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Wargaming: The company that placed Cyprus on the gaming map
March 4, 2023
With over a decade of presence in the Cypriot business scene, video game developer Wargaming has a pretty good idea of what the main decisive factors are for a foreign company to move its headquarters to Cyprus.
The importance of having international companies move their headquarters to the island – often referred to as headquartering – has been highlighted by the successive governments but also the market itself. Cyprus’ ICT sector in particular is one of the fastest growing, with its contribution to GDP expected to be in the range of 13% in 2022.
Wargaming is one of the biggest ICT companies operating in Cyprus. The company has contributed hundreds of millions to the Cyprus economy from 2012 until present, either directly or indirectly. According to Valentinos Polykarpou, General Manager in Nicosia, this amount comprises taxes paid by the company and its employees, net salaries, and social security and VAT contributions. The amount also includes the cost of purchasing real estate and the facilities for the company’s activities, goods and services sourced from Cypriot suppliers, as well as Wargaming’s investment in Hellenic Bank.