Amid an era of uncertainty and restructuring of business and lifestyle landscapes, Cyprus has remained in the top-ranking spots for pandemic responses anywhere in the world, and Cyprus business even with Covid-19 continued to experience strength and growth among global economies.
The Aspen Trust Group examines the impacts that Covid-19 has had on Cyprus and its business landscape. Further, our company presents the mixture of stability and adaptability found within the areas of business and governmental regulations as well as significant lifestyle influences within the jurisdiction that directly corresponded to a healthier, more robust response to the Covid-19 pandemic. Finally, discover the benefits of becoming a Cyprus business in Covid-19 times.
The Covid-19 Pandemic Impact on Cyprus
Cyprus has been one of the top-performing countries in Europe and the world for minimizing the number of cases and deaths. As of December 2021, the number of cases was approximately 136,500 since the start of the pandemic and only 600 people had succumbed to the disease.
- Ranked 5th for Covid-19 performance by Lowy Institute
- 4th best European country for the low number of deaths
- Top-ranking vaccination rate
- 2nd safest European jurisdiction for residents through testing while maintaining access and mobility
- 29th global ranking by Forbes for overall safety across an analysis of 24 parameters of pandemic response measures
- A universal healthcare system with organizational and accessibility benefits for crisis prevention
- Strong growth indicators with governmental support schemes, effective regulations, and continued foreign investments
- Few hindrances to Cyprus business by Covid-19 spread or containment measures.
How Better Business, Regulations, and Lifestyle Tackled the Pandemic
What has made some jurisdictions more successful in handling the pandemic over others? Moreover, how has Cyprus business stayed strong despite Covid-19 closing borders and limiting the movement of goods and people worldwide. In large part, the answer to this is the mixture of government, social, and business foundation and support that Cyprus has developed in the last few decades that prepared the jurisdiction for overcoming unimagined global complications.
An Overview of Cyprus Covid-19 Measures
1. Government Support Schemes
Broken into three major areas of financial assistance, the Cypriot government release three measures to boost economic support for businesses and individuals, utilizing an individualized support scheme, an economic support scheme, and a tax relief support scheme. A few measures to aid Cyprus business in Covid-19 relief include:
- Program for Financial Support: reduced taxation for relief measures
- Small Business Support Scheme: 70% subsidy for employee salaries of start-ups as well as electricity price reduction
- Nine-month freeze on public and performing business loans
- State guarantee on loss from loans for businesses and self-employed individuals
- Emergency Measures by Financial Institutions and Supervisory Authorities Decree of 2020: suspension of loan installment collection for 2020
- Self-Employed Special Benefit: support for the self-employed
- Child Care Special Leave: allowance support scheme for working parents who could not meet current models of working, such as teleworking, due to childcare-taking responsibilities
2. Border Measures
Only having implemented four full or partial lockdowns in the last two years since the emergence of the Covid-19 virus, Cyprus has mostly been open for business. With the new variants or changes in the daily spread of the virus, some restrictions on travel to the country had been implemented. However, the jurisdiction is taking strides in global networks to establish more open borders without sacrificing the wellbeing of its residents.
- Covid passport, known as Flight Pass to register testing and vaccination data more efficiently when traveling
- EU Digital Covid Certificate (EUDCC) through which EU membership allows safe and free movement throughout the region
3. Testing, Vaccination, and Quality of Life
With science leading the response efforts and policy decisions at the highest level, Cyprus has been effective in testing and vaccination measures. Further, the lifestyle aspects of Cyprus have led to a better quality of life for residents and more willingness to abide by health and safety protocols through which Cyprus business could continue operations as Covid-19 halted business activity around the world.
- Over 1.5 million tests have been administered, especially focused on at-risk groups and sectors
- 2nd highest for Covid-19 testing in Europe
- Weekly testing strategy of key groups
- Early detection mechanisms for employees to ensure continued business operations
- 67.8% full vaccination rate as of November 2021 and more than 1.3 million doses administered
- GeSY, National Healthcare Program: providing more unified and streamlined health responses as well as greater access to the general population to receive affordable health measures
- A Mediterranean climate and relaxed lifestyle promoted healthier standards of living pre-pandemic and influenced the willingness of residents to continue healthy personal practices.
Forging Ahead with Cyprus Business Despite Covid-19
Although the pandemic continues to be a changing crisis with the emergence of new variants such as Delta and Omicron, the world is adjusting to new models of health and movement in unprecedented ways. Cyprus still has some challenges to face in the coming years, but one thing is certain: Cyprus’s business remains strong throughout the evolution of new economic and lifestyle landscapes. Take a closer look at some of the challenges and opportunities that spell out the positive future of Cyprus business with Covid-19 factors.
Increasing Case Numbers
While the first 100 days were hailed as a remarkable feat for the country through quick, effective governmental actions, Cyprus, like the rest of the world, must focus on how to continue operations and the movements of goods and people. While many studies are being done to establish the impacts more open borders have on the number of Covid-19 cases, the fact remains that daily case numbers do increase with greater mobility and access to jurisdictions.
However, an increase in day-to-day case numbers does not mean that Cyprus is less safe than anywhere else in the world. In fact, quick and thorough actions of the government and the willingness of citizens and residents to abide by these regulations demonstrate that through testing and vaccination, lifestyle components, and border control measures, business can carry on safely. Moreover, as an island country, Cyprus has greater control over swift restriction measures that have shown to be effective with only a small amount of time necessary to reduce the spread of Covid-19. Most of the nations that are on the top of pandemic response reports have also been island jurisdictions.
Steady Growth Recovery Models
Each country has faced challenges with inflation, limited movement of supplies, and financial burdens at all levels of society, yet Cyprus maintains promising growth indicators. Furthermore, governmental attitudes on policy have shifted from economic support and relief towards economic growth initiatives. One of the major reasons for continued growth despite financial pandemic impacts is the development of many key industries of the country.
Cyprus business during Covid-19 was halted temporarily like any other global business hub, but the diversity and modernization of the marketplace allowed for efficient adaptions to a changing global climate. Outsourcing capabilities, business support mechanisms, and a highly technological and educated workforce allowed Cyprus businesses to maintain certain levels of function and flexibility in navigating the crisis. While major industries such as shipping and tourism were greatly impacted by the pandemic, other areas such as real estate, investment, and financial services were able to carry on and promote healthy growth indicators for the country.