Invited by the Embassy of Cyprus in China, Worldway Group participated in the "WorldWay Center Cyprus" business forum summit held at the Four Seasons Hotel in Beijing on October 28. As one of the countries with the lowest corporate tax rates globally, Cyprus has always maintained an open attitude towards foreign investment. Mr. Yiorgos Lakkotrypis, the Minister of Energy, Commerce, Industry and Tourism of Cyprus, attended the conference, highlighting Cyprus's economic environment, investment policies, and key projects, and took the opportunity to engage with Chinese enterprises. Minister Yiorgos Lakkotrypis stated that the advantageous sectors in Cyprus, such as natural gas, real estate, and tourism, have not yet been fully explored by Chinese investors. In fact, its superior geographical location can facilitate investors' access to other markets in Europe and Africa. In addition to leading the Cypriot business delegation to participate in the "WorldWay Center Cyprus" business forum, he will also hold talks with heads of relevant Chinese government departments and representatives of Chinese enterprises, covering the four sectors under his purview: energy, commerce, industry, and tourism.
Minister of Energy, Commerce, Industry and Tourism of Cyprus
Business Convenience
Cyprus is the third largest island in the Mediterranean, located in the northeastern Mediterranean, at the crossroads of maritime traffic between Asia, Africa, and Europe, boasting a very advantageous geographical position. Mr. Yiorgos Lakkotrypis mentioned in the meeting that, in addition to its unique geographical conditions, Cyprus has unparalleled advantages in business policies, supporting services, and taxation. For example, Cyprus has signed double taxation avoidance agreements with 40 countries, including China and Russia, which means that if Chinese enterprises develop their business in Cyprus, they can enjoy favorable tax policies. In 2001, China and Cyprus signed the "Agreement between the Government of the People's Republic of China and the Government of the Republic of Cyprus on the Promotion and Protection of Investments" to protect investors' interests. Furthermore, the current corporate income tax in Cyprus is only 12.5%, the lowest among EU countries. Cyprus has consistently adopted British common law, providing a fair and open judicial and business environment. Additionally, Cyprus is a vital hub for the exchange of Eastern and Western civilizations, and its advantageous geographical position can facilitate investors' access to other markets in Europe and Africa.
Tourist Destination
As the birthplace of Venus, the goddess of love and beauty in mythology, Cyprus is renowned worldwide for its clear blue waters and white sandy beaches. Mr. Yiorgos Lakkotrypis stated: "The sea water in Cyprus has been voted as the cleanest in Europe by tourists." He noted that for individuals investing, traveling, or studying in Cyprus, the country's excellent climate, good social security, and comprehensive education system are highly attractive. He also pointed out that Cyprus receives a large number of tourists each year, but the proportion of Chinese tourists is not high. After conducting relevant surveys on Chinese tourists, the Cypriot tourism department found that the local tourism market can fully provide all the leisure venues or entertainment projects that Chinese tourists need. The picturesque scenery and rich history of Cyprus offer visitors not only pure and beautiful visual aesthetics but also a rich experience of diverse cultures. Yiorgos Lakkotrypis also revealed that direct flights between China and Cyprus will soon be launched.
Investment Prospects
Significant natural gas reserves have been discovered in the exclusive economic zone of Cyprus. Regarding energy cooperation between the two countries, Mr. Yiorgos Lakkotrypis stated: "This is also one of the important topics of our visit. Cyprus hopes to continue promoting cooperation between China and Cyprus in energy, such as natural gas, through this visit. China is a major energy-consuming country that requires long-term stable energy suppliers, and Cyprus meets these conditions." Lakkotrypis also pointed out that China possesses many advanced technologies and rich experience in energy development, and Cyprus welcomes Chinese enterprises to participate in the natural gas development in its exclusive economic zone. Through these two days of visits in China, Mr. Yiorgos Lakkotrypis has further confirmed the enormous potential and broad prospects for cooperation between China and Cyprus in the energy sector.
Regarding the statement that Chinese citizens can obtain permanent residency in Cyprus by purchasing property, Yiorgos Lakkotrypis expressed his affirmation. He stated that purchasing property worth over 300,000 euros can grant permanent residency, which will provide convenience for many parents wishing for their children to study in Europe. Chinese families can also find ideal places for vacation, leisure, or retirement by purchasing property in Cyprus.
Worldway has rich experience in the field of immigration through property investment in Cyprus and has played an important role in promoting the recovery of the Cypriot real estate market. As the only Chinese investment immigration agency that has been received by the then President of Cyprus (EU rotating presidency), the Speaker of the House of Representatives, mayors of the three major cities, and senior officials from various major departments of the Cypriot government, Worldway has successfully accelerated the approval of the Cypriot property investment immigration policy and has established long-term strategic partnerships with all top local developers, helping thousands of investors realize their dream of overseas property investment immigration.
