Why Cyprus?Cyprus is a thriving business hub, strategically located between Europe, Middle East, Africa and Asia at the crossroads of global economy. As a member of the European Union with a modern telecommunications network and tested infrastructure, Cyprus is a gateway to the world of international business. The last two decades have witnessed Cyprus' gradual transformation into a reputable international business and financial centre. Its attractiveness as a business and investment location is based on the following additional reasons:Democratic country with stable business environment, based on the free market philosophy Macroeconomic stability, as indicated by stable prices and currency Favourable tax policy, including a wide network of agreements for avoidance of double taxation Highly skilled, educated and flexible workforce well acquainted with the use of modern technology. Competitive level of wages and other costs Compliance with the European Union Code of Conduct for Business Taxation and with the commitment to the elimination of harmful tax practices according to OECD regulations Uncomplicated administrative procedures Well developed commercial infrastructure Easy access to international marketsLowest crime rates in EuropeCountry OverviewCyprus is an island located in the north-eastern corner of the Mediterranean Sea covering an area of 9,250 sq Km. The capital of Cyprus is Nicosia.Its population is approximately 792.6 thousand (July 2008 est.) of which approximately 77% are Greek Cypriots and the official languages are Greek and Turkish. However English is almost universally used as a second language and is also widely used in business. Cyprus is an independent and sovereign republic with a presidential system of government. The president serves a five year term and is both the Chief of State and Head of government. The legislative power lies with the House of Representatives. Its members also serve five year terms.Its legal system is based on common law, with civil law modifications. The most principles are the same which are applicable in the United Kingdom.Economic overviewCyprus economy demonstrates relatively high GDP per inhabitant and GDP growth higher than European average growth (potentially 3.5% - 4%) with low unemployment and inflation rates and a relatively low fiscal deficit.Cost of living and quality of life compares favourably with other European Countries.Following Cyprus’ accession to the EU, on 1st May 2004, the government of the Republic of Cyprus undertook the obligation to join the Economic and Monetary Union and to adopt the euro as soon as the necessary requirements were fulfilled. Cyprus joined the European Exchange Rate Mechanism II (ERM2) in May 2005.On 1st January 2008 Cyprus adopted the Euro which is now the official currency of the country.The Cyprus workforce is around 392.9 thousand and the level of unemployment is kept low at 4.5%. The core inflation rate on consumer prices is approximately 2% - 2.5% which is very close to EU average.The Cyprus taxation system went through a reform to conform to EU entry regulations, and the low rates of corporation tax that applied from 1 January 2003, which are 10% for all companies, have made Cyprus an attractive business centre.Transport infrastructureCyprus is an important shipping centre with two ports in Limassol and Larnaca which are used for both storage of containers and break bulk cargo.It is also connected with air routes to Europe, America, Asia and Africa.The island demonstrates excellent telecommunication services giving the opportunity of reaching almost any country in the world with an automatic system.
The last two decades have witnessed Cyprus' gradual transformation into a reputable international business and financial centre. Its attractiveness as a business and investment location is based on the following additional reasons:
Country OverviewCyprus is an island located in the north-eastern corner of the Mediterranean Sea covering an area of 9,250 sq Km. The capital of Cyprus is Nicosia.Its population is approximately 792.6 thousand (July 2008 est.) of which approximately 77% are Greek Cypriots and the official languages are Greek and Turkish. However English is almost universally used as a second language and is also widely used in business. Cyprus is an independent and sovereign republic with a presidential system of government. The president serves a five year term and is both the Chief of State and Head of government. The legislative power lies with the House of Representatives. Its members also serve five year terms.Its legal system is based on common law, with civil law modifications. The most principles are the same which are applicable in the United Kingdom.Economic overviewCyprus economy demonstrates relatively high GDP per inhabitant and GDP growth higher than European average growth (potentially 3.5% - 4%) with low unemployment and inflation rates and a relatively low fiscal deficit.Cost of living and quality of life compares favourably with other European Countries.Following Cyprus’ accession to the EU, on 1st May 2004, the government of the Republic of Cyprus undertook the obligation to join the Economic and Monetary Union and to adopt the euro as soon as the necessary requirements were fulfilled. Cyprus joined the European Exchange Rate Mechanism II (ERM2) in May 2005.On 1st January 2008 Cyprus adopted the Euro which is now the official currency of the country.The Cyprus workforce is around 392.9 thousand and the level of unemployment is kept low at 4.5%. The core inflation rate on consumer prices is approximately 2% - 2.5% which is very close to EU average.The Cyprus taxation system went through a reform to conform to EU entry regulations, and the low rates of corporation tax that applied from 1 January 2003, which are 10% for all companies, have made Cyprus an attractive business centre.Transport infrastructureCyprus is an important shipping centre with two ports in Limassol and Larnaca which are used for both storage of containers and break bulk cargo.It is also connected with air routes to Europe, America, Asia and Africa.The island demonstrates excellent telecommunication services giving the opportunity of reaching almost any country in the world with an automatic system.
The capital of Cyprus is Nicosia.
Its population is approximately 792.6 thousand (July 2008 est.) of which approximately 77% are Greek Cypriots and the official languages are Greek and Turkish. However English is almost universally used as a second language and is also widely used in business.
Cyprus is an independent and sovereign republic with a presidential system of government. The president serves a five year term and is both the Chief of State and Head of government.
The legislative power lies with the House of Representatives. Its members also serve five year terms.
Its legal system is based on common law, with civil law modifications. The most principles are the same which are applicable in the United Kingdom.
Economic overview
Cyprus economy demonstrates relatively high GDP per inhabitant and GDP growth higher than European average growth (potentially 3.5% - 4%) with low unemployment and inflation rates and a relatively low fiscal deficit.
Cost of living and quality of life compares favourably with other European Countries.
Following Cyprus’ accession to the EU, on 1st May 2004, the government of the Republic of Cyprus undertook the obligation to join the Economic and Monetary Union and to adopt the euro as soon as the necessary requirements were fulfilled.
Cyprus joined the European Exchange Rate Mechanism II (ERM2) in May 2005.
On 1st January 2008 Cyprus adopted the Euro which is now the official currency of the country.
The Cyprus workforce is around 392.9 thousand and the level of unemployment is kept low at 4.5%. The core inflation rate on consumer prices is approximately 2% - 2.5% which is very close to EU average.
The Cyprus taxation system went through a reform to conform to EU entry regulations, and the low rates of corporation tax that applied from 1 January 2003, which are 10% for all companies, have made Cyprus an attractive business centre.
Transport infrastructure
Cyprus is an important shipping centre with two ports in Limassol and Larnaca which are used for both storage of containers and break bulk cargo.
It is also connected with air routes to Europe, America, Asia and Africa.
The island demonstrates excellent telecommunication services giving the opportunity of reaching almost any country in the world with an automatic system.