Welcome to Cyprus
Everyone is welcome to Cyprus, an island of legends that basks year-round in the light of the warm Mediterranean sun. A storied past 10,000 years long has seen civilizations come and go and the likes of everyone from Alexander the Great to Cleopatra stake their claim here – but then, people do tend to get possessive when faced with such beauty. Aphrodite made her home on Cyprus, and travelers throughout antiquity came here just to pay her tribute.
Today Cyprus is a modern country that effortlessly marries European culture with ancient enchantment. Here you will discover a compact world of alluring beaches and fragrant mountain peaks, vineyards studded with olive trees and ancient ruins that stir the imagination, citrus groves and old stone villages where sweet wine flows as freely as conversations at the local café. A carefree place where a sense of timelessness is magnified by the kindness of the people.
See an official site on the Island of Cyprus.
Cyprus an Attractive Profile
Mediterranean island, the birthplace of Aphrodite the Goddess of Love
- Sunshine, beauty, blue — sea
- Archaeology, Greek history, Mythology
- Cosmopolitan place famous for leisure, entertainment and recreation
- One of the world’s most popular I top tourist destinations
- Tourists more than three times the population
- Excellent infrastructure
- Highly advanced telecommunications
- World media, information gathering and distribution centre
- International flights connecting point and transit trade center (120 Airlines and 70 shipping lines — cruise ships)
- Foreign income 38% from tourism and 10% from services.
- Prime International, financial, business and shipping center.
- Over 60,000 international business and shipping companies operating from a base on the island.
- World’s largest third party ship management center.
- Lying at the hub of three continents (Europe, Asia, and Africa) at the strategic crossroads linking Europe with the Arab world and the Far East.
Door to the Middle East
- Cyprus holds a historical and traditional position as the door of Europe to the Middle East and Gulf Countries
- Excellent friendly relations with both Israel and Arab countries and neutral place for respective promotion of business in the Middle East.
- Special dominating role of Cyprus as the world’s customary platform for expansion and investments in Russia, C.I.S. countries and Eastern Europe (Position consolidated after fall of communism due to the beneficial network of treaties with these countries, religious cultural affinity — Christian orthodox populations).
- Cyprus became a full member state of the European Union on 1st of May 2004 and since 1st January 2008 in the Euro currency area.
- Peace and stability for the last 32 years.
- Per capital GNP 17,058 EUR
- Per capita purchasing power (p.p.p.) 110.3% of European Union Average
- Ratings by Standard and Pours Al ÷ and AA
- High European standard of living but still inexpensive country
- The seventh least expensive of 56 leading international business centers.
- Western democratic system of government
- Free Market Economy
- Liberal regime and incentives for foreign investments
- Educated, skilled and versatile work force
- Modern stock exchange
- Constitutional safeguards and full legal protection of foreigners and foreign investors.
Cyprus a Strategic Services Center
The Government of Cyprus a few years back began offering incentives in order to encourage the establishment of legal entities by foreign persons for the purpose of managing their overseas affairs or to provide services abroad from the island. Since then a large number of such entities which have become popularly known as international business companies or “IBCs”, have been established in Cyprus. Today the island is a well established and highly respected centre for the conduct of commercial, professional, financial and maritime activities within the region and around the world.
The contents of the following pages are for the purpose of general information only.
For any specific information in connection with the regulatory framework fiscal considerations relating to the operation of companies, tax advantages and other relief’s and benefits which derive from domestic Cyprus Legislation and from Cyprus double tax treaties, please apply for further information.
Cyprus is situated in the eastern Mediterranean close to the busy trade routes linking Western Europe with the Arab World and the Far East.
The island has a Mediterranean climate with about 300 days of sunshine the year round. The coldest month is January with a minimum mean temperature of 4°C. The hottest month is August with a maximum mean temperature of 36°C.
The population of Cyprus is about 700,000 of which 82 percent are Greek Cypriots and 18 percent are Turkish Cypriots. The official languages are Greek and Turkish but almost everyone speaks English as a second language. English is widely used in commerce and government.
The structure of Government is similar to other western democracies where human rights, political pluralism and private property are safeguarded. The Republic’s Constitution is largely modeled on the American Constitution. As a result, executive, legislative and judicial powers are exercised by separate and independent bodies.
Cyprus is a member of the United Nations, the Commonwealth, the Council of Europe and a member country of the European Union.
The island has two international airports which are situated near Larnaca and Paphos some 50 and 150 kilometers, respectively from Nicosia. There is a wide network of air-routes connecting Cyprus with Europe, Africa and Asia.
The island is among the most developed countries of the world in telecommunications. Cyprus has automatic telephone connection with 121 countries, or 95 percent of the world’s telephones.
The legal tender is the Euro. Its ultimate market maker is the European Central Bank.
The banking system consists of commercial banks and a large number of offshore banking units (OBUs) and specialized financial institutions and Cyprus Investments companies. Commercial banking arrangements and practices follow the British model. Strong correspondent networks are maintained around the world by onshore and offshore banks. Most of these banks subscribe to SWIFT, Reuters Monitor, Telerate and other services.
Cyprus has an open free market economy. The role of government is limited to regulation, indicative planning and the provision of public utilities.
Trade, tourism and services in general are the economy’s most important sector. In particular, earnings from tourism and services have consistently grown faster than exports. Over 60 percent of tourist arrivals originate in the European Community.