Indiver Rastogi, President & Group Head, Global Business Travel at Thomas Cook (India) Ltd, a big player in the Indian travel services market, has revealed why the company chose to open its first European office in Cyprus and suggests how the island can emerge as a strong gateway for Indian companies.
In a recent interview with GOLD magazine, Rastogi also compares doing business in Cyprus to his experience in India, whicle also predicting the opportunities and risks that will define the India-Cyprus business relationship over the coming years.
What were the main drivers for choosing Cyprus as a destination? Was there a calculation that Cyprus offered something different from other jurisdictions?
Our decision to set up in Cyprus was driven by a clear strategic imperative – to establish our first presence within the European Union.
With the launch of our office in Nicosia under Travel Circle International (Cyprus) Ltd (TCI Euro), a subsidiary of Thomas Cook (India) Ltd, we’ve taken a significant step in aligning with the evolving needs of our Indian and multinational corporate clients who are increasingly expanding into Europe. This local presence allows us to deliver better value, faster service and a more seamless experience.
Cyprus emerged as the ideal gateway for this expansion. It offers a unique combination of EU market access and a business-friendly regulatory environment. Cyprus has a transparent English-friendly legal framework, with corporate tax structures that are more favourable than many other EU countries. The time zone and cultural alignment also make day-to-day business interactions more seamless compared to some other jurisdictions.
We evaluated options such as Ireland, the Netherlands and Scotland but Cyprus stood out for its cost efficiency, simpler setup processes and the ability to remain within the EU framework without compromising on compliance credibility.
How does the reality of doing business in Cyprus compare with your experience in India? Have you encountered practices or attitudes that struck you as markedly different?
Cyprus has been a refreshing experience in many ways. The process of company registration and banking, while still paperwork-heavy, is generally faster and less bureaucratic than in many countries. Compliance here is more predictable as the rules are clearer – though naturally, as with most EU countries, banking approvals can take longer due to stringent anti-money laundering checks.
Culturally, business in Cyprus is less hierarchical and very relationship-driven. Local advisors place a premium on trust and personal connections, which helped us integrate quickly. Compared to India’s very digital-first ecosystem, Cyprus still has room to grow in banking technology but, overall, the legal and regulatory clarity has been a strong positive.
From your perspective, where does Cyprus need to improve if it is to become more competitive in attracting Indian companies?
Cyprus already has a compelling proposition but some areas could further strengthen its appeal to Indian companies.
The wider adoption of digital government services would significantly reduce friction for foreign founders and operating companies.
Targeted incentives for technology sectors – particularly IT, AI, and travel tech – would also make Cyprus more attractive.
Additionally, streamlining processes for hiring non-EU talent would help bridge skill gaps for companies like ours.
Finally, providing a clearer and more consistent interpretation of tax and compliance rules, especially for emerging industries, would go a long way in instilling greater confidence for Indian businesses entering Cyprus.
Finally, looking five to ten years ahead, what opportunities and risks do you think will define the India-Cyprus business relationship?
Looking ahead, we see Cyprus emerging as a strong gateway for Indian companies into Europe – particularly in sectors like travel, IT, fintech and shipping. As bilateral frameworks such as double tax treaties and legal cooperation continue to evolve, the ease of structuring and scaling cross-border businesses will only improve.
Our local presence through TCI Euro has already helped us build strong relationships with key stakeholders, including government officials and business partners – a foundation that we view as critical to our long-term success in the region. This early traction reinforces our belief in Cyprus’ potential as a strategic hub for Indian investment, especially across tourism, travel technology and professional services.
On the risk side, tighter EU regulations could increase compliance costs over time and Cyprus will need to modernise quickly to maintain its competitive edge against hubs like Ireland, Portugal or parts of Eastern Europe. However, if it continues to invest in digitalisation, innovation and sector-specific incentives, we believe that the India-Cyprus business relationship will only strengthen in the coming decade.
This interview first appeared in the October edition of GOLD magazine. Click here to view it.
