Deloitte Cyprus CEO Discusses the Nation’s Economic Present and Future

While investors benefit from Cyprus’s tax incentives, Deloitte Cyprus CEO Pieris Markou conveyed they are not the main reason Cyprus is on the business world’s radar. He noted that the country has much more to offer, including its highly stable legal framework based on English common law, status as a member of the European Union, and multilingual workforce.

Over the years, both left- and right-leaning governments in Cyprus have supported international investments and introduced new, investor-friendly legislation. Along with all of this, Markou said Cyprus boasts a uniquely attractive location, “From here it is easy to fly to Egypt, Israel, Middle East and many other locations in the region. But at the same time, people can benefit from the safety and stability Cyprus offers. The strategic location of Cyprus at the crossroads of three continents makes it ideal for regional headquartering, and allows for employees to easily travel while their families enjoy the nation’s high quality of life.”

With these perks in mind, Markou told potential investors to “dare to try Cyprus – they will never regret it.”

A Look at Cyprus’s Future

Markou believes Cyprus’s current success could be just the tip of the iceberg for the island nation. He added that attracting more multinationals to the country is critical, “Technology companies are continuously setting up in Cyprus, and at Deloitte Cyprus, we have been dealing with a lot of interest in entities moving their headquarters here. However, as a nation we need to make sure we have sufficient accommodation and schooling available for multinationals expanding operations in the country and relocating.” 

Furthermore, a growing number of arbitration disputes have been handled in Cyprus recently. As a result, the country has started building a reputation for these cases, and could eventually become a regional arbitration hub.

One major initiative meant to boost the Cypriot economy is the Vision 2035 strategy. According to Markou, the strategy is sufficiently ambitious, and he remains cautiously optimistic about its implementation. He stated, “The question is if we can make the changes it calls for, including those related to the environment and digitalization. On paper, it looks good; in practice, we are hoping that things will go through. But we are seeing the government moving in the right direction.”

What Deloitte Cyprus Has to Offer

As one of Cyprus’s most prominent professional services firms, Deloitte Cyprus provides a bevy of services to clients at home and abroad. These include financial advising, tax-related services, consulting, audit and assurance, among others. Markou said the company has decades of experience in the professional services niche, “Deloitte has been active in the field since our company was founded in 1958. We were one of the first professional services firms to operate on the island after Cyprus declared independence in 1960. What is pleasing to see is that we still have some clients who have been around since the firm was founded – they have been with us for more than 60 years.”

Since it is part of the larger Deloitte network, Deloitte Cyprus offers customers the same experience they would get and would expect from  any of the Firm’s other offices around the globe.