On June 15–16, 2025, Prime Minister Narendra Modi made history as the first Indian head of government to visit Cyprus in over two decades, warmly welcomed by President Nikos Christodoulides in Larnaca. Over two days of substantive meetings and a key business roundtable in Limassol, both leaders focused on unlocking the economic potential that Cyprus offers India, particularly through the India–Middle East–Europe Corridor (IMEC) and the anticipated India–EU Free Trade Agreement, expected by year’s end.
This visit isn’t just symbolic. It opens real doors for sectors like technology, pharmaceuticals, fintech, education and logistics. Homegrown Cypriot institutions such as Eurobank are already taking steps, opening representative offices in Mumbai and signing MoUs for UPI payments, all signaling tangible momentum.
Equally transformative is Cyprus’s Business Facilitation Unit (BFU), a government-run “one-stop shop” established in January 2022 to simplify setup and licensing for foreign high-tech, pharmaceutical, and biotech firms. Eligible companies, even those majority owned by foreign nationals, can register, secure immigration permits for skilled staff including family, and finalize tax and VAT compliance within days, not months. The BFU also supports digital nomad visas and family reunification schemes.
Combine this ease with Cyprus’s 12.5 percent corporate tax, extensive double-tax treaties including with India, access to EU markets, and an attractive lifestyle for employees, and sectors like cyber, AI, drone tech, fintech, and pharma find fertile ground to relocate, develop, and scale in Cyprus.
For Eliades & Partners, this is more than background, it’s a call to action:
- We provide strategic legal advice and business consulting, from cross-border commercial contracts to regulatory compliance, helping Indian businesses establish and grow confidently within Cyprus and the EU.
- We can package relocation and payroll services, making Cyprus transitions effortless for Indian professionals and families.
- We can support tech and pharma firms through BFU licensing, corporate setup, and talent mobility.
- We can facilitate Indian young people who are interested in pursuing their studies in a well developed English speaking educational ecosystem.
In short, Modi’s visit wasn’t just diplomatic, it was commercial. Cyprus has rolled out the welcome mat, and Eliades & Partners is perfectly positioned to guide companies and individuals through it.
Andreas Hadjidemetriou
Partner
