An economic and business powerhouse at the crossroads of Europe
The history of Cyprus is one of the oldest recorded in the world and its historical significance is disproportionate to its small size. Considerable resources of copper and timber found in the island combined to make it a highly desirable territorial acquisition.
Cyprus is a small island in the Eastern Mediterranean. It is at the crossroads of Europe, the Middle East-Asia and Africa, and for centuries has been a strategic platform for other, larger major world powers, such as the Golden Age of Greece, Roman Empire, British, Byzantium, Frankish, Venetian, and Ottomans. Other nearby nations have also left their influence in some way or other, including the Egyptians, Phoenicians, Arabs and Persians. Naturally, this has left a lasting legacy on the country in terms of history and culture, where diversity is imbedded within the people and land; in ideology, language, food, way-of-life, architecture and nature. Cyprus’ fundamental character and personality in modern society is to be naturally welcoming and hospitable, as well as pro-business and foreign trade relations.
Cyprus gained its independence from British colonial rule in 1960. On 1 May 2004 the Republic of Cyprus became a full member of the European Union. Accession to the EU was a natural choice for Cyprus, dictated by its culture, civilization, history and its European character. Greek and Turkish are the official languages of the Republic. English is widely spoken.
In business this translates to a professional yet flexible approach, friendly business nature, hard-working ethic and commerce conscious approach – trade, industry and services. This includes appropriate government regulations and a general policy of non-intervention in business operations, limited to preserving the professional and financial services sector, guidance and aiding sustainability. This attitude is what truly drives the country’s economy, supported by excellent infrastructure for professional services, and an open market economy. As such, Cyprus has quickly grown into a financial, commercial and shipping center.
Cyprus offers a first-rate, reliable and globally credible platform for expansion and growth, particularly in international investments to the EU, Europe, Russia and CIS, Middle East and Africa. Cyprus is a full EU Member State, part of the Eurozone currency and a British Commonwealth country – hence a similar legal and corporate structure. Key advantages of Cyprus as a jurisdiction continue to be:
- Geographical location, therefore ideal for business relations and communications with most marketed in the EMEA region.
- Macroeconomic stability imbedded in services, and in particular financial and professional services.
- A thorough understanding of accounting, tax and investment strategies, together with a business friendly government, providing the necessary support to make things work.
- Since Cyprus’ economy heavily revolves around professional services, it has been set up to be efficient and extremely competitive. This includes highly educated and multilingual staff, with all business conducted in English, whilst Greek, Arabic, Russian, and other Eastern European languages widely spoken. Chinese (Mandarin) and Hindi are also now a key focus.