DOING BUSINESS C YPRUS 20 UNITED KINGDOM EDITION INSIGHT M<strong>in</strong>ister of Energy, Commerce and Industry George Papanastasiou
DOING BUSINESS C YPRUS 21 UNITED KINGDOM EDITION <strong>Cyprus</strong> and the <strong>UK</strong> have a strong partnership <strong>in</strong> multiple areas, which sectors are provid<strong>in</strong>g the most <strong>in</strong>vestment potential at the moment? How can <strong>Cyprus</strong> facilitate more bus<strong>in</strong>ess from the <strong>UK</strong> and make itself even more attractive to British <strong>in</strong>vestors? <strong>Cyprus</strong>’ economy has shown great resilience and adaptability to the challenges of the times, and this has always served as a strong advantage with regard to attract<strong>in</strong>g foreign <strong>in</strong>vestment. In fact, the island has been benefitt<strong>in</strong>g massively through its offer<strong>in</strong>g of an exceptionally complete package to <strong>in</strong>vestors, which <strong>in</strong>cludes EU and eurozone membership, an excellent regulatory structure, an attractive and transparent tax regime, strong bus<strong>in</strong>ess support services, ease and low cost of do<strong>in</strong>g bus<strong>in</strong>ess and high standard of liv<strong>in</strong>g, with ideal climate conditions. In the past 30 years, <strong>Cyprus</strong> has experienced substantial growth, whilst also ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g its competitive edge, by expand<strong>in</strong>g key economic sectors such as tourism, shipp<strong>in</strong>g and f<strong>in</strong>ancial services, which still hold great potential for the British bus<strong>in</strong>ess community, especially <strong>in</strong> the areas of hospitality, transportation, travel and <strong>in</strong>surance. The result has been a grow<strong>in</strong>g number of <strong>UK</strong> companies and <strong>in</strong>vestors expand<strong>in</strong>g their operations <strong>in</strong> <strong>Cyprus</strong>, through participation <strong>in</strong> large-scale or <strong>in</strong>frastructure projects, corporate entities and various f<strong>in</strong>ancial vehicles and schemes, <strong>in</strong>clud<strong>in</strong>g <strong>in</strong>vestment funds. British entrepreneurs have also been us<strong>in</strong>g <strong>Cyprus</strong> as a base to expand <strong>in</strong>ternationally, thanks to the extrovert bus<strong>in</strong>ess environment, the Common Law system, the modern <strong>in</strong>frastructure, the high competencies and talent and the longterm economic growth orientation they can f<strong>in</strong>d on the island. Additionally, <strong>Cyprus</strong>’ unique lifestyle and the ongo<strong>in</strong>g efforts to overhaul and upgrade its <strong>in</strong>frastructure and regulatory framework, as well as to viably expand its economy, have allowed for new, emerg<strong>in</strong>g sectors, such as energy, ICT, higher education and wellness, to develop <strong>in</strong> a very short period of time. <strong>Cyprus</strong> is ranked among the EU’s strong <strong>in</strong>novators, perform<strong>in</strong>g above EU average for the second consecutive year, based on the latest European Innovation Scoreboard <strong>2023</strong>. As a grow<strong>in</strong>g technology hub <strong>in</strong> the Eastern Mediterranean region, the country is already home to flagship <strong>in</strong>ternational tech companies, which have chosen to make full use of the many competitive advantages, <strong>in</strong>clud<strong>in</strong>g the attractive IP regime. IA grow<strong>in</strong>g number of <strong>UK</strong> and schemes, <strong>in</strong>clud<strong>in</strong>g <strong>in</strong>vestment funds. companies and <strong>in</strong>vestors are expand<strong>in</strong>g their operations <strong>in</strong> <strong>Cyprus</strong>, through participation <strong>in</strong> large-scale or <strong>in</strong>frastructure projects, corporate entities and various f<strong>in</strong>ancial vehicles
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