As mentioned in the previous paragraphs, as 1 October 2004, the Government of Cyprus (GOC) has lifted restrictions on foreign direct investment from non- EU countries in order to attract more foreign direct investment and promote Cyprus as an International Business Centre.
The Government of Cyprus’ earlier decision to lift incoming direct investment restrictions for EU residents as of January, 2000 has given a boost to foreign investment from the EU, which jumped from $225.2 million in 1999 to $374.7 million in 2000. The inflow of foreign direct investment from all countries reached $1.0 billion in 2003, 58.1% of which came from the EU.
Cyprus has bilateral agreements for the encouragement and reciprocal protection of investments with the following 15 countries: Armenia, Belgium, Bulgaria, Belarus, China, Egypt, Greece, Hungary, India, Israel, Lebanon, Poland, Romania, and the Seychelles. Another 40 bilateral investment agreements are currently under negotiation.