The professional services sector in Cyprus has experienced unprecedented growth over the last 30+ years and slowly but steadily became a vital part of the island’s economy. The biggest stakeholders in the industry (large accounting/audit/tax firms, well-known law firms and the banking divisions of Cyprus banks) have traditionally depended on their business with international clients – both corporate clients and high network individuals – to maximize their growth. Nevertheless, new regulatory requirements and the latest developments regarding tax incentives in different jurisdictions means that it is time to reconsider things as these changes start to impact business with overseas. So is it time to start working on a new business model that will enable the professional services industry in Cyprus to flourish again?

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