In today’s ever-changing business environment, there is a need for professional business advisors, who not only have the ability to see the broader picture but also possess the commitment and desire to serve each client as an individual.
“At KPMG Cyprus quality service is a total and continuing commitment and our highest priority is to work closely with our clients, listen carefully and help them in anticipating and defining future needs and opportunities” stated Christos V. Vasiliou, the Managing Director.
Cyprus, being a full member of the European Union, can be used as a gateway for UK companies wishing to get a passport in the EU market. This is particularly useful for companies involved with the financial services sector but also with other industry sectors like the technology and shipping sectors. “KPMG in Cyprus can be the trusted advisor for companies wishing to receive advice as to how they can set up in the country” he added.
Cyprus has become an extremely attractive country in which somebody can choose to set up a business, especially in recent years. The main advantages Cyprus has to offer to UK companies and investors are:
- Its strategic location: Being in the middle of three continents, enables businesses to have immediate access to the rest of the world’s markets.
- The country has also managed to develop a competent ecosystem of professionals, infrastructure and communication that are extremely supportive in helping individuals and companies to operate efficiently without the need to draw all resources from elsewhere.
- The Cypriot legal system follows common law which is consistent with the UK legal framework. This means that UK companies wishing to set up offices in Cyprus will find the legal system of the country extremely familiar and understandable.
- The Cyprus tax legislation is well-established and business-friendly. The actual tax rate of 12,5% is among the lowest in the EU. Coupled with the fact that Cyprus has an extensive double tax treaty network with around 50 countries including the UK, facilitates the decision to set up a business on the island.
- Finally, one can argue that Cyprus is a lovely place to live and work. Apart from the evolution of a highly efficient business ecosystem as stated above, Cyprus’ living conditions and climate offer a unique experience when it comes to quality of life. With more than 250 days of sunshine and mild weather, one can combine a tiring day’s work with a dive in the sea, a wonderful sunset dinner and a drink on the beach or an excursion in the mountains, before starting the next day’s working program.
The main economic sectors in Cyprus that have the potential to attract UK investment are:
- The tourism and hospitality sector accounts for 23% of the country’s GDP, followed by the financial, professional, and other services which comprise one of the strongest sectors of the Cyprus economy contributing 21% of the National Product of the country.
- Real Estate and Development accounts for 16% of our GDP.
- One of the fastest-growing sectors of the economy is Information, Communication and Technology which accounts for almost 13% of the country’s GDP. Cyprus is indeed becoming a tech hub in recent years with a lot of reputable companies in the sector setting up headquarters in the country given the incentives provided by the Government to facilitate such companies as well as their employees to operate from and live in the island.
- There is already huge interest in Cyprus from companies and investment funds based in the UK to relocate to Cyprus. With the right decisions and actions, further cooperation between the two countries will be beneficial for the UK and the Cypriot economy.
- We are also seeing sectors like Health and Education attracting significant investments in recent years.
KPMG in Cyprus has a great team of outstanding professionals, specializing in many fields, capable of assisting businesses with all their needs when relocating to Cyprus. “Our highly-experienced professionals can assist in all the steps of the migration process starting from offering professional advice relating to the setup and tax treatment of relocation, analyzing and presenting the Cyprus legal framework, and helping companies set up their base on the island in an efficient manner. Upon set up, we can help companies with their audit, tax and advisory needs going forward” assured the Managing Director.
The continuous improvement and expansion of bilateral relations at the political and cultural level is also considered equally important. “As a firm, we are closely monitoring developments and we want to promote Cyprus in the best possible way as one of the UK’s potential largest economic partners in Europe” Vasiliou concluded.