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Invest Cyprus Strengthens Economic Ties with India

by THEFUTURE.TEAM

September 20, 2024

In a significant move to bolster its international partnerships, Invest Cyprus has strengthened economic ties with India, one of the world’s fastest-growing economies. The collaboration aims to attract investment, boost bilateral trade, and create new opportunities across multiple sectors, marking a key step in Cyprus’ strategy to position itself as a global business hub.

As part of this initiative, the Cyprus Investment Promotion Agency (CIPA), operating under the Invest Cyprus banner, is working to deepen connections between Cypriot and Indian businesses, particularly in technology, renewable energy, and financial services. The move underscores Cyprus’ commitment to expanding its economic reach and building strategic alliances beyond Europe.

India, with its vast market potential and growing influence on the global stage, is an attractive partner for Cyprus. By fostering closer economic relations with India, Cyprus stands to benefit from increased foreign direct investment (FDI), trade partnerships, and knowledge exchange in key industries.

The recent discussions between Invest Cyprus and Indian officials have highlighted shared economic interests and opportunities for collaboration in areas such as information and communication technology (ICT), energy, fintech, and pharmaceuticals. With its favourable tax regime, strategic geographic location, and robust legal framework, Cyprus offers Indian businesses an ideal gateway into Europe, the Middle East, and Africa.

Technology and Innovation at the Forefront

One of the key sectors highlighted in this partnership is technology. Cyprus has rapidly emerged as a growing tech hub, attracting startups, multinational companies, and investors looking to leverage its business-friendly environment and growing talent pool. For India, a global leader in IT services and innovation, this partnership opens up new avenues for collaboration, particularly in areas such as digital transformation, artificial intelligence, and blockchain technology.

The emphasis on technology aligns with Cyprus’ broader goal of establishing itself as a regional leader in innovation and digital economy initiatives. Through joint ventures and partnerships with Indian tech firms, Cyprus can further strengthen its capabilities in these areas, while Indian companies gain access to European markets and business networks.

Renewable Energy and Sustainability

Sustainability and renewable energy are also central to the discussions between Invest Cyprus and India. Cyprus is looking to diversify its energy mix and reduce its reliance on fossil fuels, and Indian companies, with their expertise in renewable energy solutions, could play a pivotal role in this transition.

The growing demand for clean energy solutions presents a prime opportunity for Indian firms to invest in Cyprus’ renewable energy sector, contributing to projects related to solar, wind, and energy storage. This partnership aligns with Cyprus’ commitments to the European Union’s climate goals, as the island nation seeks to accelerate its green energy transition.

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.