1500 Greek companies have moved their headquarters to Cyprus

According to information by the Central Bank of Cyprus in the past 18 months at least 1500 Greek companies have moved their headquarters to Cyprus. Main areas of interest of these companies are financial, consultancy services, trading companies and construction. At the same time, a report by the Office of Economic and Business Affairs of the Embassy of Greece in Cyprus states that money flow from Cyprus to Greece has been declining and is mostly made up of repatriated profits from subsidiaries of Greek companies in Cyprus rather investment linked directly to production. The report also mentions that Greek banks have an increasing presence in Cyprus, taking up a total of 15% of the loans and 12% of the deposits market share.