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Country Commercial Guide Cyprus 2018

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Country Commercial Guide Cyprus 2018 Country Commercial Guide Cyprus 2018 1 Table of Contents Doing Business in Cyprus ___________________________________________ 5 Market Overview ______________________________________________________________ 5 Market Challenges _____________________________________________________________ 5 Market Opportunities ___________________________________________________________ 6 Market Entry Strategy __________________________________________________________ 6 Political Environment _______________________________________________ 7 Political Environment __________________________________________________________ 7 Selling US Products & Services _______________________________________ 8 Using an Agent to Sell US Products and Services ___________________________________ 8 Establishing an Office __________________________________________________________ 8 Franchising __________________________________________________________________ 9 Direct Marketing _______________________________________________________________ 9 Joint Ventures/Licensing _______________________________________________________ 9 Selling to the Government _____________________________________________________ 10 Distribution & Sales Channels __________________________________________________ 10 Selling Factors & Techniques ___________________________________________________ 11 eCommerce _________________________________________________________________ 11 Trade Promotion & Advertising _________________________________________________ 11 Pricing ______________________________________________________________________ 12 Sales Service/Customer Support ________________________________________________ 12 Protecting Intellectual Property _________________________________________________ 13 Due Diligence ________________________________________________________________ 13 Local Professional Services ____________________________________________________ 13 Principal Business Associations ________________________________________________ 13 Limitations on Selling US Products and Services __________________________________ 14 Web Resources ______________________________________________________________ 15 Leading Sectors for US Exports & Investments _________________________ 16 Energy ______________________________________________________________________ 16 Oil and Gas Exploration and Exploitation _________________________________________ 17 Renewable Energy Sources (RES) _______________________________________________ 17 Shipping, Ports, and Marinas ___________________________________________________ 18 Information Communication Technology (ICT) _____________________________________ 19 Health / Medical ______________________________________________________________ 20 2 Travel and Tourism ___________________________________________________________ 21 Customs, Regulations & Standards ___________________________________ 22 Trade Barriers _______________________________________________________________ 22 Import Tariff _________________________________________________________________ 23 Import Requirements & Documentation __________________________________________ 23 Labeling/Marking Requirements ________________________________________________ 24 U.S. Export Controls __________________________________________________________ 24 Temporary Entry _____________________________________________________________ 24 Prohibited & Restricted Imports _________________________________________________ 25 Customs Regulations _________________________________________________________ 25 Standards for Trade ___________________________________________________________ 26 Trade Agreements ____________________________________________________________ 27 Web Resources ______________________________________________________________ 27 Investment Climate Statement _______________________________________ 29 Executive Summary ___________________________________________________________ 29 Openness to and Restrictions upon Foreign Investment ____________________________ 30 Limits on Foreign Control and Right to Private Ownership and Establishment __________ 31 Bilateral Investment Agreements and Taxation Treaties _____________________________ 34 Legal Regime ________________________________________________________________ 34 Protection of Property Rights ___________________________________________________ 41 Financial Sector ______________________________________________________________ 43 State-Owned Enterprises ______________________________________________________ 46 Responsible Business Conduct _________________________________________________ 47 Corruption __________________________________________________________________ 47 Political and Security Environment ______________________________________________ 49 Labor Policies and Practices ___________________________________________________ 49 OPIC and Other Investment Insurance Programs___________________________________ 51 Foreign Direct Investment and Foreign Portfolio Investment Statistics ________________ 51 Contact for More Information on the Investment Climate Statement ___________________ 53 Trade & Project Financing __________________________________________ 54 Methods of Payment __________________________________________________________ 54 US Banks & Local Correspondent Banks _________________________________________ 55 Project Financing _____________________________________________________________ 56 Financing Web Resources _____________________________________________________ 56 Business Travel ___________________________________________________ 58 3 Business Customs____________________________________________________________ 58 Travel Advisory ______________________________________________________________ 58 Visa Requirements ___________________________________________________________ 58 Currency ____________________________________________________________________ 58 Telecommunications/Electronics ________________________________________________ 58 Transportation _______________________________________________________________ 59 Language ___________________________________________________________________ 59 Health ______________________________________________________________________ 59 Travel Related Web Resources _________________________________________________ 62 INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2018. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. 4 Doing Business in Cyprus Market Overview Top Reasons to do business in Cyprus: Cyprus’ services-oriented economy is extremely dependent on imports; Its business culture and legal system (based on Common Law) are similar to those of the United Kingdom and the United States; U.S. products, technology, and brands are well-regarded in Cyprus; Cyprus has been a European Union (EU) member state since 2004 and a Eurozone member since 2008. The Republic of Cyprus offers: Low corporate tax at 12.5 percent and a liberal investment regime with 63 double taxation treaties (including with the United States); A talented, highly educated, and English-speaking work force offering professional services at competitive prices compared with the EU average; A strategic location at the crossroads of Europe, Asia, and Africa, making managing regional business easy; Advanced telecommunications network and infrastructure with a wide network of air-routes and first- rate sea connectivity. Market Challenges Since 1974, the southern part of Cyprus has been under the control of the government of the Republic of Cyprus (ROC). The northern part of Cyprus, administered by Turkish Cypriots, proclaimed itself the “Turkish Republic of Northern Cyprus” (“TRNC”) in 1983. The United States does not recognize the “TRNC,” nor does any country other than Turkey. A substantial number of Turkish troops remain on the island. A buffer zone, or “Green Line,” patrolled by the UN Peacekeeping Force in Cyprus (UNFICYP), separates the two sides. Even though the whole island is part of the EU, implementation of the EU acquis communautaire has been suspended in the area administered by Turkish Cypriots until political conditions permit the reunification of the island. The island's continued de facto division constitutes a significant constraint on economic growth, investment, and trade. Suppliers of imported products in the ROC typically do not directly serve the market in the area administered by Turkish Cypriots and vice versa. Additionally, trade between the two areas remains limited, despite the Green Line Regulation approved in 2004, which allows the movement of certain domestically- produced goods across the Buffer Zone provided they meet EU rule of origin and sanitary/phytosanitary requirements. The Regulation also codifies movement of people across the Buffer Zone, which effectively started in April 2003. For more information, please see the European Commission website. Other challenges include: Confidence in the financial system remains fragile following the 2013 “haircut” of uninsured bank deposits, despite the recapitalization of banks and lifting of capital controls; Lending remains constrained due to de-leveraging and stricter lending criteria, with non-performing loans close to 45 percent. 5 Cyprus’ sovereign credit rating has been improving since 2013 but remains one to three steps from investment grade (Ba3 by Moody’s, BB+ by S&P, and BB+ by Fitch); High administrative burden and bureaucracy. The ROC is currently in the process of government restructuring to improve these
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