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Cyprus: Destination of choice for foreign investment

Cyprus is well on its way to economic recovery, according to Cyprus Investment Promotion Agency

Cyprus is experiencing an economic revival as several measures post-2013 crisis has led to the country's stability. This in turn is giving investors a boost of confidence and a number of reasons to invest again.
Christodoulos E. Angastiniotis, Chairman of the Cyprus Investment Promotion Agency (CIPA), said: "I firmly believe resilience is a key element in this country's recovery. It is clear that the majority of Cypriots accepted our own shortcomings early on and this was the first step in order to move forward. Having recognised our weaknesses we treated the crisis as an opportunity to fix things and create a more stable, efficient and attractive economy."
From restricting government bureaucracy to streamlining procedures aimed at cost reduction in the private sector and encouraging a pro-business environment, the country has improved its global trade scenario.
The dynamic country, which is a member state of the European Union since 2004, enjoys a geographical advantage, as it is situated between crossroads of three continents - Europe, Asia and Africa - an ideal position for international commerce.
Furthermore, the recent discovery of hydrocarbon reserves in the country's Exclusive Economic Zone (EEZ) has boosted its charm. A US-led consortium unearthed a reserve of over 127 billion cubic metres of natural gas offshore in the Aphrodite gas field, a location that now carves potential for Cyprus to become a major regional energy provider.
Referring to the infusion of capital into the banking and leisure sectors from overseas investors, Angastiniotis points out that Cyprus' investment map has significantly changed over the last few years, where incoming Foreign Direct Investment (FDI) marked a high point in 2014.
CIPA coordinated and attracts new investments to the country, highlighting Cyprus' robust legal and regulatory framework as key competitive advantage.
Angastiniotis further added: "For a lot of investors, it is a combination of a transparent legal framework based on English Common Law, arguably the most comprehensive tax system in the EU, and the strength and benchmark expertise of Cyprus' legal, financial, and administrative services. It is a comprehensive support package for doing business where almost everybody speaks English."
Besides an efficient business infrastructure, Cyprus also boasts a high standard of living. A recent report by global property and relocation firm Knight Frank had ranked the country as the fifth best place to relocate, despite being amidst a financial crisis.
According to Angastiniotis, there is high growth potential in ICT, R&D, as well as innovation, which can effectively create a knowledge-based economy.
Cyprus now strives forth to create a more efficient, flexible, transparent and investment-friendly environment, where it will rebuild a different Cyprus, instead of just setting up a brand.