Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

At a crossroads: Is Cyprus becoming Europe's newest tech island?

At a crossroads: Is Cyprus becoming Europe's newest tech island?

Cyprus has earned its fair share of poetic nicknames throughout the years. Now it's looking to add a new one: "tech island".

Cyprus has earned its fair share of poetic nicknames throughout the years: it has been dubbed the jewel of the Mediterranean and the mythical birthplace of Aphrodite. With its rich history and stunning nature, tourism used to be at the forefront of the Cypriot economy. But the country has come a long way since then, and today, it's eyeing another nickname: a "tech island".

The journey towards a tech hub


Once you set foot in Cyprus, the transformation is palpable. New high-rise buildings, university campuses, and infrastructure signal the island's next chapter fit for global talent and innovative companies seeking a new home.

The evolution from the holiday destination to a modern entrepreneurial hub ensued gradually, with the rise of several defining industries.

Back in the 1980s, Cyprus took advantage of its strategic location to advance its shipping industry, and today, the Cyprus flag is welcome in ports worldwide. Throughout the 1990s, the focus had shifted to corporate servicing that took the country to the property boom of the 2000s. These industries are still an integral part of the country's growth, but another goal has surfaced in recent years.

Cyprus wants to serve innovative entrepreneurs and motivate them to choose the island as their base.

The rise of entrepreneurship


Looking at the map, the island is quite literally at a crossroads. Located at the intersection of Europe, Africa, and Asia, it's inevitable that Cyprus would emerge as a tech and entrepreneurial hub. With its 300 to 340 sunny days per year, kilometres of beaches, and high quality of life, it's a great place to call home.

On top of that, the country has pursued a transparent, simple regulatory, tax, and legal system as one of its priorities.

Besides, the Cypriot talent pool is educated and largely proficient in English, and the government offers tax incentives that can make the beginnings in Cyprus easier. The priority is to develop a highly-skilled technology talent pool locally and at the same time open the doors to global talent to relocate to the island.

New organizations and initiatives are being established, and world-class institutions are supporting the whole ecosystem. Cyprus has 14 universities and colleges providing higher education for over 50,000 students.

Additionally, several funding schemes are available, and the ambitious entrepreneurs can turn to a network of private investors, the government, or the EU for support. Digital transformation is an inevitable part of the development process, and it's on the list of the country's priorities.

"In a time when digital change is a key driver of a country's economy, Cyprus is making strides towards that goal. For example, by the end of this year, Cyprus will most likely be the only country in Europe with 100 per cent 5G coverage," explains Andreas Neocleous, Chief Executive Officer at CYTA.

Despite the pandemic setbacks, some of the Cyprus-based companies have achieved significant milestones. Odyssey, with an office in Nicosia, was just included in the Gartner 2021 Magic Quadrant. Online course marketplace LearnWorlds has managed to raise $32 million (€27 million).

Another Cypriot company, Omilia, raised an impressive $20 million (€17 million) last year to work on their conversational AI technology for enterprises. Another major success story relates to Nexters Global's IPO: the mobile game Hero Wars owner is about to go public through a deal that values the company at $1.9 billion.

"During the last five years, the IT ecosystem of Cyprus has been massively disrupted," says Alexey Gubarev, Co-founder at Servers.com and Co-founder and Board Member at Palta.

Palta, a health & well-being technology company, has recently raised $100 million (€85 million) in a Series B funding round.

"Plenty of companies are coming to the island, and this wave is redefining the desired profile of the local workforce. Cyprus now has the possibility to create the best environment in Europe for IT companies and elevate IT to a leading sector of the economy," Gubarev adds.

Arthur Mamedov, COO at TheSoul Publishing, agrees that the island is a well-rounded business base. "Cyprus already has a lot of what it takes to become a very appealing and internationally successful technology hub," he says.

Cyprus boasts 300 to 340 sunny days per year, kilometres of beaches, and high quality of life.


Uniting the 'doers'


In countries with thriving startup and tech ecosystems, someone from within usually comes to the same conclusion: the "doers" need a place to meet. In Cyprus, the Reflect Festival has blown up from one year to the next, demonstrating how frantic the growth on the island is.

"Our goal was to open up a platform that encourages interesting collaborations, new projects, and exciting ideas. It feels immensely rewarding, especially since the people of Cyprus are very action-oriented and proud of the progress the country has made," says Dusan Duffek, Co-Founder at Reflect.

Since 2018, the festival has hosted more than 7000 attendees including a multitude of founders, executives, investors, and speakers. Inviting household names to the island is not the only goal: it's also yet another opportunity to connect Cyprus with businesses and entrepreneurs worldwide.

"We were given access to practically every customer we could identify as relevant for us. We will surely be back and hope to even set up locally in Cyprus soon," explains Paul Jozefak, Co-Founder & CEO at Receeve.

The tech island


At the beginning of this year, more than 100 tech companies have joined forces to showcase that Cyprus is an ideal place to live, work, and innovate. They have launched Techisland, a non-profit organization with a mission to promote the acceleration of the local tech ecosystem.

Kyriacos Kokkinos, Deputy Minister to the President of Cyprus for Research, Innovation & Digital Policy, participated at the first press conference and introduced his vision for the island.

"All these bright minds have been brought together determined to make a step change on how we make Cyprus a regional - if not global - hub for sciences, technology, and startups," he said.

Stylianos Lambrou, a serial entrepreneur and one of the founding members of Techisland, adds that the country is entering a defining era.

"The Cyprus tech ecosystem has been steadily growing, and a significant acceleration came especially in the past few years. We've teamed up to strengthen the prospects of Cyprus as a tech hub," he explains.

According to him, Cyprus of such high international standards will attract many professionals and global technology companies.

"In return, the technology sector will have a key role in helping the government transform the economy by contributing to a new sustainable growth model," he adds.

Sustainable growth is indeed crucial should innovative tech companies define this decade. There's a lot at stake, but if Cyprus will live up to its ambitious goals, the "tech island" can cement its position as a modern entrepreneurial hub conveniently connecting three continents.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×