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We provide you with options to choose and compare different shipping methods to Cyprus. With daily flights and weekly sailings, we act quickly and responsibly to ensure complete customer satisfaction.
We will guide you through the documentation and declaration requirements and take control for you at this end - and when your consignment arrives in Cyprus, at any of the major ports or airports, our Turkish partners are on hand for customs clearance and final delivery.
Cyprus, with a population of less than a million is the UK’s 56th largest export market. The UK is one of Cyprus’ most significant trading partners for goods and services. British products and services are well established on the island.
Cyprus’ economic reform programme, following its restructuring of the economy, has created opportunities for UK companies in a number of sectors of the economy.
Benefits for UK businesses exporting to Cyprus include:
Strengths of the Cypriot market include:
Doing business in Cyprus is very similar to doing business in the UK. However, there are some challenges including:
You should ensure you take the necessary steps to comply with the requirements of the UK Bribery Act.
The continued political division of the island of Cyprus affects doing business in the areas not controlled by the Republic of Cyprus (north of the island). Although Cyprus is an EU member state areas not controlled by the Republic of Cyprus are not bound by the acquis rights and obligations of the EU.
Trade is possible through the Green Line (border between the Republic of Cyprus and north Cyprus).
Cyprus has emerged from the 2013 financial crisis with a robust economy. The Cypriot economy has now returned to growth and the government’s overspend has reduced. The financial sector is also being restructured. GDP growth of around 2.6% is expected for 2018.
Tourism, financial services and shipping have grown in recent years. Renewed confidence in the banking sector should help further this growth.
Cyprus is implementing a series of fiscal, structural and institutional reforms to promote competitiveness and growth.
Cyprus’ ranking in the Index of Economic Freedom has improved and is above average. However, economic challenges to stabilising the economy include:
The UK is Cyprus’ main trading partner. UK exports of goods to Cyprus were £325 million in 2016.
There is close collaboration between the UK and Cyprus in the services sector, particularly shipping.
The major accountancy firms and other large companies operate on the island, often using it as their regional office for Russia, the Persian Gulf, Middle East and north Africa. Foreign companies also use their Cypriot operation to access the London financial markets.
UN comtrade ranked Cyprus’ top imports of goods from the rest of the world during 2016 as:
UN Comtrade ranks Cyprus’ top services imports from the rest of the world during 2015 as:
DIT provides free international export sales leads from its worldwide network. Find export opportunities in Cyprus.
Find high value public procurement notices from the from the EU and European Economic Area (EEA) on Tenders Electronic Daily (TED).
The recent discovery of significant reserves of natural gas in the exclusive economic zone of Cyprus creates long-term opportunities. Current and future oil and gas projects in Cyprus need expertise in exploration and extraction technologies.
Cyprus also needs to build capacity and develop related sectors including:
Cyprus’ EU obligations to reduce CO2 emissions are creating opportunities for renewable energy technologies, particularly in solar energy.
Cyprus’ shipping sector offers opportunities in:
Commercial operations at Cyprus’ primary port at Limassol have been privatised. Opportunities for UK companies are expected from the upgrading of the port marina of the Larnaca project.
There are opportunities created by the privatisation of state-owned organisations, including accounting and consultancy.
There are opportunities for UK companies in:
Cyprus’s e-government project offers opportunities for UK companies including:
Infrastructure projects connected to Cyprus’s developing oil and gas sector include expansion of ports and the creation of a new fuel tank farm to hold national fuel reserves.
Opportunities for UK companies include:
Cyprus is currently developing museums, marinas and theme parks.
Opportunities for UK companies in tourism and leisure in Cyprus include:
There are opportunities for:
Cyprus offers opportunities in most sectors. This includes opportunities for specialist products in developed sectors such as:
There are several ways of setting up or growing your business in Cyprus:
A local partner will provide useful market knowledge, especially if you bid for government tenders, which are normally in Greek.
You can register a company directly with the Cypriot Registrar of Companies.
You should obtain the relevant licences to operate from the appropriate regulatory authority depending on the nature of the business.
Cyprus’ legal system is based on English Common Law principles. Cyprus has adopted all EU law and regulations known as the acquis communautaire.
Contact the DIT team in Cyprus to help find tax and legal advisers before entering into agreements.
The Cyprus Bar Association can also provide lists of local lawyers.
Products and packaging for export to Cyprus should meet EU standards.
Food products must comply with Cyprus’s strict labelling law. This requires the product name, ingredients, net contents and country of origin to be in Greek.
A sticker with a Greek translation on the product is acceptable, provided it does not conceal the original label. The sticker must have the approval of the Ministry of Energy, Commerce, Industry and Tourism.
Trademarks, designs, patents and copyright are the principal forms of Intellectual Property (IP) protection available to companies and individuals.
IP law, especially for patent protection, is not totally harmonised within the EU.
The Department of Registrar of Companies and Official Receiver of Cyprus has responsibility for IP.
The UK and Cyprus have signed a double taxation agreement, ensuring the same income is not taxed in more than one country.
The standard VAT rate is 19%. There are reduced rates of 9%, 5% and 0% on specific goods and services.
Check with HM Revenue and Customs (HMRC) regarding VAT refund of business expenses incurred in Cyprus.
All companies are subject to a uniform tax rate of 12.5%.
An individual is considered resident in Cyprus for income tax purposes if they are present in Cyprus for a period exceeding 183 days in the tax year. If this condition is met, tax is imposed on income arising from sources within Cyprus and outside Cyprus.
Income tax rates are dependent on taxable income bands which range from 0% to 35%.
The internal market of the EU is a single market which allows the free movement of goods and services so no import duties apply.
Cyprus Customs and Excise has responsibility for customs procedures.