We at Deloitte recognise that Cyprus offers an enviable
combination of climate, business and culture. We also understand
that relocating to a new country is often a challenge.
Cyprus is the third largest island in the Mediterranean Sea and
is cited as one of the most popular tourist destinations in the
region. Cyprus has an advanced economy and a high human development
index (HDI) with regards to living and quality of life.
The Island hosts a large expatriate community, having the third
highest percentage of foreign citizen residents in the EU; 12.5% of
the total population originating from EU member states and 7.4%
from non-EU countries. British nationals comprise the largest expat
community whilst Russians and other Eastern European nationals also
constitute big expatriate groups.
Cyprus is known as a safe and pleasant place to live, with a
crime rate of only 6.44 crimes per annum per 1,000 inhabitants,
being lower than most other western European countries. Hospitality
is one of the most eminent and deeply engrained values of the
Island and visitors immediately feel welcome and at home.
Furthermore, Cyprus offers generous tax incentives to expatriates
relocating to Cyprus.
This booklet is designed to ease the transition of individuals
relocating to Cyprus, providing an overview of key aspects of
living and working in Cyprus such as individual taxation; social
security; migration; labour law; employment-sponsored pension plans
and other valuable information. It offers a quick guide for
employers who consider sending an employee to Cyprus and also for
individuals who contemplate relocating to Cyprus.
This booklet only presents a broad overview and as
simplifications have been made, it does not provide in-depth
answers to specific questions. Because of the complexity of the
various laws and on-going legislative changes, only brief
information is provided.
We encourage you to contact our specialists to obtain detailed
and up-to-date advice specific to your own circumstances.
QUICK FACTS ABOUT CYPRUS
The time zone of Cyprus is GMT +2.
The currency of Cyprus is the Euro. Cyprus has been a member of
the European Union since 1 May 2004.
Population and Total Area
Located in the Eastern Mediterranean, the total area of Cyprus
is 9,250 square kilometres with a coastline of 648 km. The
population is 858,000.
The principal cities of Cyprus are Nicosia (the capital),
Limassol, Larnaca and Paphos.
Greek and Turkish are the official languages. English is
prevalent throughout the Island and is the principal business
language. French, German and Russian are also commonly spoken in
Principal economic activities
Tourism, Services, Shipping, Real Estate, Energy.
Cyprus has a subtropical climate, with an average annual
temperature of 24oC during the day and 14oC at night. Average daily
sunshine ranges from 9.8 hours in December to 14.5 hours in June.
The summer season extends to approximately 8 months (April -
November), with the months of July and August marking considerably
high temperatures (over 35oC). The winter season (November - March)
is mild, while snow falls often in the Troodos Mountains from
mid-December through to the end of March.
Cyprus is a presidential democratic republic. The head of state
is the president who is elected directly by the people for a term
of five years and appoints the governing Council of Ministers. The
parliament of Cyprus is the House of Representatives which
comprises 59 members elected directly by the people for a term of
five years, including three observer members representing the
Armenian, Latin and Maronite minorities.
The tax year in Cyprus is the calendar year, 1 January to 31
To date, Cyprus has signed over 55 double tax treaties with
Public holidays in Cyprus are additional entitlements over and
above the twenty-one day statutory minimum annual leave. The
following days determined by the Cyprus government as national
holidays (being public holidays for state-owned organisations) are
usually granted by Cypriot employers as public holidays for their
1 January (New Year's Day);
6 January (Epiphany);
Monday of Easter Lent (moveable date);
25 March (National Day);
1 April (1955-1959 EOKA National Day);
Good Friday (moveable date);
Easter Monday (moveable date);
1 May (Labour Day);
Whit Monday (moveable date);
15 August (Assumption Day);
1 October (Independence Day);
28 October (WWII National Day)
24 December (Christmas Eve);
25 December (Christmas);
26 December (Boxing Day).
In addition, many employers grant an extra holiday to employees
on 2 January and the Tuesday following Easter.
Malta has launched a revamped residency program designed to boost job creation and enhance the overall standard of living in the country by attracting foreign investment from non EU-nationals seeking fast-track long-term residence in Malta.
Europe has long established itself as the most sought after
region in terms of high net worth immigration, accounting for over
half of the total number of global citizenship applications, with
the Caribbean in second place, followed by North America in third.
The International Monetary Fund has congratulated St Kitts & Nevis for the dramatic improvements the country has made to its citizenship-by-investment program, once suspected of being a haven for financial criminals.
With increasing globalisation comes the need for ease of movement in relation to work, education, residence, retirement or recreation.
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