February Edition 2023

21 In cultural terms, how would you describe the two countries with regards to law firms and lawyering? AGP: “Generally speaking, both countries feature excellent law firms, which can prove to be mutually beneficial to both nations and their respective legal service offerings. Israel is a well-known hub for tech business and outstanding unicorns, and Cyprus is now a well-known hub for its growing tech sector, shipping, natural gas and much more. Since Cyprus is part of the EU now (since 2004) it can very strategically be utilized by Israeli companies which wish to relocate to Cyprus as an entry into the European Union, not foregoing the ideal geographical proximity, ease of doing business, fluency in English, and all around very friendly ties the two nations have been maintaining for decades now.” In terms of level of talent, creativity, technological or entrepreneurial passion, how are the two countries similar or different? AGP: “Israel is well known for featuring the fastest growing tech sector in the region (at competitive rhythms to those of Silicon Valley) but also has an outstanding growth rate in terms of all the unicorns which grow and succeed in Israel. Cyprus is now becoming an ideal destination for tech companies to headquarter to, with ideal corporate taxation at 12.5%, a great flexibility from the government in terms of the number of third country nationals which tech companies are allowed to hire, ample individual taxation benefits on high earning high level employees of firms of this type, etc. Israel has a lot of tech talent and know-how, but it could greatly benefit from relocatingfirms toCyprus in terms of taxation, favorableEUallowances andother.” What have been the major commercial transactions between the countries over the last 2 years? What interest do you see from your clients? AGP: “Israeli investors and businessmen alike have always favored Cyprus as an ideal business hub, one of them being the very famous billionaire Teddy Sagi who has invested a great deal in the island, with the Labs Tower in Nicosia being a prime example of an iconic building in the heart of the capital, and attracting business all around.”