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New record of arrivals from France likely, says Deputy Tourism Minister

by THEFUTURE.TEAM

September 20, 2024

Cyprus may break its record for tourist arrivals from France this year, according to Deputy Minister of Tourism Kostas Koumis.

Speaking during a series of meetings in the French capital, Koumis, who is leading Cyprus’ delegation at the 2024 IFTM tourism exhibition, expressed optimism that arrivals from France could surpass last year’s figure of 80,000 visitors.

According to a press release by the Deputy Ministry of Tourism, Koumis had discussions with senior officials from tourism organisations and airlines operating between France and Cyprus. The focus of the talks included the continued growth of the French market in Cyprus, which is expected to set new records this year, as well as visitor satisfaction and efforts by the ministry to promote niche tourism.

At the IFTM exhibition, the Cyprus delegation hosted a breakfast featuring traditional Cypriot cuisine, in line with the “Cyprus Breakfast” initiative. Notable guests included Valerie Boned, President of the French Association of Travel Agents, and Lawrence Gaborieau, Director of the IFTM exhibition. The annual event is one of the largest and oldest professional tourism exhibitions in the world, attracting thousands of industry professionals.

The French market has seen a significant 25% increase in tourist arrivals to Cyprus from January to August 2024 compared to the previous year, and an impressive 217% rise compared to the same period in 2019.

Koumis highlighted that the French market had been slow to grow in Cyprus due to several factors, most notably the preference of French tourists for French-speaking destinations. However, he pointed out that in recent years, there has been a notable surge in French arrivals, with this year expected to set a new record.

“We must conduct a thorough analysis of the profile of the French visitor,” Koumis said, adding that recent surveys show French travelers are particularly conscious of environmental issues and green development. “They assess destinations based on sustainable practices, which is why green transition efforts are essential for the future of tourism.”

Koumis further emphasised the importance of continuing to attract French tourists in the coming year, building on this year’s high performance while considering evolving trends in visitor preferences.

“About 50% of French tourists prioritise sun and sea destinations, but we are also seeing a growing interest in lesser-known locations, which is a dynamic trend that extends beyond France,” he said.

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.