions and<br />
six Centres of Excellence (CoE)<br />
of foreign students choosing <strong>Cyprus</strong> for their studies has almost tripled in the last five<br />
years, representing over 60 different countries and supporting the growth of <strong>Cyprus</strong><br />
into a true global educational centre. This fact underlines the great opportunities that<br />
exist in <strong>Cyprus</strong> for the establishment of new universities, colleges and institutes.
DOING BUSINESS C YPRUS<br />
26<br />
<strong>USA</strong> EDITION<br />
PORTS AND SHIPPING<br />
The 2017 commercialisation of the country’s largest port in Limassol marked a new<br />
era for <strong>Cyprus</strong> as a commercial hub. The port privatisation came in the context of<br />
the first discovery of natural gas in 2011, the launch of the €300 million VTTV oil trading<br />
terminal in 2014, and a dedicated Shipping Deputy Minister in 2018. The privatisation<br />
deal with Eurogate International GmbH and leading Emirati logistics giant DP World<br />
Limited is expected to boost state coffers with €2 billion over the next 25 years, while<br />
the new port operators have injected millions in upgrading services and infrastructure.<br />
The more recent contract for the Larnaca<br />
port and marina was signed with<br />
a Cypriot-Israeli consortium, Eldeman<br />
Holding BV and Alexandrou Corporate<br />
Services Ltd, in late 2020 and is expected<br />
to attract around €1.2 billion in construction<br />
and real estate development – making<br />
it one of the biggest infrastructure investments<br />
to date in <strong>Cyprus</strong>.<br />
One of <strong>Cyprus</strong>’ most successful export<br />
services has been the maritime industry.<br />
The growth of <strong>Cyprus</strong>’ resident shipping<br />
sector over the past 50 years has developed<br />
IThere has been a fivefold<br />
increase in the number of<br />
shipping companies that have<br />
registered with <strong>Cyprus</strong>’<br />
specialised shipping<br />
taxation system<br />
boosting the sector’s<br />
revenue by around 25%<br />
a strong maritime cluster that caters to the<br />
needs of <strong>Cyprus</strong>-based companies, including banking, professional services, insurance<br />
and IT. The cluster is consistently attracting more quality tonnage and shipping-related<br />
companies to its shores. Between 2010 – when the <strong>Cyprus</strong> tonnage tax system was<br />
approved by the European Commission – and 2021, there has been a fivefold increase<br />
in the number of shipping companies that have registered with <strong>Cyprus</strong>’ specialised<br />
shipping taxation system, boosting the sector’s revenue by around 25%.
DOING BUSINESS C YPRUS<br />
27<br />
<strong>USA</strong> EDITION<br />
Some examples include the decision in 2018 by leading London ship insurer P&I Club<br />
to open a post-Brexit EU subsidiary in <strong>Cyprus</strong>, reaffirming the island’s position as one<br />
of the top global hubs for shipping. Another triumph came in early 2019, when British<br />
shipping firm P&O Ferries decided to register its English Channel operating fleet<br />
under the <strong>Cyprus</strong> flag to take advantage of the benefits and security it provides. Two<br />
of the industry’s most highly respected privately-owned shipmanagement companies,<br />
Columbia Shipmanagement and Marlow Navigation – both based in <strong>Cyprus</strong> – merged<br />
in 2017 to form Columbia Marlow, creating one of the world’s largest ship and crewmanagement<br />
companies. Another transaction constituting FDI was the 2018 buyout<br />
of Limassol-based Songa Offshore SE by Transocean Ltd, the world’s largest offshore<br />
drilling contractor for oil and gas wells, in a deal worth US$3.4 billion. In addition,<br />
natural gas finds within <strong>Cyprus</strong>’ Exclusive Economic Zone (EEZ) and efforts to exploit<br />
it in cooperation with neighbouring countries have expanded opportunities for the<br />
island’s already thriving shipping sector.<br />
DEVELOPING AN ENERGY HUB<br />
<strong>Cyprus</strong>’ hydrocarbons discoveries captured the attention of global energy<br />
heavyweights when US company Noble Energy, now acquired by US giant Chevron,<br />
made the first natural gas discovery in 2011 with estimated resources of 4.5 trillion cubic<br />
feet (tcf) in the Aphrodite field. ENI, Kogas, ExxonMobil, Royal Dutch Shell, and Total<br />
have all secured exploration licences and conducted exploratory drilling. ExxonMobil<br />
announced the discovery of an estimated 5 to 8 tcf in Block 10 in early 2019, while ENI<br />
confirmed a discovery in Block 6 – which it operates with Total – of around 2.5 tcf in<br />
August 2022. Further discoveries could be announced within the next year.<br />
In 2019 <strong>Cyprus</strong> agreed to build a subsea pipeline connecting Aphrodite to Egypt’s<br />
liquefaction plants and concluded a production-sharing deal with Noble Energy<br />
(now Chevron) and its partners over the Aphrodite gas reservoir. The development of<br />
ENI, Kogas, ExxonMobil,<br />
Royal Dutch Shell,<br />
and Total have all<br />
secured exploration<br />
licences and conducted<br />
exploratory drilling
DOING BUSINESS C YPRUS<br />
28<br />
<strong>USA</strong> EDITION<br />
Aphrodite is now expected in 2026. Since the start of the pandemic, activity and works<br />
worth US$200 million have been completed in <strong>Cyprus</strong>’ EEZ by oil and gas companies,<br />
underlining their continued commitment to <strong>Cyprus</strong>.<br />
In addition to offshore discoveries in the last decade, a range of other new energy<br />
opportunities have come to the fore. In December 2019, <strong>Cyprus</strong> signed a landmark<br />
deal with a Chinese-led consortium to build a €290 million LNG import terminal at<br />
Vassilikos. The consortium constructing the project includes China Petroleum Pipeline<br />
Engineering CO LTD, Metron SA, Hudong-Zhonghua Shipbuilding and Wilhelmsen<br />
Ship Management. The terminal will include a floating storage and regasification unit<br />
(FSRU), a jetty for mooring the FSRU and related infrastructure at Vassilikos. The FSRU,<br />
expected to be completed in 2023, attracted €150 million in finance from the European<br />
Investment Bank (EIB), €80 million from the European Bank for Reconstruction and<br />
Development (EBRD), €101 million from the EU’s Connecting Europe Facility as well as<br />
an equity contribution of €43 million from the Electricity Authority of <strong>Cyprus</strong> (EAC).<br />
Parallel to this, <strong>Cyprus</strong> has been ramping up its renewables capacity, with support<br />
from the EU’s €1.2 billion Recovery and Resilience Facility (RFF). The renewable energy<br />
sector could be one of the most attractive areas for investment and joint ventures<br />
with other countries. For example, Israel has been interested in cooperating with its<br />
Cypriot counterparts in establishing pilot projects where new Israeli tech could be<br />
tested in <strong>Cyprus</strong>. Also, the UAE and Saudi Arabia have been pioneers in clean energy,<br />
especially in the field of hydrogen, and are keen to export its RES know-how and create<br />
synergies. For example, Saudi Arabia – dubbed to become one of the biggest producers<br />
of clean energy – could support the EU’s<br />
hydrogen strategy through <strong>Cyprus</strong> as<br />
I<strong>Cyprus</strong> has been ramping<br />
up its renewables capacity,<br />
with support from the EU’s<br />
€1.2 billion Recovery and<br />
Resilience Facility (RFF)<br />
an interconnector to Saudi’s biggest<br />
hydrogen production plant currently<br />
under construction. The long-awaited full<br />
liberalisation of the electricity production<br />
market in <strong>Cyprus</strong> has seen many delays,<br />
but once this materialises it would
DOING BUSINESS C YPRUS<br />
29<br />
<strong>USA</strong> EDITION<br />
allow a fresh inflow of new private players operating in both renewables and gas to<br />
compete in the local market – and in a broader regional market thanks to the EuroAsia<br />
Interconnector project to connect <strong>Cyprus</strong>, Israel and Greece via submarine electricity<br />
cable and the related EuroAfrica Interconnector to connect Egypt.<br />
STABLE BANKING SECTOR AND GROWING INVESTMENT FUNDS<br />
Today, <strong>Cyprus</strong> banks maintain high levels of capital adequacy and liquidity but<br />
continue to grapple with managing their non-performing loan (NPL) portfolios.<br />
The restructuring of the banking sector after 2013 attracted important international<br />
institutional investors and fresh foreign capital and encouraged accelerated sales of<br />
NPLs. These developments substantially<br />
reduced risk and enabled the financial<br />
system to operate on a healthier basis.<br />
The island also hosts a thriving forex<br />
industry with many global giants basing<br />
their operational headquarters in <strong>Cyprus</strong>.<br />
In addition, the investment funds sector<br />
has grown exponentially in the last few<br />
years with Assets under Management<br />
(AuM) seeing a staggering increase from<br />
€2.7 billion in 2016 to €11.1 billion in the<br />
first quarter of 2022, proving <strong>Cyprus</strong><br />
is being recognised by the global asset<br />
management community. Investment<br />
funds have already invested more than<br />
€2 billion in several sectors of the Cypriot<br />
economy, such as shipping, hospitality,<br />
education, healthcare, and renewable<br />
energy.<br />
IThe investment funds sector<br />
LUXURY TOURISM AND HIGH-END REAL ESTATE<br />
has grown exponentially in<br />
the last few years with Assets<br />
under Management (AuM)<br />
seeing a staggering increase<br />
from €2.7 billion in 2016 to<br />
€11.1 billion<br />
in the first quarter of 2022,<br />
proving <strong>Cyprus</strong> is being<br />
recognised by the global asset<br />
management community<br />
<strong>Cyprus</strong> continues to be on the top of the list for investors, holiday-home seekers, expats<br />
and retirees. Tourism and real estate have always been robust sectors of the Cypriot<br />
economy, and a concerted effort to diversify the <strong>Cyprus</strong> offering in recent years has paid<br />
off. The number of foreign investors closing multimillion-euro deals in the last several<br />
years underlines the fact that tourism-related real estate and infrastructure continues<br />
to be one of the most attractive investment opportunities in <strong>Cyprus</strong>. Pre-pandemic years<br />
of record-breaking tourism numbers saw the island attract new interest in conference,<br />
sports, health and wellness tourism. The construction and investment in multipurpose<br />
projects and mixed-use developments such as luxury marinas, golf courses and more<br />
recently the island’s first-ever and only integrated luxury casino resort, are all part of<br />
the ongoing strategy to upgrade <strong>Cyprus</strong>’ tourism product. The new casino resort, City<br />
of Dreams Mediterranean, will have extensive facilities and five-star status. The casino<br />
resort is Hong Kong-based Melco’s first expansion outside of Asia and will be the biggest<br />
casino of its kind in Europe, with the investment for this mega project at €600 million.<br />
Spurred by this unique development, <strong>Cyprus</strong> garnered another landmark investment<br />
deal in 2022 with Israeli business magnate Gilad Shabtai investing in over 130,000 m 2
DOING BUSINESS C YPRUS<br />
30<br />
<strong>USA</strong> EDITION<br />
Artist Impression: City of Dreams Mediterranean<br />
Artist Impression: Grand Hyatt Limassol<br />
Artist Impression: Ritz-Carlton Residences<br />
IMajor investments have also<br />
of land for development surrounding the<br />
new integrated casino resort in Limassol.<br />
been made in the hospitality<br />
The destination and value of the area are<br />
set to be elevated by this key real estate<br />
industry with acquisitions<br />
investment.<br />
and the construction of new<br />
Proposals include the development<br />
of exclusive seven-star facilities<br />
luxury hotels by renowned<br />
providing bespoke services for owners<br />
hotel management chains<br />
and investors. Plans are also in place<br />
for additional investment by the former<br />
majority shareholder of telecoms start-up Viber into the further expansion of the area<br />
in the future – which is a solid vote of confidence in the vast growth potential of <strong>Cyprus</strong>.<br />
Following the success of Limassol Marina, more investment has flowed into marina<br />
developments on the Cypriot coast. The €300 million luxury Ayia Napa Marina is under<br />
construction with berthing facilities and a commercial village now fully operational.<br />
The marina offers capacity for 600 yachts of up to 60 metres, a shipyard, and a range of
DOING BUSINESS C YPRUS<br />
31<br />
<strong>USA</strong> EDITION<br />
luxury villas, apartments and facilities. With significant Egyptian investment backing<br />
the innovative project and the seafront residences are expected to be completed by<br />
2023. In addition, the €110 million Paralimni Marina project is set to be completed in<br />
2024, while a tender was signed in August 2021 with Deloitte Ltd and Triton Consulting<br />
Engineers SA for a luxury marina in Paphos.<br />
Major investments have also been made in the hospitality industry with acquisitions<br />
and the construction of new luxury hotels by renowned hotel management chains. The<br />
Radisson Hotel Group, one of the largest and most dynamic hotel groups in the world,<br />
has big plans to grow its existing portfolio in the country to six hotels and almost 1,000<br />
rooms by 2025, one of which is the Radisson Larnaca Beach Resort, the very first beach<br />
resort by the Radisson Hotel Group worldwide.<br />
In 2019, the Luxury Collection, part of Marriott International, opened the Parklane<br />
Luxury Collection Resort & Spa resort in Limassol, marking Marriott International’s<br />
entry into <strong>Cyprus</strong>. In July 2020, Hyatt Hotels Corporation announced a management<br />
agreement with Anolia Holdings Limited for the launch of the first Hyatt hotel in <strong>Cyprus</strong>.<br />
The 300-room luxury resort Grand Hyatt Limassol is expected to open in 2025. The<br />
new beachfront resort will also be a key element of Zaria Resort, a mixed-use luxury<br />
development, comprised of residential apartments and private villas totalling more<br />
than 80,000 m 2 . One of the latest projects is the Sofitel Resort & Spa, a joint venture<br />
between Singapore-headquartered Oxley Holdings and Planetvision on the Limassol<br />
beachfront. The project will be the first Sofitel Resort with branded residences in<br />
Europe and is expected to be completed by 2023.<br />
Following global trends and faced with an aging population, investing in health and<br />
wellness developments as well as rehabilitation and bespoke retirement villages has<br />
enormous potential. An early example of this is the Eden Seniors Resort in Larnaca<br />
which opened its doors in 2018. Paphos is due to see the first dedicated retirement<br />
village in <strong>Cyprus</strong>. The €16 million retirement village, branded Lazaris Mill, will consist<br />
of 82 individual apartments, ranging from studios to larger flats and a small 24-<br />
room hotel, and provide bespoke facilities. The first residents are expected in spring<br />
2023. Another upcoming project in Paphos is Cypress Park, a new luxury residential<br />
development turning retirement into a five-star resort stay.<br />
FOCUS ON INVESTOR SUPPORT<br />
Not one to rest on its laurels, <strong>Cyprus</strong> has been steadily sharpening its competitive<br />
edge by streamlining processes to better cater to investors and by strengthening<br />
new sectors to support its already more established industries.<br />
Investment opportunities in <strong>Cyprus</strong>’ large-scale projects span various sectors,<br />
including high-value tourism and housing developments, projects with a special focus<br />
on golf courses and luxury marinas, as well as education, energy, and more lately, the<br />
international film sector.<br />
Special schemes and incentives are<br />
in place to facilitate headquartering,<br />
which covers the sectors of technology,<br />
asset management, investment funds,<br />
550 COMPANIES<br />
shipping and higher education, and<br />
‘Olivewood’ for the international film that have relocated or expanded<br />
industry. A new government Action<br />
their activities in <strong>Cyprus</strong><br />
Plan launched in 2021 also provides<br />
Ithe BFU has catered to more than
DOING BUSINESS C YPRUS<br />
32<br />
<strong>USA</strong> EDITION<br />
new incentives to attract non-EU talent<br />
and companies to establish operations<br />
in <strong>Cyprus</strong>. The recent introduction of a<br />
<strong>Business</strong> Facilitation Unit (BFU) promises<br />
to be a gamechanger for ease of setting<br />
up in <strong>Cyprus</strong>. The BFU specialises in fasttracking<br />
business setup, permitting and<br />
licensing for companies, their employees<br />
and families, and in less than two years of<br />
operation, the BFU has catered to more<br />
than 550 companies that have relocated<br />
or expanded their activities in <strong>Cyprus</strong>.<br />
To better facilitate FDI, the country’s<br />
investment promotion agency, Invest<br />
<strong>Cyprus</strong>, has also developed an online<br />
investment matchmaking platform<br />
branded the Project Bank, to help<br />
investors identify the right market<br />
opportunities for projects based in<br />
<strong>Cyprus</strong>. In addition, Invest <strong>Cyprus</strong> hosts<br />
the annual International Investment<br />
Awards, where it honoured seven companies in 2022 for their contributions to <strong>Cyprus</strong>,<br />
namely BrainRocket, ECOMMBX, CVC, TheSoul Publishing, Murex, Medicover and<br />
SYKES.<br />
LOCATION, LOCATION, LOCATION<br />
<strong>Cyprus</strong>’ liberalised FDI Policy, both for EU citizens and investors from third countries,<br />
along with its favourable tax regime makes it one of the most attractive investment<br />
targets in Europe. At 12.5% <strong>Cyprus</strong>’ corporate tax rate is one of the most competitive in<br />
the EU and new tax-neutral reforms that are on the way will simplify and modernise<br />
the tax system further. The country’s extensive network of double taxation treaties<br />
with 67 countries have strengthened its position as a business gateway and a preferred<br />
location for corporate headquarters. The country’s skilled talent, low cost of doing<br />
business, top-tier professional services, and high quality of life renders <strong>Cyprus</strong> not only<br />
a wise business and investment choice but also a great relocation destination. n<br />
With solid and continuous interest in the tourism sector, Invest<br />
<strong>Cyprus</strong> has set up a dedicated and specialised unit, TourInvest, to<br />
promote investment opportunities in the tourism and hospitality<br />
sector. In cooperation with the Deputy Ministry of Tourism and<br />
other stakeholders, the unit focuses on attracting multimillioneuro<br />
investment into large-scale infrastructure projects
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<strong>USA</strong> EDITION<br />
CYPRUS-US RELATIONS<br />
T<br />
he Republic of <strong>Cyprus</strong> and the United States of America share friendly ties and<br />
have been close allies for decades in building a strategic partnership covering<br />
multiple areas. <strong>Cyprus</strong>’ geographic location, long-term diplomatic relations in the<br />
region, and its EU membership have established it as a reliable strategic partner<br />
for the US. In addition, <strong>Cyprus</strong>’ political stability, commitment to democracy and<br />
its Western alignment, has made it a dependable ally in the region.<br />
Traditionally, the cooperation between the two nations has been more focused<br />
on fields such as defence and regional security, but in recent years the island<br />
nation has seen more US investment pour into sectors such as banking, energy,<br />
communications and technology.<br />
Since 2019, the Eastern Mediterranean Security and Energy Partnership Act<br />
(East Med Act) has served as the cornerstone to facilitate and enhance both US-<br />
<strong>Cyprus</strong> relations and regional collaboration. This growing cooperation between<br />
<strong>Cyprus</strong> and the United States in areas such as, cybersecurity, maritime/port<br />
security, border security, customs, counterterrorism, and hybrid threats, is<br />
reflected by the inauguration of CYCLOPS (<strong>Cyprus</strong> Centre for Land, Open-Seas and<br />
Port Security). CYCLOPS is a state-of-the-art training facility enhancing security<br />
capacity building in <strong>Cyprus</strong>, the EU and the wider Eastern Mediterranean and<br />
Middle East regions.<br />
The United States also participates as an observer on cooperation platforms<br />
such as the Eastern Mediterranean Energy Forum (EMGF), and in the successful<br />
example of the 3+1 cooperation format together with <strong>Cyprus</strong>, Greece and Israel,<br />
which is fostering regional cooperation and stability.<br />
<strong>Cyprus</strong>’ growing ICT innovation and research sector, which is able to serve the<br />
entire Eastern Mediterranean while bridging Europe, the Middle East, and North<br />
Africa, has transformed the country into a promising location and headquartering<br />
destination for high-technology business. Recognising these developments, the<br />
two countries recently signed a Science and Technology Agreement to create<br />
an even more attractive information and communications ecosystem and a<br />
business environment that will attract additional investments in the sector. The<br />
cooperation aims to promote and facilitate research and innovation, and business<br />
partnerships in fields such as energy, climate change, marine waste, space, ICT,<br />
security, education and health.<br />
With relations between the two countries being strengthened on both a<br />
political and economic level, <strong>Cyprus</strong> can serve as an ideal business and trade hub<br />
for American companies, as well as a welcoming destination for those interested<br />
in expanding their regional operations or entering the European Market. <strong>Cyprus</strong>,<br />
through its 67 double taxation agreements – including with the US – and enjoying<br />
the benefits afforded by more than 40 EU trade agreements with third countries,<br />
provides US multinationals a gateway to the European Union and a portal for<br />
investment outside the EU, namely into the Middle East, India and North Africa.<br />
In addition, the potential inclusion of <strong>Cyprus</strong> to the US Visa Waiver Program<br />
would positively impact people-to-people contacts, as well as business and<br />
economic collaborations. The wider Eastern Mediterranean is a region of growing<br />
geopolitical importance and a coherent strategic space for both the EU and the<br />
US with enormous positive influence potential for economic growth and shared<br />
interests in fields like energy diversification, addressing asymmetric threats,<br />
environmental sustainability, high-tech business ventures, and science and<br />
technology joint projects. n
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<strong>USA</strong> EDITION<br />
INSIGHT<br />
Minister of Foreign Affairs<br />
Ioannis Kasoulides<br />
The US is a strategic ally for <strong>Cyprus</strong> in the<br />
Eastern Mediterranean region, and the two<br />
nations enjoy strong political cooperation. What<br />
are the key pillars that form this diplomatic<br />
relationship and how do you see this bilateral<br />
partnership developing in the future?
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<strong>USA</strong> EDITION<br />
In recent years the bilateral relationship between <strong>Cyprus</strong> and the United States<br />
has been a timeline of success. The substantial cooperation spans across security,<br />
defence, energy, science and archaeology, to mention a few. Our partnership has<br />
evolved into one of strategic depth, working together on issues of global concern on a<br />
regional and international level.<br />
Our joint commitment, among others, in the fight against terrorism, illegal drugs,<br />
and the proliferation of weapons of mass destruction has made our region safer,<br />
fairer, and better. This is tangibly manifested through our endeavour in setting up the<br />
CYCLOPS training centre on security matters, which is already operating successfully.<br />
We are pleased for the concrete contribution of the US to this major development as<br />
well as this year’s decision for the complete lifting of the arms embargo.<br />
During my recent visit to the US and the meeting with Secretary of State Mr Blinken,<br />
we had the opportunity to go through all major aspects of our cooperation and agree<br />
on further synergies. We are vigorously working on building beneficial economic and<br />
investment relations and the US and <strong>Cyprus</strong> are in a dialogue addressing issues of<br />
economic cooperation, particularly as regards to US investments in <strong>Cyprus</strong>, where we<br />
have already seen significant increase, with an aim to facilitate even more.<br />
In the field of energy, the presence<br />
and involvement of American companies<br />
in <strong>Cyprus</strong>’ Exclusive Economic Zone<br />
for the exploitation of hydrocarbons<br />
is a trademark of trust to the reliable,<br />
predictable and stabilising role we have<br />
assumed in our volatile region, and to<br />
our efforts to substantially contribute<br />
to energy security for our country, our<br />
neighbourhood and the European Union.<br />
We are committed to transforming<br />
the Eastern Mediterranean into an<br />
energy hub that would contribute to the<br />
region’s stability, inter alia, through the<br />
diversification of energy sources and<br />
IWe are vigorously working on<br />
building beneficial economic and<br />
investment relations and the<br />
US and <strong>Cyprus</strong> are in a dialogue<br />
addressing issues of economic<br />
cooperation, particularly as<br />
regards to US investments in<br />
<strong>Cyprus</strong>, where we have already<br />
seen significant increase, with<br />
an aim to facilitate even more.<br />
routes.<br />
We welcome the support of the United States on cooperation platforms such as the<br />
Eastern Mediterranean Energy Forum, in which the US participates as an observer, as<br />
well as the successful example of the 3+1 cooperation format to which the United States<br />
participates together with <strong>Cyprus</strong>, Greece and Israel, which is fostering cooperation<br />
and stability.<br />
There is of course much space for the relationship to develop further. With<br />
the proactivity of the United States Embassy in Nicosia and the readiness of our<br />
government, we wish to see an even more results-oriented period ahead. For example,<br />
facilitating travel through an improved visa regime will enhance people-to-people<br />
contact, bringing our two nations closer.<br />
I wish to reiterate the importance the Government attaches to our partnership<br />
with the United States and our aim remains none other than to maintain the current<br />
momentum and to continue working on a positive agenda to further reinforce this<br />
mutually beneficial relationship. n
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36<br />
<strong>USA</strong> EDITION<br />
INTERVIEW<br />
Ambassador of the United States of<br />
America to the Republic of <strong>Cyprus</strong><br />
Judith Garber<br />
The excellent relationship between the United States<br />
and <strong>Cyprus</strong> has set solid foundations to widen the<br />
scope of collaboration between the two countries<br />
and promote more trade and investment between<br />
the two nations, says Ambassador Judith Garber.
DOING BUSINESS C YPRUS<br />
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<strong>USA</strong> EDITION<br />
How would you describe the current bilateral<br />
relations between the United States and <strong>Cyprus</strong>?<br />
Relations between the United States and the Republic of <strong>Cyprus</strong> have never been<br />
better. We continue to deepen our engagement across the board, in economic,<br />
social, and security spheres. Ensuring our trading partners are prosperous, stable, and<br />
secure remains a priority for the United States, and we are committed to working with<br />
the Republic of <strong>Cyprus</strong> and its business community to achieve our common goals.<br />
What significant key projects are there between<br />
the United States and <strong>Cyprus</strong> at the moment?<br />
We have many projects of various types and scale, but I will focus on two that<br />
are ‘key’ right now. First, the free world is focused on responding to Russia’s<br />
continued illegal war against the Ukrainian people, and the Republic of <strong>Cyprus</strong> is a<br />
strong partner with us, and with other partners and allies around the world, to counter<br />
Russia’s unprovoked aggression. Sanctions are having an impact, imposing costs on<br />
Russia. Secondly, the United States remains committed to a resolution of the tragic<br />
division of the island and regards the status quo in <strong>Cyprus</strong> as unacceptable. We support<br />
United Nations-facilitated, Cypriot-led efforts to reach a comprehensive settlement to<br />
reunify the island as a bizonal, bicommunal federation.<br />
<strong>Cyprus</strong> has been an attractive base for international<br />
business for decades, in your view what factors have<br />
contributed to the appeal of <strong>Cyprus</strong> as a jurisdiction?<br />
C<br />
ontributing factors are that <strong>Cyprus</strong> has a talented, highly educated, Englishspeaking<br />
workforce, professional services at competitive prices compared with the<br />
EU average, a low corporate tax rate, and a liberal investment regime with 67 double<br />
taxation treaties, including with the United States. Recent incentives and initiatives to<br />
further expand the information and communications technology sector, support the<br />
entrepreneurship and start-up ecosystem, promote the digital transformation of both<br />
the public and private sectors, and turn <strong>Cyprus</strong> into an innovation hub will also make<br />
<strong>Cyprus</strong> more attractive to investors. Investors from the United States and elsewhere<br />
look for predictable, stable environments, with assurances that agreements and<br />
contracts will be honoured, backed by secure financial institutions to manage income<br />
and expenses, and have efficient dispute resolution systems.
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<strong>USA</strong> EDITION<br />
What kind of opportunities does <strong>Cyprus</strong> offer US<br />
business or investment at the moment, and vice versa?<br />
The Republic of <strong>Cyprus</strong> offers a<br />
wide variety of opportunities,<br />
spanning multiple sectors, including<br />
energy, legal, and business services;<br />
transportation; tourism infrastructure<br />
projects; education; and banking<br />
and finance, to name a few. Major US<br />
energy companies’ interest for further<br />
exploration and potential development<br />
of their licensed blocks in the Republic<br />
of <strong>Cyprus</strong> Exclusive Economic Zone<br />
(EEZ) remains solid. I have also seen<br />
increasing interest from US companies<br />
in the Republic of <strong>Cyprus</strong>’ information<br />
and communications technology sector,<br />
I<strong>Cyprus</strong> has a talented, highly<br />
educated, English-speaking<br />
workforce, professional<br />
services at competitive<br />
prices compared with the EU<br />
average, a low corporate tax<br />
rate, and a liberal investment<br />
regime with 67 double<br />
taxation treaties, including<br />
with the United States.<br />
where US companies are leading the<br />
island’s digital transformation efforts. The United States is an attractive environment<br />
for Cypriot businesses and investors. The upcoming Select<strong>USA</strong> Investment Summit<br />
(www.selectusasummit.us) in May 2023 provides another opportunity to advance and<br />
enrich US-Cypriot business ties, and our commercial team at the US Embassy Nicosia<br />
provides ongoing support to further deepen US-Cypriot business relations.
DOING BUSINESS C YPRUS<br />
39<br />
<strong>USA</strong> EDITION<br />
What type of collaboration<br />
could be fostered in the<br />
future between the two<br />
countries to deepen<br />
economic relations?<br />
The selection of the United States as<br />
the partner of choice for the Ministry<br />
of Foreign Affairs’ Economic Diplomacy<br />
department for its first Integrated<br />
Strategy Action Plan laid a great<br />
framework for future collaboration.<br />
Tackling a market the size of the<br />
United States, and building economic<br />
bridges, requires perseverance and an<br />
organised and collaborative approach.<br />
The Action Plan helps lay some of that<br />
IMajor US energy companies’<br />
interest for further exploration<br />
and potential development of<br />
their licensed blocks in the<br />
Republic of <strong>Cyprus</strong> Exclusive<br />
Economic Zone (EEZ) remains<br />
solid. I have also seen<br />
increasing interest from US<br />
companies in the Republic<br />
of <strong>Cyprus</strong>’ information and<br />
communications technology<br />
sector, where US companies<br />
are leading the island’s digital<br />
transformation efforts.<br />
groundwork. The stakeholders in the<br />
Plan include the business community as<br />
well as government entities, and I look forward to seeing everyone work together to<br />
contribute to its implementation.<br />
Moreover, we can now implement projects under the recently signed Science<br />
and Technology Agreement between the United States and the Republic of <strong>Cyprus</strong>
DOING BUSINESS C YPRUS<br />
40<br />
<strong>USA</strong> EDITION<br />
within the span of the next decade. We have a US information and communications<br />
technology team working with <strong>Cyprus</strong> to create an even more attractive information<br />
and communications ecosystem and a business environment that will attract<br />
additional investments in the sector, but also to help with required digital skilling and<br />
re-skilling of the public and private sectors. We are also collaborating with the Digital<br />
Security Authority and the Office of the Commissioner of Electronic Communications<br />
to strengthen cybersecurity – an important aspect for US companies.<br />
The United States has been an important ally<br />
for <strong>Cyprus</strong>; how do you see the relationship of<br />
the two countries developing in the future?<br />
W<br />
e look forward to the continued deepening of the bilateral relationship between<br />
the United States and the Republic of <strong>Cyprus</strong>, particularly as we deepen our<br />
partnership with the European Union, our partner of ‘first resort’. One of the most<br />
important aspects of our relationship is continued work towards the reunification of<br />
the island under the long-standing principles of a bizonal, bicommunal federation.<br />
After that, I see almost unlimited opportunities for our two countries to cooperate in<br />
security, economic, and people-to-people connections. n
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42<br />
<strong>USA</strong> EDITION<br />
INTERVIEW<br />
Ambassador of the Republic of <strong>Cyprus</strong><br />
to the United States of America<br />
Marios Lysiotis<br />
Strategic cooperation in sectors such as<br />
energy and security has forged a strong<br />
partnership between the US and <strong>Cyprus</strong>,<br />
and bilateral ties between the two countries<br />
are set to expand even further with growing<br />
prospects for US investment in the tech<br />
sector, says Ambassador Lysiotis.
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43<br />
<strong>USA</strong> EDITION<br />
How would you describe the current<br />
relationship between <strong>Cyprus</strong> and the US?<br />
<strong>Cyprus</strong>-US relations have never been stronger, and we are encouraged by the solid<br />
bipartisan effort in supporting, through tangible ways, the further fostering of this<br />
relationship.<br />
The signing in November 2018 of the Statement of Intent catalysed the already<br />
significant progress in US-<strong>Cyprus</strong> relations. It signalled the evolution of the US-<strong>Cyprus</strong><br />
relationship into a strategic partnership, setting a framework for operationalising<br />
cooperation. The remarkable leaps made both in the bilateral relationship – in areas<br />
such as regional security and defence, energy, and anti-terrorism – as well as in the<br />
regional context, including with the growing trilateral nexus of regional synergies and<br />
in the 3+1 format with Greece and Israel, are evident.<br />
<strong>Cyprus</strong>’ geographic location, long-I<strong>Cyprus</strong>term diplomatic relationships in the<br />
geographic location, long-<br />
region, and EU membership make <strong>Cyprus</strong><br />
term diplomatic relationships in<br />
a reliable strategic partner for the US.<br />
<strong>Cyprus</strong>’ political stability, commitment the region, and EU membership<br />
to democracy, human rights and the<br />
make <strong>Cyprus</strong> a reliable<br />
rule of law, and its Western orientation,<br />
with shared values and principles, make strategic partner for the US<br />
<strong>Cyprus</strong> both more predictable and<br />
dependable than other traditional partners in the region. This partnership has already<br />
proven to be of mutual benefit, contributing to peace and regional stability, and still has<br />
significant room for growth.<br />
<strong>Cyprus</strong> and the US are close allies and partners, what<br />
key projects are there between the two countries<br />
at the moment, and what kind of cooperation<br />
would you like to see developed in the future?<br />
Since 2019, the Eastern Mediterranean Security and Energy Partnership Act (East<br />
Med Act), has served as the cornerstone for the facilitation and enhancement of<br />
US-<strong>Cyprus</strong> relations, as well as for regional cooperation.<br />
The growing cooperation between <strong>Cyprus</strong> and the United States in areas such as,<br />
cybersecurity, maritime/port security, border security, customs, counterterrorism,<br />
and hybrid threats, is reflected by the inauguration of CYCLOPS (<strong>Cyprus</strong> Centre for<br />
Land, Open-Seas and Port Security). CYCLOPS is a state-of-the-art training facility<br />
enhancing security capacity building in <strong>Cyprus</strong>, the EU and the wider Eastern<br />
Mediterranean and Middle East regions.<br />
Acknowledging the prospects of further enhancing the bilateral relations of<br />
<strong>Cyprus</strong> and the <strong>USA</strong>, our two countries have signed an agreement to strengthen<br />
their cooperation in science and technology to promote and facilitate research and<br />
innovation, and business partnerships in fields such as energy, climate change, marine
DOING BUSINESS C YPRUS<br />
44<br />
<strong>USA</strong> EDITION<br />
ISignificant US direct investment<br />
waste, space, ICT, security, education<br />
and health. Furthermore, the potential<br />
inclusion of <strong>Cyprus</strong> to the US Visa Waiver has flowed into the banking<br />
Program would positively impact peopleto-people<br />
contacts, as well as business<br />
and energy sectors and<br />
and economic collaborations.<br />
more recently we are seeing<br />
The stated intention of the US for a<br />
investments in the tech sector<br />
more active engagement in our region is<br />
a welcome development. In line with this approach, the US has joined the Eastern<br />
Mediterranean Gas Forum (EMFG) as an observer. At the same time US energy<br />
companies are operating in <strong>Cyprus</strong>’ Exclusive Economic Zone. Moreover, the provision<br />
of the East Med Act 2019 on the establishment of a Joint US-Eastern Mediterranean<br />
Energy Centre is a welcome development that we are ready to cooperate on. Moving<br />
ahead with this initiative would create an additional platform for our 3+1 cooperation,<br />
which we wish to see further enhanced, including in areas such as climate change<br />
and blue economy. Security, including energy security, is a core component of the<br />
positive agenda driven by trilateral cooperation mechanisms <strong>Cyprus</strong> and Greece<br />
have launched in recent years with countries in the region, including Israel, Jordan,<br />
and Egypt.<br />
Taking stock of existing cooperation, and cognizant of the strategic importance of<br />
strengthening synergies, there are numerous areas on which work has been initiated<br />
and on which <strong>Cyprus</strong> and the US can work together to further advance them.<br />
These developments are a solid product of our common appreciation of the value of<br />
our bilateral relations and of the understanding that the wider Eastern Mediterranean<br />
is a region of growing geopolitical importance and a coherent strategic space for both<br />
the EU and the US with enormous positive influence potential for economic growth<br />
and shared interests in fields like energy diversification, addressing asymmetric<br />
threats, environmental sustainability, high-tech business ventures, science and<br />
technology joint projects.<br />
<strong>Cyprus</strong> is an established and stable international<br />
business centre, what advantages and opportunities<br />
can the country offer specifically to US business?<br />
ICT and innovation are considered key growth drivers, receiving increased support<br />
from the government in the form of national strategies to integrate innovative tech,<br />
as well as incentives to attract IT companies, datacentres, shared service centres, and<br />
regional headquarters.<br />
<strong>Cyprus</strong> offers wide access to markets due to its geostrategic location to serve Southeastern<br />
Europe, the Mediterranean, Mid and Near East and North African markets.<br />
Positioned as a gateway into and out of the EU, it acts as a regional base for delivery of<br />
a wide range of high-tech services – a sandbox for new emerging technologies such<br />
as blockchain, AI, and big data and it is emerging as a prime location for the fintech<br />
industry, cryptocurrency and blockchain technology.
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45<br />
<strong>USA</strong> EDITION<br />
What kind of US foreign direct investment has<br />
flowed into <strong>Cyprus</strong> and into what sectors?<br />
<strong>Cyprus</strong> and the US have a strong partnership and longstanding cooperation in<br />
multiple areas. According to the Bureau of Economic Analysis US Department of<br />
Commerce, US direct investment position in <strong>Cyprus</strong> as of 2021 was US$6.7 billion,<br />
an increase of 10.8% from 2020. Over the years, significant US direct investment<br />
has flowed into the banking and energy sectors and more recently we are seeing<br />
investments in the tech sector among others. In terms of trade, 2021 imports from<br />
<strong>Cyprus</strong> were US$1.7 billion, up 42.1% from 2020, most notably in the services sector in<br />
ICT and financial services.<br />
What kind of US know-how or expertise could be applied<br />
and attracted to <strong>Cyprus</strong>, and into what sectors?<br />
<strong>Cyprus</strong> already features a fast-growing ecosystem of ICT companies, who have<br />
chosen it as their regional or global base, as well as a strong and skilled talent pool<br />
to support their activities and growth. <strong>Cyprus</strong> has unique strengths that can position it<br />
as a key regional and global tech hub. Increased engagement from the US would be a<br />
win-win for both.<br />
What new prospects are on the horizon that<br />
could help strengthen the bilateral and trade<br />
relations between the US and <strong>Cyprus</strong>?<br />
T<br />
he green transition offers major opportunities for US investment in green tech, clean<br />
tech and renewable energy sectors in <strong>Cyprus</strong> and major infrastructure projects,<br />
such as the Eurasia Interconnector which contributes to regional and European energy<br />
security, could also result in opportunities of US investment. n
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<strong>USA</strong> EDITION<br />
SPOTLIGHT<br />
<strong>Cyprus</strong><br />
Real Estate<br />
The <strong>Cyprus</strong> real estate industry has proven its resilience<br />
with 2022 so far exhibiting dynamic momentum in the<br />
sector underlining strong confidence of both Cypriot<br />
and foreign property buyers. First quarter sales reached<br />
€1.3 billion, with coastal business hub Limassol and<br />
capital city Nicosia taking the lion’s share of contracts.
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<strong>USA</strong> EDITION<br />
C<br />
yprus has long been a firm favourite for property buyers worldwide thanks to its<br />
high quality of life, safe environment and Mediterranean climate. In addition, the<br />
country’s EU membership, its thriving international business centre and strategic<br />
position at the crossroads of three continents remain key pull-factors for residential<br />
buyers, relocating companies and investors alike.<br />
Property sales have bounced back post-pandemic and have remained strong in the<br />
last year. In the second quarter of 2022 real estate sales in <strong>Cyprus</strong> rose year on year by a<br />
robust 29.3%. This was slower than the 51.6% recorded in the first quarter and analysts<br />
say this is likely related to the end of lending subsidies for first-time buyers. In terms of<br />
absolute volume, the largest increase in sales was in Limassol, where sales rose by 293<br />
to 1,130, marking a year-on-year increase of 35%. However, the fastest pace of growth<br />
was in Paphos, where sales rose by 229 or 54.1% to 652.<br />
Sales to Cypriots continue to dominate, accounting for 58.5% of the total in the<br />
second quarter of 2022 and 58% on average in the first half of 2022. This was lower<br />
than in 2020-21, when sales to Cypriots averaged 65%. However, the years 2021-22<br />
were somewhat unusual given pandemic-related travel restrictions. In 2018-19 the<br />
proportion of sales to Cypriots was 55%, therefore closer to the average in the first half<br />
of 2022. Sales to Cypriots are driven both by the abovementioned subsidies but also<br />
growth in population size. According to the latest Labour Force Survey the number of<br />
private households rose year on year by 1.4% in the first quarter of 2022 to 347,650.<br />
REAL ESTATE SALES BY REGION<br />
Contracts of sale unless otherwise indicated<br />
2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2<br />
Nicosia 690 632 856 673 705<br />
% change year on year 118.4 4.8 37.8 4.2 2.2<br />
Limassol 837 825 1,118 1,019 1,130<br />
% change year on year 116.8 17.9 32.2 82.3 35.0<br />
Larnaca 396 422 541 512 610<br />
% change year on year 106.3 26.0 35.9 62.5 54.0<br />
Famagusta 170 181 211 152 157<br />
% change year on year 80.9 14.6 8.8 16.9 -7.6<br />
Paphos 423 442 618 653 652<br />
% change year on year 44.4 17.6 32.9 94.9 54.1<br />
All <strong>Cyprus</strong> 2,516 2,502 3,344 3,009 3,254<br />
% change year on year 96.4 15.2 32.5 51.6 29.3<br />
Source: Department of Lands and Surveys. © Sapienta Economics Ltd.
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<strong>USA</strong> EDITION<br />
CYPRIOT AND NON-CYPRIOT PROPERTY SALES<br />
Number of contracts 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2<br />
Cypriot contracts 1,663 1,602 1,992 1,732 1,903<br />
EU contracts 421 459 696 628 625<br />
Non-EU contracts 432 441 656 649 726<br />
Total contracts 2,516 2,502 3,344 3,009 3,254<br />
% change over same period of previous year<br />
Cypriot contracts 117.7 10.9 20.1 23.8 14.4<br />
EU contracts 182.6 35.8 89.6 141.5 48.5<br />
Non-EU contracts 17.4 13.1 31.5 99.1 68.1<br />
Total contracts 96.4 15.2 32.5 51.6 29.3<br />
Source: Department of Lands and Surveys. © Sapienta Economics Ltd.<br />
PROPERTY PRICE INDICATORS SHOW INCREASE IN PRICES<br />
G<br />
iven the strength of sales, it is not surprising that the various indices for<br />
residential property prices point to rising property prices, even though the<br />
degree of increase differs depending on the index. The Central Bank of <strong>Cyprus</strong> index,<br />
which is based on a large sample of valuations, reports a year-on-year increase in<br />
prices of 3.2% in the first quarter of 2022, compared with 2.6% in the fourth quarter<br />
of 2021. This is the fastest pace of growth since 2008 according to the Central Bank<br />
index.<br />
The index prepared by the Statistical Service, Cystat, which is based on a smaller<br />
sample of actual sales, reports an increase in prices of 1.1% in the first quarter of 2022,<br />
compared with a fairly sharp decline of 5.1% in the previous quarter. According to the<br />
Central Bank index, apartment prices are clearly rising faster than those of houses,<br />
rising by 6.8% compared with an increase of 1.5% for houses in the first quarter. This<br />
probably also underlines the importance of the local residential market in property<br />
purchases, especially after the withdrawal of the <strong>Cyprus</strong> Investment Programme in<br />
2020.<br />
However, the Central Bank index shows a fairly large discrepancy by district. While<br />
apartment prices in Paphos rose by 4.0%, thanks to the abovementioned strength<br />
of sales, apartment prices in Nicosia actually declined by 0.2%. Nicosia was the only<br />
district that saw a decline in apartment prices according to this index.
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All residential property<br />
PROPERTY PRICE INDICATORS<br />
% change over the same period of the previous year<br />
2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1<br />
Cystat<br />
(hedonic, based on actual sales) -5.8 -4.8 2.5 -5.2 1.1<br />
Central Bank of <strong>Cyprus</strong><br />
(hedonic, based on valuations) 0.9 0.3 1.2 2.6 3.2<br />
Houses<br />
Central Bank of <strong>Cyprus</strong><br />
(hedonic, based on valuations) 0.2 -1.0 -0.3 1.0 1.5<br />
WiRE FS residential houses<br />
(proprietary methodology) 1.5 1.7 0.1 -0.5 n/a<br />
Apartments<br />
Central Bank of <strong>Cyprus</strong><br />
(hedonic, based on valuations) 2.5 3.3 4.5 6.3 6.8<br />
WiRE FS residential apartments<br />
(proprietary methodology) 0.5 0.3 0.7 2.2 n/a<br />
Other<br />
WiRE FS holiday houses<br />
(proprietary methodology) -3.2 -3.8 -4.3 -3.7 n/a<br />
Land Registry: average unit<br />
value of parcel transfers (a) -20.5 -3.9 -21.6 17.9 31.2<br />
(a) Parcels may vary in size; Sapienta Economics calculations.<br />
Sources: Cystat; Central Bank of <strong>Cyprus</strong>; WireFS; Department of Lands and Surveys. © Sapienta Economics Ltd.
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PROPERTY-PRICE INDICES<br />
CYPRUS PROPERTY-PRICE INDICES<br />
There are three regular property-price<br />
indices produced in <strong>Cyprus</strong> and one which<br />
Sapienta calculates from parcel transfers.<br />
u The Cystat index is hedonic (adjusted for changes in quality) and is based<br />
on actual sales. The Cystat index does not give a breakdown by region or<br />
by property type.<br />
u The Central Bank of <strong>Cyprus</strong> index is also hedonic but is based on bank<br />
valuations, as opposed to current sales, although recent sales are also<br />
considered in valuations. The Central Bank of <strong>Cyprus</strong> index gives a<br />
breakdown by region and by property type (apartments and houses).<br />
u The WiRE FS index, which is a fairly new index largely based on actual<br />
sales prices but also adjusted to consider “thin trading and an inherent<br />
lag in price recording” in <strong>Cyprus</strong>. It gives a breakdown by region and<br />
property type, including commercial property (retail, warehouses and<br />
offices). It also distinguishes between residential and holiday houses/<br />
apartments.<br />
u Sapienta Economics also uses data from the Department of Lands and<br />
Surveys (Land Registry) to calculate the average price per unit of parcel<br />
transfers. This is not a market price, as it will include, for example, debtfor-property<br />
swaps by banks, and parcels may also vary in size. However,<br />
it can be an indicator of forced acquisitions.<br />
The three public indices give different results because of their different<br />
focus. Out of the three the Central Bank probably lags the most, as<br />
property valuations tend to be made on the basis of sales in the previous<br />
period. However, it has the advantage of being based on a larger data set<br />
than the Cystat index, especially in periods when sales are stagnant.
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<strong>USA</strong> EDITION<br />
PROPERTY<br />
SHOWCASE<br />
Leading<br />
Developments<br />
in <strong>Cyprus</strong><br />
LARNACA<br />
Blue Sky Villas<br />
Perivolia,<br />
Larnaca<br />
Type: Luxury Villas<br />
Price: Upon Request<br />
Developer: Quality Group<br />
Contact: (+357) 24 821 855<br />
info@qualitydevelopments.com<br />
qualitygroupcyprus.com<br />
Watch: Property Video<br />
Download: Brochure
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<strong>USA</strong> EDITION<br />
PROPERTY SHOWCASE: Leading Developments in <strong>Cyprus</strong><br />
LARNACA<br />
Habitat Residences<br />
Mall Area,<br />
Larnaca<br />
Type: 1,2,3 bedroom apartments<br />
Price: Upon Request<br />
Developer: Quality Group<br />
Contact: (+357) 24 821 855<br />
info@qualitydevelopments.com<br />
qualitygroupcyprus.com<br />
Watch: Property Video<br />
Download: Brochure<br />
LIMASSOL<br />
Trilogy Limassol Seafront<br />
Limassol<br />
Type: 1 to 5-bedroom<br />
apartments and penthouses<br />
Price: €510,000 - €10,500,000<br />
Developer: Cybarco<br />
Development Ltd<br />
Contact: (+357) 25 362 800<br />
info@trilogylimassol.com<br />
Trilogylimassol.com<br />
Watch: Property Video<br />
Download: Brochure<br />
PAPHOS<br />
Akamas Bay Villas<br />
Latchi,<br />
Paphos<br />
Type: 3 and 4-bedroom<br />
beachfront villas<br />
Price: €1,390,000 - €3,000,000<br />
Developer: Cybarco<br />
Development Ltd<br />
Contact: (+357) 25 820 511<br />
info@cybarco.com<br />
Akamasbay.com<br />
Watch: Property Video<br />
Download: Brochure
DOING BUSINESS C YPRUS<br />
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<strong>USA</strong> EDITION<br />
PROPERTY SHOWCASE: Leading Developments in <strong>Cyprus</strong><br />
PAPHOS<br />
Cap St Georges Hotel & Resort<br />
Akamas,<br />
Paphos<br />
Type: Villas, 3, 4, 5 and<br />
6-bedroom villas<br />
Price: From €1,800,000 +<br />
Developer: Korantina Homes<br />
info@korantinahomes.com<br />
www.korantinahomes.com<br />
PAPHOS<br />
SOHO Resort<br />
Tourist Area,<br />
Paphos<br />
Type: Apartments on<br />
15-floor tower and Villas<br />
Price: €1,200,000 – 6,000,000<br />
Developer: Korantina Homes<br />
info@korantinahomes.com<br />
www.korantinahomes.com<br />
PAPHOS<br />
Topos Residence – Alto Design<br />
Minthis,<br />
Paphos<br />
Type: 2-bedroom suites and<br />
duplexes, 3-bedroom villas,<br />
3, 4 and 5+ bedroom residences<br />
Price: From €783,000<br />
Developer: Pafilia<br />
Property Developers<br />
Contact: (+357) 26 848 800<br />
info@pafilia.com<br />
www.minthisresort.com<br />
Watch: Property Video<br />
Watch: Resort Video
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<strong>USA</strong> EDITION<br />
INSIGHT<br />
CEO, Invest <strong>Cyprus</strong><br />
George Campanellas<br />
<strong>Cyprus</strong> and the US have excellent bilateral relations<br />
and the two countries have been fostering<br />
opportunities for more trade and cooperation.<br />
What kind of US investment has <strong>Cyprus</strong> seen<br />
in recent years, and what type of FDI would<br />
you like to see from the US in the future?
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Invest <strong>Cyprus</strong> is committed to strengthening the economic and business ties between<br />
<strong>Cyprus</strong> and the United States, a country recognised as a traditional strategic ally.<br />
Especially in recent years, the bilateral partnership has grown exponentially in sectors<br />
of common interest, such as energy, technology, and trade. Other US investments are<br />
observed in the financial services, tourism, education, logistics, and consumer goods<br />
sectors. There may be additional opportunities for investment in <strong>Cyprus</strong>’ growing<br />
energy sector, including regional energy services, domestic renewable energy, and<br />
energy storage technologies.<br />
<strong>Cyprus</strong>, an EU member state, is strategically positioned at the crossroads of three<br />
continents. It is an ideal destination for US companies as it offers a modern and<br />
transparent legal and regulatory framework combined with low set-up costs and a<br />
highly skilled workforce. Equally important is the fact that <strong>Cyprus</strong> is a safe place to live,<br />
also providing a high standard of living.<br />
In the last couple of years, a significant number of international companies have<br />
set up regional headquarters in <strong>Cyprus</strong>, taking advantage of the business-friendly<br />
environment and targeted governmental incentives. Amongst them are many USbased<br />
tech multinationals, like IBM, Microsoft, NCR, Oracle, Kyndryl, and TSYS, to<br />
name a few. We are confident that <strong>Cyprus</strong> can become a primary option for American<br />
organisations in search of a jurisdiction through which they can develop their regional<br />
and international activities. What is more, at Invest <strong>Cyprus</strong>, we maintain a continually<br />
updated portfolio of greenfield projects in various sectors, and our team regularly<br />
presents those investment opportunities to US investors.<br />
The ability of the Cypriot economy to show unique resilience and maintain a positive<br />
momentum despite major disruptive exogenous shocks has been proven several times<br />
in the past. The IMF has upgraded its forecast on the growth rate of the Cypriot economy<br />
in 2022 to 3.5% of the GDP from 2.1% expected in April 2022. While it downgraded its<br />
estimation for the 2023 growth rate from 3.5% to 2.5%, we remain optimistic that, once<br />
again, we can surprise them positively.<br />
What is more, <strong>Cyprus</strong> has achieved a<br />
50-place improvement and climbed to<br />
18th place in the latest global ranking<br />
of the 7th Greenfield FDI Performance<br />
Index, by FDI Intelligence, for 2021. The<br />
increase in software and IT investments<br />
is also impressive, reaching 600% in<br />
the first half of 2022 compared to 2019,<br />
confirming that the country has become<br />
an emerging technology hub. In recent<br />
years, we have witnessed a steady increase<br />
in the number of mainly technology and<br />
Ithe bilateral partnership has<br />
grown exponentially in sectors<br />
of common interest, such as<br />
energy, technology, and trade.<br />
Other US investments are<br />
observed in the financial services,<br />
tourism, education, logistics,<br />
and consumer goods sectors.<br />
financial companies selecting <strong>Cyprus</strong> as<br />
a preferred location to establish their next European office. There is also an excellent<br />
investment momentum in greenfield projects in several sectors, mainly commercial<br />
and residential real estate projects. As evident from our discussions with those investors,<br />
they acknowledge the huge steps taken in the last few years that have enhanced the<br />
ability of <strong>Cyprus</strong> to attract foreign investment. They also recognise the opportunities<br />
that arise from the country’s Recovery and Resilience Plan and the implementation of<br />
the recently adopted long-term growth strategy ‘<strong>Cyprus</strong> Vision 2035’. n
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INCENTIVES<br />
New Government<br />
Action Plan<br />
<strong>Cyprus</strong> has launched a new action plan to attract foreign businesses<br />
to establish or expand their activities on the island. <strong>Cyprus</strong> already<br />
provides many competitive advantages, but this new set of incentives<br />
is geared to ramp up interest for companies to set up headquarters<br />
in the country. The plan has taken into account the best practices<br />
from other European countries, with emphasis on domains related<br />
to technology, shipping, innovation, research and development,<br />
biogenetics and biotechnology, without excluding any other<br />
companies that choose <strong>Cyprus</strong> as their place of business. The new<br />
strategy which aims to promote foreign investment and stimulate<br />
economic activity was implemented on January 1, 2022.<br />
The Presidential Palace<br />
THE BUSINESS FACILITATION UNIT<br />
The previous Fast Track <strong>Business</strong> Activation mechanism for companies of foreign<br />
interest has been transformed into a <strong>Business</strong> Facilitation Unit for foreign<br />
companies operating in <strong>Cyprus</strong> or for foreign companies that wish to expand their<br />
operations in the country. The new Unit is responsible for the various services required<br />
for the establishment of corporate entities:<br />
• new company name approval and registration<br />
• registration with Social Insurance and VAT authorities, and with Income Tax<br />
authorities<br />
• guidance in relation to the establishment, licensing and operations of companies<br />
• issuance and renewal of residence and employment permits for staff employed by<br />
foreign companies
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RESIDENCE AND EMPLOYMENT PERMITS TO HIGHLY SKILLED<br />
THIRD-COUNTRY NATIONALS AND SUPPORTING STAFF<br />
The government has revised the policy for the employment of highly skilled<br />
personnel from third countries employed by companies of foreign interests, as well<br />
as for those employed by Cypriot companies which give added value to the economy<br />
and the local workforce.<br />
ELIGIBLE COMPANIES:<br />
• companies operating in <strong>Cyprus</strong> and are of foreign interest/shareholding and<br />
maintain fully fledged offices<br />
• <strong>Cyprus</strong> shipping companies<br />
• <strong>Cyprus</strong> companies involved in innovation and technology<br />
• <strong>Cyprus</strong> pharmaceutical companies or companies that operate in the fields of<br />
biogenetics or biotechnology<br />
ELIGIBLE COMPANIES CAN EMPLOY HIGHLY SKILLED THIRD COUNTRY<br />
NATIONALS IN KEY POSITIONS IF THE FOLLOWING CRITERIA IS MET:<br />
• a minimum monthly gross salary of €2,500<br />
• candidate must hold a university degree or equivalent, or have a minimum 2 years’<br />
relevant experience<br />
• minimum two-year contract<br />
• work permits will be issued within a one-month period and will be valid for three<br />
years<br />
• a work permit can also be granted to the spouse of the eligible individual that<br />
obtains a visa with this scheme<br />
There is a maximum number of third country nationals that may be employed under<br />
this policy. Only 70% of the total number of all employees may be employed under it<br />
in a period of five years from the date of<br />
joining the <strong>Business</strong> Facilitation Unit.<br />
Wargaming Headquarters, Nicosia<br />
In case five years have passed and it is<br />
not possible to employ 30% of Cypriot<br />
workers, it will be re-examined on a caseby-case<br />
basis.<br />
Eligible companies will also be allowed<br />
to employ third-country nationals as<br />
support staff with a gross monthly salary<br />
less than €2,500. The employment of<br />
third-country nationals as support staff<br />
is allowed, provided that it does not<br />
exceed 30% of the total support staff and<br />
provided that the third country nationals<br />
and the employers have entered into an<br />
employment contract approved by the<br />
relevant authority in accordance with<br />
the applicable law. The amount of their<br />
salary is to be determined by the current<br />
legislation.
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CASE STUDY<br />
THREE-STEP<br />
COMPANY<br />
REGISTRATION<br />
Company registration in <strong>Cyprus</strong> is simple and<br />
efficient. This is an example of the required<br />
steps for a simple and straightforward set up in<br />
<strong>Cyprus</strong> for a small or medium sized company.<br />
THREE EASY STEPS:<br />
1REGISTRATION OF THE COMPANY<br />
Registration must be done at the Department of Registrar of Companies<br />
and Intellectual Property. It is advised to seek professional advice and<br />
once your lawyer has filed for registration, it can be expedited and<br />
completed in one (1) business day. The administrative cost is €395, lawyer’s<br />
or administrative service provider’s fees not included.<br />
2SUBMIT A ‘LETTER OF INTENT’<br />
A ‘Letter of Intent’ must be submitted along with the supportive<br />
documents required through email to the <strong>Business</strong> Facilitation Unit<br />
(BFU) to register the company as Company with Foreign Interests.<br />
This takes no more than seven (7) business days.<br />
3BOOK AN APPOINTMENT<br />
Finally, you must book an appointment to register the company’s<br />
employees with the Civil Registry & Migration Department (CRMD).<br />
Only 3-5 employees per appointment, administrative cost is<br />
€330 per employee, lawyer’s or administrative service provider’s fees not<br />
included. Once you book an appointment, the licence of the employee for<br />
temporary residence and employment takes 40 days to be issued.<br />
• Simply visit the booking website. Select a convenient language<br />
option and choose: Town (Nicosia)→ Third-country nationals→<br />
Companies registered at the <strong>Business</strong> Facilitation Unit and select a date.<br />
• Regarding the stipulations for ‘Employing Third-Country<br />
Nationals’ please visit this webpage of the CRMD’s website and have a<br />
look at the documents and fees.
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FAMILY REUNIFICATION RIGHTS<br />
Family reunification rights are granted to third-country nationals employed by this<br />
revised policy and regulated by the <strong>Business</strong> Facilitation Unit. Direct and free access<br />
to the labour market as paid employees is granted to spouses of the third-country<br />
nationals who have obtained a residence and work permit in <strong>Cyprus</strong>, through this<br />
revised policy and who receive a minimum gross monthly salary of €2,500. This right<br />
does not extend to supporting staff who receive a monthly salary of less than €2,500.<br />
SIMPLIFICATION OF GRANTING WORK PERMITS UNDER CATEGORY E<br />
The action plan provides for the simplification and acceleration of the process of<br />
granting immigration and work permits under Category E – Long-Term Resident Status<br />
to persons who have been offered permanent employment and whose employment<br />
does not create undue local competition.<br />
DIGITAL NOMAD VISA<br />
Significantly the new Action Plan provides for the introduction and the issuing of Digital<br />
Nomad Visas with a maximum initial limit of 100 beneficiaries.<br />
WHO IS ELIGIBLE:<br />
Third-country nationals who are either self-employed or are employees who work<br />
remotely using information and communication technologies to communicate with<br />
their clients or employers who must be outside <strong>Cyprus</strong>.<br />
WHAT RIGHTS DO YOU GET:<br />
• right to stay in the country for up to one year, with the right to renew their visas for<br />
another two years<br />
• can be accompanied by family members, to whom a residence permit is granted<br />
upon request, which will expire at the same time as that of the main applicant<br />
• during their stay in <strong>Cyprus</strong>, the spouse or partner and the minor members of the<br />
main applicant’s family are not allowed to engage in any kind of economic activity<br />
in the country<br />
WHAT ARE THE CONDITIONS:<br />
• must show evidence of sufficient resources at a fixed income level of a minimum<br />
€3,500/month to cover living expenses during their stay without burdening the<br />
national and welfare system (the amount is increased by 20% in case they have a<br />
wife/husband/partner and another 10% per child)<br />
• must have insurance coverage and a clean criminal record<br />
• the aforementioned prerequisites are indicative and additional requirements are<br />
applicable<br />
In the event that the holders of Digital Nomad Visas reside in the Republic for one or more<br />
periods that in total exceed 183 days within the same tax year, then they are considered<br />
tax residents of <strong>Cyprus</strong> provided they are not tax residents in any other state.
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NEW TAX INCENTIVES<br />
The new Action Plan also includes the introduction of new tax benefits and tax<br />
breaks which were submitted to the House of Representatives in 2021.<br />
NEW INCENTIVES:<br />
• a 50% tax exemption to be granted to new residents/employees who receive an<br />
annual income from their employment of €55,000<br />
• extension of the tax exemption applicable to eligible employees in <strong>Cyprus</strong> who<br />
have an income below €100,000 from 10 years to 17 years provided they were not<br />
domiciled in the Republic for a period of 17 years prior to the commencement of<br />
their employment<br />
• beneficiaries of this tax benefit with an income of €55,000-€100,000 should be<br />
entitled to benefit from this exemption for the remaining period of the 17 years<br />
• extension of the 50% tax exemption for investment in certified innovative<br />
companies to corporate investors. The regime that was in force until the end of<br />
June 2021 allowed the tax exemption only to natural persons<br />
• a 120% capital allowance on expenses that relate to R&D<br />
View from 360, Cyfield<br />
NATURALISATION<br />
The government has introduced the right to submit an application for naturalisation<br />
after five years of residency and employment in <strong>Cyprus</strong> instead of the former sevenyear<br />
rule or a further reduction to four years if the potential applicants meet the<br />
criteria of holding a recognised certificate of very good knowledge of the Greek<br />
language. n
Flavours<br />
oF<br />
<strong>Cyprus</strong><br />
ts@meci.gov.cy<br />
www.meci.gov.cy
DOING BUSINESS C YPRUS<br />
64<br />
<strong>USA</strong> EDITION<br />
BUSINESS OPERATING ENVIRONMENT<br />
DOING<br />
BUSINESS<br />
INCYPRUS<br />
€<br />
<strong>Cyprus</strong>’ business-friendly infrastructure and cando<br />
attitude has brought it worldwide recognition<br />
as an international business centre. The country<br />
offers a winning package for both international<br />
entrepreneurs and investors with its sophisticated<br />
business environment, highly skilled workforce<br />
and cost-effective, yet high quality of life.
DOING BUSINESS C YPRUS<br />
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<strong>USA</strong> EDITION<br />
BUSINESS CULTURE<br />
Respect, hospitality and personal trust are the cornerstones of the Cypriot business<br />
environment. An island nation with a long history of dealing with foreign traders<br />
and businesses, Cypriot businesspeople are international in their outlook and astute<br />
and knowledgeable in their negotiations. Punctuality is expected, business dress is<br />
formal for both men and women, especially at the beginning of a business relationship,<br />
and even in warm weather. Most Cypriots prefer face-to-face meetings to telephone<br />
conferences or written communications, which are regarded as too impersonal, and<br />
place great importance on building personal relationships with business partners or<br />
connections. Trust is the key to successful business dealings in <strong>Cyprus</strong>.<br />
LANGUAGE<br />
Greek and Turkish are the official languages of <strong>Cyprus</strong>. However, English, the<br />
legacy of the British who ruled <strong>Cyprus</strong> from 1878 to 1960, is widely spoken and is<br />
the language of business. Many Cypriots also speak French, German or Russian.<br />
BUSINESS HOURS<br />
Office hours are generally 8.30am to 1.00pm and 2.00pm to 5.30pm, Monday to<br />
Friday. Although in summer some offices take a longer lunch break or finish early.<br />
Nicosia
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BUSINESS COSTS<br />
An EU base within the eurozone, <strong>Cyprus</strong> remains one of the few international<br />
business centres offering low operational costs and a high standard of living.<br />
Office space and residential property in Nicosia, the capital and major business<br />
centre, is relatively inexpensive when compared to other European capitals.<br />
In terms of cost of living, <strong>Cyprus</strong> remains one of the most advantageous places to<br />
live, with cost of living lower than in most Western European countries. At the same<br />
time, residents of <strong>Cyprus</strong> enjoy a high standard of living and exceptional quality of<br />
life, as the balmy climate and low crime rate offer both comfort and peace of mind.<br />
<strong>Business</strong> Costs <strong>Cyprus</strong> EU27 Average<br />
Labour (business sector) €18.30 €29.10<br />
Communications (services & equipment)* 109 100<br />
Electricity (households) €0.2204/kWh €0.2369/kWh<br />
Electricity (non-households) €0.1946/kWh €0.1445/kWh<br />
* EU average is set to equal 100<br />
Source: Eurostat (2021)<br />
Limassol Marina<br />
COMMERCIAL AND RESIDENTIAL PROPERTY<br />
<strong>Cyprus</strong> offers a full range of properties for both commercial and residential use<br />
situated in key locations across the island. While the exclusive, top-level market<br />
is currently the most sought after, the island has a good stock of properties available,<br />
from townhouses and apartments, to villas and seaside bungalows in five-star gated<br />
developments. Nicosia and Limassol are the main business centres. Office space<br />
is available in purpose-built office blocks, in converted houses or flats. A number of<br />
business centres also offer ready-to-move-into offices. They usually include fully<br />
equipped offices that are available on demand with flexible terms, meeting rooms<br />
and a receptionist service. Overall, rentals are around two-thirds of those charged<br />
for comparable commercial spaces in continental Europe, and offices, retail or other<br />
commercial space is widely available for purchase or for rent.
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300<br />
200<br />
COMPARISON OF ESTIMATED AVERAGE RENT LEVELS<br />
FOR FLATS, 2021 (BRUSSELS = 100)<br />
European<br />
Union<br />
Europe<br />
(others)<br />
100<br />
0<br />
225<br />
216<br />
199<br />
199<br />
197<br />
171<br />
134<br />
128<br />
122<br />
122<br />
119<br />
109<br />
104<br />
100<br />
99<br />
99<br />
Dublin<br />
Copenhagen<br />
Paris<br />
Luxembourg<br />
Stockholm<br />
Helsinki<br />
Berlin<br />
The Hague<br />
Madrid<br />
Vienna<br />
Lisbon<br />
Rome<br />
Vilnius<br />
Brussels<br />
Valletta<br />
Ljubljana<br />
Budapest<br />
Tallinn<br />
Athens<br />
Prague<br />
Zagreb<br />
Riga<br />
Bratislava<br />
Warsaw<br />
Bucharest<br />
Nicosia<br />
Sofia<br />
London<br />
Geneva<br />
Rejkjavik<br />
Oslo<br />
Podgorica<br />
98<br />
98<br />
98<br />
96<br />
94<br />
84<br />
81<br />
74<br />
71<br />
64<br />
46<br />
278<br />
227<br />
188<br />
178<br />
54<br />
Note: Rents in currencies other than the Euro were converted according to the exchange rate as of 1 July 2021.<br />
Source: Eurostat<br />
OFFICE SPACE<br />
In terms of office rental and sales prices, Limassol continues to be the most expensive<br />
region followed by Nicosia, Larnaca, Paphos and Famagusta respectively.<br />
OFFICE SALE AND RENTAL PRICES PER CITY (2022)<br />
Sale Prices (per m 2 ) Rental Prices (per m 2 )<br />
Famagusta €1,300-€1,500 €6-€10<br />
Larnaca €1,800-€2,500 €8-€10<br />
LImassol €4,500-€6,500 €20-€40<br />
Nicosia €3,500-€4,500 €12-€22<br />
Paphos €1,400-€2,000 €7-€10<br />
Source: Danos International Property Consultants<br />
HUMAN RESOURCES<br />
Well-trained and versatile, the Cypriot workforce is one of the island’s most<br />
valuable resources, offering high standards of productivity, technical expertise<br />
and professional excellence at reasonable costs to businesses.<br />
According to the Statistical Service in <strong>Cyprus</strong>, the country records the most higher<br />
education graduates per capita (age 30-34) in the European Union.<br />
The Cypriot labour force amounted to 482,385 persons or 65.1% of the population<br />
(males 71.2%, females 59.5%) in the Q2 of 2022. The biggest percentage of employed<br />
persons was in services (80.7%), followed by manufacturing (16.8%) and agriculture<br />
(2.5%).
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SALARY SURVEY 2022 Source: GRS Recruitment<br />
JOB TITLE LOW (€) MID (€) HIGH (€)<br />
Management CEO 60,000 100,000 150,000<br />
Executive Director 60,000 100,000 140,000<br />
CFO 65,000 80,000 120,000<br />
Accounting & Finance Financial Controller 55,000 60,000 75,000<br />
Finance Manager / Senior Accountant 40,000 55,000 65,000<br />
Accountant / Auditor (Qualified) 34,000 38,000 45,000<br />
Accountant / Auditor (Part Qualified or QBE) 24,000 30,000 36,000<br />
Account Assistant 16,000 22,000 25,000<br />
HR Department Head of HR / Group of HRM 55,000 80,000 120,000<br />
HR Manager 40,000 50,000 60,000<br />
HR Executive 18,000 21,000 24,000<br />
Legal Deparment Head of Legal / Group Legal Head 60,000 90,000 130,000<br />
Legal Advisor (Qualified Lawyer) 24,000 39,000 54,000<br />
Legal Assistant / Paralegal / None Qualified Lawyer 18,000 20,000 24,000<br />
Compliance, Anti-Money Head of Compliance 50,000 64,000 72,000<br />
Laundering (AML), Counter - Compliance / AML / CTF / Manager 42,000 46,000 52,000<br />
Terrorist Financing (CTF) Compliance / AML / CTF / Officer 26,000 32,000 40,000<br />
Dealing Room Chief Dealer 45,000 52,000 60,000<br />
Dealer 24,000 33,000 45,000<br />
Junior Dealer 18,000 20,000 22,000<br />
IT Development Head of IT / CTO 60,000 80,000 140,000<br />
IT Manager / Development Manager 50,000 60,000 80,000<br />
Quality Assurance (QA) / Tester 26,000 36,000 46,000<br />
IT Technician 20,000 24,000 36,000<br />
Developer* 28,000 42,000 60,000<br />
Marketing Department Head of Marketing 42,000 50,000 72,000<br />
Marketing Officer 24,000 30,000 36,000<br />
Digital Marketing Specialist (Social, PPC / SEO) 26,000 34,000 42,000<br />
Marketing Executive 18,000 22,000 24,000<br />
Graphic Designer 24,000 30,000 36,000<br />
Content Writer 24,000 32,000 40,000<br />
Sales Department Head of Sales 42,000 60,000 75,000<br />
FX Sales* 20,000 24,000 30,000<br />
Sales Executive (Industries other than FX / Fintech) 18,000 22,000 26,000<br />
Administration Office Manager / PA / EA 18,000 28,000 39,000<br />
Administator / Receptionist 17,000 20,000 24,000<br />
Corporate Administrator 20,000 28,000 36,000
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Taxation<br />
<strong>Cyprus</strong> offers one of the most attractive tax regimes<br />
in Europe. A member of the European Union since<br />
2004, <strong>Cyprus</strong>’ regulatory regime is in full compliance<br />
with the requirements of the EU and OECD. <strong>Cyprus</strong> has<br />
one of the lowest EU corporate tax rates at 12.5%. The<br />
island’s advantageous tax rate coupled with an extensive<br />
list of double tax treaties places it high on the list of<br />
preferred jurisdictions for international tax planners.<br />
CORPORATION TAX<br />
The Corporation Tax Rate in <strong>Cyprus</strong> is 12.5%.<br />
BASIS OF TAXATION<br />
All companies that are tax residents of <strong>Cyprus</strong> are taxed on their income accrued or<br />
derived from all sources in <strong>Cyprus</strong> and abroad. A non-<strong>Cyprus</strong> tax resident company<br />
is taxed on income accrued or derived from a business activity which is carried out<br />
through a permanent establishment in <strong>Cyprus</strong> and on certain income arising from<br />
sources in <strong>Cyprus</strong>. A company is considered tax resident of <strong>Cyprus</strong> if it is managed and<br />
controlled from <strong>Cyprus</strong>.<br />
Trilogy, Limassol
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SPECIAL TYPES OF COMPANIES<br />
SHIPPING COMPANIES<br />
The Merchant Shipping Legislation, fully approved by the EU, provides for an exemption<br />
from all direct taxes and taxation under tonnage tax regime. The merchant shipping<br />
legislation applies to qualifying shipowners, charterers and ship managers, which<br />
are involved with the operation of qualifying community ships (ships under a CY flag<br />
or a flag of an EU member state or of a country in the European Economic Area) and<br />
foreign (non-community) ships (under conditions) and provided that they engage in<br />
qualifying activities. The legislation allows non community vessels to enter the tonnage<br />
tax regime provided the fleet is composed by at least 60% community vessels. If this<br />
requirement is not met, then non community vessels can still qualify if certain criteria<br />
are met. Exemption is also given in relation to the salaries of officers and crew aboard<br />
a <strong>Cyprus</strong> ship.<br />
INSURANCE COMPANIES<br />
Profits of insurance companies are liable to corporation tax similar to all other<br />
companies except in the case where the corporation tax payable on taxable profit of life<br />
insurance business is less than 1.5% of the gross premium. In this case the difference is<br />
paid as additional corporation tax.<br />
ADMINISTRATION AND COMPLIANCE<br />
The tax year is the calendar year. The accounts of a company may be closed on a date<br />
different from 31 st of December, in which case taxable profits are apportioned on a time<br />
basis relevant to the tax years.<br />
CONSOLIDATED RETURNS<br />
Taxation on a consolidated basis is not permitted and each company is required to<br />
submit a separate standalone tax return. A set-off of group losses is possible provided<br />
there is a 75% parent subsidiary relationship, including subsidiaries under 75% control<br />
of a common parent company. Group loss relief is available only between resident<br />
companies (and EU-based companies/companies with which <strong>Cyprus</strong> has concluded a<br />
double tax treaty, provided that they have exhausted all options to utilise the losses in<br />
their country of residence).<br />
FILING REQUIREMENTS<br />
Corporate tax returns must be filed electronically by the 31 st of March of the year following<br />
the year under consideration (i.e. 15 months from the year-end). Companies are required<br />
to pay provisional tax in two equal instalments by 31 st of July and 31 st of December of the<br />
year under consideration. Any underpayment is due to be settled via self-assessment by<br />
1 st of August of the following year. If the income declared for the payment of the provisional<br />
tax is lower than 75% of the actual income as finally determined, an additional tax equal<br />
to 10% of the difference between the final and provisional tax is payable.
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PERSONAL INCOME TAX<br />
BASIS OF TAXATION<br />
All <strong>Cyprus</strong> tax residents are taxed in <strong>Cyprus</strong> on all income accrued or derived from<br />
all sources in <strong>Cyprus</strong> and abroad such as employment income, rental income etc. (i.e.<br />
worldwide income).<br />
Individuals who are not tax residents of <strong>Cyprus</strong> are taxed on income accrued or<br />
derived from sources in <strong>Cyprus</strong>.<br />
An individual is tax resident in <strong>Cyprus</strong> if one of the following conditions are met:<br />
• he/she spends physically in <strong>Cyprus</strong> over 183 days during the relevant tax year, or<br />
• he/she does not remain in any other state for one or more periods which altogether<br />
exceed 183 days in the same tax year and he/she is not tax resident in any other<br />
state for the same tax year and all the following conditions are cumulatively met:<br />
• he/she should remain in <strong>Cyprus</strong> for at least 60 days during the tax year<br />
• he/she should pursue any business in <strong>Cyprus</strong> and/or to work in <strong>Cyprus</strong> and/or to be<br />
a director in a company tax resident in <strong>Cyprus</strong> at any time during the tax year<br />
• he/she should maintain a permanent residence in <strong>Cyprus</strong>, which can be either<br />
owned or rented by him/her<br />
The personal income tax rates that apply to individuals are as follows:<br />
Taxable Income TaxRate (%) Tax (€) Accumulated Tax (€)<br />
0-19,500 0 0 0<br />
19,501- 28,000 20 1,700 1,700<br />
28,001-36,300 25 2,075 3,775<br />
36,301-60,000 30 7,110 10,885<br />
60,001 and over 35
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TAX INCENTIVES FOR EXPATRIATE EMPLOYEES TAKING UP EMPLOYMENT IN CYPRUS:<br />
The individuals who were non-Cypriot tax residents prior to the commencement of<br />
their employment, but become Cypriot tax residents afterwards, are eligible for a 50%<br />
exemption from income tax if all the following conditions are met:<br />
• their remuneration from the employment exercised in <strong>Cyprus</strong> is over €55,000 per<br />
annum; and<br />
• they were not tax residents of <strong>Cyprus</strong> for 10 consecutive years prior to the<br />
commencement of their employment; and<br />
• the exemption is available from 1 January 2022, it is granted from the first year of<br />
employment and it can be enjoyed for a period of 17 years<br />
• individuals with annual remuneration below €55,000 who were non-Cypriot<br />
tax residents in the 3 years preceding their employment, are eligible for a 20%<br />
exemption from income tax (maximum exempt amount is €8,550 per year)<br />
The exemption is available from the 1 st of January following the year of commencement<br />
of the employment and can be enjoyed for a period of 7 years.<br />
It is important to note that the above provisions were recently introduced (published<br />
in the Official Gazette of the Republic on 26/07/2022 ) as amendments to the previous<br />
rules that were applicable until the publication date. The amended provisions also<br />
include certain transitional provisions that may enable the individuals that claimed<br />
the exemptions based on the previous rules to enjoy the exemptions based on the<br />
provisions included in the new rules. Furthermore, the individuals that do not fall within<br />
the transitional provisions, are eligible to continue claiming the exemption based on the<br />
previous rules for the remaining years, without being affected by the new rules.
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SUBMISSION OF TAX RETURNS<br />
The tax year is the calendar year. Tax on employment income is withheld by the<br />
employer under the PAYE system and remitted to the tax authorities.<br />
Self-employed individuals pay tax through the provisional and self-assessment<br />
systems. Tax returns must be filed electronically by 31 st of July following the tax year for<br />
employees, 30 th of September for self-employed persons who are not required to file<br />
audited/reviewed financial statements and 31 st of March of the year following the year<br />
under consideration (i.e. 15 months from the year-end) for self-employed persons whose<br />
returns are accompanied by audited/reviewed financial statements. Sole proprietors with<br />
an annual turnover of more than €70,000 are obliged to prepare financial statements<br />
that are either audited or are subject to a review by a statutory auditor (in case their<br />
net turnover does not exceed the amount of €200,000 and the total value of the assets<br />
without deducting liabilities does not exceed the amount of €500,000).<br />
Limassol Seafront<br />
VALUE ADDED TAX (VAT)<br />
Imposition of Value Added Tax (VAT) is imposed on the supply of all goods and services<br />
in <strong>Cyprus</strong>, on the acquisition of goods from other Member States and on the importation<br />
of goods from third countries. The standard rate of 19% applies to the supplies of all<br />
goods and services in <strong>Cyprus</strong> which are not subject to the zero rate, the reduced rates<br />
(5% and 9%) or are not exempt. <strong>Cyprus</strong> constitutes an attractive EU VAT jurisdiction<br />
applying several options permissible by the EU Directive among others a flexible VAT<br />
Grouping. As long as the pre-requisite links are satisfied, and governmental revenues<br />
are not put into jeopardy, related entities can form a VAT group disregarding intragroup<br />
transactions and having a representative member submitting a single VAT<br />
return. Even such entities not incorporated in <strong>Cyprus</strong> can form a VAT Group in case<br />
they are tax resident or possessing an establishment in <strong>Cyprus</strong>.<br />
SPECIAL CONTRIBUTION FOR DEFENCE<br />
Special contribution for defence (SDC) is imposed on the dividend, interest and rental<br />
income earned by Cypriot tax resident and domiciled individuals. Non-domiciled<br />
Cypriot tax residents are exempt from SDC.
DOING BUSINESS C YPRUS<br />
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KEY FEATURES OF THE CYPRUS TAX SYSTEM<br />
Simple, transparent and EU harmonised tax system following recommended<br />
OECD practices.<br />
Enjoys the tax benefits of EU Directives (Parent – Subsidiary Directive, Merger<br />
Directive and Interest and Royalties Directive).<br />
Extensive Tax Treaty network with 67 countries.<br />
A corporate income tax rate of 12.5%, one of the lowest within the EU with<br />
possibility to enjoy a much lower effective tax rate.<br />
Availability of a Notional Interest Deduction for companies receiving new equity<br />
funding. The tax deduction can reach up to 80% of the taxable income generated<br />
by the new equity.<br />
IP Box regime based on the nexus approach which allows 80% deemed deduction<br />
on qualifying profits from the business use of qualifying IP.<br />
Increased deduction of 20% on the actual expenditure incurred for scientific<br />
research as well as research and development, subject to conditions.<br />
Attractive Tonnage Tax (TT) regime for ship owners, managers and charterers.<br />
Attractive tax jurisdiction for funds and attractive tax regime for fund managers.<br />
Capital gains are exempt from tax (except for capital gains arising from the<br />
disposal of immovable property located in <strong>Cyprus</strong>).<br />
Profits of a foreign Permanent Establishment exempt from tax.<br />
Gains from trading in securities (shares, bonds and certain other financial<br />
instruments) are exempt from tax.<br />
Unilateral credit relief for foreign taxes.<br />
No withholding tax on dividend, interest or royalty payments (for use of royalties<br />
outside of <strong>Cyprus</strong>) made abroad.<br />
No taxes on entry and on qualifying reorganisations.<br />
Carry forward of tax losses for five years.<br />
Tax incentives for expatriate employees taking up employment in <strong>Cyprus</strong><br />
(20%/50% exemption).<br />
Dividend income and interest income are exempt from SDC for non-domiciled<br />
individuals taking up tax residency in <strong>Cyprus</strong>.<br />
Possibility to obtain <strong>Cyprus</strong> tax residency by spending only 60-days in <strong>Cyprus</strong><br />
(subject to conditions).<br />
No inheritance tax.<br />
No immovable property tax.
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WHO’S<br />
WHO<br />
CYPRUS BUSINESS DIRECTORY<br />
The definitive guide<br />
to <strong>Cyprus</strong>’ leading<br />
companies, executives<br />
and professional advisers.
DOING BUSINESS C YPRUS<br />
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<strong>USA</strong> EDITION<br />
ACCOUNTING & AUDITING<br />
A. Zemenides & Co Ltd......................................................................................................................................79<br />
Baker Tilly South East Europe.......................................................................................................................79<br />
Deloitte <strong>Cyprus</strong>.....................................................................................................................................................79<br />
Demetriou & Associates <strong>Business</strong> Advisers Ltd (DBA).....................................................................79<br />
Joannides + Co Ltd..............................................................................................................................................80<br />
KPMG........................................................................................................................................................................80<br />
PwC <strong>Cyprus</strong>............................................................................................................................................................80<br />
ServPro Accountants & Consultants........................................................................................................80<br />
ASSOCIATIONS<br />
Association of <strong>Cyprus</strong> Banks.........................................................................................................................81<br />
<strong>Cyprus</strong> Cannabis Association (CYCA)........................................................................................................81<br />
<strong>Cyprus</strong> Chamber of Commerce and Industry......................................................................................81<br />
<strong>Cyprus</strong> Fiduciary Association.......................................................................................................................81<br />
<strong>Cyprus</strong> Healthcare Tourism (CHT)............................................................................................................. 82<br />
<strong>Cyprus</strong> Hotel Association............................................................................................................................... 82<br />
<strong>Cyprus</strong> International <strong>Business</strong> Association (CIBA).......................................................................... 82<br />
<strong>Cyprus</strong> Investment Funds Association (CIFA)..................................................................................... 82<br />
<strong>Cyprus</strong> Shipping Chamber............................................................................................................................ 83<br />
<strong>Cyprus</strong> Union of Shipowners (CUS).......................................................................................................... 83<br />
Insurance Association of <strong>Cyprus</strong>............................................................................................................... 83<br />
Society of Trust and Estate Practitioners (STEP) ............................................................................... 83<br />
The <strong>Cyprus</strong> Employers & Industrialists Federation (OEB)............................................................84<br />
The <strong>Cyprus</strong> Tech Association.......................................................................................................................84<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC)..............................................84<br />
BANKING<br />
Bank of <strong>Cyprus</strong> PLC............................................................................................................................................84<br />
cdbbank (The <strong>Cyprus</strong> Development Bank Public Company Ltd)................................................ 85<br />
Societe Generale Bank – <strong>Cyprus</strong>................................................................................................................ 85<br />
CONSULTING<br />
e-CNHC – E-C Natural Hydrocarbons Company Ltd....................................................................... 85<br />
PIVOT Consultants (<strong>Cyprus</strong>) Limited........................................................................................................ 85
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CORPORATE SERVICES<br />
Alter Domus (<strong>Cyprus</strong>) Ltd...............................................................................................................................86<br />
Andersen.................................................................................................................................................................86<br />
Aspen Trust Group.............................................................................................................................................86<br />
ATG Corporate Services...................................................................................................................................86<br />
Executive <strong>Business</strong> Constultants Ltd....................................................................................................... 87<br />
GFSC Global........................................................................................................................................................... 87<br />
KENDRIS (<strong>Cyprus</strong>) Limited............................................................................................................................ 87<br />
Pagecorp Group................................................................................................................................................... 87<br />
Sovereign Group – <strong>Cyprus</strong>.............................................................................................................................88<br />
Trident Trust Company (<strong>Cyprus</strong>) Limited..............................................................................................88<br />
Vistra (<strong>Cyprus</strong>) Ltd..............................................................................................................................................88<br />
ECONOMIC ANALYSIS<br />
Sapienta Economics Ltd..................................................................................................................................88<br />
ENERGY<br />
<strong>Cyprus</strong> Hydrocarbons Company (CHC)...................................................................................................89<br />
EXECUTIVE EDUCATION<br />
European Institute of Management and Finance (EIMF)..............................................................89<br />
FINANCIAL ADVISORY<br />
MAP S.Platis Group............................................................................................................................................89<br />
FUND ADMINISTRATION<br />
ATG Fund Services.............................................................................................................................................89<br />
FUND MANAGEMENT<br />
Inveqo Fund Management Ltd.....................................................................................................................90<br />
Leon MFO Investments Ltd............................................................................................................................90<br />
Wealth Fund Services Ltd...............................................................................................................................90<br />
INVESTMENT PROMOTION<br />
Invest <strong>Cyprus</strong>........................................................................................................................................................90
DOING BUSINESS C YPRUS<br />
78<br />
<strong>USA</strong> EDITION<br />
LAW FIRMS<br />
A.G. Paphitis & Co LLC........................................................................................................................................91<br />
Agni Livera LLC.....................................................................................................................................................91<br />
Andreas Th.Sofokleous LLC............................................................................................................................91<br />
Antonis Paschalides & Co LLC.......................................................................................................................91<br />
Areti Charidemou & Associates LLC......................................................................................................... 92<br />
E. Tzioni & Associates LLC.............................................................................................................................. 92<br />
Elias Neocleous & Co LLC................................................................................................................................ 92<br />
George Z. Georgiou & Associates LLC...................................................................................................... 92<br />
N. Xenofontos LLC Law Firm......................................................................................................................... 93<br />
Patrikios Pavlou & Associates LLC............................................................................................................. 93<br />
Pourgoura & Aspri LLC..................................................................................................................................... 93<br />
Stelios Americanos & Co LLC........................................................................................................................ 93<br />
NON PROFIT<br />
<strong>Cyprus</strong> Seeds......................................................................................................................................................... 94<br />
REAL ESTATE<br />
Cybarco Development Ltd.............................................................................................................................. 94<br />
Korantina Homes............................................................................................................................................... 94<br />
Pafilia Property Developers Ltd................................................................................................................... 94<br />
Trilogy Limassol Seafront ............................................................................................................................. 95<br />
RECRUITMENT<br />
CareerFinders Recruitment Services Limited.................................................................................... 95<br />
GRS Recruitment ............................................................................................................................................... 95<br />
RESEARCH INSTITUTION<br />
The <strong>Cyprus</strong> Institute ......................................................................................................................................... 95<br />
WEB DEVELOPMENT<br />
Ideaseven Digital................................................................................................................................................ 96
DOING BUSINESS C YPRUS<br />
79<br />
<strong>USA</strong> EDITION<br />
ACCOUNTING & AUDITING<br />
AFXENTIS ZEMENIDES<br />
MANAGING DIRECTOR<br />
A. ZEMENIDES & CO LTD<br />
A.ZEMENIDES & CO LTD is a boutique firm of auditors, accountants,<br />
tax consultants and business advisors based in Limassol, <strong>Cyprus</strong>.<br />
We aim to provide excellent service in a professional manner and<br />
of the highest standards to our clients, both local and international.<br />
We aim to act as one-stop-shop for our clients providing them a<br />
full range of services. The boutique nature of our firm ensures that<br />
the clients enjoy personalized attention. Through our participation<br />
in the international network of associates IR GLOBAL we provide<br />
solutions to corporate and individual clients worldwide. Our<br />
objective is to assist our clients to achieve their goals.<br />
Omirou Street 61, Joanna Court,<br />
3rd Floor, 3091 Limassol - <strong>Cyprus</strong><br />
Contact: Afxentis Zemenides<br />
- Managing Director<br />
(+357) 25 745 800<br />
azemenides@zemenides.com.cy<br />
www.zemenides.com.cy<br />
ACCOUNTING & AUDITING<br />
MARIOS A. KLITOU<br />
CHIEF EXECUTIVE OFFICER<br />
BAKER TILLY SOUTH EAST EUROPE<br />
Baker Tilly South East Europe is a full-service accounting<br />
and advisory firm, that offers industry specialised services<br />
in assurance, tax and advisory. Every day, more than 500<br />
professionals located in 16 offices throughout South East Europe<br />
(<strong>Cyprus</strong>, Greece, Romania, Bulgaria and Moldova) share their<br />
expertise to accelerate your business growth, by operating under a<br />
unified structure, directed by a single, central management team<br />
of 44 directors. At Baker Tilly, we are ready now, for tomorrow’s<br />
challenges. We believe in the power of great relationships, by<br />
leading and listening to great conversations. Baker Tilly South East<br />
Europe is an independent member of Baker Tilly International, one<br />
of the world’s leading networks, uniting independent companies<br />
to provide top-quality professional services in both international<br />
and regional markets.<br />
Corner C Hatzopoulou & 30<br />
Griva Digheni Avenue,<br />
1066 Nicosia, <strong>Cyprus</strong> P.O.Box<br />
27783, 2433 Nicosia - <strong>Cyprus</strong><br />
Contact: Marios A. Klitou -<br />
Chief Executive Officer<br />
(+357) 22 458 500<br />
info@bakertilly.com.cy<br />
www.bakertilly.com.cy<br />
ACCOUNTING & AUDITING<br />
PIERIS MARKOU<br />
CEO, DELOITTE CYPRUS<br />
DELOITTE CYPRUS<br />
Deloitte Limited is among the leading professional services firms<br />
in <strong>Cyprus</strong>, providing audit & assurance, consulting, financial<br />
advisory, risk advisory, tax and related services, as well as a<br />
complete range of services to international business, through<br />
over 750 people in Nicosia and Limassol. Deloitte Limited, is the<br />
sub-licensed affiliate for <strong>Cyprus</strong> of Deloitte NSE LLP. As part<br />
of the Deloitte global network, with more than 345,000 people<br />
in over 150 countries and territories, Deloitte Limited has the<br />
advantage of global sharing of knowledge with local adaptation<br />
and personal approach, built on the solid foundations of over 60<br />
years of successful operations on the island.<br />
24 Spyrou Kyprianou Avenue,<br />
CY 1075, Nicosia - <strong>Cyprus</strong><br />
Contact: Michelle Karaolides -<br />
Head of Marketing & Communications<br />
(+357) 22 360 300<br />
infonicosia@deloitte.com<br />
www.deloitte.com/cy<br />
ACCOUNTING & AUDITING<br />
ELIAS DEMETRIOU<br />
DIRECTOR<br />
DEMETRIOU & ASSOCIATES BUSINESS ADVISERS LTD (DBA)<br />
dba was established in 2017 by a team with more than 30 years<br />
experience in the professional financial services industry.<br />
The company provides an extensive range of services on most<br />
financial matters including auditing, accounting, taxation,<br />
financial and business consulting. We also specialise in the<br />
formation and management of companies, liquidation and<br />
dissolution of companies, the creation and administration<br />
of trusts and estates, IT consulting, and much more. dba<br />
comprises of 3 directors and more than 20 members of staff.<br />
Our commitment is to provide exceptional quality services to<br />
our clients, tailored to all their needs. dba is passionate about<br />
ideas, innovation, and always adopts a forward-looking proactive<br />
approach. The firm is a member of DFK International, the<br />
number 6 Association in the world.<br />
1 Salaminos Avenue, 1045 Nicosia - <strong>Cyprus</strong><br />
Contact: Elias Demetriou – Director<br />
(+357) 22 799 900<br />
e.demetriou@dbacy.com<br />
www.dbacy.com
DOING BUSINESS C YPRUS<br />
80<br />
<strong>USA</strong> EDITION<br />
ACCOUNTING & AUDITING<br />
DAVINIA JOANNIDOU<br />
DIRECTOR<br />
JOANNIDES + CO LTD<br />
Joannides + Co. Ltd is a leading firm of accountants and<br />
management consultants established in <strong>Cyprus</strong> for over 40<br />
years providing audit and assurance, taxation, business support<br />
services and management consulting to international companies<br />
and private clients. The firm has offices in Nicosia, Limassol<br />
and Larnaca offering its services with the utmost integrity,<br />
independence and objectivity with the aim to add significant<br />
value to its clients’ business performance. Joannides + Co. Ltd<br />
is a member of AGN International Ltd, a worldwide association<br />
of independent accounting and consulting firms operating in<br />
85 countries, is an approved training centre of the professional<br />
accounting institutes ICAEW and ACCA and in 2010 was awarded<br />
the quality award certification from the Institute of Certified<br />
Public Accountants of <strong>Cyprus</strong>.<br />
13, Agiou Prokopiou Str. 2406<br />
Egkomi, Nicosia - <strong>Cyprus</strong><br />
P.O.Box 25411, Nicosia 1309 - <strong>Cyprus</strong><br />
Contact: Davinia Joannidou - Director<br />
(+357) 22 556 556<br />
cy@joannides.com.cy<br />
www.joannides.com.cy<br />
ACCOUNTING & AUDITING<br />
CHRISTOS V. VASILIOU<br />
MANAGING DIRECTOR<br />
KPMG<br />
KPMG is a global organisation of independent professional services<br />
firms providing Audit, Tax and Advisory services. KPMG operates<br />
in 144 countries and territories and has approximately 236.000<br />
people working in member firms around the world. KPMG has<br />
been operating in <strong>Cyprus</strong> since 1948 and currently employs more<br />
than 850 professionals working from 6 offices across the island<br />
(Nicosia, Limassol, Larnaka, Paralimni, Pafos, Polis Chrysochous).<br />
By utilising the whole spectrum of KPMG International services<br />
and the deep knowledge in all major industries, KPMG provides its<br />
clients with solutions which address their unique characteristics.<br />
Clients look to KPMG for a consistent standard of service based<br />
on high-order professional capabilities, industry insight, local<br />
knowledge and expertise.<br />
14 Esperidon Street, 1087, Nicosia - <strong>Cyprus</strong><br />
Contact: Maria A. Papacosta -<br />
Board Member, Head of Clients and Markets<br />
(+357) 22 209 000<br />
maria.papacosta@kpmg.com.cy<br />
www.kpmg.com.cy<br />
ACCOUNTING & AUDITING<br />
PHILIPPOS SOSEILOS<br />
CEO, PwC CYPRUS<br />
PWC CYPRUS<br />
In a world that is constantly evolving, our aim at PwC <strong>Cyprus</strong> is to<br />
find the right solutions to complex problems. We focus on quality<br />
and build strong relationships based on trust, creating value for<br />
our clients, stakeholders and society. Based on PwC’s new global<br />
strategy, “The New Equation”, we look at problems from different<br />
angles and present innovative solutions that make a difference<br />
and lead to sustained outcomes. More than 1,000 people in <strong>Cyprus</strong><br />
join forces with 327,000 professionals of our global network in<br />
155 countries and create an experienced team that combines<br />
intelligent approaches, experience and technological innovation.<br />
www.pwc.com.cy<br />
PwC Central, 43 Demostheni Severi Avenue,<br />
CY-1080 Nicosia - <strong>Cyprus</strong><br />
Contact: Konstantina Logotheti -<br />
Director, Marketing & Communications<br />
(+357) 22 555 000<br />
konstantina.logotheti@pwc.com<br />
www.pwc.com.cy<br />
ACCOUNTING & AUDITING<br />
PETROS THEODOTOU<br />
FCCA<br />
FOUNDER & CEO<br />
SERVPRO ACCOUNTANTS & CONSULTANTS<br />
ServPRO is a team of accountants, auditors, lawyers and<br />
consultants. A practicing member of ICPAC and ACCA, a National<br />
Member of Auditaxes International, an ACCA Approved Employer,<br />
an ISO 9001:2015 and an ISO 27001:2013 Certified Company.<br />
Our areas of expertise are Accounting & Finance, Advisory &<br />
Consulting, Audit & Assurance, Corporate & Legal, Economic<br />
Substance and Taxation. We have a stellar track record in<br />
delivering practical solutions to corporate and individual clients<br />
with a spherical, solution-driven and detail-oriented approach,<br />
while demonstrating an aptitude of professionalism, integrity and<br />
commercial acumen. During the remarkable year of 2021, we have<br />
celebrated 10 years of delivering an impeccable quality of services<br />
and practical solutions across a diversified range of industries to a<br />
growing multinational clientele.<br />
Accountants & Consultants<br />
1 Kinyra Street, Kinyras Tower,<br />
3rd Floor, 1102 Nicosia - <strong>Cyprus</strong><br />
Contact: Petros Theodotou FCCA -<br />
Founder & CEO<br />
(+357) 22 021 100<br />
info@servpro.com.cy<br />
www.servpro.com.cy
DOING BUSINESS C YPRUS<br />
81<br />
<strong>USA</strong> EDITION<br />
ASSOCIATION<br />
DR. MICHAEL KAMMAS<br />
DIRECTOR GENERAL<br />
ASSOCIATION OF CYPRUS BANKS<br />
Through its representation of ten member banks that hold more<br />
than 95% market share, the Association of <strong>Cyprus</strong> Banks (ACB)<br />
is the voice of the local banking system. Its primary target is to<br />
promote best practices for the interest of the banking sector<br />
and the local economy. The ACB is a non-profit organization<br />
through which common positions are formulated and promoted<br />
on banking and financial issues when local legislative and<br />
governmental policies are determined. Through its more than<br />
53 years of operations, the ACB has gained the reputation of a<br />
prudent, reliable and consistent partner for various policy makers,<br />
organizations, media, institutions and the local society.<br />
15 Demetriou Karatasou Str, Office 401,<br />
P.O. Box 16113, 2086 Nicosia - <strong>Cyprus</strong><br />
Contact: Dr. Michael Kammas<br />
- Director General<br />
(+357) 22 664 293<br />
info@acb.com.cy<br />
www.acb.com.cy<br />
ASSOCIATION<br />
ANDRIA ANDREOU<br />
PRESIDENT<br />
CYPRUS CANNABIS ASSOCIATION (CYCA)<br />
CYCA was formed in October 2019 under the auspices of <strong>Cyprus</strong><br />
Chamber of Commerce & Industry. We are leading the collective of<br />
individuals and businesses that will build the legal Cannabis Ecosystem<br />
in <strong>Cyprus</strong>, and advancing the interests of a responsible,<br />
compliant, transparent and high-quality industry. As global<br />
recognition of the benefits of legal Cannabis increases with<br />
governments around the world steadily moving to full legalization,<br />
there is a burgeoning need for high-quality products with known<br />
components; cultivated at large scale for consistent, reliable supply<br />
to users. <strong>Cyprus</strong> is primely positioned as an attractive center of<br />
excellence for production; research; genetics, and intellectual<br />
property from which the legal Cannabis industry can flourish.<br />
38 Grivas Dhigenis Ave. & 3 Deligiogis<br />
1066 Nicosia - <strong>Cyprus</strong><br />
Contact: Andria Andreou - President<br />
(+357) 99 672 366<br />
a.andreou@cy-ca.org<br />
www.cy-ca.org<br />
ASSOCIATION<br />
CHRISTODOULOS E.<br />
ANGASTINIOTIS<br />
PRESIDENT<br />
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY<br />
The <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) membership<br />
exceeds 10.000 enterprises representing over 95% of the local<br />
business community. 160 Professional Associations are affiliated<br />
to the CCCI including 41 Bilateral Associations. Its wide range of<br />
services include advisory, provision of business information,<br />
foreign trade exhibitions, trade missions & business fora abroad,<br />
business training courses & seminars, advice on European Union<br />
issues, labour relations matters, issue of Certificates of Origin and<br />
ATA-CARNETS and participation in EU programmes. CCCI is a full<br />
member of 12 International organizations including Eurochambers,<br />
the International Chamber of Commerce, SME United,<br />
Eurocommerce, GS1 and many other international organisations.<br />
Follow us on twitter @ccci_cyprus.<br />
38, Grivas Digenis Ave. &<br />
3 Deligiorgis Str. Chamber Building - <strong>Cyprus</strong><br />
Contact: Marios Tsiakkis - Secretary General<br />
(+357) 22 660 066<br />
secgen@ccci.org.cy<br />
www.ccci.org.cy<br />
ASSOCIATION<br />
CHRIS KOUTOUROUSSIS<br />
PRESIDENT<br />
CYPRUS FIDUCIARY ASSOCIATION<br />
The <strong>Cyprus</strong> Fiduciary Association (CYFA), established in 2011,<br />
is the representative body of regulated Administrative Service<br />
Providers (ASP’s) in <strong>Cyprus</strong>. With a vision to assist in forming a<br />
solid international business sector in <strong>Cyprus</strong> operating on high<br />
professional standards, ethics and integrity, the Association aims<br />
to serve industry providers by promoting their interests, raising<br />
sector awareness, supporting their operations, contributing to<br />
new legislations and delivering valuable training to professionals.<br />
The Association’s commitment to its purpose has established it<br />
among the most reputable and recognised organisations within<br />
the country, before public and regulatory authorities, other<br />
associations, as well as the business community in <strong>Cyprus</strong> and<br />
overseas.<br />
6, Emmanuel Roide Street, Fourth floor,<br />
Office 402, 1095, Nicosia - <strong>Cyprus</strong><br />
(+357) 22 256 263<br />
info@cyfa.org.cy<br />
www.cyfa.org.cy
DOING BUSINESS C YPRUS<br />
82<br />
<strong>USA</strong> EDITION<br />
ASSOCIATION<br />
YIOTA SKITINI-<br />
FLOURENTZOU<br />
PRESIDENT<br />
CYPRUS HEALTHCARE TOURISM (CHT)<br />
The <strong>Cyprus</strong> Healthcare Tourism (CHT) is a non-profit organization<br />
that was founded in November 2006 after an initiative taken by<br />
the <strong>Cyprus</strong> Chamber of Commerce and Industry (CCCI) aiming<br />
to develop and promote <strong>Cyprus</strong> as a high quality Health Tourism<br />
destination. The CHT currently has more than 80 members who<br />
are actively involved in the <strong>Cyprus</strong> Health Tourism Industry. These<br />
vary from state-of-the-art hospitals and clinics to specialized<br />
travel agencies, wellness and rehabilitation centres as well as<br />
consulting firms. Most of the largest and best equipped hospitals<br />
are members of the CHT and they are all licensed by the <strong>Cyprus</strong><br />
Government and comply with EU regulations. Some of them have<br />
moved a step ahead towards gaining international accreditations.<br />
38 Grivas Dighenis & 3 Deligiorgis<br />
Street, Nicosia - <strong>Cyprus</strong><br />
Contact: Polis Peratikos - Executive Secretary<br />
+357) 22 889 744<br />
cyprushealth@ccci.org.cy<br />
www.cyhealthservices.com<br />
ASSOCIATION<br />
HARIS LOIZIDES<br />
PRESIDENT<br />
CYPRUS HOTEL ASSOCIATION<br />
The <strong>Cyprus</strong> Hotel Association is the Hoteliers National Trade<br />
Union. The history of its foundation goes back to the beginning of<br />
the 1930s. Today the vast majority of all hotel establishments and<br />
other licensed tourist accommodation units, all over <strong>Cyprus</strong>, are<br />
members of the <strong>Cyprus</strong> Hotel Association. The most important<br />
aims of the Association are as follows: The protection and<br />
promotion of the interests of the hoteliers as employers and as<br />
professionals, as well as of the interests of <strong>Cyprus</strong> in general; The<br />
promotion and upgrading of the <strong>Cyprus</strong> tourism development; The<br />
upgrading and development of the hotel establishments in <strong>Cyprus</strong><br />
and the improvement of the professional level of the hoteliers; The<br />
solidarity between its members.<br />
Andreas Araouzos Str., No 12,<br />
Hesperides Building, 1076 Nicosia - <strong>Cyprus</strong><br />
Contact: Philokypros Roussounides<br />
- Director General<br />
(+357) 22 452 820<br />
cha@cyprushotelassociation.org<br />
www.cyprushotelassociation.org<br />
ASSOCIATION<br />
DOXIA NIKIA<br />
HADJIVASSILIOU<br />
PRESIDENT<br />
CYPRUS INTERNATIONAL BUSINESSES ASSOCIATION<br />
CIBA is a non-governmental, fully independent association,<br />
financed by membership fees only. Its activities and initiatives are<br />
organised and carried out by its General Secretary and Executive<br />
Committee of (max.) 12 persons. CIBA represents and safeguards<br />
the interests of the international businesses, their shareholders,<br />
managers and staff. The authorities recognize that CIBA<br />
represents the whole of the international business community<br />
in <strong>Cyprus</strong> and that it is instrumental in finding compromises<br />
between the required EU-driven legislation and international<br />
business requirements. CIBA annually awards the prestigious<br />
CIBA Excellence award to a member company that fulfils the<br />
specific criteria as set out by the Association.<br />
10 Pikionis Street, Highsight House<br />
3075 Limassol - <strong>Cyprus</strong><br />
Contact: Andreas Pishias - General Secretary<br />
(+357) 25 583 400<br />
ciba@ciba-cy.org<br />
www.ciba-cy.org<br />
ASSOCIATION<br />
ANDREAS YIASEMIDES<br />
PRESIDENT<br />
CYPRUS INVESTMENT FUNDS ASSOCIATION (CIFA)<br />
CIFA is the Association of professionals, businesses, and<br />
organizations involved in the Investment Funds and Asset<br />
Management Sector in <strong>Cyprus</strong>. CIFA has nearly 400 members, legal<br />
and physical. The Mission of CIFA is to: Help its members capitalize<br />
on industry trends; Shape regulation; Enhance professionalism,<br />
integrity, and quality and Promote the <strong>Cyprus</strong> Investment Fund<br />
Industry. The Board is comprised of highly reputable industry<br />
professionals experienced in all aspects of the industry. CIFA is<br />
a full member of the European Funds and Asset Management<br />
Association and the International Investment Funds Association.<br />
The fund industry in <strong>Cyprus</strong> has been on a continuous increase,<br />
with Assets under Management exceeding €11 billion.<br />
Severis Building, 9 Makarios III Ave.,<br />
4th Floor, Lefkosia 1065 - <strong>Cyprus</strong><br />
Contact: Maria Panayiotou - Board Secretary<br />
(+357) 22 441 133<br />
info@cifacyprus.org<br />
www.cifacyprus.org
DOING BUSINESS C YPRUS<br />
83<br />
<strong>USA</strong> EDITION<br />
ASSOCIATION<br />
THOMAS A. KAZAKOS<br />
DIRECTOR GENERAL<br />
CYPRUS SHIPPING CHAMBER<br />
The <strong>Cyprus</strong> Shipping Chamber is the trade association of the<br />
Shipping Industry in <strong>Cyprus</strong>. The main purpose of the Chamber<br />
is to promote the interests of <strong>Cyprus</strong> Shipping and to further<br />
the reputation of the <strong>Cyprus</strong> flag. The Chamber also acts as a<br />
lobbying group for the promotion and safeguard of the legitimate<br />
interests of its Member-companies, at national and international<br />
level. On the local front, the Chamber co-operates very closely<br />
with the Government in all shipping related matters. Moreover,<br />
the Chamber operates as a roving ambassador of <strong>Cyprus</strong><br />
Shipping through its membership and active participation at<br />
the International Chamber of Shipping (ICS) and the European<br />
Community Shipowners’ Associations (ECSA).<br />
City Chambers, 6 Regas Fereos Str.<br />
P.O.Box 56607, 3309, Limassol - <strong>Cyprus</strong><br />
Contact: Thomas A. Kazakos<br />
– Director General<br />
(+357) 25 360 717<br />
csc@csc-cy.org<br />
www.csc-cy.org<br />
ASSOCIATION<br />
MICHAEL FILIPPOU<br />
CEO<br />
CYPRUS UNION OF SHIPOWNERS (CUS)<br />
<strong>Cyprus</strong> Union of Shipowners, as the major representative<br />
Organization of the <strong>Cyprus</strong> Flag vessels, is committed to the firm<br />
growth of our National Registry and the establishment of Limassol<br />
as a world-class Maritime Centre. The cooperation between<br />
our Union, the Shipping Deputy Ministry and the Ministry of<br />
Finance resulted to an exceptional Framework that induced<br />
prominent Shipping Companies, P&I Clubs and other Shipping<br />
related Service Providers to establish management offices in<br />
<strong>Cyprus</strong>. Moreover, the solidification of the global reach of our<br />
Union and its institutional status has curved our participation in<br />
IMO Committees, as Government Consultants, both mandatory<br />
and effective.<br />
17, Gordonos Str., Suite 301,<br />
3070 Limassol - <strong>Cyprus</strong><br />
Contact: Katerina Michael - PR Manager<br />
(+357) 25 818 161<br />
cus@cus.com.cy<br />
www.cus.com.cy<br />
ASSOCIATION<br />
EVANGELOS<br />
ANASTASIADES<br />
CHAIRMAN<br />
INSURANCE ASSOCIATION OF CYPRUS<br />
The Insurance Association of <strong>Cyprus</strong> is the accredited and<br />
representative body of the Cypriot insurance industry, with 29<br />
member insurance companies operating in <strong>Cyprus</strong>, accounting<br />
for approximately 98% of total gross written premiums. As<br />
the leading and united voice of the <strong>Cyprus</strong> insurance market<br />
its mission is to promote the industry’s views and positions to<br />
policymakers and legislators. It is also particularly active with<br />
respect to work aiming at the modernization of the sector, the<br />
continuous improvement of the level and quality of service to the<br />
public, the enhancement of consumers’ trust and confidence in<br />
insurance products and their providers, and the strengthening of<br />
the institution of insurance.<br />
23, Zenon Sozos str., 1st floor<br />
1075 Nicosia - <strong>Cyprus</strong><br />
Contact: Andreas Athanasiades<br />
– Director General<br />
(+357) 22 452 990<br />
info@iac.org.cy<br />
www.iac.org.cy<br />
ASSOCIATION<br />
STELLA KAMMITSI<br />
STEP CYPRUS CHAIRWOMAN<br />
SOCIETY OF TRUST AND ESTATE PRACTITIONERS (STEP)<br />
STEP is the global professional association for practitioners who<br />
specialise in family inheritance and succession planning. STEP<br />
works to improve public understanding of the issues families<br />
face in this area and promotes education and high professional<br />
standards among its members. STEP members help families<br />
plan for their futures, from drafting a will to advising on issues<br />
concerning international families, protection of the vulnerable,<br />
family businesses and philanthropic giving. Today STEP has<br />
more than 20,000 members across 96 countries from a range of<br />
professions, including lawyers, accountants and other specialists.<br />
The <strong>Cyprus</strong> branch of STEP numbers over 185 experienced<br />
professionals from all over <strong>Cyprus</strong>, and is active in the spread of<br />
industry related knowledge, through regular conferences and<br />
presentations.<br />
P.O.Box 24789, 1303 Nicosia - <strong>Cyprus</strong><br />
itsi - STEP <strong>Cyprus</strong> Chairwoman<br />
(+357) 22 777 787<br />
Contact: Stella Kammitsi<br />
skammitsi@raza.com.cy<br />
www.step.org
DOING BUSINESS C YPRUS<br />
84<br />
<strong>USA</strong> EDITION<br />
ASSOCIATION<br />
ANTONIS ANTONIOU<br />
CHAIRMAN<br />
THE CYPRUS EMPLOYERS AND<br />
INDUSTRIALISTS FEDERATION (OEB)<br />
The <strong>Cyprus</strong> Employers and Industrialists Federation (OEB) was<br />
founded in 1960. Today, its members are active in all sectors of<br />
the economy and employ more than 60% of the private sector’s<br />
workforce. OEB is a pancyprian independent organisation<br />
comprising of more than 100 of the main professional / sectoral<br />
Associations, as well as hundreds of companies from the<br />
Agricultural, Manufacturing, Construction, Commercial and<br />
Services Sectors. In total, OEB has more than 10.000 Members<br />
/ Enterprises. OEB is established as a dynamic force in <strong>Cyprus</strong>’<br />
socio - economic development and welfare and acts as the main<br />
advocate and representative of the business community.<br />
`<br />
years<br />
4, <strong>Cyprus</strong> Employers & Industrialists<br />
Federation Street, 2000 Nicosia /<br />
P.O.Box 21657, 1511 Nicosia - <strong>Cyprus</strong><br />
Contact: Michalis Antoniou - Director General<br />
(+357) 22 643 000<br />
info@oeb.org.cy<br />
www.oeb.org.cy<br />
ASSOCIATION<br />
KYRIAKOS KYRIAKOU<br />
PRESIDENT<br />
THE CYPRUS TECH ASSOCIATION<br />
The <strong>Cyprus</strong> Tech Association, a non-for-profit entity, aspires<br />
to provide a dynamic platform for all tech professionals and<br />
international ICT companies established in <strong>Cyprus</strong> to discuss,<br />
promote, and address common challenges. It also provides a<br />
formal representation to all its members to forums, public and<br />
private entities, as well as offers direction on key strategic issues,<br />
including the economic importance of the ICT sector and policy<br />
advocacy.<br />
Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 441 133<br />
info@techcyprus.org.cy<br />
www.cyprustechassociation.org.cy<br />
ASSOCIATION<br />
KYRIAKOS IORDANOU<br />
GENERAL MANAGER<br />
THE INSTITUTE OF CERTIFIED PUBLIC<br />
ACCOUNTANTS OF CYPRUS (ICPAC)<br />
The Institute of Certified Public Accountants of <strong>Cyprus</strong> (ICPAC) is the<br />
competent authority for regulating the accounting profession and the<br />
sole recognised body of Auditors by the state in <strong>Cyprus</strong>. Established in<br />
1961, ICPAC currently has more than 5.500 professional accountants<br />
as members and 3.500 students. ICPAC houses all professional<br />
accountants, supports and promotes the activities and interests of the<br />
accountancy profession, safeguards the reputation of the profession<br />
and adherence to the Code of Ethics, as well as provides for the<br />
continuous professional development and updating of members. In<br />
addition, ICPAC is also a competent authority under the Anti-Money<br />
Laundering law, the laws on the Regulation of Enterprises Providing<br />
Administrative Services and the Insolvency Practitioners Law, as well<br />
as one of the primary stakeholders of the economy of the country.<br />
11 Byron Avenue, CY-1096, Nicosia - <strong>Cyprus</strong><br />
Contact: Kyriakos Iordanou<br />
– General Manager<br />
(+357) 22 870 030<br />
info@icpac.org.cy<br />
www.icpac.org.cy<br />
BANKING<br />
PANICOS NICOLAOU<br />
CHIEF EXECUTIVE OFFICER<br />
BANK OF CYPRUS PLC<br />
Established in 1899, Bank of <strong>Cyprus</strong> is currently the leading<br />
banking and financial services Group in <strong>Cyprus</strong>, operating 64<br />
branches in <strong>Cyprus</strong> and representative offices in Russia, Ukraine<br />
an China. The Bank is the only financial institution in the region<br />
that is concurrently regulated by three different corporate<br />
governance codes (UK Corporate Governance Code, <strong>Cyprus</strong><br />
Stock Exchange Corporate Governance Code and Central Bank<br />
of <strong>Cyprus</strong> Internal Governance Directive) and in four different<br />
European jurisdictions (<strong>Cyprus</strong>, Ireland, the UK and the EU).<br />
Through the Wealth Services Division we offer a wide range of<br />
investment products and specialized services, including Private<br />
Banking, Affluent Banking, Institutional Wealth & Custody,<br />
Brokerage & Asset Management as well as Investment Banking.<br />
51 Stassinou, 2002 Strovolos,<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Emilios Tannousis -<br />
Manager Wealth Management<br />
(+357) 22 128 000<br />
info@bankofcyprus.com<br />
www.bankofcyprus.com
DOING BUSINESS C YPRUS<br />
85<br />
<strong>USA</strong> EDITION<br />
BANKING<br />
LOUCAS MARANGOS<br />
CEO<br />
CDBBANK (THE CYPRUS DEVELOPMENT<br />
BANK PUBLIC COMPANY LTD)<br />
Founded in 1963, cdbbank (<strong>Cyprus</strong> Development Bank) is today one<br />
of the country’s leading niche financial institutions dedicated to<br />
satisfying the needs of domestic and international clients. cdbbank<br />
offers a wide range of specialised financial services and products,<br />
designed to accommodate the sophisticated requirements of its<br />
clientele which consists of corporate and institutional clients and<br />
high net worth individuals. The Bank’s vision is to be the reference<br />
Bank for businesspeople. Relying on its long-term experience and<br />
high level of expertise, cdbbank aspires to establish long-term<br />
relationships of trust with its clients, always delivering excellence<br />
and value.<br />
50 Arch. Makarios III Ave.,<br />
1065 Nicosia - <strong>Cyprus</strong><br />
Contact: Liza Philippou - Head, Network<br />
<strong>Business</strong> and Communication<br />
(+357) 22 846 500<br />
info@cdb.com.cy<br />
www.cdb.com.cy<br />
BANKING<br />
KHALIL LETAYF<br />
CEO<br />
SOCIETE GENERALE BANK – CYPRUS<br />
Societe General Bank – <strong>Cyprus</strong> (SGBCy) draws on more than thirty<br />
years of accumulated experience in global banking in <strong>Cyprus</strong> as<br />
well as all the advantages of being part of an international Group.<br />
The bank is present in the most important big cities in <strong>Cyprus</strong>:<br />
Nicosia, Limassol and Larnaca. SGBCy activities are organized<br />
around private banking, corporate banking and international<br />
businesses. Banking services encompass a wide range of<br />
diversified, standard and tailor-made services that are conceived<br />
to answer the broadest range of customers’ needs. The bank<br />
pursues long-term relationships with its high net worth and<br />
corporate customers in order to meet fully their expectations.<br />
88 Dighenis Akritas & 36 Kypranoros<br />
Street, 1061 Nicosia - <strong>Cyprus</strong><br />
Contact: Hovik Arslanian -<br />
Assistant General Manager<br />
(+357) 80 007 777<br />
Hovik.Arslanian@sgbcy.com<br />
www.sgcyprus.com<br />
CONSULTING<br />
CHARLES ELLINAS<br />
CEO<br />
E-CNHC – E-C NATURAL HYDROCARBONS COMPANY LTD<br />
The company provides advisory, project management and<br />
consultancy services in the oil & gas and energy sectors and aims<br />
to contribute to the successful development of these Sectors for<br />
the future of <strong>Cyprus</strong>. The CEO has over 35-years international<br />
experience in promoting and developing oil & gas business and<br />
projects spanning Europe, Asia and Africa. We can assist our clients<br />
in developing their business in <strong>Cyprus</strong>, evaluating opportunities<br />
and providing in depth professional advice and support.<br />
11 Tyrtaiou Street, 1087 Nicosia - <strong>Cyprus</strong><br />
Contact: Dr Charles Ellinas - CEO<br />
(+357) 97 705 060<br />
Charles.ellinas@yahoo.com<br />
www.e-cnhc.com<br />
CONSULTING<br />
PANAYIOTIS GREGORIADES<br />
CEO & DIRECTOR<br />
PIVOT CONSULTANTS (CYPRUS) LIMITED<br />
We are a leading contributor of simplified, nimble integrated,<br />
customized solutions, Cross-border <strong>Business</strong> transactions and<br />
strategies in Asia and Europe. Deep well recognized local expertise<br />
with Global connectivity and vision form part of the solutions<br />
we deliver to entrepreneurs and Government clients looking<br />
for substance in Financial services Industry, Capital markets,<br />
Taxation, Corporate advisory and Investment funds Industry. Our<br />
insights assist you to be more proactive, effective and profitable<br />
especially in fast growing India, Greece and <strong>Cyprus</strong>. We are<br />
committed to providing best in class service, compliant and<br />
transparent solutions, with increased focus on localization and<br />
developing local markets.<br />
<br />
<br />
PIVOT, member of TSSAG<br />
<br />
88 Markarios III Avenue<br />
1077 Nicosia - <strong>Cyprus</strong><br />
Contact: Panayiotis Gregoriades<br />
The - CEO & Director<br />
(+357) 22 731 002<br />
The Securities Services Advisory Group<br />
pgregoriades@pivotcyprus.com<br />
www.pivotcyprus.com
DOING BUSINESS C YPRUS<br />
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<strong>USA</strong> EDITION<br />
CORPORATE SERVICES<br />
EVDOKIA STAVRAKI<br />
DIRECTOR<br />
ALTER DOMUS (CYPRUS) LTD<br />
Alter Domus is a fully integrated service provider dedicated to<br />
private equity, infrastructure, real asset, and debt capital markets<br />
sectors. Our 3,600 employees across more than 35 offices in 20<br />
countries provide end-to-end solutions to alternative investment<br />
managers, freeing up time for them to focus on their core activities<br />
of sourcing capital and executing deals. Our local team in <strong>Cyprus</strong><br />
works diligently to help clients meet their growing regulatory<br />
obligations and keep up with increasing investor demands.<br />
Offering fund administration, corporate services, transfer pricing,<br />
and domiciliation services, you can rely on our on-the-ground<br />
expertise to help you take advantage of opportunities as they arise.<br />
11 Limassol Avenue, Galatariotis Building,<br />
2112, PO Box 27282, 1643 Nicosia - <strong>Cyprus</strong><br />
Contact: Evdokia Stavraki - Director<br />
(+357) 22 465 151<br />
Evdokia.Stavraki-Stephanou@<br />
alterdomus.com<br />
www.alterdomus.com<br />
CORPORATE SERVICES<br />
NAKIS KYPRIANOU<br />
MANAGING PARTNER<br />
ANDERSEN<br />
Andersen in <strong>Cyprus</strong> is the Cypriot member firm of Andersen<br />
Global®, an international association of member firms comprised<br />
of tax and legal professionals worldwide. Andersen Cy is a<br />
regulated accounting firm based in Nicosia providing a wide range<br />
of professional services mainly to international clients. The firm<br />
is a member of the Institute of Certified Public Accountants of<br />
<strong>Cyprus</strong> and the <strong>Cyprus</strong> VAT Association. With worldwide presence<br />
through the member firms and collaborating firms of Andersen<br />
Global, client service and solutions are coordinated seamlessly<br />
between service lines and locations to ensure clients receive bestin‐class,<br />
comprehensive solutions.<br />
140 Athalassas Avenue,<br />
2024 Nicosia - <strong>Cyprus</strong><br />
Contact: Nakis Kyprianou<br />
- Managing Partner<br />
(+357) 22 456 333<br />
nakis.kyprianou@cy.Andersen.com<br />
cy.Andersen.com<br />
CORPORATE SERVICES<br />
MARINA ZEVEDEOU<br />
CO-FOUNDER AND CEO<br />
ASPEN TRUST GROUP<br />
The Aspen Trust Group is a leading corporate service and financial<br />
planning provider; established in 1998 and licensed by ICPAC, our<br />
Group provides International Structuring and Tax Management<br />
solutions to Corporates and High Net Worth Individuals. Specific<br />
services include entity setup and management, legal and<br />
administration support, banking and tax compliance, financial<br />
management and restructuring, re-domiciliation, patent<br />
registration, residency and citizenship, cross- border mergers,<br />
family office services and headquartering. We build long term,<br />
trusted relationships with clients and associates, aiming to add<br />
value to their businesses and be part of their success stories. Our<br />
team consists of qualified accountants, lawyers and MBA-holders<br />
who undergo rigorous training to provide tailor-made solutions.<br />
77 Limassol Avenue<br />
Elia House, Nicosia 2121 - <strong>Cyprus</strong><br />
Contact: Marina Zevedeou -<br />
Co-founder and CEO<br />
(+357) 22 418 730<br />
marina.zevedeou@aspentrust.com<br />
www.aspentrust.com<br />
CORPORATE SERVICES<br />
ANDREAS ATHINODOROU<br />
CEO<br />
ATG CORPORATE SERVICES<br />
‘Creating Protecting and Growing Wealth’: We offer a<br />
comprehensive range of services that include initial structuring<br />
advice, company/trust formation, corporate administration, legal<br />
and company secretarial, tax compliance, accounting and financial<br />
reporting. As our clients’ trusted service partner, we act as a single<br />
contact point for their structure’s needs and centrally coordinate<br />
all parties including the shareholders and directors, banks, legal<br />
advisers and others. Our <strong>Cyprus</strong> solutions include the IP box, EU<br />
headquartering, tech/crypto-asset solutions and international<br />
trusts/foundations. ATG Corporate Services is a member of the<br />
Athina Trust Group offering financial services that include Fund<br />
and Private Wealth services to high-net-worth individuals, fund<br />
managers/promoters.<br />
KEMA Bldg, 5th Floor East,<br />
21 Akademias Avenue, 2107,<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Andreas Athinodorou - CEO<br />
(+357) 22 057 560<br />
andreas.athinodorou@atgcorporate.com<br />
www.atgcorporate.com
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87<br />
<strong>USA</strong> EDITION<br />
CORPORATE SERVICES<br />
ANDREAS HADJIMICHAEL<br />
CEO<br />
EXECUTIVE BUSINESS CONSULTANTS LTD<br />
Executive <strong>Business</strong> Consultants Limited is an international<br />
Fiduciary and Family Office Service Firm based in, and operating<br />
out of, Larnaca, <strong>Cyprus</strong>. It is a fully independent and privately<br />
owned service firm having its roots established since 1987. EBC<br />
operates under a boutique style concept, providing specialized<br />
and tailor-made solutions and services to High-Net-Worth<br />
Individuals and their corporate structures. Since its existence<br />
EBC has managed to develop and build strong business links with<br />
both local and international Financial Institutions, and other<br />
professionals together creating a strong worldwide network of<br />
reputable and trusteed associates working together as a team<br />
to provide our clients the knowledge and expertise required for<br />
satisfying their needs.<br />
Simou Menardou 8, Ria Court 8, 4th Floor,<br />
Office 402, 6015 Larnaca - <strong>Cyprus</strong><br />
PO. Box 42633, 6051<br />
Contact: Andreas Hadjimichael - CEO<br />
(+357) 24 823 999<br />
andreas@executive.com.cy<br />
www.executive.com.cy<br />
CORPORATE SERVICES<br />
ISAVELLA EVRIPIDOU<br />
CEO/FOUNDER<br />
GFSC GLOBAL<br />
GFSC Global is a leading Corporate and Legal Group of Companies<br />
Licensed and Regulated Worldwide. Since our establishment,<br />
GFSC Global assists with a full range of corporate, legal, financial,<br />
licensing, gaming, crypto, ico/sto, blockchain, immigration, tax<br />
advice, accounting, banking and administration services across<br />
the world. Our services are offered in more than 70 jurisdictions,<br />
including advising, planning, formation and incorporation as<br />
well as management of international structures, full licensing<br />
and post-licensing supports. Through our Licensed Service<br />
Providers, professional Consultants and Tax Advisors, we assist in<br />
choosing the most convenient jurisdictions, subject to your needs,<br />
operations and business intentions. GFSC GLOBAL is a member<br />
with CYFA, CIA, ACAMs, IIA, CIFA and many other associations.<br />
Agias Zonis 22A, Iakovou center,<br />
Office 101, 3027, Limassol - <strong>Cyprus</strong><br />
Isavella Evripidou – CEO/Founder<br />
(+357) 25 269 400<br />
Evripidou.i@gfscglobal.com<br />
www.gfscglobal.com, www.gciecorp.com<br />
CORPORATE SERVICES<br />
SARA GUNNERVIK<br />
MANAGING PARTNER<br />
KENDRIS (CYPRUS) LIMITED<br />
KENDRIS is your Swiss partner in <strong>Cyprus</strong> for family office,<br />
trust and fiduciary services, international tax and legal advice,<br />
accounting, outsourcing, aviation advisory and art management.<br />
KENDRIS is fully owned and operated by its management and<br />
employees. KENDRIS Group employs around 180 specialists,<br />
and our clients comprise companies, individuals, and families<br />
as well as family offices, financial institutions, law firms and tax<br />
consultancies. We offer our clients tailored solutions to help them<br />
achieve their objectives. Our strong presence and our specific<br />
know-how in various sectors and markets make us an expert<br />
and reliable partner for corporate clients, private clients, and<br />
institutional clients.<br />
Spyrou Kyprianou 50, Irida 3<br />
12th Floor, Larnaca 6057 - <strong>Cyprus</strong><br />
Contact: Sara Gunnervik –<br />
Office Managing Partner<br />
(+357) 24 631 300<br />
s.gunnervik@kendris.com<br />
www.kendris.com<br />
CORPORATE SERVICES<br />
STAVROS PAVLOU<br />
CEO<br />
PAGECORP GROUP<br />
Pagecorp Group is a leading provider of corporate,<br />
administration, secretarial and other related services based<br />
in <strong>Cyprus</strong>, with a worldwide network of professional affiliates.<br />
Licensed by the <strong>Cyprus</strong> Securities and Exchange Commission<br />
(CySEC) and with over 20 years of experience in the fiduciary<br />
and corporate services sector, the Group advises major local<br />
and international organizations, institutions and groups, as<br />
well as start-ups and entrepreneurs on all aspects of their<br />
corporate needs, including relocating/headquartering in <strong>Cyprus</strong>.<br />
Furthermore, the legal consultants, company administrators,<br />
accountants and support staff of the Group can assist clients on<br />
all matters relating to <strong>Cyprus</strong> International Trusts, international<br />
tax planning, accounting, financial advisory, tax administration<br />
and other related services.<br />
334 Agiou Andreou & Eleftheriou Venizelou<br />
corner, Vashiotis <strong>Business</strong> Centre, Ground<br />
floor offices, 3035 Limassol - <strong>Cyprus</strong><br />
Contact: Stavros Pavlou - CEO<br />
(+357) 25 878 866<br />
info@pagecorpgroup.com<br />
www.pagecorpgroup.com
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<strong>USA</strong> EDITION<br />
CORPORATE SERVICES<br />
GEORGE AYIOMAMITIS<br />
MANAGING DIRECTOR<br />
SOVEREIGN GROUP - CYPRUS<br />
Sovereign is a leading independent provider of corporate,<br />
private client and retirement planning services. Currently<br />
managing over 20,000 structures for a wide variety of clients –<br />
companies, entrepreneurs, private investors or high net worth<br />
individuals (HNWIs) and their families – and have assets under<br />
administration in excess of £20 billion. As an international<br />
provider with a presence in over 20 jurisdictions around the<br />
world, Sovereign is dedicated to offering integrated advice,<br />
products and services to internationally mobile businesses<br />
and people that have sophisticated and often complex needs.<br />
Sovereign assist them to generate, structure and protect their<br />
income and assets in the most efficient way.<br />
16 Herodotou Street,<br />
Limassol, 3095 - <strong>Cyprus</strong><br />
Contact: George Ayiomamitis<br />
- Managing Director<br />
(+357) 25 733 440<br />
cy@SovereignGroup.com<br />
www.SovereignGroup.com<br />
CORPORATE SERVICES<br />
ANDREAS MERCOURI<br />
MANAGING DIRECTOR<br />
TRIDENT TRUST COMPANY (CYPRUS) LIMITED<br />
Founded in 1978, the Trident Trust Group is one of the largest<br />
independent global providers of corporate, trust, fund, marine and<br />
fiduciary services. With presence in more than 24 Jurisdictions<br />
ensures access to a range of services that extends from traditional<br />
corporate domicile representation to the administration<br />
of complex trust and fund structures. Trident Trust <strong>Cyprus</strong><br />
established its presence over 25 years ago, is regulated by the<br />
<strong>Cyprus</strong> Securities and Exchange Commission, and is today one<br />
of the largest members of the local financial services industry,<br />
employing over 80 professionally qualified staff.<br />
Griva Digeni 115, Trident Centre<br />
3101 Limassol - <strong>Cyprus</strong><br />
Contact: Andreas Mercouri -<br />
Managing Director<br />
(+357) 25 820 650<br />
cyprus@tridenttrust.com<br />
www.tridenttrust.com<br />
CORPORATE SERVICES<br />
NICK TERRY<br />
MANAGING DIRECTOR<br />
VISTRA (CYPRUS) LTD<br />
At Vistra, we believe your business and your people can make a<br />
difference in the world. That’s why our work is focused on helping<br />
our clients act with confidence and speed to seize opportunity<br />
wherever it arises. As a global corporate service provider and<br />
fund administrator with more than 5,000 professionals in over 45<br />
jurisdictions, we empower legal entities globally to work smarter,<br />
grow faster, act responsibly, protect capital and scale across<br />
borders — by doing what we do best: reducing risk and enhancing<br />
efficiency. Discover how we can help you and your business seize<br />
opportunity today by exploring our services at vistra.com.<br />
2nd Floor Sotiri Tofini 4<br />
Agios Athanasios, 4102 Limassol - <strong>Cyprus</strong><br />
Contact: Nick Terry - Managing Director<br />
(+357) 25 817 411<br />
Nick.Terry@vistra.com<br />
www.vistra.com<br />
ECONOMIC ANALYSIS<br />
FIONA MULLEN<br />
DIRECTOR<br />
SAPIENTA ECONOMICS LTD<br />
Sapienta Economics is a Nicosia-based economic consultancy<br />
producing top-level analysis primarily on <strong>Cyprus</strong> for a range<br />
of prestigious clients, including banks, oil/gas majors, big four<br />
accounting firms and over a dozen embassies. Our services<br />
include bespoke consultancy and the monthly Sapienta Country<br />
Analysis <strong>Cyprus</strong>. Each month we take an in-depth look at prospects<br />
for political stability, government effectiveness, a resolution of the<br />
<strong>Cyprus</strong> problem, structural policies including natural gas, fiscal<br />
performance, debt sustainability, banking sector stability and the<br />
latest economic trends. No other organization offers such breadth<br />
and depth of inter-related issues. Sapienta Economics and its<br />
Director Fiona Mullen are independent, with no political ties in<br />
<strong>Cyprus</strong> or abroad and no investment in <strong>Cyprus</strong> shares or bonds.<br />
Tenedou 7, No 401, Lykavitos,<br />
CY1055 Nicosia - <strong>Cyprus</strong><br />
Contact: Fiona Mullen - Director<br />
(+357) 99 338 224<br />
fiona.mullen@sapientaeconomics.com<br />
www.sapientaeconomics.com
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<strong>USA</strong> EDITION<br />
ENERGY<br />
DEMETRIS C. FESSAS<br />
ACTING DIRECTOR GENERAL<br />
CYPRUS HYDROCARBONS COMPANY (CHC)<br />
CHC is the National Oil and Gas Company of <strong>Cyprus</strong>. As a stateowned<br />
company, CHC undertakes the commercial management<br />
of the ownership rights of the Republic of <strong>Cyprus</strong> that arise from<br />
the contracts with which it has entered into with oil and gas<br />
companies within its Exclusive Economic Zone. The vision of<br />
CHC is aligned with that of the Government of <strong>Cyprus</strong>, which is<br />
to ensure the sustainable development of hydrocarbon resources<br />
present in the Exclusive Economic Zone of the Republic of <strong>Cyprus</strong>,<br />
in order to maximize the benefits for Cypriot society and future<br />
generations.<br />
53 Strovolou Avenue, Victory Building,<br />
2018 Strovolos, Nicosia - <strong>Cyprus</strong><br />
Contact: Demetris Fessas –<br />
Acting Director General<br />
(+357) 22 203 880<br />
d.fessas@chc.com.cy<br />
www.chc.com.cy<br />
EXECUTIVE EDUCATION<br />
MARIOS SIATHAS<br />
CHIEF EXECUTIVE OFFICER<br />
EUROPEAN INSTITUTE OF MANAGEMENT AND FINANCE (EIMF)<br />
The EIMF is an accredited and licensed Education Group that<br />
offers learning and development opportunities, including<br />
Global Qualifications, across an array of areas. EIMF possesses<br />
a strong concentration within the areas of financial and<br />
professional services (regulation, compliance, AML, banking,<br />
funds), accounting, legal, management, as well as Information-<br />
Technology through its New Horizons Computer Learning Centers.<br />
Knowledge is delivered by established subject-matter experts,<br />
through classroom, Live Online, eLearning and customized<br />
learning solutions. With a presence in London, Brussels, Frankfurt,<br />
Belgrade, Copenhagen, Nicosia, Tel Aviv, Athens, Sofia, Dublin and<br />
Bucharest and over 5,000 students annually, 330+ programmes,<br />
60+ instructors and 25 international Certifications, make the EIMF<br />
a leader in the field of vocational education in the wider region.<br />
25 Megaron Street, 2032 Strovolos<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Marios Siathas -<br />
Chief Executive Officer<br />
(+357) 22 274 470<br />
msiathas@eimf.eu<br />
www.eimf.eu<br />
FINANCIAL ADVISORY<br />
DEMETRIS TAXITARIS<br />
CHIEF EXECUTIVE OFFICER<br />
MAP S.PLATIS GROUP<br />
MAP S.Platis Group is a leading financial services consulting Group<br />
with clients that include regulators, banks, funds and fund managers,<br />
investment firms, brokers, fintech firms, insurance firms and payment<br />
and electronic money institutions. Our expert team, currently<br />
comprising over 400 high-calibre professionals, provides unique<br />
and tailored solutions in licensing, regulatory compliance, risk management,<br />
internal audit, human resources, regulatory technology,<br />
information technology, business resilience, information security<br />
including cybersecurity, governance, executive training and innovation<br />
consulting to financial and other firms in the UK, <strong>Cyprus</strong> and the<br />
EU. Thanks to our vast regulatory compliance experience, continued<br />
interaction with regulatory authorities, unparalleled track record,<br />
global network of associates and wealth of resources, our team can<br />
support any client’s regulatory needs efficiently and effectively.<br />
74 Archiepiskopou Makariou C, Floors 2-3,<br />
Mesa Geitonia, 4003, Limassol - <strong>Cyprus</strong><br />
Contact: Herodotos Michael - Senior<br />
Manager, Authorisations and Regulatory<br />
<strong>Business</strong> Development (+357) 25 351 335<br />
info@mapsplatis.com<br />
www.mapsplatis.com<br />
FUND ADMINISTRATION<br />
ANDREAS ATHINODOROU<br />
CEO<br />
ATG FUND SERVICES<br />
‘Creating Protecting and Growing Wealth’: We offer a<br />
comprehensive range of services including initial fund structuring<br />
advice, licensing, fund set up, fund management support, fund<br />
administration/back-office, registrar transfer agent services, NAV<br />
and regulatory reporting. As our clients’ trusted service partner<br />
we act as a single contact point for their structures, centrally<br />
coordinating all fund parties including the fund manager,<br />
investors, depositary and the regulator. Our clients are <strong>Cyprus</strong>,<br />
Cayman Islands and BVI funds that invest in liquid securities,<br />
private equity, real estate, shipping and crypto assets. ATG Fund<br />
Services is a member of the Athina Trust Group offering financial<br />
services that include Corporate and Private Wealth services to<br />
high-net-worth individuals and corporates.<br />
KEMA Bldg, 5th Floor East,<br />
21 Akademias Avenue, 2107,<br />
Nicosia - <strong>Cyprus</strong><br />
Contact: Andreas Athinodorou - CEO<br />
(+357) 22 057 570<br />
andreas.athinodorou@atgfunds.com<br />
www.atgfunds.com
DOING BUSINESS C YPRUS<br />
90<br />
<strong>USA</strong> EDITION<br />
FUND MANAGEMENT<br />
NIKOLAS CHARALAMBOUS<br />
CEO<br />
INVEQO FUND MANAGEMENT LTD<br />
Inveqo Fund Management Ltd (INVEQO) is an Alternative<br />
Investment Fund Manager, authorised and supervised by the<br />
<strong>Cyprus</strong> Securities and Exchange Commission (CySEC) with<br />
license number AIFM32/56/2013. The team brings together<br />
several years of experience in fund and investment management<br />
services in various jurisdictions such as the United Kingdom,<br />
Malta, Luxembourg and <strong>Cyprus</strong>. INVEQO provides a range of<br />
services, including portfolio management, risk management,<br />
administration, fund set-up, licensing and registration, and<br />
other fund related services. Our mission is to create value for our<br />
investors, clients and associates by demonstrating principled<br />
industry leadership, offering high-quality services, and innovative<br />
solutions.<br />
16 Navarinou Street, Agios Andreas<br />
CY-1100, Nicosia - <strong>Cyprus</strong><br />
Nikolas Charalambous - CEO<br />
(+357) 22 666 500<br />
info@inveqo.net<br />
www.inveqo.net<br />
FUND MANAGEMENT<br />
ANDREY NARUTSKIY<br />
MANAGING DIRECTOR, CEO<br />
LEON MFO INVESTMENTS LTD<br />
Leon MFO Investments Ltd is an Alternative Investment Fund<br />
Manager authorized and regulated by CySEC (license number<br />
AIFM 37/56/2013). The firm provides discretionary portfolio<br />
management, fund management and investment advice. Total<br />
assets under management exceed $800mln. Recently, Leon<br />
launched two funds which are addressed to professional and wellinformed<br />
investors: a) LEON Income Fund RAIF VCIC PLC and b)<br />
LEON Global Hedge Fund RAIF VCIC PLC.<br />
37, Theklas Lisioti, Gemini House,<br />
Office 301, CY-3030, Limassol - <strong>Cyprus</strong><br />
Contact: Andrey Narutskiy -<br />
Managing Director, CEO<br />
(+357) 25 268 120<br />
leonmfo@leonmfo.com<br />
www.leoninvestments.com.cy<br />
FUND MANAGEMENT<br />
GEORGE W. SAMS<br />
CEO<br />
WEALTH FUND SERVICES LTD<br />
Wealth Fund Services Ltd is a global advisory and asset<br />
management company, based in <strong>Cyprus</strong> and licensed by<br />
CySEC (<strong>Cyprus</strong> Securities & Exchange Commission) as an AIFM<br />
management company with license No 6/78/2012. It operates<br />
in the field of setting-up, running and managing UCITS Mutual<br />
Fund, Registered Alternative Fund (RAIF) and Alternative<br />
Investment Fund (AIF) in line with the recent EU Directive which is<br />
implemented by the Cypriot legislation. It also offers Discretionary<br />
Asset management and Advisory services to HNI and Institutional<br />
clients. The primary goal of the Company is the protection of the<br />
assets under management remaining focused on achieving high<br />
return yields and providing top quality services to its investors.<br />
Kennedy 12-14, Kennedy <strong>Business</strong> Center<br />
Office 305, 1087, Nicosia - <strong>Cyprus</strong><br />
Contact: George Sams - CEO<br />
(+357) 22 755 506-07<br />
info@wealthfs.com.cy<br />
www.wealthfs.com.cy<br />
INVESTMENT PROMOTION<br />
EVGENIOS EVGENIOU<br />
CHAIRMAN<br />
INVEST CYPRUS<br />
Invest <strong>Cyprus</strong> (<strong>Cyprus</strong> Investment Promotion Agency) is the<br />
investment authority of the Government of <strong>Cyprus</strong> dedicated to<br />
attract and facilitate foreign direct investment into the country.<br />
In close collaboration with all governmental authorities and<br />
public institutions, as well as the private sector, Invest <strong>Cyprus</strong> is<br />
the country’s lead agent in establishing <strong>Cyprus</strong> as a world-class<br />
destination for international business activity and investments.<br />
Invest <strong>Cyprus</strong>’ mandate is to raise awareness of <strong>Cyprus</strong> as a<br />
destination for FDI across the globe, providing certainty around all<br />
aspects of operating a business in <strong>Cyprus</strong> and supporting potential<br />
investors in developing their business case for investment into the<br />
country.<br />
9 Makariou III Avenue,<br />
4th Floor, 1065 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 441 133<br />
info@investcyprus.org.cy<br />
www.investcyprus.org.cy
DOING BUSINESS C YPRUS<br />
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<strong>USA</strong> EDITION<br />
LAW FIRM<br />
ANGELOS G. PAPHITIS<br />
MANAGING PARTNER<br />
A.G.PAPHITIS & CO. LLC<br />
AGP & Co is a highly reputable, leading, dynamic and award<br />
winning Law Firm. Our reputation for excellence is recognized<br />
worldwide. Based in <strong>Cyprus</strong> with strong international presence<br />
and a full service office in the UAE, we serve our clients as a team,<br />
with a common focus on innovation, efficiency and agility. We<br />
provide full service Legal, Corporate, FS Advisory & Regulatory<br />
Compliance/AML, Crypto Licensing, Tax, Immigration, Relocation<br />
and Real Estate services. AGP & Co consists of the following main<br />
departments: Dispute Resolution; Corporate/Commercial; FS<br />
Advisory & Regulatory Compliance; Real Estate & Immigration;<br />
Tax-Accounting-Audit. Delivering excellent client service that<br />
benefits from long and lasting relationships, we are dedicated to<br />
providing our clients with superior results.<br />
“AGP Chambers”, 84 Spyrou<br />
Kyprianou Avenue,<br />
4004 Limassol - <strong>Cyprus</strong><br />
Postal Address: P.O.Box 58419,<br />
3734 Limassol - <strong>Cyprus</strong><br />
Contact: Angelos G. Paphitis<br />
- Managing Partner<br />
(+357) 25 731 000<br />
angelos.paphitis@agplaw.com<br />
www.agplaw.com<br />
LAW FIRM<br />
AGNI LIVERA<br />
MANAGING DIRECTOR<br />
AGNI LIVERA LLC<br />
Agni Livera LLC is a highly experienced and fully serviced law firm,<br />
based in Nicosia, <strong>Cyprus</strong>. Agni Livera LLC offers a complete array<br />
of legal services specialising in the areas of Banking & Finance,<br />
Company law, Insurance law, Debt Collection, Employment law,<br />
Intellectual Property, Fund services, Regulatory and Compliance<br />
services as well as a full range of Fiduciary services. Following<br />
a client centric approach, the firms’ high-caliber lawyers are<br />
equipped to accommodate all your legal needs, offering the<br />
highest level of service and advice applicable in a fast and costefficient<br />
way, always operating with discretion, professionalism,<br />
integrity and transparency.<br />
1-3 Bouboulinas Street, Bouboulina<br />
Building, 3rd Floor, Office 34,<br />
1060 Nicosia - <strong>Cyprus</strong><br />
Contact: Agni Livera – Managing Director<br />
(+357) 22 552 733<br />
agni@liveralaw.com<br />
www.liveralaw.com<br />
LAW FIRM<br />
LORENZO TOFFOLONI<br />
PARTNER<br />
ANDREAS TH. SOFOKLEOUS LLC<br />
With nearly 40 years of experience, Andreas Th. Sofokleous<br />
LLC is a dynamic and modern boutique law firm. Andreas Th.<br />
Sofokleous LLC has been ranked on top-notch legal directories<br />
(such as Chambers and Partners) and received accomplishments<br />
from different organizations. The firm specializes in private<br />
client matters and corporate law (including cross border<br />
transactions). It regularly advises high net worth individuals<br />
on a range of matters, including tax planning, inheritance and<br />
asset management. Two partners of the firm are graduates of<br />
the University of Chicago Law School and active members of its<br />
Alumni association.<br />
2, Agapinoros Street & Makariou III,<br />
IRIS TOWER, Offices 403-405,<br />
1076, Nicosia - <strong>Cyprus</strong><br />
Contact: Lorenzo Toffoloni - Partner<br />
(+357) 22 763 601<br />
info@aslaw.eu<br />
www.aslaw.eu<br />
LAW FIRM<br />
ANTONIS PASCHALIDES<br />
SENIOR PARTNER: HEAD OF<br />
ENERGY LAW DEPARTMENT<br />
ANTONIS PASCHALIDES & CO LLC<br />
Antonis Paschalides & Co LLC is a boutique, medium-size law firm<br />
based in Nicosia that has provided legal services on a local and<br />
international level for over 40 years. The Firm has associates in<br />
UK, Russia, Greece and France. The trust of clients and associates<br />
in the high quality of work provided by the Firm is reflected on<br />
the projects in which it is involved, and which include some of<br />
the biggest investments ever made in Russia and Eastern Europe.<br />
Main areas of practice: Mergers & Acquisitions, Corporate Law,<br />
Banking, Civil & Commercial litigation, Family Law, Conveyance &<br />
Estate Planning.<br />
Makariou & Ayias Elenis 36,<br />
Galaxias Building, 5th floor, Office<br />
502, 1061 Nicosia - <strong>Cyprus</strong><br />
Contact: Lila Kartelia, Head of<br />
Litigation Department<br />
(+357) 22 661 661<br />
l.kartelia@paschalides.com<br />
www.paschalides.com
DOING BUSINESS C YPRUS<br />
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<strong>USA</strong> EDITION<br />
LAW FIRM<br />
ARETI CHARIDEMOU<br />
FOUNDER<br />
ARETI CHARIDEMOU & ASSOCIATES LLC<br />
Areti Charidemou & Associates LLC was established in 1990 with<br />
a vision of being committed to excellence while creating a wellrespected<br />
diverse portfolio of international clientele. Our areas<br />
of expertise range from Property Law to Trust Law, Company<br />
Law, Mergers and Acquisitions, Tax and Estate Law and Shipping<br />
Law. Our knowledgeable professionals provide legal services in<br />
a variety of issues including buying properties and investing in<br />
<strong>Cyprus</strong> or abroad, advice on the optimum tax structure based<br />
on the individual circumstances, incorporate companies in<br />
<strong>Cyprus</strong> or abroad, support the operation of the companies after<br />
the incorporation, provide nominee services if required, etc.<br />
Our objective is to ensure that our clients, whether these are<br />
individuals, small business entities or large organizations, benefit<br />
from the best of legal advice.<br />
Vasili Michailidi 21-23,<br />
3026 Limassol - <strong>Cyprus</strong><br />
Contact: Areti Charidemou - Founder<br />
(+357) 25 508 000<br />
info@aretilaw.com<br />
www.aretilaw.com<br />
LAW FIRM<br />
ELENI TZIONI<br />
MANAGING DIRECTOR<br />
E. TZIONI & ASSOCIATES LLC<br />
E. Tzioni & Associates LLC is a fastly growing boutique law firm<br />
based in Nicosia, <strong>Cyprus</strong>. With its innovative and flexible approach,<br />
E. Tzioni & Associates LLC delivers the most efficient, complete<br />
and optimum quality service available today. E. Tzioni & Associates<br />
LLC takes the pride of covering a wide area of knowledge and<br />
expertise possessing strong legal background and experience in<br />
corporate and commercial matters, with a special emphasis on<br />
mergers and acquisitions, banking and finance, joint ventures<br />
and international, cross-border transactions and start-ups as<br />
well as litigation matters. Our practice further possesses a robust<br />
background in alternative investment funds and other regulated<br />
entities, providing full services ranging from the set up to creation<br />
and functioning.<br />
7 Dositheou Street, Para Building,<br />
Block A, Office 001, 1071 Nicosia - <strong>Cyprus</strong><br />
Contact: Eleni Tzioni - Managing Director<br />
(+357) 22 932 293<br />
info@tzionilaw.com.cy<br />
www.tzionilaw.com.cy<br />
LAW FIRM<br />
ELIAS NEOCLEOUS<br />
MANAGING PARTNER<br />
ELIAS NEOCLEOUS & CO LLC<br />
Award-winning Elias Neocleous & Co LLC is the largest law firm<br />
in <strong>Cyprus</strong> and one of the top law firms in south east Europe. With<br />
more than 150 lawyers and other professionals based in offices<br />
in <strong>Cyprus</strong>, Brussels, Budapest, Kiev and Prague we offer a valueadded<br />
service which is second to none. We are dedicated to<br />
diversity in recruitment and to retaining experienced specialists<br />
in every practice area. Combined with our investment in IT and<br />
knowledge management infrastructure, this means we are able<br />
to tackle the largest and most demanding national and crossborder<br />
assignments. Elias Neocleous and Co LLC is professional,<br />
responsive, innovative, and represents the legal practice of the<br />
future.<br />
Neocleous House, 195 Makarios Avenue,<br />
P O Box 50613, Limassol CY 3608 - <strong>Cyprus</strong><br />
Contact: Elias Neocleous - Managing Partner<br />
(+357) 25 110 110<br />
info@neo.law<br />
www.neo.law<br />
LAW FIRM<br />
GEORGE Z. GEORGIOU<br />
MANAGING PARTNER<br />
GEORGE Z. GEORGIOU & ASSOCIATES LLC<br />
George Z. Georgiou & Associates LLC is a full-service Cypriot<br />
law firm with offices in Nicosia and Limassol. It consists of<br />
approx.70 lawyers, arbitrators, legal consultants and support<br />
staff and is ranked in the main international legal directories:<br />
Chambers & Partners, Legal 500 and Who’s Who Legal. The<br />
Firm’s specialist departments include: Arbitration • Banking &<br />
Finance • Commercial • Corporate (incl. M&A) • Data Protection •<br />
Employment & Pensions • Estate Planning • EU Law • Family Law •<br />
Intellectual Property & Media • Litigation (<strong>Cyprus</strong> & International)<br />
• Private Client • Probate • Property & Construction • Regulatory<br />
& Compliance • Tax • Tech. As the sole Cypriot member of the<br />
international law alliances Ius Laboris and GALA, it is able to<br />
provide any client with prompt, fully-coordinated, yet locally<br />
specific advice from countries across the globe.<br />
Head Office: 1 Iras Street,<br />
1060 Nicosia - <strong>Cyprus</strong><br />
(+357) 22 763 340<br />
admin@gzg.com.cy<br />
www.gzg.com.cy
DOING BUSINESS C YPRUS<br />
93<br />
<strong>USA</strong> EDITION<br />
LAW FIRM<br />
NICKY XENOFONTOS<br />
FOUNDER, MANAGING<br />
PARTNER<br />
N. XENOFONTOS LLC LAW FIRM<br />
N. Xenofontos LLC is a specialist, boutique business centric law<br />
firm, servicing both private clients and businesses. In providing<br />
our specialised services we deploy a collaborative workflow,<br />
resulting in efficient and solid advice, experience, with agility.<br />
Our specialist, tailored expertise ecompasses these core<br />
services: Corporate Advisory; Corporate Secretarial / Corporate<br />
Administration; Professional Fiduciary services; Trusts / Estate<br />
Planning / Establishment and administration; M&A / Joint Ventures;<br />
Intellectual Property; Insolvency, Bankruptcy and Restructuring;<br />
Contractual; Legal Opinions; Compliance, AML , Regulatory and<br />
Privacy law; Legal Training / Seminars / Webinars; Real Estate;<br />
Employment; Immigration & Migration. Our philosophy is simple:<br />
“Knowledge is of no use unless put into practice” - Anton Chekhov<br />
4 Promitheos Street,<br />
Executive Centre, 1st floor, office M01<br />
1065 Nicosia - <strong>Cyprus</strong><br />
Contact: Nicky Xenofontos –<br />
Founder, Managing Partner<br />
(+357) 22 25 20 77<br />
nicky@xenofontosllc.com<br />
www.xenofontosllc.com<br />
LAW FIRM<br />
STAVROS PAVLOU<br />
SENIOR AND MANAGING<br />
PARTNER<br />
PATRIKIOS PAVLOU & ASSOCIATES LLC<br />
Patrikios Pavlou & Associates LLC is a leading law firm in <strong>Cyprus</strong>.<br />
With nearly 60 years of experience in the local and international<br />
legal market, the Firm has developed distinguished expertise<br />
in dispute resolution and ADR and a renowned legal consulting<br />
department. The legal teams are constantly involved in some of the<br />
largest cross-border banking, financial and corporate transactions<br />
and handle complex litigation, arbitration and mediation matters.<br />
In close cooperation with the associated Pagecorp Group, the<br />
Firm provides its clients with a comprehensive range of corporate<br />
and other related services. The Firm is highly recommended by<br />
prestigious legal directories worldwide for its distinctive legal<br />
services.<br />
Patrician Chambers, 332<br />
Agiou Andreou Street,<br />
3035 Limassol - <strong>Cyprus</strong><br />
Contact: Stavros Pavlou - Senior<br />
and Managing Partner<br />
(+357) 25 871 599<br />
spavlou@pavlaw.com<br />
www.pavlaw.com<br />
LAW FIRM<br />
CELIA POURGOURA<br />
PARTNER<br />
POURGOURA & ASPRI LLC<br />
We are a progressive commercial Law Firm, comprising of a team<br />
of dynamic and highly specialised lawyers with diverse academic<br />
and professional backgrounds. Our paramount objective is to offer<br />
the highest level of professional and personalised service to the<br />
client, yet in a quick, efficient and affordable manner. Our mission<br />
is to establish ongoing and long term relations with our clients<br />
through commitment, specialisation and by offering tailor made<br />
professional service by directing each client’s needs in a personal,<br />
individual way. By choosing to work with us you are assured to<br />
be provided with a complete all round solution regarding your<br />
business affairs, as we maintain close relations with a vast number<br />
of related disciplines in other cities and overseas.<br />
33 Klimentos Street, Office 401,<br />
1061 Nicosia - <strong>Cyprus</strong><br />
Contact: Vasiliki Pourgoura<br />
(+357) 22 460 831<br />
celia.pourgoura@ca-advocates.com<br />
www.ca-advocates.com<br />
LAW FIRM<br />
STELIOS AMERICANOS<br />
MANAGING PARTNER<br />
STELIOS AMERICANOS & CO LLC<br />
Stelios Americanos & Co LLC is a full services, highly innovative<br />
law firm with headquarters based in Nicosia, <strong>Cyprus</strong> and a<br />
branch in Athens, Greece. It specializes in corporate, commercial<br />
and banking law, corporate and commercial litigation, real<br />
estate, financial advisory & regulation and blockchain legal<br />
advisory. Stelios Americanos & Co LLC provides its services to<br />
governmental organizations, international banking institutions,<br />
public companies and multinational corporations. Moreover<br />
Stelios Americanos & Co LLC has created close relationships with<br />
reputable international legal and consulting firms and is, thus,<br />
able to assist clients with their cross-border transactions and<br />
needs. Today, Stelios Americanos & Co LLC is considered one of the<br />
leading law firms in <strong>Cyprus</strong> in the areas of its specialty.<br />
12, Demostheni Severi Av.<br />
Office 601, 6th Floor 1080 Nicosia - <strong>Cyprus</strong><br />
Contact: Stelios Americanos<br />
- Managing Partner<br />
(+357) 22 465 500<br />
stelios@americanoslaw.com<br />
www.americanoslaw.com
DOING BUSINESS C YPRUS<br />
94<br />
<strong>USA</strong> EDITION<br />
NON PROFIT<br />
MARIA MARKIDOU<br />
GEORGIADOU<br />
MANAGING DIRECTOR<br />
CYPRUS SEEDS<br />
<strong>Cyprus</strong> Seeds is a non-profit organization with the mission to<br />
support the commercialization of innovative academic research<br />
in <strong>Cyprus</strong>. To achieve its objectives, <strong>Cyprus</strong> Seeds offers an<br />
annual 12M program to a small number of scientific teams whose<br />
projects give breakthrough solutions to world problems from any<br />
area, including health, environment, and art. In addition to grants,<br />
it offers mentoring, business skills training, and networking<br />
with investors. <strong>Cyprus</strong> Seeds is funded through donations<br />
from Foundations, corporations, and individuals in <strong>Cyprus</strong> and<br />
abroad. Among the great achievements of <strong>Cyprus</strong> Seeds are the<br />
signing for two option-to-be licensing agreements, the creation<br />
of one start-up company, and the spinning out of the University<br />
of <strong>Cyprus</strong> a solar energy research project.<br />
Antinou 18, Strovolos,<br />
Nicosia, 2034 - <strong>Cyprus</strong><br />
Contact: Maria Markidou Georgiadou<br />
- Managing Director<br />
(+357) 22 364 522<br />
maria@cyprusseeds.com<br />
www.cyprusseeds.com<br />
REAL ESTATE<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
CEO<br />
CYBARCO DEVELOPMENT LTD<br />
Cybarco is the leading luxury property developer in <strong>Cyprus</strong>. Part<br />
of the prestigious Lanitis Group, Cybarco is behind many of the<br />
island’s landmark projects, including Aphrodite Hills Golf Resort,<br />
Akamas Bay Villas, Sea Gallery Villas, The Oval, Limassol Marina<br />
and Trilogy Limassol Seafront. Cybarco is also responsible for<br />
the exclusive sales of the luxury properties at Limassol Greens,<br />
the most anticipated new golf resort in <strong>Cyprus</strong>. With over 75<br />
years’ experience at the top of its industry, Cybarco has earned its<br />
reputation for outstanding quality and dedicated customer care by<br />
consistently delivering projects to the highest standards.<br />
10 Tefkrou Anthia Street,<br />
Dali Industrial Zone, 2540 Nicosia - <strong>Cyprus</strong><br />
Contact: Michalis Hadjipanayiotou - CEO<br />
(+357) 22 741 300<br />
info@cybarco.com<br />
www.cybarco.com<br />
REAL ESTATE<br />
GEORGE IOANNOU<br />
CEO<br />
KORANTINA HOMES<br />
With over 30 years of experience in developing some of the most<br />
luxurious, high aesthetic, projects in <strong>Cyprus</strong>, Korantina Homes<br />
has become the most reputable name in the development of<br />
luxury and exclusive properties. Our company emphasizes<br />
establishing long-lasting relationships with our clients by offering<br />
personalized services. Our award-winning flagship luxury resorts,<br />
Cap St Georges, Coral Residences and Soho Resort have attracted<br />
exclusive clientele from every corner of the globe including several<br />
celebrities and internationally renowned jet setters. Our group has<br />
also expanded into the tourism & hospitality sector by developing<br />
the deluxe 5-star Cap St Georges Hotel & Resort, and the 5-star<br />
hotel located at Soho Resort.<br />
Trikomou Str. 32, 8560<br />
Pegeia Paphos, <strong>Cyprus</strong><br />
Contact: Melina Rafti – <strong>Business</strong><br />
Development Director<br />
(+357) 26 623 536<br />
info@korantinahomes.com<br />
www.korantinahomes.com<br />
REAL ESTATE<br />
EVANGELIA ELIADOU<br />
EXECUTIVE DIRECTOR<br />
PAFILIA PROPERTY DEVELOPERS LTD<br />
Pafilia is the largest privately-owned residential developer in<br />
<strong>Cyprus</strong>, dedicated to delivering the best in concept, design,<br />
quality and service. With a vast property portfolio and projects<br />
in enviable locations throughout <strong>Cyprus</strong> and Greece, we offer<br />
excellent investment opportunities and lifestyle orientated<br />
homes. Pafilia is also the developer behind three groundbreaking<br />
destination resorts, ONE – the tallest residential<br />
seafront tower in Europe, NEO – a unique development of 4<br />
towers on the Limassol seafront and Minthis - the islands most<br />
exclusive leisure and lifestyle resort conveniently located in the<br />
wine producing region of Paphos.<br />
Pafilia House,<br />
33 Nicodemou Mylona Street,<br />
P.O. Box 60159, 8101 Pafos - <strong>Cyprus</strong><br />
Contact: Andrea Lindsay –<br />
Group Marketing Manager<br />
(+357) 26 848 800<br />
info@pafilia.com<br />
www.pafilia.com
DOING BUSINESS C YPRUS<br />
95<br />
<strong>USA</strong> EDITION<br />
REAL ESTATE<br />
MICHALIS<br />
HADJIPANAYIOTOU<br />
EXECUTIVE DIRECTOR<br />
TRILOGY LIMASSOL SEAFRONT<br />
Brought to life by a world-class collaboration of architects,<br />
designers and developers, Trilogy is an exciting new beachfront<br />
development in the heart of Limassol. Three landmark buildings<br />
surrounding a bustling inner plaza, Trilogy is a place to live, work<br />
and play. Its luxury apartments blend the aspirational dream of<br />
high-end living, with the sophistication of urban cool. State-ofthe-art<br />
offices also enjoy first-class services and uninterrupted<br />
sea views from every window. Three distinct social areas offer<br />
resident-only facilities for secluded leisure and relaxation, as well<br />
as a lively public plaza that can be enjoyed and experienced by<br />
everyone. Your story begins here…<br />
341, 28th October Avenue<br />
3106 Limassol - <strong>Cyprus</strong><br />
Contact: Yiorgos Georghiou - Sales Director<br />
(+357) 25 362 800<br />
info@trilogylimassol.com<br />
www.trilogylimassol.com<br />
RECRUITMENT<br />
SOPHIE ARISTODEMOU<br />
CO-FOUNDER<br />
CAREERFINDERS RECRUITMENT SERVICES LIMITED<br />
CareerFinders Recruitment Services Limited is one of <strong>Cyprus</strong>’<br />
most well-respected and established providers of tailor-made<br />
recruitment solutions to many of the largest and most well-known<br />
local and international companies operating across the Island.<br />
With offices in both Nicosia and Limassol, our highly experienced<br />
team of recruitment professionals have the knowledge and<br />
expertise to ensure that our clients receive the most suitable<br />
and well-qualified candidates to suit their recruitment needs.<br />
The industry sectors we service include Accounting/Audit, Legal,<br />
Corporate/Fiduciary, Information Technology, Shipping, Oil & Gas,<br />
Banking/Finance and many more. If you are a company seeking to<br />
recruit the very best talent in <strong>Cyprus</strong>, please contact us today.<br />
Head Office: 6th Floor, Athlos Building,<br />
28 Nikis Avenue, Nicosia 1086 - <strong>Cyprus</strong><br />
Contact: Sophie Aristodemou - Director<br />
(+357) 22 002 285<br />
jobs@careerfinders.com.cy<br />
www.careerfinders.com.cy<br />
RECRUITMENT<br />
STEVE SLOCOMBE<br />
FOUNDER / DIRECTOR<br />
GRS RECRUITMENT<br />
With more than 17 years of presence and experience in <strong>Cyprus</strong>,<br />
our expertise in the provision of Recruitment, Payroll, HR,<br />
and Outplacements services is un-paralleled. By working in<br />
partnership with our clients, we provide tailored services based<br />
on a thorough understanding of each client’s circumstances<br />
and needs. We specialise in: Permanent Recruitment Search &<br />
Selection, Temporary Recruitment Services, Payroll Solutions,<br />
Recruitment Process Outsourcing, Salary Benchmarking,<br />
Outplacement and Psychometric Personality Assessment.<br />
Our team consists of a highly capable team with international<br />
experience and local knowledge.<br />
Head office: Agathangelou <strong>Business</strong> Centre,<br />
101 Gladstonos Street,<br />
Limassol, 3032 - <strong>Cyprus</strong><br />
Contact: Steve Slocombe - Founder/Director<br />
(+357) 25 342 720<br />
jobs@grsrecruitment.com<br />
www.grsrecruitment.com<br />
RESEARCH INSTITUTION<br />
PROF. COSTAS N.<br />
PAPANICOLAS<br />
PRESIDENT<br />
THE CYPRUS INSTITUTE<br />
The <strong>Cyprus</strong> Institute (CyI, www.cyi.ac.cy) is a world-class, nonprofit<br />
research and educational institution with a strong scientific<br />
and technological orientation. It is a regional Center of Excellence,<br />
addressing issues of regional interest but of global significance,<br />
with an emphasis on cross-disciplinary research and international<br />
collaborations. Areas of research include Solar Thermal Energy<br />
and Energy Storage, Climate and Environmental Research,<br />
Technologies for Archaeology and Cultural Heritage, High-<br />
Performance Computing, Simulation and Hyper-infrastructures.<br />
CyI is also an accredited, degree-granting institution of higher<br />
education that offers unique, high-quality Master’s and PhD<br />
programs to select students from around the world, and provides<br />
training for future researchers and scholars in partnership with<br />
leading international universities.<br />
20 Konstantinou Kavafi<br />
2121 Aglantzia - <strong>Cyprus</strong><br />
Contact: Dr. Nicolas Jarraud - Assistant<br />
Vice-President for Institute Affairs<br />
(+357) 22 208 700<br />
international.relations@cyi.ac.cy<br />
www.cyi.ac.cy
DOING BUSINESS C YPRUS<br />
96<br />
<strong>USA</strong> EDITION<br />
WEB DEVELOPMENT<br />
ALEX CONSTANTI<br />
MANAGING DIRECTOR<br />
IDEASEVEN DIGITAL<br />
Ideaseven are a dynamic, enthusiastic online digital development<br />
agency with over 17 years of experience. We focus on providing<br />
global solutions in digital marketing, web & app development,<br />
branding and design services. At ideaseven, we understand<br />
that design and development requires continuous mutual<br />
communication with our clients. Together, we can provide a<br />
constantly productive and evolving project. We can help visualize<br />
even the craziest ideas, converting them into elegant, awesome<br />
experiences and catchy products. We have worked with a lot of<br />
prestigious brands and have delivered award winning projects<br />
throughout the years.<br />
Pentadactylou 2, office 104,<br />
6060, Larnaca - <strong>Cyprus</strong><br />
Contact: Alex Constanti – Managing Director<br />
(+357) 24 823 832<br />
info@ideaseven.com<br />
www.ideaseven.com<br />
THE CYPRUS TRADE CENTER (CTC)<br />
The <strong>Cyprus</strong> Embassy Trade Center (CTC) in New York is the<br />
economic and commercial arm of <strong>Cyprus</strong>’ diplomatic representation<br />
covering North America and operates under the auspices<br />
of the Ministry of Energy, Commerce, and Industry.<br />
Under the direction of the Trade Commissioner, Hon. Aristos A. Constantine,<br />
its primary role is that of strengthening and expanding the trade and<br />
economic relationship between the Republic of <strong>Cyprus</strong> and North America.<br />
The activities of the Trade Center include promoting, facilitating, and<br />
attracting investment and fostering the expansion of exports of <strong>Cyprus</strong>’ goods<br />
and services, in addition to monitoring related market and policy issues.<br />
CONTACT INFORMATION<br />
13 East 40th Street<br />
New York, NY 10016 • <strong>USA</strong><br />
T: +1 212-213-9100<br />
W: https://www.cyprustradeny.org
DOING BUSINESS C YPRUS<br />
97<br />
<strong>USA</strong> EDITION<br />
TheProfilerGroup<br />
16, Elia Papakyriakou, Suite 101,<br />
Engomi, 2415 Nicosia, <strong>Cyprus</strong><br />
cyprus@theprofilergroup.com<br />
www.theprofilergroup.com<br />
www.cyprusprofile.com