Invest in Cyprus

By viotopo News
Invest in Cyprus

Many reasons invite us to think of Cyprus as an excellent destination for investment. With an area of 9,251 km², the Mediterranean country is strategically located between Europe, Africa, and Asia, in the centre of one of the region’s busiest maritime routes.

The population of Cyprus is over 956,000 inhabitants, according to 2018 data. Its capital is Nicosia (Lefkosia), and it is located in the centre of the island. It has a population of around 350,000 inhabitants. The second most important city is Limassol (Lemesos), on the south coast. It has a similar population and has the main port of the island. Meanwhile, Larnaca and Paphos are the third and fourth-largest cities, located on the southeast and southwest coasts, respectively. These last two cities receive approximately 10 million visitors each year, primarily due to tourism.

Cyprus’s geographical location strengthens its position as a substantial commercial, business, and service centre in the Mediterranean. This issue also turns the island into an active transhipment centre that facilitates the shipment of goods to and from the European Union.

Cyprus became a full member of the European Union in May 2004 and officially adopted the euro as the single currency in 2008. This is a vote of confidence that guarantees stability and security for investors. In this context, Cypriot companies have full access to the single market of the European Union and all the associated benefits that come with it.

Until a few months ago, foreign investors who are not citizens of the European Union had the opportunity to obtain permanent residence or Cypriot citizenship. Due to a conflict in the process, the benefit is suspended. Until this situation is resolved, specialists maintain that recently built properties will also be sold. Foreign investors who have already obtained the help of citizenship are facing an excellent opportunity. This is due to the drop in property prices, a topic that we have addressed in another of our publications.

Cyprus has a comprehensive legal structure, which has its origins in the practices of English common law. This structure is conducive to business because it promotes transparency and efficiency in transactions. It also provides foreign companies with a family platform within which they can develop their activities. The country has an efficient, transparent, and attractive tax structure that fully adheres to international regulations. Cypriots’ multilingualism: the majority speak English, Greek, Turkish and Russian.

Two modern international airports in Larnaca and Paphos, offer their services to approximately 10 million visitors per year, connecting the island to the most popular transit hubs throughout the world. The airport's geographic location in-between Europe, Africa, Russia and the Middle East. It currently holds domestic, regional and international passenger and cargo services by over 30 airlines. Before Covid-19 pandemic, Gulf Air used to provide a non-stop service to New York-JFK twice a week.

The island has a pleasant Mediterranean climate with mild winters (minimum daily average of 5 ° C and maximum of 13 ° C) and sunny and dry summers (minimum and maximum daily average temperatures are 21 ° C and 36 ° C).

Cypriot food has developed as a mix of Turkish and Greek cuisine. Fish, wines, salads, and coffees are the most common foods and preparations at the table. The meze stands out as a succulent appetizer served before the meal among the main dishes that can be offered. Similarly, Chinese, French, Indian, and Italian foods are also served in the country’s leading restaurants. Recognized herbs and spices include celery, parsley, oregano, pepper, and roka. The most crucial herb in the country is mint, which is used mainly in minced meat dishes. To learn more about gastronomy, we invite you to read our articles “A traditional Cypriot meze” and “Maratheftiko and other varieties of grapes in Cyprus.” HERE PUT THE HYPERLINK OF EACH ONE OF THESE TWO ARTICLES.

Cyprus Investment Promotion Agency

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