2023 Doing Business in Cyprus (UK Edition)

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DOING BUSINESS C YPRUS 68 UNITED KINGDOM EDITION INTERVIEW President, Cyprus-UK Business Association Marios Andreou Cyprus has historically attracted significant investment and participation from the UK in various economic sectors, but there is scope for more cooperation to further strengthen the bilateral relationship and strategic ties of the two countries, says Marios Andreou.
DOING BUSINESS C YPRUS 69 UNITED KINGDOM EDITION How would you describe the current trade relations between Cyprus and the UK? The trade relations between the two countries are quite high, reflecting the two countries’ long historical ties, which date back to the 19 th century. According to data, the total trade in goods and services, exports and imports, between the UK and Cyprus was a bit over €4 billion in the four quarters to the end of Q2 2023 – an increase of 25.4% from the four quarters to the end of Q2 2022. In addition, the UK is Cyprus’ second most significant trading partner. It should be noted that the UK and the EU reached a Trade and Cooperation Agreement, that came into effect on 1 January 2021, covering various aspects of their relationship, including trade. While the UK is no longer part of the EU’s Single Market and Customs Union, the agreement aims to maintain trade between the UK and the EU member states, including Cyprus, with reduced trade barriers. What economic sectors in Cyprus have seen significant investment and participation from the UK, and in what type of projects and activity? Cyprus has historically attracted significant investment and participation from the UK in various economic sectors. Some of the sectors that have seen notable UK involvement include tourism and hospitality, real estate, financial services, shipping, education, and technology and innovation. The tourism industry in Cyprus has been a major focus for British investors. Many UK tourists visit Cyprus each year, and British companies have invested in hotels, resorts, and other tourism-related ventures on the island. British citizens have been active buyers of real estate in Cyprus, particularly in the coastal areas. The appeal of a Mediterranean climate, beautiful landscapes, and a relatively low cost of living has led to substantial investment in residential and commercial properties. In terms of financial services, Cyprus has been a popular destination for UK companies seeking to establish a presence within the European Union. The financial services sector, including banking and insurance, has attracted British firms interested in serving both Cypriot and EU markets. In addition, Cyprus has a wellestablished shipping industry, and the UK has been involved in this sector, including in ship management, maritime services, and ship registration. IPerhaps the biggest advantage that Cyprus can offer to UK companies and investors is the combination of a familiar legal system and an abundance of UK graduates and English-speaking people in the talent pool.
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2023 Doing Business in Cyprus (UK Edition)

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