Cyprus

Cyprus has recovered from the deep recession inflicted upon it in 2013 by the banking crisis and is back on track as one of the fastest growing economies in the EU. Annual GDP growth is expected to exceed 4% in 2018. Most sectors of the economy are contributing to this increase, including tourism, which in 2017 recorded an increase of over 10%, with over 3 million annual visitors. The banking sector is slowly recovering but still has to deal with a large percentage of non-performing loans. Cyprus hosts the largest third-party ship management centre in the EU, underlining the success of the country’s formidable maritime sector. The Cyprus Ship Registry is classified as one of the top merchant fleets in the world and ranks as the third largest fleet in the EU. Flying its flag are some 1,100 ocean-going vessels and 767 non-convention size vessels, with a total gross tonnage of around 22 million.
 
With its favourable tax regime, Cyprus continues to be a major commercial gateway to Europe, both for money and real-life entrepreneurship. Its mid- and long-term significance goes well beyond its role in international finance and corporate structuring: strategically situated in the Mediterranean Sea, Cyprus connects Europe with the Middle East and Northern Africa and has for ages been a regional trading and shipping hub. The recent discovery of vast gas reserves off the coast of Cyprus has also given rise to hopes of an economic renaissance and new wealth. While the scale and schedule of exploitation remains unclear at present, it will undoubtedly contribute to the recovery of a most relevant part of Europe.

Blessed with a highly-skilled, internationally-minded and English-speaking work force – of which many are British-educated – Cyprus has reclaimed its prominent spot on the region's economic map.
 
In order to serve our clients, Rödl & Partner has formed a joint office with one of the finest advisory firms in Cyprus, offering Business Process Outsourcing, accounting and audit services, incorporation, fiduciary and secretarial services, due diligence reviews as well as legal and tax advisory through the highly professional and experienced staff of Rödl & Partner Cyprus Ltd.