“When people ask ‘Why Cyprus?’, the honest answer is that Cyprus is not a one-feature story,” Lia Riris, the Deputy Director General, Invest Cyprus, told audiences at the the Cyprus – India Business and Investment Summit, , organised by IMH in partnership with Invest Cyprus, in Mumbai.
She continued, “It’s a combination of strengths that, together, create a really compelling business and investment environment.”
As Risis, who was also the Summit’s Master of Ceremonies, went on to say, “Cyprus has a positive economic outlook, with strong momentum and a clear pro-business direction.”
“At the same time,” she continued, “it offers an attractive tax regime, which is important not just for tax efficiency, but because it supports smart structuring for international operations.”
“Then you have the operating side: companies benefit from reliable business support services — strong legal, accounting, corporate, and advisory ecosystems,” the Deputy Director General noted continuing, “Cyprus also has a solid regulatory structure, aligned with EU standards and common law principles, so investors get predictability and confidence.”
“On top of that,” Risis underlined, “Cyprus gives you access to markets — Europe, the Middle East, and beyond — and importantly, access to talent, both local and international, through various relocation incentives.”
“And finally, there’s the reality check: Cyprus offers a low cost of doing business, while maintaining a high quality of life —both for business and families,” she noted.
On the subject of Cyprus’ credibility, Riris noted the IMF’s view of Cyprus as a nimble and dynamic economy with upside potential.
She also pointed out Eurostat’s recognition of Cyprus’ business sector as the most integrated into global trade in relation to EU peers.
“We have the highest number of Blue Flags per capita than any other EU country, and Cyprus is top five as the best country in Europe to start a business,” she continued, adding, “Importantly, to support the financial services environment, we boast a robust banking sector with a very high liquidity coverage ratio.”
The expert also emphasised Cyprus’ unique geographical advantage saying, “It offers excellent connectivity to Europe, the Middle East, and Asia, with short flight times to major business hubs such as Athens, Frankfurt, and Mumbai.”
“Most importantly,” Riris continued, “Cyprus provides direct access to the European Union’s single market of more than 450 million consumers, making it an ideal base for regional and international operations.”
On the subject of the economy, Riris told audiences about how Cyprus has demonstrated strong and consistent economic performance, even during periods of global uncertainty, elaborating, “The country has recorded solid GDP growth in recent years, outperforming the EU average, with growth expected to remain above 3% in the coming years.
Unemployment fell from 6% in 2024 to 4.3% in 2025, reflecting a dynamic and expanding labour market, while job vacancies continue to rise.
Public finances have improved significantly, with public debt declining rapidly and projected to fall close to 50% of GDP, well below the EU average.
Cyprus has also shown strong investor confidence, supported by prudent fiscal management, structural reforms, and a resilient banking system.”
Her presentation also included mention of Cyprus’ tax system, pointing out, “Cyprus offers a competitive and business-friendly tax framework, combining low corporate taxation with strong incentives for innovation and highly skilled professionals.”
When it comes to talent and migration, Riris underlined that Cyprus supports talent attraction and business relocation through flexible and competitive migration schemes, designed to support companies at every stage of growth.
“This includes a fast-track migration process for companies relocating staff, with immediate family members receiving residency rights,” she noted, adding, “Our Start-up Visa is designed for non-EU entrepreneurs with innovative business ideas, giving founders the opportunity to live in Cyprus while building and growing their company. It offers a three-year renewable residence and work permit, with the flexibility to hire non-EU staff and bring immediate family members.”
She also mentioned the Digital Nomad Visa, which allows remote workers and self-employed professionals to live in Cyprus.
On economic diversification, Riris pointed out that “Cyprus’ economy continues to diversify, with strong growth across key knowledge-based and service sectors.”
“Between 2022 and 2023, we see clear expansion in high-value industries,” she continued, going on to explain that “ICT is the strongest growth driver, increasing to over 18%, with a trajectory towards 20%, reflecting Cyprus’ growing tech and digital ecosystem. The number of ICT professionals has doubled over the past decade to around 20,000.
Financial and insurance services show steady growth, education continues to expand, and shipping remains a stable and strategic pillar of the economy.”
The Deputy Director General of Invest Cyprus also talked about Cyprus–India economic relations.
“Cyprus and India share strong and growing economic ties, supported by long-standing cooperation and recent strategic initiatives.
Cyprus is a top-10 investor in India, with around USD 14 billion in FDI across sectors such as IT, real estate, and pharmaceuticals.
Key milestones include the India–Cyprus–Greece Business Council, the Invest India–Invest Cyprus MoU signed in 2021, the NSE International Exchange–Cyprus Stock Exchange MoU in 2025, and the Double Taxation Avoidance Agreement,” she noted.
Riris also talked about the strategic cooperation between the two countries, underlining that “Cyprus–India relations reflect growing political, economic, and institutional cooperation.
The visit of Prime Minister Narendra Modi marked an important milestone.
Cyprus actively supports the enhancement of India–EU relations within the Strategic Partnership framework.
A five-year roadmap (2025–2029) has been agreed to deepen cooperation in trade, defence, technology, and innovation.
Cyprus’ position along the IMEC corridor strengthens its role as a gateway between India, Europe, and the Middle East.”
She also told the audience about the growing number of Indian companies choosing Cyprus for their European operations, particularly in technology, fintech, AI, travel, and digital services.
“Companies such as Thomas Cook India, LTIMindtree, UPI-linked firms, BcentrIQ, and Drone Destination have selected Cyprus as a base for expansion,” she elaborated, going on to note that, “Beyond Indian companies, there is a vibrant ecosystem of international companies enjoying the benefits of the island. These are just a few of the success stories we are proud of.”
Concluding her presentation, Riris said, “Cyprus offers a unique mix of stability, opportunity, and access to Europe.
With strong fundamentals and close ties with India, we are well placed to support Indian companies as they grow internationally”.
She added that Invest Cyprus looked forward to working closely with interested parties “and exploring new opportunities together.”
