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The economic cooperation between Cyprus and the UAE currently focuses on many major goods, but the possibilities are significant and wide-ranging, rendering the UAE a strategic partner for Cyprus and vice-versa, says Yiannis Sophianos.
We see great opportunities in cyber insurance – providing coverage for loss of data and privacy protection. This new market is expected to grow exponentially in the next few years within the local economy.
There is always enough space for any good company or bank to invest in a market with opportunities such as Cyprus. However, as the cost of regulation increases and competition from GAFAs, BigTechs and shadow banks intensifies, we should not preclude any further consolidation in the sector.
Cyprus needs a robust, efficient and fair business tax framework that supports the post-Covid-19 recovery and is fully aligned with the expected legislative changes. In other words, this is the time to launch the process for a tax reform.