Marios Tannousis: Attracting UK non-doms will bring about a string of benefits for Cyprus

The UK’s abolition of non-dom status will create opportunities that Cyprus can benefit from, Invest Cyprus CEO Marios Tannousis suggests.

Speaking to InBusinessNews, he noted that Cyprus has its own non-dom status, which is attractive and offers significant benefits.

Tannousis expressed the opinion that opportunities will be created by investors who will want to change jurisdiction and leave London, noting that, already, several of them are aware of Cyprus’ non-dom status.

"In order to attract such investors, the proper promotion of the Cyprus scheme is required, with targeted efforts to inform potential investors," he added.

In this context, Tannousis referred to the upcoming "Non Doms: The Cyprus Private Client Offering Gathering 2024" conference which has the main theme of "Cyprus: A destination of choice for High Net Worth Individuals (HNWIs), their families, companies and employees." This is being organised by IMH in collaboration with Invest Cyprus, on 4 December in London. As Tannousis explained, the event aims to highlight Cyprus and the attractive scheme it has for non-doms.

"As Invest Cyprus we are taking actions this direction, to help Cyprus attract foreign investments, as are the terms of our mandate", he pointed out.

The benefits for Cyprus

Referring to the benefits that the country will have if it captures even a small part of the non-doms of the United Kingdom, Tannousis explained that in such a case we will have investors who will spend time in Cyprus, will invest in the country, and in this way, a string of benefits will be created.

As he pointed out, the new investors and businessmen coming to Cyprus, if satisfied, will then increase their investments and probably want to invest in various sectors of the economy. This benefit the economy on many levels including through spending at restaurants and hotels, for real estate, etc., Tannousis noted.

"When a new investor decides to use Cyprus as a base for his investments, businesses and actions, as long as he is of a high professional level, he helps the country and has a multiplier effect on the economy, while in some cases, these investors also transfer know-how, which helps the country," the CEO of Invest Cyprus concluded.

The IMH conference in collaboration with Invest Cyprus in London

IMH in collaboration with Invest Cyprus is on 4 December organising the ‘Non Doms: The Cyprus Private Client Offering Gathering 2024’ conference in London with the main theme of ‘Cyprus: A destination of choice for High Net Worth Individuals (HNWIs), their families, companies and employees.’

The purpose of the conference is to highlight Cyprus, as one of the few places in the world and especially in the EU, that offers a full range of quality services to meet the needs of private customers, the wide range of advantages, both financial and non-financial, available to affluent and wealthy individuals, their families, businesses and employees.

More specifically, the conference "Non Doms: The Cyprus Private Client Offering Gathering 2024" aims to present all the benefits and advantages Cyprus can offer private clients, from taxation and wealth preservation and living and working in Cyprus to the establishment of a business presence on the island.

Read more and find out about the conference HERE

(Source: InBusinessNews)