2023 Doing Business in Cyprus (UK Edition)

DOING BUSINESS C YPRUS
47
UNITED KINGDOM EDITION
How would you describe the current
relationship between Cyprus and the UK?
Cyprus and the UK maintain very close relations spanning decades, with an important
historical dimension and particularities arising from the Treaty of Establishment
and the Treaty of Guarantee. The importance of the dual-hatted position of Cyprus as
an EU and Commonwealth Member State is put into sharper focus today, and this can
also be a catalyst for strengthening and expanding our existing close cooperation. The
two countries are also linked by significant human ties. The Cypriot diaspora in the UK
of over 300,000 consists of second, third and even fourth generation individuals who
have fully integrated into British society. At the same time, British nationals living in
the Republic of Cyprus is estimated at 25,000-30,000.
Cyprus is an established and stable international
business centre, what advantages and opportunities
can the country offer specifically to UK business?
F
irstly, I would emphasise that Cyprus is a ‘home away from home’ for British citizens.
A third of our visitors every year come from the UK. Additionally, a very vibrant
British expat community resides on the island. English is widely spoken by Cypriots.
Cypriot law is still heavily based on English Common Law, and we even share the same
road system.
Cyprus offers perfect climate conditions all year round to all of those who wish to
enjoy a healthy lifestyle, with a wide range of indoor and outdoor sites and activities.
An excellent quality of life and a stable business environment are just a few of the many
reasons why companies relocate their operations and other strategic functions to
Cyprus.
The island has become an increasingly popular choice as a location for international
and regional company headquarters and acts as a strategic springboard into
neighbouring markets. Some of the reasons are the island’s high ranking in ease of
doing business, the strong and transparent regulatory framework, the abundant high
skilled human talent, low cost of doing business, and tax incentives, as well as fast track
mechanisms for licensing.
Cyprus has already become an increasingly diverse investment destination for largescale
projects, such as luxury hotels, marinas, state-of-the-art medical centres, and