There is no doubt that the economic performance of Cyprus over the last five decades has been remarkable. The reasons are many, and include the strategic location, the sophisticated infrastructure, the highly-educated workforce, the favourable tax system, and the modern banking and insurance networks.
To build a well-educated, multi-lingual and productive workforce, Cyprus has long given considerable emphasis to education. Higher and tertiary education is offered locally by both public and private institutions and Cyprus ranks among the first countries in the world in terms of university degree holders in relation to the population.
Since Cyprus became a full EU Member State, it has adopted the European Union’s legislative framework regarding labour relations. However, labour costs are significantly lower in Cyprus when compared with the EU average. Similarly, office and living accommodation is relatively inexpensive with considerable choice, while the overall standard of living is high.
Cyprus also offers a number of tax advantages. A 2003 tax reform was introduced to bring the island in line with EU and OECD requirements, but also to ensure that Cyprus remains competitive as an international business centre and attractive to investors. The uniform corporate tax rate of 10% for example, is the lowest in the EU while Cyprus has entered into Double Tax agreements with 41 countries. Furthermore, Cyprus’ Intllectual Property laws are in line with the EU acquis communautaire and international IP rights.
Transportation - Logistics
The local infrastructure is ideally suited for business people who need to get things done. Thanks to its modern road network, extensive port facilities and two international airports, travel and transport in and beyond Cyprus is fast, efficient and economical.
The coastal resorts of Larnaca and Pafos each operate international airports serving flights to and from both Europe and the Middle East. Larnaca is the larger of the two airports, while the construction of an all-new facility is set to begin soon.
Limassol and Larnaca are both bustling airports and work around the clock to serve the island’s considerable import and export markets. Limassol is the largest port, although considerable infrastructure is in place to provide for easy and efficient operations at each coastal facility.
The country offers a comprehensive range of integrated professional services, able to assist in any field of enterprise including the areas of Accounting, Banking & Financial Services, Business Consulting, Computing & IT, Design, Education, Engineering, Legal Services, Marine & Shipping, Private Healthcare, Risk Management, Sales & Marketing, Tourism, Travel & Conferences.
Furthermore, considerable investment has been made into transforming the island into a major telecommunications hub in the region by building a technologically advanced infrastructure, both in terms of cable and satellite.
For those planning to do business in Cyprus, the administrative procedures are greatly simplified in recent years and there is an efficient network of support services in place, as a reflection of the importance the authorities place on developing the island as an international business centre, in order to expedite matters concerning foreign entrepreneurs.All these, coupled with the high standard of living and the countless other lifestyle advantages on offer, make Cyprus the perfect place for today’s investor and usiness people.