Forward-looking approach to global business

Forward-looking approach to global business

Cyprus has proven itself to be a business center of choice, with multiple advantages


From tech entrepreneurs to multinationals, bottom-line profit is a primary consideration when selecting a business destination. “Cyprus has significant advantages in that regard,” asserts Christophoros Koutouroussis, president of the Cyprus Fiduciary Association (CYFA), the representative body for regulated administrative service providers involved in international business. 

“It offers attractive tax benefits and a stable taxation system, allowing companies to plan. Cyprus’ wider advantages include the fact that  it has an international orientation; the legal system is based on England’s, applying the principles of common law; Cypriot banks understand international business, making it easy for investors to transact; and last but not least, Cyprus has a workforce of trained and qualified professionals,” he states. Many of those professionals work in the country’s strong fiduciary sector. “We’ve made leaps toward transparency and anti-money laundering over the past decade and the main reason for our success is our highly qualified workforce, which enables Cyprus to rapidly implement change. For example, Cyprus was quick to adopt EU sanctions against Russia and, in some instances, took additional steps,” notes Koutouroussis. “Remaining compliant, and cooperating with other states we consider at par in terms of regulatory frameworks, is the key to Cyprus maintaining a solid global reputation as an international business center.  Our continued success ultimately depends on adopting a forward-looking approach and focusing on onboarding the clients that are going to be here for the next decade, not just the next few months.”

CYFA is making a vital contribution toward maintaining and building Cyprus’ reputation as a jurisdiction. “We have excellent communication lines with the government, institutions, regulators and other associations. Our goal is to create value for our members through the partnerships and cooperation we have with other stakeholders, to promote best practices through our ambitious educational offering and to inform our members about how the future is likely to be shaped,” he reveals. CYFA is also an active participant in international forums. “In terms of the US and Cyprus, we’re confident our cooperation will strengthen. We feel it’s time to go beyond our obligations of being an EU member by aligning further with the US and the UK. Cyprus is on the right track,” Koutouroussis says. “I would encourage US-based businessmen to look into Cyprus, it’s a very attractive destination to do business from.”

Andreas Neocleous, CEO of Cyta, the leading provider of electronic communications, suggests another incentive for tech-based firms particularly: “Digital connectivity in Cyprus is top level. We have 100% 5G coverage, the fastest mobile network in Europe and are just finishing an aggressive fiber-to-the-home program. Cyprus’ traditional strength was its business and tax climate — now we’ve added technology and digital readiness to our portfolio of advantages.”