2023 Doing Business in Cyprus (UK Edition)

DOING BUSINESS C YPRUS
70
UNITED KINGDOM EDITION
The education sector has seen British investment with several private schools and
universities in Cyprus offering British-style education programmes. These institutions
cater to both local and international students. While the technology sector, particularly
in areas like information technology and telecommunications, has witnessed interest
from UK companies looking to expand their operations or collaborate with local tech
firms. It’s important to note that the nature and extent of UK involvement in these
sectors may vary over time, influenced by economic conditions, government policies,
and market dynamics.
What advantages does Cyprus offer specifically
to UK companies and investors?
Perhaps 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. As the Cyprus legal system is based
on English Common Law principles, UK companies and investors will be carrying
out business in Cyprus under a familiar legal framework which is very important to
create trust when carrying out business. The abundance of English speaking and UK
university graduates in the talent pool,
who understand British culture and the
way of doing business is also reassuring,
whether these are business partners,
counterparts, or colleagues.
Another very important advantage
ICyprus, as a full member of the EU,
can provide UK companies with a
gateway to the EU single market.
is the fact that Cyprus, as a full member of the EU, can provide UK companies with a
gateway to the EU single market. This can be especially valuable for businesses that
want to maintain a presence within the EU following the UK’s departure from the
Union. Moreover, Cyprus is strategically located at the crossroads of Europe, Asia, and
Africa and serves as a bridge between these regions, including as a place for regional
headquarters. Its tax system is modern and in line with EU and OECD requirements
and has been in place since 2003.
What new prospects and opportunities could be cultivated
to facilitate more business between Cyprus and the UK?
Cyprus has been developing its energy resources, including offshore natural gas
reserves. The UK, with its expertise in the energy sector, can explore cooperation in
energy exploration, production, and distribution, potentially leading to energy security
and mutual economic benefits. Collaboration on environmental issues, sustainability,
and climate change can also be explored, with both countries working together to
address global challenges.
The healthcare sector in Cyprus can attract UK patients seeking high-quality
medical services and treatments. Building medical tourism infrastructure and