Traditional sectors such as shipping, tourism, banking, financial and professional services have been the key island’s driving forces in the economy. New sectors such as energy, investment funds and education contribute to the growth of the economy.
Tourism: historically the island’s strongest economic sector which contributes significantly to the country’s GDP, has significant prerequisites to further develop with great potential for investments.
Shipping: Cyprus is amongst the top 3 Ship Management Centres globally due to tax benefits available.
Real estate & large scale development projects: due to the high quality of life, year-round sunshine, natural beauty, ease of doing business and investment incentives, acquiring property in Cyprus either as an investment or a second home, Cyprus has always been a popular choice for investors.
Banking & financial services: Cyprus offers a diverse financial services sector comprising of local banks, international banking units and insurance companies.
Investment funds: due to its well-regulated and modern framework Cyprus is developing into a global investment fund and asset management domicile attracting interest and investments from funds and asset managers worldwide.
Professional services: a range of professional services are provided by highly qualified and experienced professionals offering legal, accounting, auditing, consulting etc.
Energy: The discovery of hydrocarbons in Cyprus’ Exclusive Economic Zone (EEZ) has created new and exciting prospects for Cyprus to become an energy hub in the Eastern Mediterranean. Prospects in the energy sector are promising due to the island’s geostrategic location, connecting Europe and the Black Sea with markets in the Middle East and Asia. Recent developments have attracted worldwide interest and significant investments from leading international energy giants, such as Noble Energy, Delek, Total, ENI and KOGAS, ExxonMobil as well as renowned international providers operating in the oil and gas auxiliary services sector. Comprehensive strategies are being developed to exploit the country’s wealth not only for local needs, but also for export purposes.
Education: Cyprus aims to become a major educational centre of excellence in the region through the establishment of branches of international universities. Over 6% of GDP is invested as public expenditure in this sector.