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Chief Scientist highlights Cyprus’ role as technology hub in New Delhi

by THEFUTURE.TEAM

September 11, 2024

Chief Scientist Demetris Skourides participated in a recent Invest Cyprus event in New Delhi, India, aimed at promoting Cyprus as an emerging technology and innovation hub, as well as a reliable gateway for investments to and from Europe.

According to a press release, the 5 September meeting was also attended by the Deputy Minister for Research, Innovation and Digital Policy, Nicodemos Damianou, the High Commissioner of the Republic of Cyprus to India, Evagoras Vryonides, the CEO of Invest Cyprus, Marios Tannousis, the executives of PWC, Chrysilios Pelekanos, and Eurobank, Panayiotis Chrystostomou, as well as several entrepreneurs and potential investors from India.

Skourides had the opportunity to present the research, technology and innovation ecosystem of Cyprus, to highlight the incentives provided to attract investment and talent to the country, as well as the efforts made by the state to make Cyprus a hub for research, innovation and international entrepreneurship, stressing that Cyprus presents high levels of scientific excellence, as it has a remarkable research potential with significant achievements both at national and European level.

He also emphasised the notable research infrastructure of the Centres of Excellence that have been developed in Cyprus with co-funding by the European Commission, the services they provide and the important role they play in the development of the ecosystem, as well as the opportunities presented for the internationalisation of their services through new partnerships and investments from countries such as India.

It is added that Skourides held talks with over 30 stakeholders and provided a thorough briefing on the benefits of cooperation between entities from Cyprus and India, tax incentives, the funding programmes of the Research and Innovation Foundation which can be exploited, as well as the opportunities for access to the single European market from the country.

During his meetings, he identified and provided specific opportunities for cooperation with innovative companies in Cyprus, specialized in Fintech, Regtech, Healthtech, Agrofood and ICT, areas that are highlighted in the country’s Smart Specialization Strategy and are priorities of the Research and Innovation Strategy 2024, it is added.

It is also noted that the Director General of the Cyprus Research & Innovation Foundation, Theodoros Loukaides, also travelled to New Delhi to participate in the one-day CII India-Mediterranean Business Conclave, organised by the Ministry of External Affairs of India and the Confederation of Indian Industry (CII), with the participation of representatives from 28 countries. At the same time, the Deputy Minister of Research, Innovation and Digital Policy led the Cypriot representation.

Cyprus Showcases Its Business Advantages At 2024 London Event

by THEFUTURE.TEAM

December 5, 2024

Cyprus seized the opportunity to present itself as a premier destination for high-net-worth individuals (HNWIs) at the ‘Non-Doms: The Cyprus Private Client Offering Gathering 2024,’ held at the iconic London Stock Exchange. The event attracted over 150 participants, including professionals from the UK and experts from Cyprus, all gathering to explore Cyprus’ business advantages.

The gathering aimed to strengthen ties between the international investment community and Cyprus, highlighting the island’s competitive tax regime and wealth management opportunities. The central focus was Cyprus’ strategic appeal for non-domiciled residents, particularly as changes to the UK’s tax framework prompted many HNWIs to reconsider their tax and residency options.

A Shift in Global Tax Dynamics

With the UK government’s decision to abolish its long-standing non-dom tax regime, Cyprus stands poised to become an attractive alternative. The UK’s new residence-based system, set to take effect in April 2025, could direct more wealthy individuals and businesses toward jurisdictions like Cyprus, known for its fiscal benefits and strategic location in the Eastern Mediterranean.

Marios Tannousis, CEO of Invest Cyprus, and George Pantelis, former Director General of the Finance Ministry, addressed how Cyprus is uniquely positioned to capitalize on this shift. Their presentations underscored the island’s stability, tax benefits, and favorable environment for both personal wealth and corporate operations.

Key Highlights from the Conference

One of the highlights of the event was the panel discussion titled “Cyprus: A Destination of Choice for HNWIs, Their Families, Companies, and Employees.” Experts like Christos Neokleous, Consultant at Tsirides Law, outlined the simplicity of doing business in Cyprus, emphasizing the ease of setting up companies and understanding the regulatory environment.

Andreas Andronicou, Partner at PwC Cyprus, discussed the significant tax advantages for both individuals and corporations looking to operate from Cyprus, especially within the European and global markets. The country’s legal framework, based on the English Common Law system, was another focus, with Melina Dionysiou, Director/Head of Corporate at Totalserve, explaining its business-friendly aspects.

A Strategic Business Environment

Cyprus’ status as an international business hub is further reinforced by its competitive tax rates, skilled workforce, and advantageous legal system. These factors, combined with its prime location, make it an ideal choice for companies seeking to expand into new markets. Moreover, the conference highlighted the island’s growing appeal to foreign investors and companies, with opportunities ranging from tax-efficient corporate structures to residency-by-investment programs.

As the world moves toward greater tax competitiveness, Cyprus is keen to attract international clients seeking efficiency and flexibility. This year’s event comes at a crucial moment, as the UK’s changes to its non-dom tax regime create new openings for Cyprus to solidify its position as a leading destination for wealthy individuals and businesses.

Global Appeal for High Net-Worth Individuals

Cyprus’ tax benefits, wealth protection solutions, and modern legal structures were the focal points of the final panel, which also explored investment opportunities on the island. Experts such as Sara Eojourian, Head of Wealth Management at Athlos Capital, discussed the array of investment solutions that Cyprus offers, particularly for HNWIs. These services not only provide personalized wealth management but also come at competitive costs, making them an attractive option for international investors.

Conclusion: Cyprus, an Attractive Option for International Clients

In conclusion, Cyprus is increasingly recognized as a top destination for both high-net-worth individuals and international businesses. Thanks to its competitive tax system, business-friendly legal environment, and strategic location, Cyprus is solidifying its status as a prime hub for foreign investment. As global tax policies continue to evolve, Cyprus remains well-positioned to provide attractive opportunities for clients and businesses seeking stability, efficiency, and significant fiscal benefits.