8 Growing Sectors in Cyprus

Cyprus continues to be a thriving island with a number of strong sectors. As sectors thrive Cyprus takes the opportunity to diversify and develop other areas that benefit the island and economy as a whole, below are some noteworthy sectors that are growing.

Shipping

Cyprus has a natural strategic location that has allowed for a flourishing shipping sector offering attractive legislation and operational shipping infrastructure. Cyprus has also been successful in providing tax framework and communication networks that offer competitive advantages. So much so that Cyprus is now known as one of the most reliable and competitive shipping centres in the world regarding services, registration fees and taxes. Cyprus advanced maritime infrastructure is the 3rd largest merchant fleet in the EU.

Real Estate

The sector of real estate in Cyprus continues to grow stronger every year. The island of Cyprus attracts international investment with many worldwide looking to make Cyprus their home. This is due to a number of factors such as the quality of life, sunshine, business opportunities and the Cyprus Investment Program. The past few years have seen an increase in sales and building permits and landmark residential/commercial projects.

Education

The island attracts thousands of international students every year due to the world-class education on offer with advanced research and state of the art infrastructure. Enjoyed by locals as well Cyprus offers a variety of advanced and fully accredited undergraduate and postgraduate programs. 3 public and 5 private universities are available alongside 40 public and private higher education facilities. Education is offered in a variety of languages with close cooperation with universities from the UK, Germany and the US.

Tourism & Hospitality

Cyprus is extending its holiday season and is now known as a year-round destination with hot summers and mild winters. Tourism infrastructure reflects the increase in demand for tourism on the island with the country upgrading and developing new infrastructure. Large scale projects are in place such as luxury resorts, marinas, casinos, and improved residences. Cyprus also has the highest number of blue flag beaches per capita in the EU, it is no wonder why each year tourism records are broken.

Investment Funds

In Europe, Cyprus is quickly emerging as one of the top locations for foreign direct investment. Providing unique access to high growth markets and continual upgrading of legislative and regulatory regime Cyprus continues to attract investment. A range of tax benefits is available for investor fund managers paired with low set up and costs.

Energy

Cyprus has recently discovered hydrocarbons which have opened the door to significant worldwide investment from leading energy giants and renowned international providers operating in oil and gas. EP contracts have been granted to ExxonMobil, Shell, Total, ENI, Noble Energy, Delek, KOGAS and Qatar Petroleum. These companies have created new job prospects as well as funding, transforming Cyprus into a fuel hub that operates sophisticated oil storage terminals, the first of its kind in the Eastern Mediterranean.

Start-ups & Innovation

Innovation research is rapidly growing as Cyprus is recognised as the perfect location to start and scale companies. This is due to a highly talented workforce and incentives such as applied research via EU or national funding. Companies also benefit from the low cost of launching and running a business in Cyprus as well as strong ICT and innovative ecosystems on offer.

Filming

Cyprus is also diversifying sectors by promoting the island for filming. Film crews have already been attracted to the island and recognise it as an ideal location. Cyprus is close to many major countries and has short internal distances, this paired with reliable weather makes the country ideal. Cyprus is now providing tax incentives to continue international interest from the film industry. Production companies that choose to film in Cyprus will be able to choose between a cash rebate or tax credit and can also benefit from tax discounts on investments made on equipment and infrastructure.

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Date published: February 27, 2020