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Perspective on Cyprus – live, work and invest

The following is a brief overview of why Cyprus has become one of the world's most attractive jurisdictions for professional services, namely in company formations, tax benefits, international banking and investments to the region.

Latest Facts on Cyprus

Population

885,600

Capital City

Lefkosia (Nicosia)

Time Zone

GMT +2

Economy

Services oriented market economy, accounting for 4/5 of GDP

Key Economic Sectors

Financial and professional services, tourism, real estate

GDP (PPP)

23.18 billion

GDP Per Capita

€23,200

Real GDP Growth

1.8%

Unemployment

6.2%

Inflation

2.6%

Cyprus Interesting Facts

  • Cyprus ("Kypros" in Greek) means copper, famous in antiquity for it production of the precious metal.
  • Cyprus was once at the bottom of the sea. Tectonic movement pushed it up and it is now one of a handful of places in the world where geologists come to study the ocean floor without diving into the ocean. In fact, an area of Nicosia is called Athalassa, meaning ‘without the sea', where you can find fossilised shells in stones on the ground.
  • Human habitation on the island of Cyprus dates back over 10,000 years. One of the oldest areas is the Neolithic settlement of Khoirokoitia. Many historical monuments and artefacts throughout Cyprus history have since been unearthed and displayed in museums around the world.
  • Cyprus is the birthplace of the legendary Aphrodite, the ancient Greek mythological goddess of love and beauty.
  • Cyprus is known to be the oldest wine producing nation in the world. Also, the dark, sweet, dessert wine, Commandaria, is acknowledged to be the oldest named wine in the world and probably the first ever to be given an ‘Appellation of Origin', having had the same name for eight centuries. It dates back to the days when the Hospitallers, the Knights of St John of Jerusalem, produced it at Kolossi castle on the outskirts of Lemesos (Limassol) where they had their headquarters or ‘Commanderie'. King of England Richard the Lion-heart is said to have enjoyed it greatly at his wedding in Cyprus to Berengaria of Navarre and to have pronounced it "the wine of kings and the king of wines."
  • Mark Anthony gave Cyprus to the Queen of Egypt, Cleopatra, as a present in token of his love.
  • Cyprus was the first place in the world from where malaria was eradicated, through pesticide spraying and the planting of eucalyptus trees to dry up the marshes during British rule in the 1950s.
Interesting facts courtesy of Cyprus Presidency of the EU Council, 2012

More about Cyprus

Cyprus Full facts, click here

 

Location:

Island in the east Mediterranean 35 00 N, 33 00 E

Nationality:

Cypriot

Currency:

Euro (adopted in 2008). As from 1 January 2008 the currency of the Republic of Cyprus is the euro which replaced the Cyprus pound (£) at an exchange rate of €1 = £0.585274

Area:

9.251 km²

Climate:

Mediterranean with hot dry summers and mild winters

Geography:

Central plain with mountain range to the north and southwest

Natural resources:

Copper, pyrites, asbestos, gypsum, timber, salt, marble, clay earth pigment. Recently natural gas and petroleum reserves have been discovered

Ethnic groups:

Greek Cypriot 75.5% (including 1.2% Maronites, Armenians and Latin), Turkish Cypriot 10%, Other 14.5%

Religions:

Most Greek Cypriots belong to the Greek Cypriot Orthodox Church, most Turkish Cypriots are Muslims, while other smaller religious groups include Armenians, Maronites and Catholics. There is also a certain growing percentage of Agnostic and Atheists

National Languages:

Greek, Turkish, English

Commonly spoken languages in business and tourism:

Greek, Turkish, English, Russian, French, German, Serbian, Bulgarian, Romanian, Hungarian, Polish, Arabic, Chinese Mandarin, Hindi, Philipino, among other

Government:

Independent sovereign Republic with a presidential system

Agriculture products:

Citrus, vegetables, barley, grapes, olives, poultry, pork, lamb, dairy, cheese

Cypriot Industries:

Tourism, food and beverage processing, cement and gypsum production, textiles, light chemicals, metal products, wood, paper, stone and clay products

Exports from Cyprus:

€963 million

Cyprus key export partners:

Germany 16%, Greece 12.6%, United Kingdom 8.8%, Italy 3.5% (2009)

Imports to Cyprus:

€5.6 billion

Cyprus key import partners:

European Union 72%, Asia 11%, Middle East 9%, Other European countries 3% (2009)