The standard of living in Cyprus is one of the highest in Europe. The overall cost of living is on average 1/3 to 2/3 of that in Europe, Japan and the USA. Cypriots are among the most prosperous people in the Mediterranean region. This is the one European country where the relatively ‘low cost of living’ paves the way for a ‘high standard of living’. You can relish in a lifestyle impossible to find elsewhere.
Nicosia, the capital is now deemed to be the 5th richest city in the world, an advance from 10th richest in 2011.
Following the discovery of $129 billion (€100 billion) worth of natural gas, Cyprus will become the richest country in Europe after the drilling and financial exploitation of the natural gas in Cyprus which will increase the per capita income by 70% during the next ten years.
Cyprus to become hub for Europe-Asia electricity - A subsea cable, 540 nautical miles long will soon connect Israel and Cyprus to south-east and western Europe to provide the continents need for in-expensive electricity. The project will cost approximately €1.5bn to build and will have the capacity to transmit 2,000 megawatts of energy. The project will ensure that Cyprus has a secure supplier of external energy Work on the Euro-Asia Interconnector is anticipated to commence in 2012 and be completed within 36 months.
Cyprus lies at the crossroads of Europe, Asia and Africa and is close to the busy shipping and air routes linking Europe with the Arab world, China and the Far East, representing a strategic hub for business activities in the region.
As an integral member of the European Union, Cyprus is one of the EU’s main commercial outposts in the Eastern Mediterranean, providing a point of exchange between Europe, Africa and Asia. The island’s location also makes it an ideal trans-shipment centre, with Cypriot companies operating independently, and with foreign partners to ship goods into and out of the EU via Cyprus.
Cyprus has one of the lowest corporate tax in Europe of 12.5%.
Tax on Dividends: 0% (where dividends are distributed to foreign shareholders of a Cyprus incorporated registered company)
Capital Gains Tax: 0%
Income Tax: First €19, 500 of income is tax free
Cyprus has agreements with 40 countries for double taxation avoidance (Russia, United Kingdom, Ireland, Netherlands, Italy, France to name a few).
According to the World Economic Forum's 2012 Travel and Tourism Competitiveness Index, Cyprus' tourist industry ranked 24th in overall competitiveness. In terms of tourism Infrastructure, Cyprus is rated 1 in the world.
With over 2 million tourists visiting each year, Cyprus is the world’s 40th most popular destination.
The tourism industry in Cyprus generating nearly €1.5bn to the economy each year and employs over 120,000 people.
Cyprus, the third largest island in the Mediterranean Sea is one of the safest places in Europe and the World, a place where personal safety is absolutely assured, statistics for the Republic of Cyprus point to a crime rate that is lower than that of most other western European countries where Children and the elderly can walk the streets alone or at night and the environment is a warm, welcoming one.
With its key Eastern Mediterranean position, Cyprus has historically been a much sought after prize for every Empire in the region. Over the centuries, it has been occupied by the Greeks, Phoenicians, Egyptians, Romans, Venetians, Ottomans and British. This long history of conquest is reflected in modern Cyprus, with its thriving indigenous Greek and Muslim populations. The nation’s oldest standing church was built in the 9th Century; its oldest mosque dates to 1209.
Although Greek remains the mother tongue, the majority of Cypriots throughout the island speak English, with schools and universities teaching in both languages.
Considerable investment has been made into transforming the island into a telecommunications hub for the region. Cyprus is connected to a number of advanced technology submarine cables which provide excellent connectivity to Europe, the Middle East and Asia. In addition, seven satellite earth stations provide further satellite telecommunications connectivity making it easy for companies to locate here and be connected globally through an advanced and reliable communications network.
Two international airports, a modern road network and multipurpose port facilities have long established Cyprus as a commercial, financial and business center in the region. More than 35 Airlines operate scheduled flights from and to Larnaca International Airport (5 km from Larnaca town centre) and Pafos International Airport (15 km east of Pafos town).Travel time from Cyprus to London, Moscow or Dubai is around four hours.
Cyprus has one deep-sea port in Limassol which expands over 1.3 square kilometers. Operations have begun to also transform the Larnaca port into the second deep-sea port on the island. There is also a shipping terminal at Vasilikos, close to Limassol. Given its location and infrastructure, Cyprus welcomes investment to strengthen capacity and growth in logistics.
Vehicles are right-handed in Cyprus and are driven on the left hand side of the road.
As a financial services epi-centre and an ever increasing trade partner with Europe, Cyprus is continually developing an impressive commercial environment that attracts worldwide business ventures.
Cyprus is the largest Foreign Direct Investment country into Russia. Cyprus has been described as the most important channel for attracting foreign investment into Russia by leading Russian politicians Many Russian businesses now manage their operations through Cyprus and then order their goods from Russia.
Cyprus is also becoming China’s preferred business and investments gateway to Europe as well as Africa and the Middle East with more and more Chinese companies showing interest in the island as a base for their business ventures.
On the energy front, Chinese conglomerates PetroChina, Sinocep and the Chinese National Offshore Oil Corporation (CNOOC) are said to have expressed an interest to bid in the second round of licensing for natural gas exploration in the Cyprus Exclusive Economic Zone (EEZ).
Cyprus is an established and tested international business centre and the ideal gateway for Chinese to Europe, the Balkans, Africa and the Middle East. The geostrategic location of Cyprus, EU membership, advanced telecommunications facilities, low crime rate, high standard of living, solid road network, and favourable tax regime, are a few of the reasons behind this strategic move by China.
Cyprus is one of the few countries in Europe to actively promote residency and citizenship programs. The government actively seeks professional people with families to take up residency in the Republic of Cyprus and enjoy all the benefits the country has to offer or for people to make significant investments in the Republic of Cyprus and acquire a Cyprus EU Passport which will enable the holder free access to live and work anywhere within the European Union.