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An island of golden opportunities

Angelos Theodorou, Executive Director of Euroglobal SEE Audit Limited who are members of global accounting association, BKR International, tells us why Cyprus should be on the radar for British businesses looking to spread their wings.

Cyprus is an established international business hub with much opportunity. Situated between Europe, Asia and Africa, Cyprus has an advantageous geographical location as well as an ideal time zone.

The island is primarily English speaking, has an educated, skilled and experienced professional workforce, highly developed and efficient accounting and banking sectors, and a robust legal system.

Cyprus also boasts a competitive tax system with one of the lowest corporation tax rates in the EU, and there are a large number of double tax treaties in force, including one with the UK, which protects the same income from being taxed in more than one country.

It also has excellent transport and communications infrastructure, one of the world’s lowest crime rates and, as a bonus, gets an enviable 340 days of sunshine per year.

Commenting on the current position of the Cypriot economy, Angelos says “The last three quarters have seen Cyprus perform higher than EU average on most KPIs, particularly in the tourism sector.

The European Commission’s 2017 spring forecast concluded that the economy expanded by 2.8% in real terms in 2016 and the real GDP growth is forecasted at 2.6% in 2017. It is anticipated that the economy will continue on a steady growth path.” 

According to Angelos, there are significant investment opportunities available in many areas, including in tourism, shipping, energy and hydrocarbon industry, real estate, pharmaceuticals and education, to name a few. Permanent residence and citizenship programs may be available which would allow individuals to retain their EU access post-Brexit. He does say, however, that one of the biggest challenges for businesses remains bureaucracy with a lot of red tape put in place by some local government bodies and agencies.

His advice? Reach out to the appropriate agencies for direction, and partner up with an experienced business adviser who knows your industry. 

“Promising business ventures have been short lived simply because ‘how to do business in a foreign country’ was overlooked! Key agencies that can assist you are the Cyprus Chamber of Commerce & Industry, Cyprus Investment and Promotion Agency, and Cyprus UK Business Association.”

18 Jul 17
Angelos Theodorou, Executive Director of Euroglobal SEE Audit Limited, Cyprus