Living and doing business in Cyprus

General Information

Cyprus is the third largest island of the Mediterranean and is positioned at the crossroads of Europe, Middle East and Africa. It has joined the United Nations since 1960 and became a full member of European Union on the 1st of May 2004.

The population of the island is 790.000 residents, with the official language being Greek, Turkish and English. The island enjoys a pleasant Mediterranean climate of hot dry summers and mild winters.

Infrastructure

There are two International airports in Larnaca and Paphos, while the two greatest ports are located in Limassol and Larnaca.

Within the country you can move around with buses, taxis or rental cars. Cyprus has excellent telecommunication services offering top notch mobile and internet facilities at high speed services.


Economy

The accession of Cyprus in the European Community on 1st May 2004 has enhanced the stability and safety in Cyprus developing it into one of the largest financial centers in Europe.

The island’s geographical position, at the crossroads of Europe, Asia, 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 low cost of living and tax incentives, create the ideal conditions for registering a company in Cyprus and at the same time residing. Cyprus is currently used by major companies worldwide who want to reduce their tax liabilities and increase their effectiveness.

Currency

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).

Benefits of Cyprus

  • Cyprus is becoming a financial center placed in the cross roads of three continents

  • Only 12,5% tax rate for Companies being one of the lowest in Europe

  • Excellent infrastructure facilities

  • Relative low Value Added Tax of 19% compared to other EU states

  • Excellent professional services including legal, accounting and banking services

  • Cyprus has 45 Double Tax Treaties (as per end 2010) and combined with its low tax rate can help to exploit investments outside the Cyprus borders

  • Accession to the European Economic Community has opened new frontiers within the EU markets

  • The legal system is based on English Law

  • High standard of living at low cost prices

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