Anxious Over UK Leaving EU, Cyprus Eyes SE Asia for Investors

Αssociated Press

Flags of Anti Brexit protestors fly in front of parliament in London, Wednesday, Oct. 23, 2019. (AP Photo/Frank Augstein)

A former colony of the United Kingdom, which is up in the air about when – or if – it will leave the European Union as voters had approved, Cyprus is now looking as far afield as Southeast Asia to attract foreign companies, kicking off a campaign to lure them.

After the recent visit to Hong Kong by Invest Cyprus representatives accompanied by a business delegation they are now getting ready to explore Singapore as well as Malaysia, Vietnam and Indonesia, said In-Cyprus.

Cypriot officials were said to believe there's great untapped potential in that region which ranks high in world competitiveness indexes and had used the UK as their entry point to the EU, which wouldn't have if there is a so-called Brexit, opening the door for Cyprus.

Cyprus, long independent, still uses British law to govern, however, making it more attractive for foreign investors than other EU countries and Invest Cyprus wants is more  investment funds as well as the transfer of corporate headquarters to Cyprus, officials told the site.

“We emphasize that technology companies can only benefit from the friendly investment environment of Cyprus on the one hand and for Cyprus, itself, to benefit from the know-how transfer,” said an official who wasn't named.

Other  advantages Cyprus offers to potential investors are its low tax rates and low cost of living compared to other European cities such as Dublin and Luxembourg, the report added as another bargaining chip.