About Cyprus

Why Cyprus?

Cyprus, widely known as the birthplace of Aphrodite Goddess of Love and Beauty combines natural beauty, history and legend. A place suitable for living, vacations and of course business. Take your time and read below all about what makes Cyprus such a special place.

Cyprus, is an island in the Eastern Mediterranean Sea and it is located at the northeastern corner of the Mediterranean, at the crossroads of Europe, the Middle East and Africa. It’s the third largest and third most populous island in the Mediterranean. The population of Cyprus is estimated at 885.600 (December 2008) of whom 668.700 belong to the Greek Cypriot community (75,5%), 88.700 (10,0%) to the Turkish Cypriot community and 128.200 (14,5%) are foreign nationals residing in Cyprus.

Strategically situated at the crossroads of Europe, the Middle East and North Africa, Cyprus is becoming an even more important regional business centre as well as an international communications and transport hub. With its modern infrastructure, tax incentives, highly qualified labour force and low crime rate Cyprus is a regional operations platform for many International companies.

Among the advantages comes the taxation of company profits accrued or derived from all sources both in Cyprus and abroad is only 12,5% and the available wide network of agreements for avoidance of Double Taxation (with over 40 countries) including Greece, Russia, Ukraine and China.

Cyprus is a member of many international organizations including:

  • 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)
  • The World Bank
  • The International Monetary Fund

After becoming an independent republic in 1960 a presidential system of government has been adopted. Elections take place every five years and the President is elected directly by the people in a secret ballot.

Today in Cyprus there are eleven ministries.

  1. The Ministry of Defence
  2. Ministry of Agriculture
  3. Ministry of Natural resources and Environment
  4. Ministry of Justice and Public Order
  5. Ministry of Commerce
  6. Industry and Tourism
  7. Ministry of Foreign Affairs
  8. Ministry of Labour and Social Security
  9. Ministry of the Interior
  10. Ministry of Finance
  11. Ministry of Education and Culture
  12. Ministry of Communications and Works
The legislative power is organized by the House of Representatives. Judicial power is exercised by the Supreme Court and lower courts.

Cyprus is highly regards to the proportion of university graduates in comparison to its population. It has a strong educational system which is constituted by state owned and private elementary and secondary schools and universities. The work force consists of a high proportion of qualified, professional staff who are fluent in foreign languages (mainly English).

Cyprus revenue sources are mainly from tourism, financial services, and real estate sectors. The Cypriot economy is prosperous and even if there was an economic crisis lately, still has all the ingredients to thrive once again.