Deloitte
Interview with Yiannis Sophianos, Partner, Audit, External Audit at Deloitte Cyprus and Cyprus-GCC Countries Business Association President
3 min read
Interview with Yiannis Sophianos, Partner, Audit, External Audit at Deloitte Cyprus and Cyprus-GCC Countries Business Association President
How would you describe the business ties between Cyprus and the GCC Countries?
Cyprus and the GCC countries have a strong and growing relationship, driven by mutual benefits and strategic interests, dating back several decades. In recent years, there has been a notable increase in bilateral relations, with a number of official high-level visits at presidential, parliamentary and ministerial levels, aiming to further expand the economic and political relationships.
Cyprus has strategically established a Cyprus Trade Centre (CTC) located in Dubai, covering all GCC countries. CTC Dubai operates under the auspices of the Ministry of Energy, Commerce and Industry and the diplomatic representation of Cyprus to the UAE. Its primary mission is to enhance the export of Cypriot products and services, and to establish, maintain and develop business relationships between Cyprus and the GCC countries by promoting, facilitating and attracting foreign investment.
Cooperation between the countries covers a wide range of fields. Key focus is placed in the areas of energy, trade and investments, tourism and culture, education, science and technology, as well as shipping and maritime transport.
What advantages does Cyprus offer specifically to companies and investors from the GCC Countries?
Cyprus has an abundance of competitive advantages for businesses and investors from the GCC countries. Its geographical proximity, along with the fact that Cyprus is an EU and eurozone member, make our island a valuable gateway to the EU.
Cyprus offers an attractive tax system, high-quality professional services and a modern infrastructure in transport, communications, and other sectors. These factors, combined with the island’s safe environment, are significant benefits for any company that would like to invest in Cyprus or cooperate with companies based on the island.
Moreover, Cyprus offers an efficient process to businesses for employing and relocating workforce, with numerous advantages and benefits such as tax exemption for non-domiciled employees, temporary work and residence permits, simplified permanent residence permit applications and a digital nomad visa.
How does the Cyprus-GCC Countries Business Association support business links between the countries?
The Cyprus-GCC Countries Business Association, operating under the auspices of the Cyprus Chamber of Commerce and Industry (CCCI), fosters the expansion of business relations between Cyprus and the GCC countries in every possible way. The exchange of information and delegations, organization of business forums and seminars, and other cooperation initiatives, all aim at fostering and promoting the bilateral relations, facilitating growth, collaboration, and mutual prosperity.
The association is dedicated at promoting and further strengthening the socioeconomic and trade relations acting as an exclusive bilateral and regional business network with strategic connections and partnerships, for any Cypriot or foreign company interested in exploring business opportunities in the respective countries.
How can Deloitte Cyprus support businesses?
Deloitte Cyprus is part of the Deloitte Global network of member firms, one of the largest professional services networks worldwide. At Deloitte Cyprus we provide a complete range of services to businesses including audit and assurance, tax and legal, and consulting services, by leveraging deep industry expertise to help address sector-specific challenges and capitalize on opportunities. We also provide support in corporate law, commercial contracts, employment law, and regulatory compliance through Deloitte Legal.
With a team of highly skilled professionals, Deloitte Cyprus is dedicated in providing its clients with high quality support, local expertise and tailored, strategic, and innovative solutions finely attuned to our clients’ specific needs. We help clients navigate challenges, seize opportunities, and achieve their strategic goals while fostering sustainable growth. As part of Deloitte's global network, we leverage international resources and best practices to support cross-border operations and global ambitions.
