20 th june 2014
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C yprus I nvestment P romotion A gency (CIPA). Investing in Cyprus, an ideal gateway to Europe for the Arab world. 20 th June 2014. Charis Papacharalambous Director General. Cyprus Facts. Location :35  N and 33  E Total area :9,251 km 2 Population :866,000 (2012)

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20 th June 2014

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20 th june 2014

Cyprus InvestmentPromotionAgency (CIPA)

Investing in Cyprus, an ideal gateway to Europe

for the Arab world

20th June 2014

Charis Papacharalambous

Director General


Cyprus facts

Cyprus Facts

Location:35 N and 33 E

Total area:9,251 km2

Population:866,000 (2012)

Time Zone: GMT+2

Currency: Euro

Capital: Nicosia

Languages:Greek, Turkish, English for businessPolitical System:Presidential Democratic Republic


20 th june 2014

Cyprus Investment Promotion Agency (CIPA)

Promote Cyprus as an attractive international investment and business centre in key priority economic sectors

Provide investor facilitation and support to new and existing investors

Advocate reforms in order to improve the regulatory and business environment and infrastructure


20 th june 2014

  • Recent facts about the Cyprus economy

  • All four TROIKA assessments - “Program is on track” - ECB, IMF, EC

  • Resilient economy: Contraction of 5.4% v initial est. of 8.7%

  • Return to growth by 2015 - European Commission’s forecast


Economic indicators

Economic Indicators

Source : Cyprus Ministry of Finance

* estimated forecast


Economic indicators1

Economic Indicators

Source : Cyprus Ministry of Finance

* estimated forecast


Recent facts about the cyprus economy

Recent facts about the Cyprus economy

  • All four TROIKA assessments - “Program is on track” - ECB, IMF, EC

  • Resilient economy: Contraction of 5.4% v initial est. of 8.7%

  • Return to growth by 2015 - European Commission’s forecast

  • Fiscal deficit is much lower than originally expected

  • Private consumption decline was less than originally expected

  • 40% of Foreign Investors planning to expand investments within the next 3-5 years - CIPA survey Dec 2013

  • Cyprus successfully returned to the markets 18 months before forecasted


Ratings

Ratings

  • In November 2013, Standard & Poor’s first upgrade for Cyprus

  • On 22nd March 2014, Moody’s has upgraded Cyprus’ Government and financial institutions credit worthiness from negative to positive, citing the Cyprus stronger-than-expected fiscal and economic performances in 2013 and the authorities’ track record of meeting conditions under the Troika funding program.

  • On 25th April 2014, Standard & Poor'sraisedthelong-termforeignandlocalcurrencysovereigncreditratingson Cyprus to 'B' from 'B-'.

  • S&Paffirmedthe short-termforeignandlocalsovereigncreditratingsat 'B'. Theoutlookremainspositive.


Cyprus 10 year government bond yield

Cyprus 10- Year Government Bond Yield

Source: Ministry of Finance


Economic sentiment indicator esi

Economic Sentiment Indicator (ESI)

Source: Eurostat last update: 28/05/2014


2013 global competitiveness

2013 Global Competitiveness

39thout of 189 countriesEase of Doing Business

32ndout of 161countries Best Countries for Business

31st out of 176 countries Corruptions Perceptions Index

29th out of 140 countries The Travel & Tourism

Competitiveness Report

27th out of 145 countries Best Countries for Business

27th out of 142 countries The Global Innovation Index

21stout of 140 countriesBestTravel & Tourism

Environment & Infrastructure

1st out of EU28Bathing Water Quality

11


20 th june 2014

  • Cyprus, the Gateway into Europe and beyond!

  • Strategic Location: Cyprus has been an important trading hub since antiquity!


Cyprus

Cyprus


20 th june 2014

  • Cyprus, the Gateway into Europe and beyond!

  • Strategic Location: Cyprus has been an important trading hub since antiquity!

  • Ease of Doing Business: Introduction of numerous structural reforms

  • EU and Eurozone: Full harmonization of EU legislation and Directives

  • Tax System: Possibly the most attractive tax systems in Europe - Double Taxation Treaties


Cyprus attractive tax system

Cyprus: Attractive Tax System

  • Exempt from tax:

  • Dividend income

  • Profits from overseaspermanent establishments

  • Profits from the sale of securities

  • No withholding tax on:

  • Dividends

  • Interest

  • Royalties paid from Cyprus

  • Most international transactions are exempt from VAT

  • Double Tax Treaties with 50 countries

  • Intellectual Property (IP) regime with an effective tax of less than 2%


20 th june 2014

  • Cyprus, the Gateway into Europe and beyond!

  • Strategic Location: Cyprus has been an important trading hub since antiquity!

  • Ease of Doing Business: Introduction of numerous structural reforms

  • EU and Eurozone: Full harmonization of EU legislation and Directives

  • Tax System: Possibly the most attractive tax systems in Europe - Double Taxation Treaties

  • Robust Legal & Regulatory Framework: Based on English Common Law Principles


Cyprus legal system

Cyprus: Legal System

  • Based on the English Common Law Principles

  • Transparent

  • Fully harmonized with international standards

  • High quality legal services

  • Collaboration with international law firms

  • Application of EU Directives


20 th june 2014

  • Cyprus, the Gateway into Europe and beyond!

  • Incentives: Wide range of investment incentives for foreign companies

  • Infrastructure: Well advanced and modern Infrastructure

  • Value for Money Services: “Centre of Excellence” – First country in the world to train “UK Chartered Accountants and “CIMA Accountants” outside the UK

  • Human Talent: Highest tertiary education percentage in the EU

  • Quality of Life: Weather, History & Culture, Gastronomy, International schools -More than 85% of existing foreign investors value the high quality of life in Cyprus - source: CIPA survey Dec. 2013


Cyprus ranks 5th best country to relocate

Cyprusranks 5th best country to relocate

Source: www.knightfrank.com


20 th june 2014

Key Economy drivers

  • Professional Services  Market has created opportunities

  • Banking & Financial Services  Niche sectors like ship financing, energy project financing

  • Tourism  Well developed infrastructure. World’s most Blue flags per coastline km & cleanest waters in the EU (100% success)

  • Research & Development  Innovation in Medical Research projects

  • Renewable Energy  2 projects awarded the EU funding NER300 program and over 20 new licenses


20 th june 2014

Key Economy drivers

International Shipping Center

  • The ONLY EU approved tonnage tax regimewith benefits for ship-owning, ship-managementand crew management

  • LargestShip Management Centre in EU

  • 2ndlargest Ship Management Centre globally

  • 3rd largest merchant fleet in EU

  • 10th largest fleet worldwide

  • More than 1,022 registered vessels with 21 million gross tonnage are registered under the Cyprus flag

  • More than 140 ship owning and ship management related companies are operating from Cyprus


20 th june 2014

Key Economy drivers

Large ScaleDevelopment Projects

Potential Opportunities:

Luxury Real Estate Developments

Marinas

Leisure & Theme Parks

Luxury Resorts & Golf Courses

Health & Wellness Tourism Projects

Education & Universities


Upcoming opportunities in privatizations

Upcoming opportunitiesin Privatizations

Key Economy drivers

Ports

Energy

Telecommunications


20 th june 2014

Key Economy drivers

Hydrocarbons in Cyprus

Note: 60 tcf NG would fully cover Cyprus’ domestic energy needs for approximately 6,000 years

- There are also indications for the existence of oil


Existing foreign investor survey by cipa dec 2013

Existing Foreign Investor survey by CIPA –Dec. 2013


20 th june 2014

Thank You!

Tel: [email protected]

www.investcyprus.org.cy


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