"I believe that fintech will remain one of the main drivers of growth in Cyprus’ ICT sector. At the same time, AI is reshaping almost every industry globally and Cyprus is no exception," Ilya Aristov, the Engagement Manager & Head of DataArt Cyprus notes, continuing, "For DataArt, AI and data engineering are key focus areas. We are currently building an AI Center of Excellence in Cyprus to support our clients locally and across the region, which reflects the direction we see for the market."
In a recent interview with GOLD magazine, Aristov talks about what brought DataArt to Cyprus and shares the company's experience of doing business here.
The Engagement Manager & Head of DataArt Cyprus, among other things, also talks about the specific challenges for US companies operating in Cyprus and the advice he would give other US companies considering Cyprus for their operations
What initially positioned Cyprus as the right strategic choice for DataArt?
At the time we were making this decision, there weren’t many realistic options that worked well for both the business and our people. Cyprus stood out quickly. We already had strong partners here and we received very positive feedback from colleagues who had lived and worked in Cyprus. When we looked deeper, the overall environment played an important role. The business climate is supportive, the country is open to international companies and the quality of life is strong. All of this made Cyprus more than just an operational location for us. It became clear that it could work as a relocation hub where people are comfortable moving for the long term, not just for short assignments.
Are there specific operational or structural challenges for US companies operating from Cyprus?
From our experience, Cyprus has been straightforward to operate in. We haven’t run into major structural obstacles. There are a few local specifics: for example, some processes still require original signatures in blue ink or stamped/scanned documents, which can feel unusual for US companies. But these are minor adjustments. Overall, processes are transparent and day-to-day operations are smooth.
In your view, which segments of the digital economy have the greatest potential in Cyprus?
I believe that fintech will remain one of the main drivers of growth in Cyprus’ ICT sector. At the same time, AI is reshaping almost every industry globally and Cyprus is no exception. For DataArt, AI and data engineering are key focus areas. We are currently building an AI Center of Excellence in Cyprus to support our clients locally and across the region, which reflects the direction we see for the market.
Are there tax reforms or innovation incentives that you would like to see further developed?
Cyprus is already one of the most attractive locations in the EU from a tax perspective. We’ve found government stakeholders to be open to dialogue and responsive to business needs, which fosters trust and stability. Recent reforms have improved transparency and predictability for future growth, including in emerging areas of the digital economy. We also see strong support from the Office of the Chief Scientist and ecosystem organisations such as CYENS. Starting this year, DataArt plans to use R&D tax credits actively.
What advice would you give other US companies considering Cyprus for their operations?
I’d suggest considering Cyprus as a gateway to both the EU and the MENA regions. It’s well located, practical for doing business and a strong travel hub for both regions. Setting up an entity is generally straightforward, even if a few administrative formalities are still more traditional than in the US. If you’re relocating Delivery teams, I’d also consider relocating parts of Management and Business Development, so that decision-making is genuinely based in Cyprus. Finally, invest time in integration – organisations like Invest Cyprus can be very supportive and communities like TechIsland, AmCham and other local networks can help you build relationships much faster.
About DataArt
DataArt is a global software engineering firm that delivers breakthrough data, analytics, and AI platforms for the world’s most innovative organizations. Founded in New York City in 1997, DataArt unites 6,000+ experts across 40+ locations in the US, Europe, Latin America, India, and the Middle East, with clients including major global brands like Priceline, Ocado Technology, Legal & General, and Flutter Entertainment. The company has been operating in Cyprus since 2022.
This interview first appeared in the February edition of GOLD magazine. Click here to view it.
