Cyprus as the third largest island in the Mediterranean is an ideal business environment supported by state-of-the-art infrastructure, highly educated labor force; English based legal system and most importantly generous tax incentives.
Cyprus joined the European Union on 1 May 2004 and this has resulted in considerable benefits and has obviously increased contacts with the other Member States giving easy access to an enlarged market for trading and services. Cyprus’ ideal geographical location strengthens Europe’s connections with the countries of the Middle East and Africa.
It’ geographical position, the European culture and civilization, the strong European influence on the values shared by its people as well as the cultural, political and social life of its citizens, have given Cyprus its European identity and character and confirm its European trends.
Geography and Population
Cyprus, widely known as the birthplace of Aphrodite Goddess of Love and Beauty, has an area of 9,251 square km and is situated in the eastern basin of the Mediterranean Sea. It combines natural beauty, history, and legend.
The population of Cyprus has increased by 21.9% to 840,407 since 2001, according to the official results. According to the census, Cyprus currently has 170,383 foreign residents who now comprise 20.3% or one-fifth of the total population.
Cyprus is a member of the European Community, a member of the United Nations, the Commonwealth, the World Bank, and the International Monetary Fund.
Government and Administration
After becoming an independent republic in 1960 a presidential system of government has been adopted. Elections take place every five years and the President is elected directly by the people in a secret ballot. The constitution of Cyprus separates state power into legislative, executive and judicial branches.
Executive power is exercised by a cabinet of 11 members which is appointed by the president. In the case of the temporary absence of the president of the Republic, his functions are performed by the president of the House of Representatives. The President organizes the cabinet which handles these matters and selects the ministers.
Today in Cyprus there are eleven ministries. The Ministry of Defence, Ministry of Agriculture, Ministry of Natural resources and Environment, Ministry of Justice and Public Order, Ministry of Commerce, Industry and Tourism, Ministry of Foreign Affairs, Ministry of Labour and Social Security, Ministry of the Interior, Ministry of Finance, Ministry of Education and Culture and the Ministry of Communications and Works.
The legislative power is organized by the House of Representatives.
Judicial power is exercised by the Supreme Court and lower courts.
Cyprus is highly ranked with regard to the proportion of university graduates in comparison to its population.
It has a strong educational system that is constituted by state-owned and private elementary and secondary schools and universities. The workforce consists of a high proportion of qualified, professional staff who are fluent in foreign languages (mainly English).
Cyprus market economy is dominated by the service sector, which accounts for nearly four-fifths of GDP. Other important sectors include tourism, financial services, and real estate are the most important sectors and erratic growth rates over the past decade reflect the economy’s reliance on tourism.