CYPRUS, AN OVERVIEW
Cyprus is a modern country that enjoys a strategic geographical position. It lies at the crossroads of three continents, Europe, Africa and Asia, thus provides unrivalled access and travel opportunities. With its excellent flight connections and first-class airports, the island is perfectly placed for working and travelling within and beyond the European Union. Cyprus has a rich heritage and diverse culture, beautiful beaches with the cleanest bathing waters in Europe, fresh air, a wonderful Mediterranean climate and cosmopolitan cities with an abundance of amenities. The island offers a low cost but high standard of living and is a very popular year-round destination for Europeans seeking a coastal or golf holiday.
Cyprus has a modern, free-market, service based economy and is a favored business destination due to its strong set of business and taxation advantages. Additionally, the island is very safe and stable making it an ideal location for families and students. Cyprus is an emerging regional energy hub, since the discovery of huge hydrocarbon reserves in its Exclusive Economic zone the island has seen a surge in foreign investment and development. Cyprus enjoys world-class property rights and solid investment, trade, labor, business and financial freedom.
> Full EU member
> Excellent British education
> Beautiful scenery & very low crime rate
> Strategic location enables easy access to Europe, Africa & Asia
> Excellent year-round climate
> Advanced infrastructure
> No inheritance tax
> Excellent healthcare system
> Relatively low cost & high standard of living
> English widely spoken
> Very clean air & the cleanest bathing waters in Europe!
> Efficient & transparent British-based legal system
> Cyprus allows dual citizenship
CYPRUS GLOBAL RANKING
The Economist- where to be born index 2013, rank 24
The World Bank - Doing Business 2014, rank 39
2015 Index of Economic Freedom, world rank 45, regional rank 20
Forbes Best Countries for Business Index, rank 33
Knight Frank Global Lifestyle review 2013, rank 5
UNDP Human Development Indicators, rank 31
World Trade Organisation (WTO) (1995)
Organisation for Security and Cooperation in Europe (OSCE) (1975)
The Commonwealth (1961)
The Council of Europe (CoE) (1961)
The United Nations (UN) (1960) and its Specialised Agencies
The World Bank
The International Monetary Fund (IMF)
EU & EUROPEAN MONETARY UNION MEMBER STATE
Cyprus became a full EU member state in May 2004 and joined the EU Monetary Union in 2008. Through Cyprus, foreign investors can access 500 million EU citizens.
BUSINESS & TAXATION
Cyprus is firmly established as a reputable international commerce centre, the ideal bridge between East and West. It offers a tax efficient gateway for channeling foreign investments anywhere in the world. The Cyprus tax system is in full compliance with EU and OECD requirements. It provides a unique combination of favourable participation exemption provisions on income emanating from international activities, applies a wide ever increasing network of double tax treaties and zero withholding taxes on any type of payments made anywhere in the world. Corporation tax is just 12.5%. These benefits are just a few reasons why so many multinational firms chose Cyprus as their Mediterranean/European operations base.
INFORMATION & COMMUNICATION TECHNOLOGIES
An advanced, continuously expanding network infrastructure, including an extensive submarine fiber optic cable network and wireless access system networks, connects Cyprus with the rest of the world. Of the 28 EU member states, Cyprus ranks 4th for innovation and 6th for linkages and entrepreneurship. Major multinational ICT firms operate regional headquarters in Cyprus, using the country as a regional base/gateway into and out of the EU for corporate functions.
Cyprus has two deep sea ports with close geographic proximity to the Suez canal. It is the largest third-party ship management centre in the EU (Second largest worldwide) and has the third largest merchant fleet in the EU (10th in the world).
PROFESSIONAL SERVICES & REGULATORY FRAMEWORK
Cyprus has a modern legal and regulatory framework based on the British legal system and common law principles. The island is recognized as an international ‘centre of excellence’ for professional services. Cyprus has more than 120 limited accounting firms and 40 partnerships, 160 limited liability law firms and 2,500 registered advocates.
Cyprus has an advanced infrastructure including two multi-purpose deep sea ports, two international airports, an advanced high-speed, internet and telecommunications system and a modern road network connecting all cities.
Cyprus is an emerging regional energy hub located at the crossroads of international energy routes. US oil giant Nobel, French oil giant Total and South Korea’s ENI Kogas have signed exploration and production contracts for blocks in Cyprus’ Exclusive Economic zone. Oil services giants are following, Halliburton has just chosen Cyprus as its Eastern Mediterranean base. Cyprus’ energy policy is EU harmonized, ensuring competiveness, liberalization, security of supply and environmental protection.
Cyprus offers a high standard of living in a clean, safe and healthy environment. It offers first-class healthcare and education, has an ideal Mediterranean climate, fresh cuisine, beautiful scenery, clean beaches and hospitable people. English is widely spoken making integration very simple.
CYPRUS FACT FILE
Southeast Europe, island in the Mediterranean
9251km2, 3rd largest Mediterranean island
Greek, Turkish, English widely spoken
Greek Orthodox, Muslim, other
$21.62 billion (2013 est)
purchasing power parity
$24,500 (2013 est.) per capita
Composition: agriculture: 2.4%,
industry: 15.9%, services:81.7% (2013 est.)
Mediterranean, mean temperature 23°C
0-14yr:15.8%, 15-24yr:15.8%, 25-54yr:46.9%
DRINKING WATER & SANITATION
648km, Cleanest bathing water in Europe
(European Environment Agency)
1951m, Mt Olympus