Nicosia #1 of small European cities in the category Human Capital and Lifestyle for 2020/2021, based on the research of Financial Times – fDi Intelligence
fDi Intelligence, a division of the Financial Times providing intelligence services for global Foreign Direct Investment and publishing the bi-monthly fDi magazine with up-to-date review of global investment activity, published its research on the attractiveness of European cities.
European cities, grouped as major, large, mid-size, small and micro cities, have been analysed with specialist online FDI tools – fDi Benchmark and fDi Markets, as well as other sources. Cities have been evaluated in five categories: Economic Potential, Human Capital and Lifestyle, Cost Effectiveness, Connectivity and Business Friendliness. Locations scored up to a maximum of 10 points for each data point, which were weighted by importance to the FDI decision-making process in order to compile the subcategory rankings as well as the overall ‘European Cities and Regions of the Future 2020/21’ ranking.
Nicosia, the capital of the Republic of Cyprus, has been ranked Number One of small cities for Human Capital and Lifestyle 2020/2021.
Living in Nicosia myself (Stefan Nolte, Director of Shanda Consult) since more than eleven years, I can only confirm that. Nicosia is small indeed but has an urban and organised character yet leaving enough room for freedom and personal evolvement and development. It provides a vibrant cultural environment including several theatres, galleries, even a Jazz Club, as well as quality entertainment venues. If you want to chill, just scroll down the pedestrian Ledra Street and have a coffee in one of the authentic or modern cafés. You need a break from the city and want to work out or do your jogging tour? Then benefit from the several kilometres long running path in the park along the Pedieos river within the city, with large trees providing shade, or go to the Athalassa Park at the Southern edge of Nicosia, where you will find several running parkours of up to 19 km.
With 5 universities, one of them even providing master courses in blockchain technology (the first one globally), and two excellent independent scientific institutes in Nicosia, the capital of Cyprus provides excellent human capital in many disciplines, while IT and software related skills are a special focus.
A rapidly growing number of software developing companies and innovative mature startups (InnoTech) choose Nicosia either as their headquarters or set up branches to benefit from the available and affordable Human Capital.
Software developing companies as well as many InnoTech companies that produce intellectual property do also benefit from IP Box scheme, which is based on the respective European Directives, providing for effective taxation of IP-related profits of only 2,5%.
Shareholders of Cyprus companies moving to Nicosia do also benefit from the non-dom tax status for a period of 17 years, exempting them from capital gain tax on dividends received.