Cyprus at a Glance

Cyprus at a Glance

  • Full member of European Union (EU) since 1st of May 2004.
  • Geographically situated in the eastern Mediterranean Sea, at the hub of three continents, linking Europe with the Middle East, Africa and Asia.
  • Placed in a strategic commercial location and historically, had always been a crossing point between Europe, Asia and Africa.
  • Cyprus is one hour by air from Athens, Egypt and Israel, three hours from Dubai and Moscow and four hours from London.
  • The island’s time zone is 2 hours ahead of Greenwich meantime, 7 hours ahead of New York and 7 hours behind Tokyo.
  • A diversified, open-market economy with a high percentage of the workforce skilled in financial and professional services and information and communication technologies sectors.
  • An international business hub with an attractive operating environment and modern commercial infrastructure.
  • Established international business and shipping centre for the last 30 years.
  • Macro-economic stability with successful economic performance.
  • Highly qualified, well-educated and multilingual labour force.
  • World class banking & professional services.
  • One of the most popular overseas property and tourist destinations.
  • Favourable corporate tax system
  • Advantageous tax system for pensioners and expatriates.
  • Royalty income advantages including a favourable Intellectual Property (IP) Box Regime.
  • Full adoption of EU Directives.