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EU Support Sought For Rural Demographic Revitalisation

Maria Panagiotou, the Cypriot Minister of Agriculture, has called upon the European Union to support the demographic revitalisation of rural areas. Addressing the EU Agriculture and Fisheries Council in Brussels, she emphasised the critical need for enhanced funding mechanisms under the Common Agricultural Policy (CAP) to counteract rural depopulation and make these areas attractive to younger generations.

Panagiotou’s appeal aligns with broader European concerns over rural depopulation, a pressing issue that threatens the socio-economic fabric of many member states. The inaugural Council under the Hungarian EU Presidency highlighted demographic revitalisation as a key agenda, underscoring the shared challenges across the Union.

The Cypriot government’s strategy hinges on a multi-faceted approach, leveraging a range of financial tools to support sustainable agricultural practices and improve rural infrastructure. These efforts aim to create viable economic opportunities that can attract and retain young people in rural communities. Panagiotou stressed that relying solely on national resources is insufficient to address these challenges, advocating for a bolstered CAP supplemented by additional EU funding streams.

Central to this strategy is the need to make small and medium-sized agricultural enterprises competitive and sustainable. The high cost of transporting goods from remote areas presents a significant barrier to profitability and growth. By enhancing CAP with additional financial instruments, Cyprus seeks to build the necessary infrastructure that can transform rural areas into thriving, attractive locations for new farmers and families.

The call for EU support reflects a recognition of the interconnected nature of rural development challenges and the need for a coordinated response. Panagiotou’s remarks underscore the urgency of action to ensure that rural areas do not become mere historical footnotes but instead vibrant, economically viable communities.

In conclusion, Cyprus’s request for EU assistance in rural demographic revitalisation is a strategic move aimed at sustainable development. It seeks to address the dual challenges of rural depopulation and economic viability, with a clear focus on creating a supportive environment for the next generation of farmers and rural inhabitants. The success of this initiative could serve as a model for other EU member states facing similar challenges, highlighting the importance of solidarity and coordinated action in addressing common European issues.

Cyprus Showcases Its Business Advantages At 2024 London Event

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.

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