2023 Doing Business in Cyprus (UK Edition)

DOING BUSINESS C YPRUS
22
UNITED KINGDOM EDITION
The Cyprus Government has launched
a national strategy to transform the island
into a regional hub for these fast-growing
sectors, by attracting investors and
human capital wishing to target markets
in Europe, MENA and the Far East. In
this context, the Business Facilitation
Unit that operates at the Ministry of
Energy, Commerce and Industry, serves
as a dedicated point of single contact for
foreign companies active or setting up on
the island.
IThe UK is one of the most
important economic partners for
Cyprus and the biggest export
market for Cypriot products.
Overall, social, economic and
political ties between the
two countries run deep.
These are developments that present a great opportunity for both British and
Cypriot interests due to the UK’s extended expertise in these fields. The British business
community can choose to reach new markets either through collaboration with Cypriot
entities or by establishing a base in Cyprus, whereas the two countries can utilise
synergies and cooperate in the production of unique or high-end products for niche
markets, such as pharmaceuticals, building materials and artisan foodstuff.
In any case, the UK is one of the most important economic partners for Cyprus and
the biggest export market for Cypriot products. Overall, social, economic and political
ties between the two countries run deep and even after Brexit, the UK and Cyprus
have been cooperating very closely through their participation in the Commonwealth.
A Double Taxation Agreement is also in effect and bilateral agreements are in place
to ensure the continuation and advancement of our bilateral relations, for instance
in 2022 the two countries signed an MoU for closer cooperation, inter alia, in climate
change action, the economy and education. n