2023 Doing Business in Cyprus (UK Edition)

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DOING BUSINESS C YPRUS 26 UNITED KINGDOM EDITION fostering more opportunities for business angels and venture capitalists looking to invest risk capital in exchange for equity in promising business ideas. In addition, a key attraction for high-tech companies is the Cyprus Intellectual Property (IP) Box Regime, which provides a competitive maximum tax rate of 2.5% on income earned from IP assets. Cyprus’ regime also applies to a wider range of income compared to other European schemes, most of which restrict benefits to income from patents and supplementary patent certificates. The year 2022 saw more global names invest in Cyprus, with European digital neobanking platform Revolut, valued at US$33 billion, becoming the first entity to receive approval as a crypto-asset service provider from the Cyprus regulator. The authorisation enables Revolut to offer crypto services to its 17 million customers in the EEA out of a new crypto-asset hub in Cyprus. Revolut said its choice was down to the sophisticated regulatory regime of the country, which has already attracted the likes of Crypto.com, eToro and BitPanda. A leading US consumer services and applications software provider, TangoMe, also announced plans to launch offices in Cyprus. The internationally renowned tech company, with an annual revenue of around US$350 million, will establish a strong presence in Limassol with a sizeable number of employees relocating to Cyprus. Another project set to boost Cyprus as a regional telecoms and data hub, was leading telecoms provider Cyta signing a €850 million venture with Greece and Saudi Arabia for the construction of the East Med Corridor (EMC) – a global digital highway linking Europe with Asia. In addition, the modernisation of state infrastructure and speeding up the adoption of cloud services in Cyprus were key targets of the signing of a Memorandum of Understanding with Amazon Web Services (AWS) in 2022, a collaboration that will open up a new era of opportunities. EXPANDING EDUCATION AND R&I Cyprus is developing into a regional education and knowledge hub with the rapid expansion of tertiary education and its universities steadily climbing up global rankings. The country has already established synergies with international universities, most notably the University of Nicosia launching the island’s first degree programme in medicine in collaboration with St George’s Medical School at the University of London, and University of Central Lancashire – IDirect investments in Cyprus showed a 150% increase in the first half of 2022
DOING BUSINESS C YPRUS 27 UNITED KINGDOM EDITION 4th IN EMERGING EUROPE 11th GLOBALLY Cyprus is one of the top overachievers in the Greenfield FDI Performance Index of 2023 3rd worldwide in the post-pandemic recovery of foreign direct investments €4.6 billion direct and indirect economic impact of the Cyprus ICT sector at the end of 2022 á600% increase in software and IT investments in Cyprus between 2019 and 2022 Source: FDI Intelligence Source: FDI Intelligence IIn 2017-2021 the top three sectors Cyprus (UCLan), being the first British university to establish a campus on the island. This has since been followed by for inward FDI were real estate, the American University of Beirut (AUB), information and communications, which established a €29 million campus in Paphos in 2023 – branded AUB- and professional services. Mediterraneo. The aim is to accommodate over 2,000 students in the coming years. Cyprus hosts an impressive and fast-growing R&I ecosystem, featuring high quality academic and research institutions and seven Centres of Excellence (CoE). The Cyprus Institute has established itself as a significant research institute with global networks of excellence supported by significant EU funding. The number of foreign students choosing Cyprus for their studies has almost tripled in the last five years, representing over 60 different countries and supporting the growth of Cyprus into a true global educational centre. This fact underlines the great opportunities that exist in Cyprus for the establishment of new universities, colleges and institutes.
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