About Cyprus

Cyprus






The capital of the island is Nicosia in the sector controlled by the Cyprus Government and it is the only divided capital in the world.

The Cyprus legal system is based on the same principles as those applicable in the United Kingdom and all statutes regulating business matters and procedures are based essentially on English Law.

The strategic location of Cyprus, its favourable tax environment, educated work force, excellent telecommunications and modern banking and legal infrastructure make the country an ideal business bridge for the European Union and the Middle East.

On foreign policy issues the Cyprus government aligns itself with the European Union position in the context of the EU’s Common Foreign and Security Policy.

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) and its specialised agencies
  • The World Bank
  • The International Monetary Fund

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

Geographically, Cyprus is at a crossroads of civilisations and a bridge between cultures.

Since 1 May, 2004 when Cyprus became a full member of the European Union, all banks licensed by the competent authorities of European Union countries have been allowed to establish branches in Cyprus or provide banking services on a cross border basis without requiring a license from the Central Bank of Cyprus. .

The strategic location of Cyprus, its favourable tax environment, educated work force, excellent telecommunications and modern banking and legal infrastructure make the country an ideal business bridge for the European Union and the Middle East.

 

Cyprus’ friendly entrepreneurial environment and supporting facilities compare favourably with those of the best established centres in the world.

 

The island is considered to be a primary international business centre among approximately 50 countries offering similar facilities.

 

Cyprus is also an important shipping centre and currently has in its registry one of the leading merchant fleets in the world.

 

Cyprus has a well-developed banking system which offers a wide range of services catering for the needs of businesses and individuals.

 

Cyprus’ banking system comprises the Central Bank of Cyprus (CBC) and banks which offer the full range of banking services.

 

It also encompasses the co-operative credit institutions, the main activities of which are the collection of savings and the extension of loans to their members. The latter are supervised by the Co-operative Societies’ Supervision and Development Authority.

 

The information is kindly provided by the Press and Information Office, Republic of Cyprus.  (http://www.cyprus.gov.cy/moi/pio/pio.nsf/index_en/index_en  )