International > Cyprus as an International Centre

Introduction to Cyprus

The island of Cyprus is located in the eastern corner of the Mediterranean Sea, situated between Europe, Asia and Africa.
A former British colony, The Republic of Cyprus has become a full member of the European Community (EU) on the 01/05/2004.

Some facts about Cyprus
Official name: Republic of Cyprus
Total Area: 9.251 sq. km
Population: 850.000 (estimate)
Main towns: Nicosia (capital), Limassol, Larnaca, Paphos
Official languages: Greek, Turkish. English is widely spoken and used in business and Commerce.
Currency: Euro (EUR €)

Advantages of Cyprus as a business location

  • Geographic location: close proximity to Europe, Middle East / Gulf and North Africa.
  • Time zone facilitates the conduct of business, within the working day, with locations throughout the world; Far East (morning), Europe (most of the day) and North America (afternoon).
  • English is widely spoken and used as the language of business and commerce in Cyprus.
  • Cyprus offers a high "European" standard of living and quality of life, but lower cost of living when compared to Western European countries.
  • Highly developed telecommunications infrastructure.
  • Many of the world's major airlines (over 30 international airlines and over 600 scheduled flights per week) connect Cyprus to Europe, Asia and Africa.
  • Attractive tax environment; such as relatively low rates of corporation tax, 'double taxation' treaties with over 20 countries.
  • Cyprus' legal system is similar to that of the UK (English common law).
  • Cyprus has diplomatic and economic relations with many of the Arab states in the Middle East.

International Enterprises in Cyprus

Cyprus has successfully established itself as an international business and financial centre, and many well-known multinational corporations have chosen to locate in Cyprus as a result.

Since 1975 about 28.000 permits have been granted to non-resident Business Entities, coming from many economic sectors, such as shipping, finance, insurance, consultancy, real estate, trading investment etc.

International business entities in Cyprus can be:
- 'Branches' of an overseas corporation
- Partnerships
- Limited liability companies incorporated in Cyprus - known as International Business Companies (IBCs).