Breaking news

Cyprus And Japan Forge Path For Collaboration In AI And Robotics

by THEFUTURE.TEAM

July 16, 2024

In a landmark meeting in Nicosia, the Cyprus Research and Innovation Foundation (RIF) and Japan Science and Technology Agency (JST) laid the groundwork for future collaborative initiatives in cutting-edge fields such as artificial intelligence, robotics, energy, space research, and biotechnology.

The meeting, attended by prominent figures including Cypriot Chief Scientist Dimitris Skourides and JST President Dr. Kazuhito Hashimoto, highlighted Cyprus’s strategic vision and significant advancements in innovation. These achievements, reflected in Cyprus’s strong performance on the European Innovation Scoreboard, are attributed to strategic policies, robust funding programmes, and supportive government incentives.

Skourides emphasised that these efforts have substantially enhanced Cyprus’s research infrastructure, spurring a notable increase in innovative activities among small and medium-sized enterprises. He also pointed to Cyprus’s excellence in research publications, particularly those resulting from public-private partnerships, and in promoting collaborations between innovative businesses.

The meeting marked a crucial step in identifying specific areas for joint research and innovation efforts. Dr. Hashimoto expressed keen interest in Cyprus’s initiatives, signalling a promising avenue for future projects that leverage the strengths of both nations.

The discussion underscored a strong commitment from both countries to foster a cooperative environment in research, innovation, and technology. The potential collaboration aims to harness the combined strengths of Cyprus and Japan, particularly in AI and robotics, promising significant advancements and mutual benefits.

The successful Cyprus-Japan Business Forum held earlier this year further exemplifies the growing economic cooperation and opportunities for a more innovative and sustainable future for both nations.

Strengthening Innovation Ties

The collaboration between Cyprus and Japan is poised to significantly bolster the innovation landscapes of both countries. Cyprus, with its growing reputation as a hub for technological advancement, offers a fertile ground for Japan’s sophisticated research and development capabilities. This partnership is expected to facilitate the exchange of knowledge, expertise, and resources, driving forward innovations that can address global challenges in various high-tech domains.

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.