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The Cyprus – Ukraine Business Association organized on June 3rd, 2016 in Hilton Park Nicosia, the ‘Cyprus – Ukraine’ Forum entitled “Reforms and New Opportunities”.

The key note speaker was the President of the Republic of Cyprus Mr. Nicos Anastasiades. The President stressed the solid economic relationship which has been long lasting between the two countries. Impressive facts and figures have been presented, as for example an increase in tourism from Ukraine to Cyprus by 23% from 2014 until now. Additionally taking into account the first four months of 2016 the increase in tourist from Ukraine has increased by 16% compared to the same time frame last year – 2015. It was also presented that Direct Investment from Cyprus to Ukraine amounted to 11.8 billion. The importance of nurturing the existing and identifying new joint business opportunities was the core message of the President in closing.

Apart from the President, there were a number of other speakers who discussed various topics related to doing business with Cyprus as well as business opportunities and practical examples.

H.E. Mr. Borys Humeniuk – Ambassador of Ukraine to Cyprus, highlighted Ukraine’s projected increase of GDP by 2% in 2017, in comparison to the 1% increase in 2016 year. This rise is encouraging Ukraine to prioritize promoting its business sector by actively fighting against corruption, gaining public procurement control as well as strengthening the relationships between countries investing in Ukraine. Hence, emphasis is placed on the consolidation of the relationship between two countries, due to Cyprus being the biggest investor in Ukraine. H.E. Humeniuk signified that Mr. Anastasiades’ visit to Ukraine, in December 2015, is an example of such efforts being materialized.

Mr. Michalis Michael -the president of the Cyprus-Ukraine Business Association, has emphasised once again that Ukraine is vital to the Cyprus economy as it is the biggest foreign investor. Christodoulos G. Vassiliades & Co LLC was represented by our Associate, Anna Maria Vassiliades. She addressed the plethora of tax benefits which derive from the Cyprus non-domicile.

We were pleased to have been part of this great event and to share our knowledge and experience with the esteemed audience. We shall do our utmost to promote and maintain the excellent relationship between the two countries and its people.

For more information on the Business Forum, please refer to the below link:


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