Why Invest in Cyprus?Updated on Tuesday 14th February 2017
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After surpassing the economic crisis, Cyprus has become an investment destination for foreign companies wanting to expand due to the Cypriot benefits for foreign investors, the geographical position, the cheap and qualified workforce and transport and communications system.
Reasons to invest in Cyprus
Foreign companies looking for an investment opportunity must take into consideration Cyprus as it is an EU member state since 2004 thus providing investors with access to the EU market. Another reason to invest in Cyprus is its geographical position between Europe, Africa and Asia that serves as a gateway between continents. The Cypriot taxation system, the labor force and the pro-investment climate are also important reasons for investing in Cyprus. Cyprus also provides a good environment for people wanting to obtain residency in Cyprus as they can purchase real estate properties at very good prices and the quality of life is very high.
Business environment in Cyprus
Among the most important advantages for doing business in Cyprus are the flexible taxation system, the banking system and the insurance networks, all of these at very competitive costs. Foreign entities wanting to invest in Cyprus will benefit from low start-up and operations costs. The Cypriot government has set pro-business legislation in order to help the investors that consist in tax incentives, residence and work permits.
If you are looking for an investment opportunity our Cypriot lawyers can explain you the main advantages of the Cypriot business environment.
The video below presents more information on the investment environment available in Cyprus:
Investment incentives in Cyprus
In order to restore the country’s economy after the restructuration of the Cypriot banking system, the government has taken measures that should encourage economic growth and investment in Cyprus. Among these measures there are:
- The reduction of time allocated for planning permissions to one month for small business projects and three months for larger business projects;
- The building coefficients have been increased by 30%, 25% and 20% depending on the area residential and commercial spaces will be built on;
- Cypriot laws allow for casinos to be opened;
- Tourism will be encouraged by allowing the construction of condo hotels;
- Foreign individuals can benefit from permanent residency in Cyprus;
- Foreign investors can apply for Cypriot citizenship provided some requirements are met.