THE LIMASSOL ALLURE Why International Businesses are Attracted to the Seaside City
A strategic business hub that also captures the essence of laid-back island living by the glistening waters of the Mediterranean, Limassol has fast transformed into a headquartering mecca for international businesses and has re-emerged as a key Foreign Direct Investment (FDI) destination.
The thriving city is now a melting pot of cultures and companies, where innovative ideas are born, new incentives drive change, and exceptional talents from around the world mix and mingle. Limassol, without a doubt, exudes a special allure, but let’s examine why the modern city touted as ‘Europe’s New Riviera’ has become so attractive to international businesses today.
A gateway to the world
Cyprus commands an ideal geographical location. At the crossroads between the Middle East and Eastern Europe, with easy access and flights to countless destinations across Asia, Africa and beyond, it’s easy to conduct business across three continents. It therefore goes without saying that the island is ideal for any business that wishes to be headquartered in Europe. But the city of Limassol itself holds a unique appeal – a seaside resort and world-renowned shipping hub, with its own port and a new cruise and ferry terminal, located between the island’s two airports. Easy access to the highway also provides a quick exit to Nicosia and everything that the island’s capital has to offer, including government services and ministries.
Professional expertise & services on hand
International companies headquartering in Limassol don’t usually have to look far for talent. The city is home to its own universities and well-trained professionals with experience in finance, tech, business, information, comms and more. This highly-qualified talent pool ensures that companies can keep on growing, evolving and embracing new trends. Limassol also boasts a wide selection of specialized professional companies that offer ongoing support to any business that starts operations on the city’s shores. What’s more, English is widely spoken in Limassol, so it’s easy for international companies to conduct their business with very few obstacles to hinder the process, while maintaining close ties with companies throughout the EU.
With an eye to the future
It’s no accident that Limassol is considered an innovative place to establish a business, with companies in the financial, tech, service, comms and healthcare industries gravitating towards the city. Even during the pandemic, the city continued to attract foreign investment and has witnessed great technological advancements facilitated by the Deputy Ministry of Research, Innovation and Digital Policy, established in 2020. Authorities have placed great importance on digitalization, and new reforms and incentives have encouraged both well-established businesses and start-ups to choose the city, either for their regional headquarters or as an ideal base from which to grow their new venture. Interestingly, owing to the notable tech transformation, Cyprus has been named one of the five most innovative countries on the EU’s European Innovation Scoreboard (2021).
In full working order
Excellent infrastructure and modern telecommunications add to Limassol’s appeal and its competitive advantages. The transparent regulatory and legal system is also a bonus, based on English Common Law. This is particularly helpful for companies who are familiar with the UK framework or who wish to operate in an EU jurisdiction. Excellent healthcare and education make the city an ideal base for families looking for a good quality of life in a secure EU environment, while young professionals also benefit from a world of choice and inspiration at their fingertips.
The best of both worlds
In recent years, especially post-pandemic, we have witnessed a great shift in how professionals perceive their lives and the meaning of work-life balance. Not only is remote and hybrid work now far more acceptable, but those who do spend long hours in the office have become more mindful about dedicating more time to their wellbeing, which includes both physical and mental health. When you combine a pro-business environment and a relaxed environment by the sea, it’s a winning formula. There are endless activities to enjoy that help recharge the batteries once you step out of the office in Limassol, whether that involves ending the day with a long walk, jogging down the promenade – indulging in a fine meal with friends, visiting the theatre, or simply sipping on a drink at one of the many beachside cafes. What’s more, the pristine beaches and close proximity to the Troodos wine-growing region and stunning mountain peaks appeal to lovers of the great outdoors.
The allure of Cyprus’ second-largest city is undeniable. The lifestyle is idyllic, the entrepreneurial spirit and start-up culture are alive and kicking, while services and amenities are of the highest quality. If local authorities continue to fuel this spirit while supporting international businesses that headquarter in Limassol, the seaside city should continue to evolve at a steady pace as it further establishes its position as a dynamic business and financial hub, a prime destination for regional headquartering and a key player on the international map.
Info: Marios Chailis is CMO of the Libertex Group. Libertex is the trading platform used by Indication Investments Ltd, an international financial services group specialising in online trading and investment, operating in Cyprus since 2012. It is part of the international Libertex Group, which moved its headquarters to Limassol this year, choosing the city as the ideal base from which it plans to further develop and grow.