Cyprus is an island located in the Eastern Mediterranean covering approximately 9,250 square kilometers and is positioned at the cross roads of Europe, Asia and Africa.
Its prominent location has been important in trading for thousands of years as it acted as the link between the three continents. However, with the dramatic changes taking place in the last 20 years, the country has become as one of the most important trading and financial services provider in the region.
So what exactly does Cyprus have to offer?
The accession of Cyprus in the European Community on 1st May 2004 has enhanced the stability and safety in Cyprus developing it as one of the largest financial centers in Europe.
The island’s geographical position, at the crossroads of Europe, Middle East and Africa, makes it easily accessible and foreign participation in the Cyprus economy is officially encouraged.
The high standard of professional and other support services, combined with the excellent tax incentives, create the ideal conditions for doing business in Cyprus and at the same time residing in the island.
Since 1st January 2008, Cyprus as a member of the European Community, introduced Euro as its official currency, replacing the Cyprus Pound (£1CYP = 0.575284 EURO).
Cyprus has developed a competitive tax system taking into consideration all EU and international regulations. The country is achieving its second economic miracle after the Turkish Invasion of 1974 and has fully recovered from the recent global recession, with the strong support of the European Economic Community.
The offshore tax that was in place until the year 2005 has been replaced by a new EU compatible tax scheme offering one of the lowest corporate tax rates of 12.5% in the EU.
For individual tax payers things are even better since an individual is considered to be tax resident in Cyprus when he spends more than 183 days in Cyprus within a year.
Thus a Cyprus tax resident shall be taxed on his worldwide income. Non tax residents are taxed on income derived from sources in Cyprus only.
Cyprus is reputable for its excellent road system, with road signs both in Greek and English, two international airports in Larnaca and Paphos and the two greatest ports located in Limassol and Larnaca. Residents and tourists can move around the country with buses, taxis or cars.
The country offers excellent telecommunication services with top notch mobile and internet facilities at high speed services. While the postal services are considered to be efficient and reliable.
The cost of living is relatively low and this makes Cyprus more accessible. There are high-level public and private schools with excellent teachers who raise the level of education very high.
Cyprus enjoys a pleasant Mediterranean climate of long dry summers and mild winters. It has one of the warmest climate in the Mediterranean part of the European Union.
Generally warm temperature season last about eight months. It begins in April and ends at November. In the remaining four months of the year, the temperature tends to remain mild. Rain occurs mainly in winter and snow is possible only in the mountains, in the central part of the island.
Those who live and work in Cyprus can vouch for the island’s wonderful environment with a very comfortable standard of living, good weather, safety, beautiful nature, art and culture. Most Cypriots speak Greek and English so life and business for an expatriate is smooth with no obstacles.
Cyprus has joined the United Nations since 1960. Being a British Colony before its independence has resulted in many British people still living on the island until today. Moreover a great number of expats come from America, Russia and other Eastern European countries.
Mediterranean Lifestyle and Cuisine
Apart from business, Cyprus has a relaxed and enjoyable lifestyle. The Cypriot traditional cuisine is a unique combination of Greek and Arabic flavors, known for its healthy Mediterranean roots. Fresh fish from the Cypriot seas, local meat and organic fruits and vegetables await you to enjoy them.
Living the dream
Confucius said that ‘’a journey of a thousand miles, begin with one step’’. Moving to Cyprus is your first step in living your dream. Doing business in an easy and effective manner with you and your family enjoying a house by the sea. All this combined with the hospitality, friendliness and warmth of the people of Cyprus.