Cyprus: A reliable international business centre and a growing technology hub

Cyprus is an emerging innovation and technology hub in the European Union. As an EU Member State since 2004 and Eurozone Member since 2008, Cyprus has evolved through the years, into a modern and cosmopolitan business centre

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Published: Wed 27 Dec 2023, 1:22 PM

As a result, Cyprus has been attracting a fast-growing number of international companies in recent years, operating in the areas of technology, research and innovation. With its attractive tax regime, modern legal and regulatory framework, highly qualified and well-educated human talent and wide network of financial and professional services, Cyprus serves as an ideal location for international businesses and an attractive jurisdiction in order to expand their regional operations and connect to the EU Single Market.

The participation of the Ministry of Energy Commerce and Industry (MECI) with a Cyprus pavilion in Gitex Global 2023 exhibition, for the second consecutive year, that took place in Dubai between October 16 to 20 demonstrates the Government’s determination to enhance the extroversion of Cypriot Technology companies and at the same time assist multinational technology companies wishing to utilise the island as a welcoming destination for those entrepreneurs interested in expanding their regional operations or entering the European Market.

The participation to Gitex Global 2023 has been viewed by Cypriot participants as a unique opportunity that can transform their business from a start-up or an SME to an industry leading company. The Cyprus Pavillion was located in the Artificial Intelligence, IOT, Cloud and Big Data hall and showcased to the visitors technologies in the fields of cybersecurity, life sciences, payment services, artificial intelligence, compliance services, software, emerging technologies and applied research technologies. Cyprus is, fast becoming one of the top emerging research and innovation centres in Europe. The island, is one of the most innovative economies in Europe, classified as strong innovator based on the latest European Innovation Scoreboard. , For the second consecutive year, it ranks 10th, performing above EU average.

The Cyprus Government emphasises in supporting the development of the technology sector and considers it as a priority in the formation of national strategies and incentives schemes. The Government has introduced a new strategy for attracting both high-skilled talent and international businesses that wish to set up, relocate or expand their activities in Cyprus.

The existing investment policy has been radically reviewed, broadened and simplified to include a series of actions and reforms, such as improved tax incentives and the introduction of digital nomad visa, which aim at enhancing Cyprus’ position as an international high-growth business centre. Qualifying Cyprus tax resident companies that invest in research and development activities may result in an effective tax rate as low as 2.5 per cent.

To do so we need to be a world leading model nation with a thriving, resilient economy and a just inclusive society.

Committed to constantly improving the business environment and facilitating the ease of doing business on the island, the Republic of Cyprus, as part of the new Strategy and in line with Cyprus Vision 2035, has launched the “Business Facilitation Unit (BFU), as of January 1, 2022. The BFU, operating under the auspices of the Ministry of Energy, Commerce and Industry, provides fast-track business setup to international companies.

A growing number of foreign companies are being registered at the BFU with the majority being in the information and communication technology sector, indicating the successful implementation of the Government’s new strategy for attracting international businesses and talent in the technology field.

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