GENERAL

Status: Presidential Democracy. Established in 1960 after independence from Britain.
Location: Eastern Mediterranean. Situated at the crossroads of Europe, Asia and Africa.
Area: 9,251km2. It is the third largest island in the Mediterranean after Sicily and Sardinia.
Capital: Nicosia
Population: 741,000. 80% are Greek Cypriot, 18% are Turkish Cypriot.
Business language: English, although the official languages are Greek and Turkish.
Currency: Cyprus pound (CYP£). CYP£1=100 cents. Approximate exchange rate is CYP£1=2US$ or CYP£1=1.71 EUR.
Time zone: GMT +2
Business hours: Winter: Mon-Fri 8am to 1pm, 2.30pm to 5.30pm. Summer: Mon-Fri 8am to 1pm, 4pm to 7pm
Climate: Mediterranean
Average temperatures:
Winter: 15ºc
Summer: 35ºc

IMPORTANT CONTACTS

Cyprus Chamber of Commerce and Industry
Chamber Building
PO Box 1455
CY-1509 Nicosia
Tel: + 357 2 669500
Fax: + 357 2 669048

Central Bank of Cyprus
36 Metochiou Street
PO Box 5529
CY-1395 Nicosia
Tel: + 357 2 379800
Fax: + 357 2 378153

EXPAT EMPLOYMENT DETAILS

Work permits are required for British nationals. In all cases a specific cause for employment must be provided.

COMMUNICATIONS

Telecommunications offered by the Cyprus Telecommunication Authorities (Cy.T.A.). The network of Cy.T.A. claims to be one the most advanced in the world. Two international airports handling over 900 scheduled flights per week served by 36 International airlines and 65 chartered airlines. Main International airport of Larnaca situated 50km from Nicosia Paphos International Airport 150km from Nicosia.

Two major ports serving over 100 shipping lines with over 16m net registered tonnes each year. Specialised industrial and oil terminal ports in three other locations.

POLITICAL AND ECONOMIC STABILITY

  • Free enterprise system - open market economy.
  • GDP over US$10 billion.
  • Inflation of 3%.
  • Near full employment conditions.
  • Per capita income of US$14,000 p.a.
  • Main trading partners are the EU, Middle East and Central Europe.

KEY ACTIVITIES

Over 36,000 IBCs. In addition there are nine onshore banks. Twenty-eight International Banking Units and specialised financial institutions have been registered in Cyprus through the Central Bank. Shipping has developed due to the absence of exchange provisions on shipping and maritime related activity and competitive ship registration costs and annual tonnage taxes. Cyprus is now the sixth largest merchant shipping register in terms of tonnage.

ADVANTAGES OF CYPRUS

  • Highly developed and efficient accounting, legal and banking sectors.
  • Excellent transport and telecommunication.
  • Advantageous location and time zone.
  • Extensive Network of double tax treaties.
  • Strict confidentiality with the local authorities.
  • English as the business language.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com