2023 Doing Business in Cyprus (UK Edition)
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DOING BUSINESS C YPRUS<br />
70<br />
UNITED KINGDOM EDITION<br />
The education sector has seen British <strong>in</strong>vestment with several private schools and<br />
universities <strong>in</strong> <strong>Cyprus</strong> offer<strong>in</strong>g British-style education programmes. These <strong>in</strong>stitutions<br />
cater to both local and <strong>in</strong>ternational students. While the technology sector, particularly<br />
<strong>in</strong> areas like <strong>in</strong>formation technology and telecommunications, has witnessed <strong>in</strong>terest<br />
from <strong>UK</strong> companies look<strong>in</strong>g to expand their operations or collaborate with local tech<br />
firms. It’s important to note that the nature and extent of <strong>UK</strong> <strong>in</strong>volvement <strong>in</strong> these<br />
sectors may vary over time, <strong>in</strong>fluenced by economic conditions, government policies,<br />
and market dynamics.<br />
What advantages does <strong>Cyprus</strong> offer specifically<br />
to <strong>UK</strong> companies and <strong>in</strong>vestors?<br />
Perhaps the biggest advantage that <strong>Cyprus</strong> can offer to <strong>UK</strong> companies and <strong>in</strong>vestors<br />
is the comb<strong>in</strong>ation of a familiar legal system and an abundance of <strong>UK</strong> graduates<br />
and English-speak<strong>in</strong>g people <strong>in</strong> the talent pool. As the <strong>Cyprus</strong> legal system is based<br />
on English Common Law pr<strong>in</strong>ciples, <strong>UK</strong> companies and <strong>in</strong>vestors will be carry<strong>in</strong>g<br />
out bus<strong>in</strong>ess <strong>in</strong> <strong>Cyprus</strong> under a familiar legal framework which is very important to<br />
create trust when carry<strong>in</strong>g out bus<strong>in</strong>ess. The abundance of English speak<strong>in</strong>g and <strong>UK</strong><br />
university graduates <strong>in</strong> the talent pool,<br />
who understand British culture and the<br />
way of do<strong>in</strong>g bus<strong>in</strong>ess is also reassur<strong>in</strong>g,<br />
whether these are bus<strong>in</strong>ess partners,<br />
counterparts, or colleagues.<br />
Another very important advantage<br />
I<strong>Cyprus</strong>, as a full member of the EU,<br />
can provide <strong>UK</strong> companies with a<br />
gateway to the EU s<strong>in</strong>gle market.<br />
is the fact that <strong>Cyprus</strong>, as a full member of the EU, can provide <strong>UK</strong> companies with a<br />
gateway to the EU s<strong>in</strong>gle market. This can be especially valuable for bus<strong>in</strong>esses that<br />
want to ma<strong>in</strong>ta<strong>in</strong> a presence with<strong>in</strong> the EU follow<strong>in</strong>g the <strong>UK</strong>’s departure from the<br />
Union. Moreover, <strong>Cyprus</strong> is strategically located at the crossroads of Europe, Asia, and<br />
Africa and serves as a bridge between these regions, <strong>in</strong>clud<strong>in</strong>g as a place for regional<br />
headquarters. Its tax system is modern and <strong>in</strong> l<strong>in</strong>e with EU and OECD requirements<br />
and has been <strong>in</strong> place s<strong>in</strong>ce 2003.<br />
What new prospects and opportunities could be cultivated<br />
to facilitate more bus<strong>in</strong>ess between <strong>Cyprus</strong> and the <strong>UK</strong>?<br />
<strong>Cyprus</strong> has been develop<strong>in</strong>g its energy resources, <strong>in</strong>clud<strong>in</strong>g offshore natural gas<br />
reserves. The <strong>UK</strong>, with its expertise <strong>in</strong> the energy sector, can explore cooperation <strong>in</strong><br />
energy exploration, production, and distribution, potentially lead<strong>in</strong>g to energy security<br />
and mutual economic benefits. Collaboration on environmental issues, susta<strong>in</strong>ability,<br />
and climate change can also be explored, with both countries work<strong>in</strong>g together to<br />
address global challenges.<br />
The healthcare sector <strong>in</strong> <strong>Cyprus</strong> can attract <strong>UK</strong> patients seek<strong>in</strong>g high-quality<br />
medical services and treatments. Build<strong>in</strong>g medical tourism <strong>in</strong>frastructure and