Cyprus Climbs ...
Cyprus Climbs to 5th Place Globally as a Top Destination for Startups
In a recent speech at the 3rd Cyprus International Technology Relocation Summit, Marios Tannousis, head of Invest Cyprus, revealed that Cyprus now ranks 5th worldwide among countries ideal for launching a business. He backed this claim by pointing to the nation’s favorable credit ratings from major international agencies and its strong performance in the Global Innovation Index 2024, where Cyprus placed 27th among 133 countries.
Tannousis emphasized that Cyprus is outperforming the European 2030 higher education targets, due in part to rapid growth in tertiary education metrics. He also highlighted the country’s low unemployment rates, robust institutional framework, and legal ecosystem tailored to attract skilled professionals and foreign investment. According to him, Cyprus offers both high quality of life and a stable regulatory environment, traits that appeal to entrepreneurs and global startups alike.
This announcement complements several recent domestic initiatives: the government plans 14 new employment support grant programs by end-2025 (total budget 88.7 million) to assist businesses and underemployed groups, and a digital governance vision aiming to render administrative services transparent, efficient, and citizen-friendly.
The assertion that Cyprus is now among the world’s top startup hubs may provoke skepticism, but it isn’t without merit. Small nations can compete not by scale but by agility, targeted incentives, and regulatory adaptability. Cyprus’s strategic position as a gateway between Europe and the East, coupled with its EU membership and relatively low compliance burdens, can render it an attractive base for global ventures.
Still, rankings are only as meaningful as their real-world follow-through. To justify the hype, Cyprus must ensure that funding, mentorship, infrastructural support (e.g. coworking, high-speed internet, R&D infrastructure), and access to markets accompany the accolades. The announced grants and digital governance push are positive signs, but they must translate into measurable uptake and success stories.
One risk lies in overpromising on rankings while failing on execution. If entrepreneurs arrive hoping for a startup utopia but find red tape, underdeveloped infrastructure, or weak support networks, reputation could suffer. But if Cyprus can convert its strategic narrative into concrete value, like easing cross-border operations, attracting VCs, and incubating scalable ventures, it may genuinely emerge as a hub for innovation in the Mediterranean
Market Cyprus - News Service
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