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ABOUT CYPRUS

Cyprus is the third-largest island in the Mediterranean (after Sicily and Sardinia)– strategically located at the eastern most point south of Turkey at the crossroads of Europe, Asia and Africa. The highest peak is Mount Olympus at 6,406 ft (1,953 m)

The population is estimated at 800.000 of which 79% Greek Cypriots, 11% Turkish Cypriots and 10% foreign residents and workers.

Cyprus is a member of the European Union since 1st May 2004 and a Eurozone member having officially adopted the Euro as its currency from 1st January 2008.

Further, Cyprus is a member of the United Nations, the Council of Europe. IMF, World Bank and WTO among others.

The legal system is based on the English Common Law system. Harmonised with the acquis communautaire of the EU.

The official language is Greek; however, English is widely spoken by the majority of the population.  English is taught in schools and is widely used in business in particular.

Cyprus has two international airports, Larnaca and Paphos, handling approximately 360 scheduled flights each week, operated by most of the international airlines, as well as charter flights.

The last decades have witnessed the gradual transformation of Cyprus into a reputable international business and financial centre.  Cyprus’ attractiveness as a business investment location is based on the following advantages:

  • Strategic geographical location at the crossroads of three continents

  • Free-market Economy

  • Predominantly (78% GDP) service orientated (mainly shipping, financial and business support services, tourism) with some light manufacturing and an even smaller agricultural sector.

  • Government policy to actively promote and support private investment initiatives, minimise bureaucratic red tape as well as liberalising foreign participation in all but a few strategic industries.

  • A solid vibrant banking sector comprised of both local and international commercial banks, licensed and supervised by the Central Bank of Cyprus, a Eurosystem member.

  • Qualified and well educated labour force, including lawyers, accountants, and other finance professionals

  • All International Audit Firms are long established in Cyprus

  • Excellent cost efficient telecommunications infrastructure offering fixed and mobile, telephony as well as a wide range of voice and data services

  • Served by two modern international airports and two multi-purpose ports.

  • One of the lowest corporate tax jurisdictions in the EU, as well as being compliant with the anti money laundering requirements of the OECD (on its White list), the FATF (40+9 recommendations) and Financial Stability Forum.

  • Intellectual property rights (trademarks, tradenames, patents, copyright, designs) are registered and protected.

  • No Exchange controls

  • Citizens of the EU may travel and work free of any immigration restrictions. Third country nationals require employment permits which are granted for a specific employer normally for one year with the possibility of a renewal.

  • A free trade (customs free) zone has been established and a software technology park is being planned.

  • Well-developed commercial infrastructure

  • Wide network of agreements for avoidance of double taxation, including Austria, Canada, China, Denmark, France, Italy, Norway, Russia, Sweden, United Kingdom, United States, etc

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