TUESDAY, 15 OCT 2019

 

CONNECT

Facebook Linked In Twitter
Famagusta_Tel_Aviv_07/10-02/12_728x90px
GloriaJeans_266x90px
IMH LTD

Nikos Christodoulides to Attend FAC and GAC in Luxembourg

Nicos Anastasiades: Ready for A Tripartite Meeting

IMH LTD
GAP_Group_2019_468x60px

BUSINESS

brought to you by Deloitte

Why Investors Impacted by Brexit Should Consider Cyprus

Why Investors Impacted by Brexit Should Consider Cyprus

In a recent interview published on Commercial Property Executive, Natasa Pilides, director general of the Cyprus Investment Promotion Agency, spoke about the organization’s continued efforts to attract investors looking to remain in the E.U. single market as well as the factors that make the country an attractive choice for investors following the U.K.’s Brexit decision.

 

Cyprus’ economy has recovered and emerged stronger from the financial crisis. What are some of the key aspects that make the country an attractive choice for investors?

Natasa Pilides: Cyprus’ economy has undeniably regained momentum, as consecutive upgrades by international credit rating agencies and economic outlook forecasts reflect the ground that has been covered and the dedication of the Cyprus government. An attractive tax regime with benefits for both individuals and companies and a regulatory structure closely aligned with the English common law system ensure a transparent, fast and efficient experience in establishing and running a business. Additionally, Cyprus has specific incentive programs targeting sectors such as startups and innovation, intellectual property and the film industry.

The country’s high availability of talent can cater to investors’ technical and professional needs, at a relatively low labor cost. Quality of life is also important, and more than 300 days of sunshine in one of the top five safest countries worldwide contributes to a relaxed and pleasant living environment.

 

Could you tell us about Cyprus’ tax regime and how it contributes to increased investor interest?

N.P.: Cyprus offers one of the lowest corporate tax rates in the E.U., at 12.5 percent; access to more than 60 double-tax treaties and tax directives; a competitive intellectual property regime; and exemptions for both corporates and individuals. Further benefits include a participation exemption regime for dividend income, foreign capital gains and foreign permanent establishment profits exemptions; notional interest deduction for investment into Cypriot companies; no succession; no immovable property taxes; and no withholding tax on outgoing dividend, interest or royalty.

 

What are some of the solutions Cyprus can provide to businesses looking to retain their access to the E.U. single market?

N.P.: As an E.U. member since 2004 and a member of the Eurozone since 2008, our island is a fully compliant platform. Positioned as a gateway between the east and west, Cyprus offers full access to the E.U. single market and serves as a link between markets in the Eastern Mediterranean, Asia and the Middle East. As a small but dynamic market, Cyprus can act as a sandbox for companies wishing to test the success of goods or services before escalating their activities into bigger markets.

 

Legislation has been continuously improved to support the economy. Can you tell us about some of the reforms still needed to help the investment sector?

N.P.: In past years, Cyprus has focused on a comprehensive plan to achieve sustainable economic growth. Some of the measures already adopted include a reform of the Registrar of Companies, a new framework for alternative investment funds and the promotion of e-government within the civil service. One major development is the creation of a Deputy Ministry for Shipping, which will start to operate in March 2018 with the task of developing the maritime sector. Several other initiatives are in the pipeline, such as the Deputy Ministry of Growth and Competitiveness and the Deputy Ministry of Tourism.

 

What are some of the new and upcoming projects, developments and contracts that have contributed and are expected to boost the island’s economic growth?

N.P.: A €600 million investment and the first integrated casino resort—City of Dreams Mediterranean—is expected to generate more than €800 million by 2022, while creating approximately 6,000 new jobs and increasing tourist arrivals by 300,000 annually. The government has announced a series of infrastructure projects and plans of approximately €16 million to rejuvenate the Troodos Mountains to attract visitors to the region.

The commercialization of Limassol port is expected to generate a total revenue of €1.9 billion over the next 25 years. Plans for a new port and marina in the city of Larnaca are in the pipeline for 2018, involving a development of up to 510,000 square meters (roughly 5.5 million square feet). We are really excited about RISE, (the proposed Research Center on Interactive Media, Smart Systems and Emerging Technologies). It’s the first of its kind and has been designed to act as an integrator of academic research and industrial innovation. 

 

Can you tell us about Invest Cyprus’ (CIPA) principal role?

N.P.: Our mandate revolves around three main pillars: promoting Cyprus abroad as a world-class investment destination, offering facilitation and support to all potential and existing investors in Europe, and proactively advocating reform toward the enhancement of the country’s competitive environment. Our role is to make it easy for investors to look at Cyprus, working as the investor’s first point of contact.

MORE ON BUSINESS

Bank of Cyprus Receives Acclamation for Its Corporate Social Responsibility

During the 'Cyprus Responsible Business Awards 2019' ceremony, held on 10 October ...

Republic of the Marshall Islands Removed from EU List of Non-Cooperative Jurisdictions

At the European Union (EU) Economic and Financial Affairs Council (ECOFIN) meeting in ...

The First ever NGO of the Year Award to “Hope For Children” CRC Policy Center

The honorary distinction "NGO of the Year" was received by "Hope For ...

FROM AROUND GOLDNEWS

   

Modion Maritime Management Collaborates with Sqlearn to Provide High-Quality Training

Cpt. Stergios Nikolaidis, Operation Manager of Modion Maritime Management said: “We have been on a mission to put safety and human protection at the ...
   

Emirates Offers Special Fares to Dubai with Complimentary Day Pass

Emirates, the world’s largest international airline, has launched special fares to Dubai for Cypriot travelers. Each ticket will also include a ...
   

Nikos Christodoulides to Attend FAC and GAC in Luxembourg

Cyprus Foreign Minister Nikos Christodoulides departs on Sunday for Luxembourg where he will participate on Monday in Foreign Affairs Council (FAC) and on ...
   

Facebook's Digital Currency Dealt Another Blow

In a blow to the social media giant, the world's biggest economies warned cryptocurrencies such as Libra pose a risk to the global financial system, the ...
   

Bank of Cyprus Receives Acclamation for Its Corporate Social Responsibility

During the 'Cyprus Responsible Business Awards 2019' ceremony, held on 10 October 2019 at the Presidential Palace, Bank of Cyprus received six awards ...
   

CFA Society Cyprus Elects new Board of Directors

The CFA Society Cyprus elected its new Board of Directors at its Annual General Meeting. The new Board is comprised of seven members, who have many years of ...
   

Supernova Consulting named as one of Europe’s best in First Ever ‘Ones to Watch’ list

Supernova Consulting has been named as ‘One to Watch’ in Europe in a list of business excellence published by the European Business Awards, one of ...
   

“Maritime Cyprus 2019”: Conference Shipping Leaders shaping the Future of International Shipping in Cyprus

The world known “Maritime Cyprus 2019” Conference was organised by the Shipping Deputy Ministry in cooperation with the Cyprus Shipping Chamber and ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Limassol_Economic_19/06-18/10_300x250px
CL8_14/10-28/10_300x250px

IMH LTD