2023 Doing Business in Cyprus (UK Edition)

DOING BUSINESS C YPRUS
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UNITED KINGDOM EDITION
important European and regional financial and business services hub. The country
is also one of Europe’s favourite holiday destinations, enjoying 340 days of glorious
sunshine a year and boasts a beautiful coastline teeming with stretches of golden
sand, secluded bays and rocky coves, all surrounded by some of the cleanest beaches
and waters in the Mediterranean Sea. The landscape is dotted with the fascinating
remains of history, from Neolithic settlements and ancient city-kingdoms to
exquisite Byzantine art and magnificent Venetian architecture. With its vibrant and
cosmopolitan lifestyle where East meets West, Cyprus offers the perfect balance
between business and leisure.
PEOPLE & CULTURE
While the Republic of Cyprus is a
Greek-speaking nation, English
is almost universally spoken and is the
language of international business.
German, French and Russian speakers
are also easily found, thanks to the high
number of Cypriots with international
degrees, the country’s commercial ties
with the global business community,
and the island’s popularity as a tourist
destination. Cyprus is well known for its
hospitality, a fact reflected in the Greek word, xenos, used for both stranger and guest.
Life is meant to be enjoyed in Cyprus, which is renowned for its excellent quality of
life. Cafe culture predominates, with both business and social meetings taking place
over a leisurely frappe (iced coffee) in the numerous cafes in every town and city. As
with most Mediterranean cultures, food also plays a vital role in family and social
life. The famous Cyprus meze – a large selection of small, delectable dishes – is best
enjoyed siga siga (slowly) and al fresco.
RESILIENT EU ECONOMY
Cyprus has a resilient economy that has time and time again proven its capacity
to adjust to continuously changing conditions and bounce back from external
shocks. Before its independence from
the UK in 1960, the Cyprus economy was
primarily based on agriculture and the
export of minerals. However, in the last
few decades the country has established
itself as a serious international business
and service centre for shipping, financial
services and commerce, and is classified
by the World Bank as a high-income
country. The island’s accession to the EU
in 2004 with the subsequent adoption of
the euro in 2008, was the catalyst for its
transformation into a competitive financial
and business services hub.
IOffering a tax-efficient
EU company domicile, the
country is emerging as
an increasingly attractive
location for fund managers
and promoters, and a
compelling destination for
regional headquarters and a
base for tech companies.