A Credible European Business Centre for Israel’s Corporate World
Cyprus is evolving as a regional business hub and destination for Foreign Direct Investment. The country’s growth trajectory was not interrupted during the COVID-19 pandemic. On the contrary, we have observed significant investments materialising in sectors such as Technology, Tourism, Education, Energy and Real Estate.
Just before the war in Ukraine, the indications for 2022 were very optimistic. The economy’s strong growth, backed up by a very ambitious EU-approved recovery and resilience plan, creates substantial potential for targeted investments leading to long-term sustainable growth.
In today’s post-pandemic landscape, the further strengthening of Cyprus-Israel economic and business relations is of paramount importance to Invest Cyprus. We acknowledge Israel as a reliable regional ally at all levels. The State of Israel contributes to the maintenance of stability and growth prospects in the Eastern Mediterranean and the MENA region. Cyprus’ geographic proximity to Israel makes it the perfect EU destination for business owners who want to establish their business or an EU base in the country.
We are pleased to observe a growing number of Israeli companies actively investing in Cyprus. Indicatively, Fattal Hotels has acquired and renovated hotels in the Paphos and Famagusta districts and Brown Hotels is planning to open hotels in the near future. In addition, a consortium of Israeli and Cypriot interests will undertake the development of the new port/marina project in Larnaca. Upon completion, the latter will be the biggest foreign investment ever made in Cyprus. In the Retail and FMCG sector, prominent companies such as Tempo and Diplomat have also expanded their operations in Cyprus, distributing leading global brands.
As Cyprus develops into a regional tech hub, several Israeli companies have chosen the country as their EU base. Companies such as eToro, Plus500 and Globe Invest Ltd have a strategic and growing presence, employing both local and Israeli workers, thus further enhancing relations among people of the two countries. It is no wonder that many individuals and families from Israel are choosing to acquire a second home in Cyprus, taking advantage of the ideal living conditions that the country has to offer.
What makes Cyprus attractive to investors and businesses from Israel?
Over and above issues of proximity and excellent political relations, Cyprus offers:
● access and targeted incentives to attract international talent
● access to global markets and capital
● a prudent regulatory structure
● an attractive tax regime
● an attractive IP regime
a robust framework for investment firms, investment funds and fund management licences and acquiring EU passporting rights
● strong business support services
● low costs for doing business
● a high quality of life in a stable and safe environment
As the world becomes more globalized and companies with international operations seek the ideal place in which to relocate and operate, Cyprus is emerging as a destination with unique characteristics and advantages.
Invest Cyprus, the Government’s investment authority, has identified Israel as a key market and regularly organises roadshows and presentations to highlight Cyprus’ advantages and investment opportunities.
Our next roadshow will be held on Tuesday, March 29, 2022 at the Hilton Tel Aviv. We want businesses and individuals to consider us as their local partners at all stages of the investment procedure. We remain ready to provide information and guidance on policies, as well as hands-on support – from their first step up until the full realisation of their plans. Furthermore, our team provides after-care services to existing Israeli investors.