2023 Doing Business in Cyprus (UK Edition)
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DOING BUSINESS C YPRUS<br />
22<br />
UNITED KINGDOM EDITION<br />
The <strong>Cyprus</strong> Government has launched<br />
a national strategy to transform the island<br />
<strong>in</strong>to a regional hub for these fast-grow<strong>in</strong>g<br />
sectors, by attract<strong>in</strong>g <strong>in</strong>vestors and<br />
human capital wish<strong>in</strong>g to target markets<br />
<strong>in</strong> Europe, MENA and the Far East. In<br />
this context, the <strong>Bus<strong>in</strong>ess</strong> Facilitation<br />
Unit that operates at the M<strong>in</strong>istry of<br />
Energy, Commerce and Industry, serves<br />
as a dedicated po<strong>in</strong>t of s<strong>in</strong>gle contact for<br />
foreign companies active or sett<strong>in</strong>g up on<br />
the island.<br />
IThe <strong>UK</strong> is one of the most<br />
important economic partners for<br />
<strong>Cyprus</strong> and the biggest export<br />
market for Cypriot products.<br />
Overall, social, economic and<br />
political ties between the<br />
two countries run deep.<br />
These are developments that present a great opportunity for both British and<br />
Cypriot <strong>in</strong>terests due to the <strong>UK</strong>’s extended expertise <strong>in</strong> these fields. The British bus<strong>in</strong>ess<br />
community can choose to reach new markets either through collaboration with Cypriot<br />
entities or by establish<strong>in</strong>g a base <strong>in</strong> <strong>Cyprus</strong>, whereas the two countries can utilise<br />
synergies and cooperate <strong>in</strong> the production of unique or high-end products for niche<br />
markets, such as pharmaceuticals, build<strong>in</strong>g materials and artisan foodstuff.<br />
In any case, the <strong>UK</strong> is one of the most important economic partners for <strong>Cyprus</strong> and<br />
the biggest export market for Cypriot products. Overall, social, economic and political<br />
ties between the two countries run deep and even after Brexit, the <strong>UK</strong> and <strong>Cyprus</strong><br />
have been cooperat<strong>in</strong>g very closely through their participation <strong>in</strong> the Commonwealth.<br />
A Double Taxation Agreement is also <strong>in</strong> effect and bilateral agreements are <strong>in</strong> place<br />
to ensure the cont<strong>in</strong>uation and advancement of our bilateral relations, for <strong>in</strong>stance<br />
<strong>in</strong> 2022 the two countries signed an MoU for closer cooperation, <strong>in</strong>ter alia, <strong>in</strong> climate<br />
change action, the economy and education. n