Cyprus is such a beautiful island country located in the Eastern Mediterranean. It’s known for its stunning beaches, rich history, and thriving economy, which makes it an attractive destination for investors looking to start their business there. In this blog post by DW&P, we will explore the best industries to consider when investing in Cyprus. These are just some ideas but there are plenty of other flourishing industries where you can invest also.
Tourism in Cyprus
Tourism is one of the most significant industries in Cyprus, and it contributes a big portion into the country’s GDP. Cyprus has beautiful beaches, warm weather, and a rich history, this is why it’s not a coincidence it attracts millions of tourists every year. The tourism industry in Cyprus has experienced constant growth over the years, and after the global crisis/pandemics the government has implemented several initiatives to attract more tourists to the country. Some of these initiatives include tax incentives for businesses in the tourism industry, investments in infrastructure, and promoting eco-tourism.
Real Estate in Cyprus
The real estate industry in Cyprus has developed rapidly with several high-end residential and commercial projects under development. Cyprus has competitive prices compared to other European countries regarding real estate and spaces to invest. For those who purchase property in Cyprus or want to invest there, the government has implemented several measures such as tax incentives and residency permits.
Technology in Cyprus
One of the best industries is also Technology. In Cyprus there are several startup incubators and accelerators and you can find a conducive environment for tech startups. One of the big advantages is also the highly educated workforce, favorable tax regime, and supportive government policies such as grants and loans to tech startups. Definitely, Cyprus is a place with a favorable business environment, tax incentives and Inspirational lifestyle. Some people call it a hub for innovation, entrepreneurship, and startups. Actually the pandemic boosted the innovation in the IT industry and digital transformation in Cyprus and this type of industry is flourishing.
Shipping Industry in Cyprus
You might want to know that the shipping industry is one of the oldest and most significant industries in Cyprus, adding a significant portion of the country’s GDP. Cyprus has a highly developed shipping sector, and a large fleet of vessels registered under the country’s flag. More and more yacht owners are registering their yachts under the Cyprus Flag due to a strong legal framework which caters for industry requirements and obligations, and extensive availability of a whole range of maritime services. The government has also implemented several measures to attract more shipping companies to Cyprus.
Here at DW&P, we pride ourselves in providing several services related to Yacht acquisition and registration under the Cyprus Flag, both to individual and corporate clients. Such services include but are not limited to the following:
- Vessel Sales and Purchases
- Drafting of Chartering and Leasing Agreements or Vetting of such Agreements
- Advice related to VAT Structures and Tax Matters
- Registration of Commercial Yachts and Pleasure Yachts
- Resident Agent Services
- Ancillary services
Disclaimer: The above-mentioned article is simply based on independent research carried out by Dr. Werner and Partner and cannot constitute any form of legal advice. If you would like to meet up with any of our representatives to seek further information, please contact us for an appointment.
