The setup as well the ongoing cost of doing business in Cyprus is lower compared to the major EU and other jurisdictions.
The island offers access to talents and professionals as well as office rental and other maintenance works at affordable and competitive rates.
A number of factors have contributed to the reputation of Cyprus as a growing Tech & Innovation hub. The strategic geographical location, the robust legal and regulatory framework, the favourable IP Tax Box regime, the ease of doing business in Cyprus, the access to talent and global markets, as well as the relatively low set up and operating costs, are among these factors.
The vision statement of Cyprus’ National Digital Strategy is to become a fit-for-the-future society and knowledge-based economy enabled by digital and emerging technologies that will drive sustainable economic growth, social prosperity and international competitiveness.
Large ICT global companies are using Cyprus for their headquarters or regional offices offering software development, systems integration, project management, research and development, communication and other technology services. Examples include NCR, IBM, Kardex, Microsoft, Wargaming, 3CX, TSYS, Amdocs, Exness, Bolt, Melsoft Games, Kyndryl, Viber, Asbis and Nexters.
Cyprus is amongst the top destinations in attracting Foreign Direct Investment (FDI) mainly due to its beneficial business operating environment and attractive tax regime.
The large-scale projects in the real estate sector, luxury marinas and tourism infrastructure, the financial and insurance operations, energy, as well as new sectors promoted by the Government including technology, Research & Development & Innovation (R&D&I), regional headquartering, educational upgrades, medical advancement, film production and investment funds are attracting foreign investments.