2023 Doing Business in Cyprus (UK Edition)

More documents

Info

DOING BUSINESS C YPRUS 24 UNITED KINGDOM EDITION FOREIGN DIRECT INVESTMENT Secure EU Investment Destination Cyprus continues to attract significant foreign investment from around the world with billions flowing into new projects and sectors, proving the island nation’s strong FDI appeal among global investors. core benefit of Cyprus is its geostrategic location, offering a secure and stable A EU environment in an often-turbulent region. These factors coupled with the introduction of new incentives are encouraging increasing numbers of companies from the region and across the world to set up headquarters on the island, solidifying its position as an attractive gateway to both established and developing markets. More recently, Cyprus has also started to gain serious traction in attracting more innovative high-tech organisations to set up on its shores – rebranding itself as an emerging tech hub. Cyprus’ reputation as a safe place to do business has brought with it a hive of new investment activity in recent years, with several notable projects already implemented or in the pipeline, strengthening the country’s image and foreign direct investment (FDI) appeal. In 2017-2021 the top three sectors for inward FDI were real estate, information and communications, and professional services. These sectors have been boosted by large-scale real estate projects, luxury marinas and tourism infrastructure, a growing tech sector, and the island’s attractiveness as a centre for headquartering. There are also emerging opportunities in the energy, asset management and shipping sectors, all of which reinforce Cyprus’ status as a compelling investment destination.
DOING BUSINESS C YPRUS 25 UNITED KINGDOM EDITION STRONG REBOUND TO GROWTH Successive credit rating upgrades over the years and the continuous introduction of new incentives have attracted billions in foreign investment to Cyprus, with substantial inflows from the US, non-EU countries, and Asia including the Middle East. Although having withstood some serious economic shocks over the last ten years, the resilience and growth performance of Cyprus has been exceptional and even exceeded international expectations. Real ICyprus GDP growth averaged 4.6% in 2018-2022 was ranked third despite the Covid-19 pandemic, the war worldwide in the recovery in Ukraine and other related disruptions. Foreign investment flows have been of foreign direct investments significant. In the ten-year period 2013- after the pandemic. 2022, net inflows (liabilities) reached €13.5 billion. This investment was driven by equity, with data on transactions suggesting that real estate, communications and headquartering all played an important role. Cyprus was ranked third worldwide in the recovery of foreign direct investments after the pandemic, according to the country’s investment promotion agency, Invest Cyprus. According to the Greenfield FDI Performance Index of FDI Intelligence, direct investments in Cyprus showed a 150% increase in the first half of 2022, compared to the corresponding period in 2019. Also noteworthy is the increase in investments in software and IT, which reached a 600% increase in 2022 compared to the corresponding period in 2019. THRIVING TECH HUB IIn 2022 the country boasted almost 450 start-ups and scaleups with a combined value of €3.7 billion The technology and communications sector in Cyprus has become fiercely competitive, with a number of players deploying cutting edge solutions to both increase their local market share and generate growth through the launch of new technology and products. 5G was rolled out in 2021, making Cyprus the first EU state to achieve 100% 5G coverage. Cyprus is already home to a number of major tech firms, such as NCR, Amdocs, Wargaming, 3CX, Exness, Bolt, Thomson Reuters, Melsoft Games, Easybrain and Nexters, and has gained ground in successfully attracting investment capital in blockchain. The country’s start-up community has been growing rapidly. In 2021, Cyprus broke national records with €85.5 million raised by start-ups, and in 2022 the country boasted almost 450 start-ups and scale-ups with a combined value of €3.7 billion. With an estimated 4,000 entrepreneurs, the buzzing hub is
Page 1 and 2: TheProfilerGroup DOING BUSINESS CYP
Page 3 and 4: The New Equation The New Equation i
Page 5 and 6: Residents will leave their apartmen
Page 7 and 8: There are new competitors with a fr
Page 9 and 10: DOING BUSINESS C YPRUS 9 UNITED KIN
Page 12 and 13: DOING BUSINESS C YPRUS 12 UNITED KI
Page 28: DOING BUSINESS C YPRUS 28 UNITED KI
Page 33 and 34: The World of Capital Markets in Asi
Page 74 and 75:
DOING BUSINESS C YPRUS 74 UNITED KI
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86:
Page 89 and 90:
THERE IS A PLACE WHERE… you have
show all

2023 Doing Business in Cyprus (UK Edition)

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?