Cyprus in 2024: A Look Ahead

Maria A. Papacosta, Audit Services, Board Member, Head of Clients & Markets at KPMG in Cyprus, is one of the leading people placing Cyprus high on the map of professional services.

With her apt knowledge of her field and a true intuitive leadership style, Maria shares her insights on what to expect in 2024 and the forecasts that will shape the remainder of the year.

Navigating the Economic Landscape

Our economy has seen substantial fiscal improvements recently, with decreased public debt, increased surpluses, and growth rates surpassing the EU average. The Central Bank of Cyprus forecasts further growth of 2.7% in 2024 and 2.9% in 2025, contingent on managing external challenges. Risks include adverse economic and geopolitical developments, sustained high interest rates, geopolitical instability, sanctions affecting exports, and sluggish core European economies. To maintain competitiveness, Cyprus must undertake necessary reforms, focusing on key sectors like tourism, real estate, and shipping, while expanding into technology, education, research, and health investments. The Recovery and Resilience Fund presents both challenges and opportunities, particularly in green and technological advancements, essential for enhancing competitiveness.

Tourism Rebound

Cyprus’ tourism industry is poised for a strong comeback in 2024. This surge in visitors will inject revenues into the economy, benefiting businesses across many sectors. The hospitality and tourism sector is crucial for the further growth of Cyprus as an international business center, creating an ancillary economy that benefits businesses and society at large.

Empowering Women in Leadership

Cyprus has made progress towards gender equality in the workplace, but significant strides remain. It is essential to implement and enforce policies that ensure equal pay and opportunities for women. Fostering mentorship and sponsorship programs will empower women to reach their full potential in their careers. Finally, cultivating a more inclusive and supportive corporate culture will be key to attracting and retaining female talent in senior positions.

A Thriving Funds Industry

Cyprus has emerged as a fast-growing hub for investment funds in Europe. This growth is attributed to several factors, including a transparent and well-developed regulatory framework, competitive tax regime, and a skilled workforce to support the industry. The increasing popularity of Alternative Investment Funds (AIFs) with the established presence of Undertakings for Collective Investment in Transferable Securities (UCITS) further solidify Cyprus’ position as a compelling jurisdiction for fund establishment and management.

KPMG

KPMG in Cyprus can be a valuable asset for attracting investments in this competitive landscape by leveraging its experience in key sectors, like finance, energy, health, education and technology and shipping. We demonstrate our deep understanding of the Cypriot market and its potential by highlighting Cyprus’ strategic location, particularly as a gateway to the Middle East and Africa, further strengthening its appeal to investors. A proven track record of success in helping clients achieve their business goals will build trust and confidence, while fostering strong relationships with potential investors, ensures a clear understanding of their needs. By strategically combining these strengths, KPMG can effectively position itself as a trusted partner for investors seeking opportunities in Cyprus.

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