Cyprus is an excellent destination to live, work and innovate: be it for companies or employees with their families.
- Pro-Business Legal Framework: The country has a modern, transparent, and efficient legal framework based on English common law, which is favourable for conducting business operations.
- Attractive Taxation System: With an effective tax rate of 2.5% through the IP Box regime and incentives for both companies and employees, Cyprus offers an appealing taxation system for tech companies.
- Efficient Migration Regime: Cyprus has an efficient and straightforward migration regime, making it easy for companies to relocate employees and for individuals to obtain residency permits.
- Growing Tech Ecosystem: Cyprus has a fast-developing tech ecosystem, with a rapidly growing IT community, a wide range of multilingual, high-quality professionals, and the potential to become a leading technology hub in the MENA region. Furthermore, the tech industry is one of the most impactful drivers of Cyprus’ GDP growth.
- Strategic Location: As an EU and Eurozone member, Cyprus offers favourable transaction terms with all Eurozone nations. Additionally, the country is located at the crossroads of Europe, Africa, and Asia, providing easy access to important markets.
- Cyprus received positive credit rankings: BBB/Stable from DBRS Morningstar, as BBB/Positive from S&P, as BBB-/Stable from Fitch, and as Ba1/Stable from Moody’s.
- It is included on the OECD’s White List of jurisdictions
Moreover, Cyprus has favourable conditions for business and personal adaptation:
- The vast majority of Cypriots speak English, and business is conducted in both English and Greek
- Cyprus is the 3rd largest island of the Mediterranean, located at the crossroads of 3 continents, making it easily accessible from all directions
- A cosmopolitan island offering a fulfilling lifestyle, while also ranked as the 5th safest small country in the world
- The sunniest country in Europe with a mild climate even in winter, 330 sunny days in a year
The cost of living is relatively low compared to other European business hubs, and Cyprus is considered to have one of the highest standards of living across the EU
- Cyprus also features high-quality healthcare, and excellent international schooling from kindergarten to university. Cyprus boasts one of the highest numbers of university graduates per capita in the EU; it has an efficient communications infrastructure corresponding to European standards and offers excellent road, air, and sea transport solutions and services.