Cyprus Business Now

PwC Cyprus on Monday said that its specialised seminar on headquartering, titled ‘Headquartering in Cyprus: The why and the how’, attracted a great deal of interest.

The seminar, which took place on July 28, involved presentations and analyses from numerous PwC Cyprus members of staff.

“Indeed, hundreds of executives from international companies who have settled in Cyprus or are considering this possibility attended the in-depth, analytical presentations by the PwC Cyprus executives, which focused on the main issues that international companies take into account during the process of choosing a new headquarter location or creating a new business base,” the company said.

The agenda included analyses on issues such as the tax advantages offered by Cyprus, the legislative framework for businesses, the option of creating regulated entities, investment organisation licensing, as well as the provision of crypto asset services.

In addition, special emphasis was placed on issues related to the aspect of human resources for international companies, from immigration procedures to living conditions in Cyprus, as well as the new incentives recently announced by the government.

The event also looked into similar areas that influence the making of such decisions, such as the situation in the real estate market, technology-related data and the ICT services provided, as well as the wider procedures required for establishment in Cyprus.

“The ever-increasing interest of highly specialised international companies to settle in Cyprus, even during the pandemic and the most recent unprecedented developments, generates optimism that the economic model of Cyprus is evolving in line with the provisions of the long-term strategy of the Cypriot economy,” PwC Cyprus Partner and Head of Headquartering & Private Wealth services Tony Hadjiloucas said.

“As the largest provider of professional services in Cyprus, we are committed to contributing to this effort, which will lead to the sustainable and inclusive development of the Cypriot economy,” he concluded.

The Producer Price Index in Industry rose by 21.7 per cent year-on-year in June, reflecting the ongoing inflationary pressures in the Cypriot economy.

According to the latest data from the Cyprus Statistical Service (Cystat), the Producer Price Index in Industry in June 2022 reached 131.3 points (base 2015=100), marking an increase of 0.5 per cent compared to May 2022 and 21.7 per cent compared to the corresponding period last year.

For the period between January and June 2022, the index recorded an increase of 19.4 per cent compared to the corresponding period of 2021.

Year-on-year increases were observed in all sectors, with electricity supply rising by 51.8 per cent, water supply and material recovery by 15.6 per cent, processing by 13.7 per cent and mining and quarrying 10.5 by per cent.

The Cyprus Stock Exchange (CSE) ended Monday, August 1 with profits.

The general Cyprus Stock Market Index was at 68.86 points at 13:40 during the day, reflecting a rise of 1.88 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.24 points, which represents an increase of 1.95 per cent.

The total value of transactions came up to €135,096.

In terms of the sub-indexes, the main and alternative indexes rose by 1.71 per cent and 2.06 per cent respectively, while the hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (+8.59 per cent), the Bank of Cyprus (+2.46 per cent), Hellenic Bank (+3.33 per cent), Salamis Tours (+2.34 per cent), Logicom (no change) and CCC Toursit Enterprises (+2.44 per cent).