2023 Doing Business in Cyprus (UK Edition)
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DOING BUSINESS C YPRUS<br />
12<br />
UNITED KINGDOM EDITION<br />
COUNTRY OVERVIEW<br />
Small Island, Big Ambitions<br />
<strong>Cyprus</strong> cont<strong>in</strong>ues to attract professional expats and<br />
foreign <strong>in</strong>vestors to its shores thanks to its relaxed<br />
lifestyle coupled with bourgeon<strong>in</strong>g prospects <strong>in</strong><br />
multiple sectors. The island nation has a long and rich<br />
history and is undergo<strong>in</strong>g yet another transformation<br />
as it places strong focus on <strong>in</strong>novation, technology,<br />
and renewables to future proof its economy.<br />
Located <strong>in</strong> 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 <strong>in</strong> shap<strong>in</strong>g its<br />
10,000-year history and <strong>in</strong> develop<strong>in</strong>g the island <strong>in</strong>to a convenient centre for trade<br />
and <strong>in</strong>ternational bus<strong>in</strong>ess. Despite be<strong>in</strong>g a country of less than a million people,<br />
the Republic of <strong>Cyprus</strong> has steadily built itself <strong>in</strong>to a thriv<strong>in</strong>g bus<strong>in</strong>ess centre over<br />
the decades. An EU and eurozone member and with one of the highest educated<br />
populations <strong>in</strong> Europe, <strong>Cyprus</strong> has built a strong service-based economy. Its lowcost<br />
bus<strong>in</strong>ess environment with a wealth of support services, a sophisticated ICT<br />
<strong>in</strong>frastructure and <strong>in</strong>vestor-friendly tax regime – backed up by an extensive network<br />
of double taxation agreements with 68 countries – has developed <strong>Cyprus</strong> <strong>in</strong>to an