About Cyprus

Cyprus is Island with 10,000 years of history. Its location on the crossroads of the North-Eastern corner in the Mediterranean Sea shaped its history and civilization. With its developed infrastructure, low crime rate, high quality of life, low cost of living and tax incentives, it has drawn people from all over the world.

Its hospitable people, crystal waters, beautiful beaches, green valleys, spectacular mountains, as well as its' sun drenched days for most of the year, make it unique.

There are plenty of reasons to come to Cyprus: climate, beaches, local hospitality and great business opportunities. Cyprus has evolved into a leading business centre, thanks to its strategic location, the sophisticated infrastructure, the highly-educated workforce, the favorable tax system, and the modern banking and insurance network. Cyprus today is a modern democratic nation with a thriving economy and a role as the easternmost trading post of the European Union.

A 2003 reform brought the island into the line with EU and OECD requirements, whilst also ensuring that Cyprus remains attractive to outside investors. The uniform corporate tax rate of 10%, for example, is the lowest in the EU, while Cyprus has entered into Double Tax agreements with 40 countries. In view of Cyprus's membership of the European Union, it is also important to note that the country is a net contributor to the EU, and fulfils the Maastricht criteria. The Cyprus pound joined the Exchange Rate Mechanism 11 on 29th April 2005 and joined the euro zone in January 2008.

The government of Cyprus has initiated a New Industrial Policy to attract and develop new high-tech industries, to technologically upgrade traditional local industries, and to attract foreign investment. Cyprus' entry into the European Union has brought about major changes in the property and immigration laws and the freedom of movement required between EU member states has made it easier for EU citizens to live, work and obtain Cyprus property.

With dry summers and mild winters, Cyprus climate is perhaps the best in the Mediterranean with more than 300 warm and sunny days in the year. The swimming season in Cyprus starts in April, and does not end until November, and those who do not mind cool water can swim the whole year round! It is possible to ski in the mountains and water ski in the sea all in the same day.

Cyprus Climate


With dry summers and mild winters, Cyprus climate is perhaps the best in the Mediterranean with more than 300 warm and sunny days in the year. The swimming season in Cyprus starts in April, and does not end until November, and those who do not mind cool water can swim the whole year round! It is possible to ski in the mountains and water ski in the sea all in the same day.

Life Standards


Cyprus life standards compare favorably with most European countries. The relatively low cost of living allows a typical expatriate, fairly social couple, retiring in Cyprus and living in their own property to manage very comfortable with an average of Euros 20.000 per annum. Cyprus has a low cost of living, at half to two-thirds of that of most European countries.

Eating out is a local habit and a way of life in Cyprus. There are a wide variety of restaurants catering for all tastes. Along with taverns, which provide local and Greek dishes, there are restaurants that offer international cuisine such as French, Chinese, Italian, Lebanese, Japanese, Russian, Mexican and others.

In summer, tourists and regular business visitors may enjoy various activities in Cyprus: visit the island's sandy beaches and indulge in the sun, swim and do water sports. In the winter months, snow-skiing facilities are available at the Troodos mountain resorts. Horseracing takes place in Nicosia and there are a number of sport clubs where membership is readily available. Cyprus sports clubs include tennis, bowling, archery, shooting, sailing and golf.

Banking & Legal System


The banking system in Cyprus is modeled on the British system. The banks have many convenient branches that are very efficient and modern. Foreign persons may open an external deposit account without any difficulty. International banks have branches throughout the island. Major credit cards are widely accepted in Cyprus.

All Cyprus banks offer mortgage facilities for the purchase of property. Cyprus mortgages range from 85 to 100% with a repayment period of up to 30 years. Loans can be in all major currencies with various repayment installment schedules.

Cyprus legal system is based on the British system. The Cyprus Land Registry is based again on the British model: It is a tried and tested system. All contracts and other paper work are in English. English is the second official language. Legal fees are reasonable and usually lower than in other European countries.

Infrastructure & Telecommunications


Due to its location and up-to-date seaport and airport facilities, Cyprus has become an important shipping and air transit centre.

Cyprus International Airports, Larnaca and Pafos, operate more then 250 flights weekly from Cyprus. Limassol and Larnaca ports have made Cyprus the cruise centre for the Eastern Mediterranean.

Cyprus public transport bus services within towns and scheduled taxi and mini bus services between towns are available. Private taxis and rental cars are readily available.

Telecommunications in Cyprus are of the highest standards: Cyprus ranks in the top five countries with state of the art telecommunications. Direct dialing to over 200 countries is possible. There are also telegraph, telex, facsimile, data transmission and mobile phone facilities freely available. There are six TV stations and one cable station and numerous local radio stations. Nearly 50 per cent of the TV programmes are in the English language. Satellite dishes can provide international television connections.

International Relations & EU


Cyprus is a member of the United Nations, the Council of Europe, the British Commonwealth and also a member of the Non-Aligned Movement. Cyprus has been linked to the EU via an association agreement since 1972. The EU is the main trading partner of Cyprus accounting for approximately 50% of total trade, the United Kingdom being the main trading partner.

EU accession has benefited all sectors of the economy. The real estate sector is currently emphasizing this fact with increased demand for Cyprus property, and this trend is expected to accelerate as Cyprus approaches the final stage of negotiations.
 
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