Cyprus is an island situated in the north-eastern basin of the Mediterranean Sea, 65 kilometers south of Turkey, 95 kilometers west of Syria and 385 kilometers north of Egypt. It is the third largest island in the Mediterranean after Sicily and Sardinia and has an area of 9,251 square kilometers and a population of about 800,000 people.
The Cyprus economy is based on the free enterprise system. The private sector is the backbone of economic activity, with the Government’s role being limited to monitoring the economy and to providing public utilities.
Today, the per capita income of Cyprus is one of the highest in the Mediterranean. The services sector has become increasingly important, as indicated by it’s almost 70% contribution to the GDP and its share of employment, while the importance of agriculture and manufacturing is declining steadily. Services include tourism, financial and legal services, wholesale and retail trade, hotels and restaurants, financial intermediation and real estate operations.
The strategic location of the island, its excellent climate, the well-developed infrastructure and the plentiful supply of a high quality, well-trained labour force are just a few of the advantages that Cyprus has to offer. In addition to these, the favourable tax regime makes Cyprus an ideal location for manufacturers, especially those with Middle East/North African export activities.
The official government policy is welcoming to foreign investment, provided that this does not have any adverse environmental effects.
“Cyprus is a European blossom conveniently situated in the Mediterranean sea at the crossroads of Europe, Africa and Asia. For decades now, reputable businessmen and large groups of companies have been using Cyprus as a base for their international business activities.”
“Cyprus provides the nectar and is used as a hive through which the businessmen produce their refined honey with the very sweet aftertaste of low taxation”
(Yiannos Georgiades, Advocate & Legal Consultant – Managing Partner)