The government’s commitment to the continuous introduction of progressive measures for reform and growth has resulted in the impressive recovery of the Cyprus economy.
Continuously enhancing and developing key economic sectors, introducing structural changes and important reductions in expenses and operational costs, Cyprus gained credibility and reinforced its competitiveness as an attractive investment destination offering numerous opportunities and potential.
There are several key economic sectors in Cyprus economy that prove to be profitable.
The discovery of hydrocarbons in Cyprus’ Exclusive Economic Zone has created new exciting prospects for the island to become an energy hub in the Eastern Mediterranean.
Developments have attracted worldwide interest and significant investment from leading energy giants as well as renowned international providers operating in the oil and gas auxiliary services sector. Cyprus is also fast developing into a regional fuel hub, connecting Europe and the Black Sea with markets in the Middle East and Asia.
Cyprus is also fast becoming one of the top emerging investment fund centres in Europe, offering unique access to high-growth markets. Determined to stay at the forefront of industry developments and continuously upgrading its legislative and regulatory regime, Cyprus has developed into a key regional domicile for setting up investment funds and establishing asset management companies for pan-European reach.
Innovative research, a rapidly growing startup ecosystem, a highly educated and experienced human talent and a range of incentives render Cyprus a perfect choice to start and scale companies. Applied research is encouraged through EU or national funding and an attractive Intellectual Property (IP) box, while research centres are established in all major cities. As a result, many successful tech companies have already either relocated or expanded in Cyprus, using the country as a base and gateway to and from the EU.
Tourism is one of Cyprus’ most resilient and strong economic sectors, significantly contributing to the country’s GDP. Apart from its natural beauty, excellent weather and breath-taking sceneries, Cyprus strives to enhance its competitiveness as a premium touristic destination, diving into niche areas, upgrading its offering and developing new experiences. In addition, large-scale strategic projects such as luxury resorts, marinas in all major seafront cities and the new integrated casino resorts are expected to stimulate this booming industry further.
Either as an investment or as a second home, acquiring property in Cyprus has always been a popular choice among foreign investors.
A combination of high quality of life, year-round sunshine and natural beauty, ease of doing business and investment incentives offer investors an attractive experience in terms of both living and doing business. Being a historically crucial pillar of the Cyprus economy, the real estate and construction sector have experienced remarkable growth in the past years.