In a recent press release, Jean Stephens, the CEO of RSM International stated that ‘Cyprus is a crucial economic and physical link between Europe and the global economy.’ This was in response to the news that RSM had set up a new firm in the Republic, which made it clear that they feel it’s a great business move.
This may come as a surprise to many though as this relatively small Mediterranean island doesn’t necessarily stand out in the markets, particularly in comparison to its larger neighbours.
With this in mind, in this post, we take a closer look at what Cyprus has to offer in terms of business opportunities to determine whether this statement is indeed accurate. We’ll also discuss any benefits and advantages that firms could realise by expanding to this area.
A strategic location
One of the standout aspects of Cyprus’ appeal is its geographical location. It essentially offers a gateway to both Europe and the countries of the Middle East. Moreover, it can offer direct flights to a number of these locations and beyond.
Favourable tax options
When setting up a business or expanding abroad, the tax is often a key consideration for many companies. This is another reason why Cyprus is a favourable option as it currently has a more beneficial tax plan in place compared to other countries. It also has more than 50 Double Taxation Agreements with nations around the world, including the UK.
Cyprus became a member of the EU in 2004 despite technically being a divided island. As such, EU-based businesses looking to work here face fewer restrictions and are allowed to work under the same EU regulations.
Lower cost of living
Affordability for working in Cyprus stretches beyond business operations, as it has relatively low living costs, particularly with food and rental costs. This is something that workers looking to relocate could then make the most of, especially if they’ve come from areas where they had previously been spending a high percentage of their wages on the costs of living.
The Cypriot government often offer immigration permits for legitimate investment and business purposes. This can significantly help with the initial discussions or meetings that investors might have where they may need to spend an extended period in the republic.
This might not be strictly business related, but Cyprus is one of the warmest places in the Mediterranean. Which is certainly good news for any employees who might be fans of the sunshine.
With the above, it certainly seems that Cyprus could offer a lot for businesses. So if your company is also on the verge of an expansion or growth opportunity, then Cyprus could be a great choice.