2023 Doing Business in Cyprus (UK Edition)

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DOING BUSINESS C YPRUS 48 UNITED KINGDOM EDITION tertiary education institutions, funds and other private wealth management initiatives, as well as start-up ventures. I am confident that post Brexit, the robust bilateral relationship between Cyprus and the UK will continue to strengthen considerably over time, especially as Cyprus can serve as an ideal EU base for British companies and individual investors. The business cooperation between the two countries presents great potential in a plethora of sectors with high added value including tourism and hospitality, the energy sector, shipping, financial services, healthcare, telecommunications, ICT, education and transport. Cyprus and the UK have a long-shared history and have been close partners in various sectors, what would you say are the key projects between the two countries at the moment, and what kind of cooperation would you like to see developed in the future? Cyprus and the UK have entered into a number of bilateral agreements and memoranda which can solidify their cooperation even further. The Memorandum of Understanding (MoU) on Establishing a Strategic Cooperation, which was signed in November 2022, seeks to put in place a more structured bilateral strategic cooperation in various fields, such as foreign and regional policy, security, trade, education, maritime, climate and crime. A new Double Taxation Agreement (DTA) was signed in 2018, to replace the previous one signed in 1974, for the elimination of double taxation with respect to taxes on income and capital gains and the prevention of tax evasion and avoidance. Another significant MoU was signed at the beginning of 2023 to lay a solid foundation for the further expansion of bilateral cooperation in all important aspects of shipping. It also promotes working together, within the framework of participation in the International Maritime Organisation, to address the most important challenges facing the sector. The UK is a key trading partner for Cyprus. What kind of British foreign direct investment has flowed into Cyprus and into what sectors? FDI plays an important role in the global economy. It is the key driver of international economic integration, and with appropriate policy framework it can maintain financial stability, promote economic development, and enhance economic well-being. Likewise, the importance of FDI to the economy of Cyprus is significant, due to the size of the island’s economy. As such, IAn 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. inward capital flows have increased over the years. Cyprus’ inward FDI stock has almost doubled in the last 10 years and most of it is channelled to the tertiary sector. More specifically, most of the investment was directed to financial and insurance activities, real estate, tourism, transportation and various professional, scientific and technical activities.
DOING BUSINESS C YPRUS 49 UNITED KINGDOM EDITION Recently, we have observed an increasing interest of investment in fast-growing sectors, such as education, as well as software and IT, reflecting Cyprus’ aspiration to become a regional hub for learning, science and innovation. Inward investment can serve as the best proof for investors’ confidence in Cyprus, which is excelling in traditional but also new emerging sectors of the economy. What areas or niche segments in Cyprus do you think have untapped potential in terms of attracting more business and investment from the UK? C yprus is an EU state, geographically perfectly placed between three continents, which offers regionally and internationally unique opportunities for investment across a wide range of sectors. Traditional sectors of strategic importance such as hospitality and tourism, shipping and financial services have been the driving force behind Cyprus’ remarkable economic development in the last 30 years. In parallel, government, semi-government organisations, private sector and other stakeholders have worked closely together and set up a unique framework which offers an ideal business environment for new dynamic, fast emerging sectors. In the coming years, Cyprus is expected, based on the liberalisation of the electricity market, to increase enormously the use of renewable energy sources, as sun and wind present untapped prospects. The market needs more green production but also higher capacity for storage and upgrading of the network to be able to accommodate the significant higher demand for consumption.
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2023 Doing Business in Cyprus (UK Edition)

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