Cyprus Adressing China

Addressing the China-Cyprus business forum in Cyprus, the president of Cyprus Mr. Nicos Anastasiades, highlighted that Cyprus can act as China’s gateway to Europe, Africa and Asia.

“Cyprus is emerging stronger than ever from an unprecedented crisis. Our country’s comparative advantages not only remain intact, but have been further enhanced and developed, setting it apart from most investment destinations”, Mr. Anastasiades said.

The President outlined the comparative advantages of Cyprus such as the excellent bilateral relations with China, the expanding network of double tax treaties, the EU harmonized tax and legal system and the 12.5% corporate tax which is one of the lowest rates in Europe.

“Through the introduction of decisive and effective structural changes and the significant reductions achieved in costs and operating expenses, the already attractive investment destination that Cyprus is, has now become considerably more competitive and efficient”, Mr. Anastasiades stated at the forum.

The president stressed that his government is working towards implementing a series of measures in order to simplify and quicken the procedure for issuing permits and licensing of investment projects and operation of businesses. The granting of residence permits to foreign investors is also expected to be easier, quicker and more accessible.

Mr. Anastasiades further emphasized that the government is also is taking measures to simplify the procedures of obtaining a VISA in order to make it easier for Chinese tourists to visit Cyprus.

“Our efforts are bearing fruit, as evidenced by the fact that Cyprus has officially exited recession and is registering growth as of this year. Our journey along the road to recovery has been faster than anyone could predict two and a half years ago”, the president added.

It was also highlighted by the President that opportunities for growth and investment exist in many economic sectors in Cyprus including commerce, tourism, privatization of ports, electricity and telecommunications, shipping, real estate, large-scale development projects, education, health, research and innovation.

The president noted that the discovery of natural gas reserves within the Cyprus Exclusive Economic Zone is expected to create excellent investment prospects in the energy sector and provide an economic boost to the Cypriot economy.

Additionally, the president mentioned that the government will soon proceed with publishing a tender for the creation of a Science and Technology Park in Cyprus.

“We can benefit from drawing best practices from China, which is today managing 120 Science and Technology Parks and we welcome and promote, of course, Chinese involvement in this project”, Anastasiades said referring to the agreement for Science, Technology and Innovation Cooperation signed in Nicosia in September 2014 between the Government of the People’s Republic of China and the Government of Cyprus.