Living and doing business in Cyprus
General Information
Cyprus is the third largest island in the Mediterranean, positioned at the crossroads of Europe, Asia and Africa. It joined the United Nations in 1960 and became a full member of the European Union on 1 May 2004.
The population of the government-controlled areas is about 983,000 (Cystat estimate, end of 2024). The official languages are Greek and Turkish, and English is widely spoken in business. The island has a Mediterranean climate with hot, dry summers and mild winters.
Infrastructure
Cyprus has two international airports, in Larnaca and Paphos, and its main ports are in Limassol and Larnaca.
Getting around the island is easy by bus, taxi or rental car. Mobile and high-speed internet services are widely available.
Economy
EU membership 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 makes Cyprus easy to reach from Europe, the Middle East and Africa, and foreign investment is actively encouraged. Experienced professional services, a 15% corporate tax rate and a network of more than 65 double tax treaties make Cyprus a practical place to register a company and to live.
Currency
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.
Benefits of Cyprus
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A financial and business centre at the crossroads of Europe, Asia and Africa
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Corporate tax rate of 15% from 2026, in line with the OECD global minimum
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EU member since 2004, with full access to the EU single market
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Standard VAT rate of 19%, one of the lowest in the EU
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Euro as the official currency since 2008
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More than 65 double tax treaties that reduce double taxation on cross-border income
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Legal system based on English common law
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Experienced legal, accounting and banking professionals
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Modern infrastructure, with international airports in Larnaca and Paphos and ports in Limassol and Larnaca
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High quality of life and a Mediterranean climate