About Cyprus

Cyprus, the third largest island in the Mediterranean Sea, is situated at the eastern-most corner of the European Union, and due to its location has been a strategic post throughout the centuries and layers of history. Cyprus has a robust, market-driven economy supported by a stable democracy and driven by a diverse, well-educated, skilled workforce, along with an excellent telecommunication and infrastructure system and the lowest tax regime in the EU. The counties currency is the Euro.

These characteristics along with over 300 days of sunshine and centuries of art and culture, perhaps constitute the best possible description in one breath, of one of the up-and-coming members of the European Union.

Locations and Population
Cyprus, with an area of 9251 sq km and coordinates at 35 N and 33 E, lies at the crossroads of Europe, Africa and Asia at the crux of the busy shipping and air routes linking the 3 continents.

The population of Cyprus is about 862,000. The capital of Cyprus is Nicosia (Lefkosia) situated in the heart of the island with a population of approximately 336,000. The second largest city is Limassol (Lemesos) on the south coast with a population of approximately 241,000 and the island’s major port. Larnaca and Pafos are the third and fourth largest cities, each with a new airport, situated on the south west and south east coasts respectively.

Cyprus History
According to Mythology, Cyprus is the birthplace of the Greek goddess of love and beauty, Aphrodite. The island is both an ancient land, one of the oldest recorded in the world with eleven thousand years of history, and a young independent republic since 1960. Its strategic position at the crossroads of three continents, as well as its considerable supplies of copper and timber combined to make it a highly desirable territorial acquisition.

The Cyprus Government and the EU
Cyprus is a Presidential Democratic state. The Executive authority is vested in the President who is elected for a five year term by universal vote, and exercised by a Council of Ministers appointed by the President. The Legislative authority of the Republic is exercised by the House of Representatives. House Members are elected by universal vote every five years. The administration of Justice is exercised by the Judiciary, which is a separate and independent body. The current President of the Republic, H.E. Mr. Nicos Anastasiades, was elected in February 2013 for a five-year term. The Government of Cyprus welcomes Foreign Direct Investment supporting the economic development priorities of the country.

The Republic of Cyprus became a full member of the EU on May 1, 2004. Accession to the EU was a natural choice for Cyprus, driven by its culture, civilization and history and has launched launched a new era of commitment to growth in Cyprus. Cyprus encourages Foreign Direct Investment opportunities in the priority economic growth sectors, highlighted in the country’s Strategic Development Plan 2007-2021.

These priority economic growth sectors include: Banking & Financial Services, Education, Information Communication Technologies, Medical & Wellness Tourism, Professional Services (incl. legal and accounting), Research & Development, Shipping, Renewable Energy and Environmental Technologies.

Today, Cyprus actively participates in EU Programs, focusing on strengthening growth in various economic sectors, as well as entrepreneurship and innovation across sectors and processes. In 2012 between July to December, Cyprus assumes, for the first time, the EU Presidency. In this role, as “the face and the voice” of the European Union, Cyprus will direct the work of the Council of the European Union, maintain relations with other Union institutions and represent the European Union in international matters.

The local infrastructure is ideally suited for business people that need to get things done. Thanks to its modern road network, extensive Port facilities and two new international airports, travel and transport in and beyond Cyprus is fast, efficient and economical.

The coastal resorts of Larnaca and Paphos each operate international airports serving flights to and from both Europe and the Middle East. Larnaca is the larger of the two airports, while the construction of an all new facility is set to begin soon.

Limassol and Larnaca are both bustling ports and work around the clock to serve the island’s considerable import and export markets. Limassol is the largest port, although considerable infrastructure is in place to provide for easy and efficient operations at each coastal facility.

Considerable investment has been made into transforming the island into a major telecommunications hub in the region. By building upon its technologically advanced infrastructure, Cyprus has established an extensive telecommunications network, both in terms of cable and satellite, which ranks among the best in the world.

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