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Executive Report on Strategies in Cyprus
ICON Group International, June 2007, Pages: 391
How to Strategically Evaluate Cyprus
Perhaps the most efficient way of evaluating Cyprus is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Cyprus
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Cyprus. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Cyprus:
Openness to Trade in Cyprus
Openness to Direct Investment in Cyprus
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Cyprus. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Cyprus over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Cyprus when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Cyprus as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for Cyprus. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Cyprus.
As a whole, this report presents a strategic assessment of Cyprus by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN CYPRUS
Economic Fundamentals and Dynamics
Government Intervention Risks
The role of the government is still significant by U.S. standards but is declining. Substantial assets remain in government hands in the form of Semi-Government Organizations (SGOs), such as the Cyprus Telecommunications Authority (CyTA), the Electricity Authority of Cyprus (EAC), and the Cyprus Tourism Organization (CTO). EU harmonization has been instrumental in driving a gradual reduction in the government’s role in the economy. For example, the government has already started to dismantle its monopoly of telecommunications services, while the liberalization of air transport in Europe is exerting an increasingly strong pressure on Cyprus Airways, the national airline, to restructure. Additionally, in view of increasing competitive pressures and low productivity gains, more people in Cyprus are questioning the wisdom of practices such as fixed shopping hours, and the Cost of Living Allowance (COLA) wage indexation system. Sales periods continue to be fixed, since the majority of small shopkeepers prefer it that way. In practice, though, many shops do not comply strictly with this regulation.
In recent years, the Central Bank of Cyprus has spearheaded a campaign to liberalize and reform Cyprus’ financial sector, achieving substantial progress. Monetary policy is now successfully conducted through a new monetary policy framework, using market-based instruments. Repurchase transactions between the Central Bank and financial institutions constitute the primary tool of liquidity management and the use of the minimum liquidity requirement has been totally abandoned. The new monetary policy framework also includes a lower minimum reserve requirement and two standing facilities, aimed at providing and absorbing overnight liquidity. The new operational set-up of monetary policy is fully in line with EU practices.
Financial Liberalization
On July 10, 2003 the House of Representatives passed the law on the Free Movement of Capital, which came into effect on the date of accession (May 1, 2004). This was an important piece of legislation, abolishing the Exchange Control Law, which had existed since colonial times.
The law abolishes lifts all restrictions on the movement of capital to and from Cyprus, with a few exceptions, in line with EU policy. Some of the remaining restrictions concern capital restrictions for third (non-EU) countries and the taking of measures in cases of financial crises. The law also transferred the authority for vetting applications for incoming investment in Cyprus by non-EU residents from the Central Bank to the Ministry of Finance.
The Central Bank has also simplified procedures on current payments, including a complete abolition of restrictions on the maximum travel allowance in foreign currency for residents traveling abroad. Similarly, since August 2003, Cyprus residents are allowed to invest abroad up to CP 5 million (USD 10 million). EU residents (natural and legal persons) have been free to invest in Cyprus without any restrictions since January 2000. The 2003 law also lifts procedural hurdles for EU residents concerning the registration of companies or the transfer of shares. EU investors, though, are still subject to restrictions under other laws concerning certain economic sectors. These include mainly the sectors of electricity generation and distribution, tertiary education, broadcasting stations, travel agencies. Restrictions remain also on the acquisition of property in Cyprus.
Balance of Payments Issues
The Central Bank adopted a new methodology for reporting balance of payments developments, to comply with EU standards. Under the new methodology, the presentation of the current account and the former capital account has changed. For example, the former “invisible account” is now clearly divided into three sections: services, income, and transfers. Furthermore, the component list of services transactions has been expanded, reflecting the growing importance of services. Additionally, the former “capital account” is now sub-divided into the capital account and the financial account. The financial account is further divided into four function categories: direct investment, portfolio investment, other investment, and reserve assets.
Additionally, the collection of data for BOP purposes is done in line with the IMF and EU definition of the term “resident.” Under this definition, “resident” means a person living in Cyprus for more than a year, or a legal entity with a physical presence in Cyprus. As a result of the adoption of this new definition, international business companies with a physical presence in Cyprus, which were formerly considered “non-resident,” are now considered “resident.”
Infrastructure Development
Infrastructure in general is commensurate with European standards and is considered efficient. Until recently, public utilities, such as power generation, and telecommunications, were provided exclusively by semi-government organizations and the level of service provided was quite high. Public utilities and many other previously protected sectors (such as the management of airports or the marketing of agricultural products) are now open to competition from the private sector.
The island has a modern telecommunications system. Installation of telephones, telexes and telefax usually takes one week. Direct dialing is available to the majority of countries in the world (190 countries and territories). Postal services are adequate and there are many courier companies in Cyprus, including DHL, Federal Express, and UPS. Internet service including ISDN and ADSL has been available from a number of providers in recent years and the number of Internet users is growing rapidly.
Several roads connecting the main cities have recently been constructed as interstate-grade divided highways. Cars are the main form of transportation on the island (private or company cars and taxis). There are no train lines, and bus service is limited. Taxis are readily available at moderate, metered rates.
Political Risks
Economic Relationship with the United States
The United States and Cyprus enjoy an excellent bilateral relationship. The most prominent aspect of the relationship is the U.S. effort to assist Cyprus in finding a way to resolve the island’s political division. There is broad cooperation between the two governments on a host of issues. One key area of cooperation is in combating money laundering and terrorist financing, where Cyprus has made strides in meeting international banking standards.
Politics and the Business Environment
Prior to 1974, Cyprus experienced a long period of inter-communal strife between its Greek Cypriot and Turkish Cypriot communities. In response, the United Nations Force in Cyprus (UNFICYP) began peacekeeping operations in March 1964. The island has been divided since the Turkish military intervention of 1974, following a coup d’etat directed from Greece. Since 1974, the southern part of the island has been under the control of the Government of the Republic of Cyprus. The northern part is ruled by a Turkish Cypriot administration. In 1983, that administration proclaimed itself the “Turkish Republic of Northern Cyprus” (“TRNC”). The “TRNC” is not recognized by the United States or by any other country except Turkey. The two parts are separated by a buffer zone patrolled by United Nations forces. A substantial number of Turkish troops remain on the island. The U.S. plays a significant role in supporting the U.N. Secretary General’s efforts to negotiate a political solution to the Cyprus problem.
Since April 23, 2003, Turkish Cypriot authorities have relaxed restrictions on individuals crossing between the two communities; however, there is essentially no movement of goods or services between the two parts of the island. Agents in Turkey or trading companies in the Turkish Cypriot community handle foreign products sold in the north (including many U.S. products). Goods to and from north Cyprus are imported and exported via Turkey, and the international community does not recognize phytosanitary certificates or similar documentation issued by the Turkish Cypriot administration. The Government of the Republic of Cyprus does not recognize the ports and airports of the Turkish Cypriot community as legal points of entry.
Until early June 2004, the Government of Cyprus allowed only Turkish Cypriots to cross from north to south. As a result, visitors who entered Cyprus through the “TRNC” were not allowed to visit the southern part of the island. On June 3, 2004, the Government of Cyprus revised its policy regarding green line crossings to comply with EU principles of freedom of movement. While these changes apply primarily to EU citizens, the rules for third country nationals were also modified. Persons who are not subject to a visa requirement (including U.S. citizens) and who enter Cyprus from non-recognized points of entry in the Turkish Cypriot community are entitled to cross the Green Line to and from the government-controlled areas. Visitors arriving in the south are normally able to cross into the north without hindrance, though on occasion difficulties are encountered at both the Greek Cypriot and Turkish Cypriot checkpoints. Policy and procedures regarding such travel are subject to change.
While this relaxation has resulted in more personal visits across the buffer zone, restrictions and practical hindrances to trade in goods and services between the two communities remain in place.
The Political System
Cyprus is a democratic and independent republic with a presidential system of government. The elected President of the Republic (who serves for five years) appoints the Council of Ministers, which is the main executive instrument of the Republic.
Ministers are responsible for the initiation of legislation and administration of matters falling within their domain. Legislative power lies in the hands of the House of Representatives, which consists of 56 elected members (who serve for five years). The President of the House of Representatives is the country’s second-ranking government official and serves as Acting President in the absence of the President.
On May 1, 2004 Cyprus joined the EU as a full member. The process of harmonization with the EU has literally transformed the Cypriot economy in recent years, making it more open and more competitive. The long-term benefits of this process will far outweigh interim adjustments costs, estimated by some to exceed USD 2 billion already. Following are only some of the important structural reforms that have taken place as a result of this process:
Effective liberalization of trade;
Financial and banking sector liberalization;
Abolition of exchange control and investment restrictions;
Introduction of market-based methods of financing the public sector requirements;
Abolition of price controls;
Liberalization of state-dominated monopolies in utilities (including telecommunications, and power generation and supply);
Reduction of government stake in such important organizations as Cyprus Airways, Cyprus Tourist Development Agency (owner of Hilton Hotel), and Cyprus Industrial Pipes;
Changing the structure of government subsidies to match that of the EU.
In April 2003, the Turkish Cypriot administration eased restrictions on the movement of people across the Green Line. An average of 13,000 people from both sides cross the buffer zone every day. Over half of them are Turkish Cypriots who have found employment in the southern part of the island.
Marketing Strategies
Agents and Distributors
It is relatively easy to find qualified Cypriots to serve as agents and distributors. Hundreds of U.S. companies are already represented here on an agency/representative basis. Cypriot agents/representatives normally market U.S. products and services under binding agency agreements based on commissions. In general, the Embassy’s experience has been that Cypriot agents are reliable and pursue their work objectives aggressively and with a keen business sense. In Cyprus, a Commercial Agent must register with the Council of Commercial Agents and receive a license with a registration number.
Franchising Activities
U.S. franchises, particularly in the food business, have been extremely successful in Cyprus in recent years. The following companies have opened franchise outlets in Cyprus since 1990: McDonald’s, Pizza Inn, Pizza Hut, Kentucky Fried Chicken, Kenny Rogers Roasters, TGI Friday’s, Starbucks Coffee, and Burger King. Such non-food U.S. franchises as Athlete’s Foot and Gold’s Gym are also present and successful in Cyprus. Operation of these ventures results in a substantial outflow of capital in the form of licensing fees and royalty payments, estimated at around USD 20.0 million a year for U.S. and other foreign franchises. Present trends suggest that the franchising sector has great prospects for growth in Cyprus.
Joint Ventures and Licensing Options
In January 2000, Cyprus lifted all restrictions on investment by EU residents (natural as well as legal persons) -- including restrictions on the extent of participation and minimum level of investment in any enterprise in Cyprus. Furthermore, since June 2003, EU investors have been able to go directly to the Official Receiver and Registrar and register a company in Cyprus just like local investors, without needing to obtain a permit from the Central Bank first. Prospective U.S. investors, who already have a presence in the EU, can take advantage of this new liberalized policy on investments by applying for their foreign investment permit through their subsidiary in the EU.
Non-EU companies (as well as natural persons) can establish a legal presence in Cyprus as follows: The applicant must select an appropriate professional (attorney or accountant) practicing in Cyprus to submit on his or her behalf an application for establishing a legal presence on the island. The fee charged by local professionals for setting up a legal entity on the island usually ranges between USD 1,500-3,000.
Cypriot legislation imposes significant restrictions on the foreign ownership of real property. Non-EU residents are generally restricted to buying only a single piece of real estate for private use not exceeding three donums (i.e. normally a holiday home or an office). Exceptions can be made for projects requiring larger plots of land (i.e. beyond that necessary for a private residence) but are difficult to obtain and are rarely granted.
Employment and Other Restrictions
Non-EU residents wishing to take up employment in Cyprus must obtain work permits issued by the Migration Department. Employment permits are issued to the senior executives of companies as well as to other foreign personnel when administrative or technical staff of the same caliber cannot be found in Cyprus, or when the employment of the non-EU resident is absolutely necessary for conducting the business of the enterprise. Other restrictions may also apply, such as for setting up educational institutions on the island with non-EU participation.
Selling Strategies
Marketing has been a growth industry for Cyprus in recent years, to the point where many local firms offer their services to customers in the region. Advertising methods for the local market have become sophisticated and the choice of available media is approaching those available in other developed countries.
Besides traditional advertising media like television and radio, direct marketing techniques that involve telephone calls to prospective customers and direct-mail to households have been used in recent years as has tele-marketing (advertising through TV, with call-in numbers to order directly). Cable and satellite television are also progressing swiftly. Although still available only on a very limited basis, they are soon to become more widely available and will thus offer another advertising medium on the island. The rapid growth in the number of Internet users in Cyprus provides another alternative means for advertising through the web. Several Internet providers specialize in designing Web pages.
Advertising and Trade Promotion
More traditional advertising channels, such as billboards, or the print media, are also used extensively. General and product-specific trade shows take place year-round. Most newspapers are affiliated with particular political parties. The major Greek language newspapers are “Phileleftheros”, “Alithia”, “Simerini”, “O Politis”, and “Haravghi”. The major English language newspapers are the “Cyprus Weekly”, “Cyprus Mail” and the “Cyprus Financial Mirror”. There are numerous radio stations and seven broadband television channels: two government-owned, three private, and two paid subscription TV channels. There are also six local TV stations on the island. Digital television is available in Cyprus. Two companies offer cable digital TV; the Cyprus Telecommunications Authority (CyTA) through its pre-existing cable network and NV Cable Communications Systems, a strategic collaborator of the Electricity Authority of Cyprus, through the EAC’s existing fiber optics infrastructure.
Major Advertising Companies
Some of the major advertising companies on the island are:
Delema/McCann-Erickson
36 Griva Digeni Avenue
P.O. Box 21674
1512 Nicosia
Tel.: +357-22-660300
Fax: +357-22-660303
Telia & Pavla/BBDO
92 Arch. Makariou III Avenue
Apt. 3,1077 Nicosia
Tel.: +357-22-377745
Fax: +357-22-377996
Partners Communications Services
6 Costakis Pantelides Street
1010 Nicosia
Tel.: +357-22-668450
Fax: +357-22-661746
E-mail: partners@partners.com.cy
Pricing Issues
The government has abolished price controls on all products. Additionally, the implementation of the Uruguay Round agreement since January 1, 1996, resulted in the abolition of import permits, quantitative restrictions, and other non-tariff barriers to trade.
When considering pricing strategy, U.S. exporters should remember that the Cyprus market is small and orders are usually in limited quantities. The usual method of transaction is by letter of credit, with 90-days credit.
Supplying Customer Service
U.S. companies bidding on various projects in Cyprus should bear in mind that a local representative is usually necessary (unless the tendering authority expressly rules out dealing with intermediaries, which is the case with the Ministry of Defense). When evaluating tenders, government and semi-government organizations will take into consideration the reliability and reputation of the local agent/representative. Also taken into consideration are after-sales service, maintenance contracts, and the availability of spare parts.
Public Sector Marketing
The procurement practice of the government is to announce international or local tenders, depending on the size of the procurement. With EU accession, the procurement law has been amended to comply with EU laws and regulations. Tender documents are now only released in the Greek language, which is an official EU language. In most cases, U.S. companies may bid directly or through a local agent on any tender.
With the new procurement law, power on evaluating and awarding tenders has shifted from a Central Tender Board to each Ministry’s tender board. A Reviewing Tender Board is now established to examine complaints from bidders and to ensure that project awards are not mismanaged.
Ministry technical committees evaluate government tenders. Bids are evaluated first on technical merit and then on cost. Bidders on government contracts are advised to offer products/services that meet tender specifications to the dot. “Overbidding” -- providing additional technical capabilities or services -- only adds to the cost, thus risking low ranking by the financial committee. A number of U.S. firms have had their bids disqualified by quoting prices in currencies not listed in the tender documents.
Intellectual Property Risks
The Adoption of the Copyright Law on January 1, 1994 and the subsequent adoption of the Patents Law on April 2, 1998 were important milestones in establishing a modern legislative framework for the protection of intellectual property on the island. These laws are consistent with Cyprus’ obligations under the European Patent Convention and the World Trade Organization (WTO) TRIPs agreement. In May 2004, Cyprus strengthened further its legislative framework on IPR by providing stiffer penalties for offenders.
Hiring Local Counsel
A local attorney must prepare the Articles of Incorporation of the company and submit the application for registration to the Registrar of Companies.
Import and Export Regulation Risks
Trade Barrier Risks
Cyprus’ policy on trade regulations and standards is now fully harmonized with that of the EU. Several examples of recent landmarks along Cyprus’ path towards trade liberalization follow.
A Customs Union agreement between Cyprus and the EU, which started in 1972, has culminated in the full elimination of tariff rates on goods traded between the two sides and the full adoption by Cyprus of the EU’s Common Customs Tariff (CCT) for third countries, after more than a decade of progressive adjustments. Even though this state of affairs provides a natural advantage for EU products in the Cypriot marketplace, the tariff margin that exists now between EU and non-EU goods is still considerably smaller than Cyprus’ earlier tariff regime more than a decade ago.
Additionally, since January 1, 1996 Cyprus has eliminated quantitative restrictions and other non-tariff barriers to trade and started implementing fully the Uruguay Round agreement. This development helped open up the Cypriot market to U.S. and other goods.
Similarly, Cyprus has abolished many other barriers to trade largely due to EU harmonization. Another example was the recent abolition of the 20 percent price preference granted to locally produced goods and services for public tenders. This provision, deemed contrary to EU practice and the WTO’s Government Procurement Agreement, has been abolished since April 30, 2003.
Valuations on Imports
Customs duties are regulated by a tariff system based on the Harmonized Commodity Description and Coding system (HS). Goods are classified according to their composition, description and purpose, and carry various rates of duty. Cyprus has adopted the EU Common Customs Tariff (CCT) for third countries fully as of May 1, 2004. The applicable tariff rates for any particular good can be downloaded from the following EU Web site: http://europa.eu.int/comm/taxation_customs/dds/en/.
In addition to tariffs, the following products are subject to relatively steep excise taxes: cigarettes and other tobacco products, alcoholic beverages (including beer, wine and hard liquors), fuel products, cars and motorcycles, fizzy soft drinks, smoked salmon, caviar, fur clothing, water faucets made of or coated by precious metals, crystal and porcelain products, imitation cheese (e.g. cheese made of soy substitutes). Notably, excise taxes apply to the above products regardless of origin (i.e. whether they originate from the EU or not, as well as for products made in Cyprus).
Additionally, Cyprus imposes a 15 percent value added tax (VAT) on most goods and services.
Import Documentation Requirements
For products originating from non-EU countries, the following documents should be presented at Customs at the time goods are cleared: delivery order for the goods, an invoice and a packing list. Various other documents according to the nature of each import will be required. A health certificate and ingredients list is required for imported food products.
Entering Temporary Imports
The temporary entry of goods allows the importation without payment of duty. This facility is extended to motor vehicles, goods for processing or repair prior to their re-exportation, goods for exhibition, and commercial samples, provided they do not change their form or character. The initial temporary entry permit, obtained at the time of importation, is valid for three months and can be extended by application to Customs headquarters. More information can be obtained from the Department of Customs Web site: http://www.mof.gov.cy/ce.
Labeling Issues
In 1995, Cyprus adopted a stricter law on the labeling of food products, requiring that the product name, ingredients, net contents, and country of origin be in the Greek language. A sticker with a Greek translation on the product is acceptable, provided it does not conceal the original label and it has the approval of the Ministry of Commerce, Industry, and Tourism. Compliance with this law has been mandatory for all food products since February 1, 1997.
The “Safety of Consumer Products Law” of 1994 outlines the legal responsibilities of those involved in the production or distribution of consumer products requiring safety warnings (including household appliances, pharmaceuticals, and many other products). One of these responsibilities concerns the proper labeling and packaging of consumer products to render them completely safe to the public. This includes having the necessary safety warnings for consumer products in Greek. The Government has re-doubled efforts for stricter enforcement of the law.
Restrictions on Imports
The importation of certain items is prohibited. The principal ones are listed below:
Rifles and repeating firearms, automatic and semi-automatic, repeating and semi-repeating shotguns, air guns, air rifles, and air pistols of a caliber exceeding 0.177 inches
Narcotics
Seditious publications
Counterfeit or false coins or currency notes
Goods bearing a false trade mark
Agricultural products such as fresh vegetables, fruits, and plants without a phytosanitary certificate by the Ministry of Agriculture.
Dogs, cats, tropical fish, parrot and other birds may be imported into Cyprus after the issuance of a special permit from the Director of the Veterinary Services.
Local Standards
Generally, Cypriot standards and regulations are fully harmonized with corresponding EU provisions. In 2002, the GOC established the Cyprus Organization for the Promotion of Quality to promote and manage the national system for standardization. This organization is also responsible for managing Cyprus’ national accreditation and technical notifications systems. The following Web site provides additional information on this organization and its scope: http://www.cys.mcit.gov.cy/en_main.html.
An important aspect of Cypriot standards concerns the requirement for CE marking on certain products. (Note: “CE” certification stands for “Communaute Europeuenne.”) This is the standard used in EU countries to indicate conformity to European consumer product safety standards for several product categories. Currently, the EU requires CE marking on all aspects of nine product categories and on some aspects of 14 product categories, as follows:
Full CE marking is required for:
Construction products
Electrical appliances
Gas appliances
Machinery
Medical devices
Pressure vessels
Protective equipment
Recreational craft
Toys
CE marking required for certain aspects of the following products:
Aerosols
Asbestos products
Asbestos brake lining
Baby dummies (pacifiers)
Hazardous chemicals
Childproof packaging
Cosmetics
Food imitations
Ornamental lamps
Tobacco
Chewing tobacco
Benzene
Tires
Vehicle lamps
Harmonization with EU directives and standards has also affected many services sectors. For example, in 1997 Cyprus adopted a modern banking law, conforming to the EU’s directives for banking supervision, adoption of a modern patents law, as well as adoption of minimum EU programming requirements for television stations. Additionally, several semi-government organizations, such as the Cyprus Telecommunications Authority and the Electricity Authority of Cyprus, generally requi
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