Benefits of living in Cyprus
Cyprus is an island in the Eastern Mediterranean covering approximately 9,250 square kilometers, positioned at the crossroads of Europe, Asia and Africa.
Its location has made it a trading link between the three continents for thousands of years. Over recent decades, Cyprus has also become an important centre for trade and financial services in the region.
So what exactly does Cyprus have to offer?
Economy
Membership of the European Union since 1 May 2004 has strengthened the stability of the Cyprus economy and helped the island develop into an established financial and business centre.
Its location at the crossroads of Europe, the Middle East and Africa makes it easy to reach, and foreign investment is actively encouraged.
Experienced professional services, combined with a competitive tax system, make Cyprus a practical place both to do business and to live.
Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cyprus pound at the fixed conversion rate of €1 = CYP 0.585274.
Tax System
Cyprus has a competitive tax system that complies with EU and international rules. The country recovered strongly from the 2012 to 2013 financial crisis, with the support of the European Union.
The offshore tax regime that applied until 2005 was replaced by an EU-compatible tax system. From 2026, the corporate tax rate is 15%, in line with the OECD global minimum.
An individual becomes tax resident in Cyprus by spending more than 183 days in Cyprus in a calendar year, or by meeting the conditions of the 60-day rule.
Cyprus tax residents are taxed on their worldwide income. Non-residents are taxed only on income from sources in Cyprus.
Excellent Infrastructure
Cyprus has a good road network with signs in Greek and English, two international airports in Larnaca and Paphos, and its main ports in Limassol and Larnaca. Residents and visitors can get around by bus, taxi or car.
Mobile and high-speed internet services are widely available, and the postal service is efficient and reliable.
The cost of living is moderate by Western European standards. There are good public and private schools, with qualified teachers and high educational standards.
Climate
Cyprus enjoys a Mediterranean climate with long, dry summers and mild winters. It has one of the warmest climates in the European Union.
The warm season lasts about eight months, from April to November. For the remaining four months, temperatures stay mild. Rain falls mainly in winter, and snow is possible only in the Troodos mountains in the centre of the island.
Familiar Environment
People who live and work in Cyprus value its comfortable standard of living, good weather, safety, nature, art and culture. English is widely spoken alongside Greek, so expatriates find daily life and business straightforward.
Expat Community
Cyprus has been a member of the United Nations since 1960. As a former British colony, it is still home to many British residents, along with expatriates from across Europe, the Americas and beyond.
Mediterranean Lifestyle and Cuisine
Beyond business, Cyprus offers a relaxed and enjoyable lifestyle. Traditional Cypriot cuisine combines Greek and Middle Eastern flavours with healthy Mediterranean roots: fresh fish, local meat, and fresh fruit and vegetables.
Living the dream
As the Chinese proverb attributed to Laozi says, “a journey of a thousand miles begins with a single step”. Moving to Cyprus can be your first step: doing business simply and effectively while your family enjoys life by the sea, together with the hospitality and warmth of the people of Cyprus.