Cyprus Report

The Republic of Cyprus is developing steadily as a respectable and reliable international business center since 1975. Today Cyprus has the lowest taxation in the EU – the rate of corporation tax of 10% (up to 2003 was 4.25%). It  also acts as a launching pad for investments into the EU. It’s no secret that the Cyprus is one of the top offshore areas of the world.

Cyprus also has a strategically advantageous geographical position – is at the crossroads of three continents (Europe, Asia and Africa), good transport and telecommunications infrastructure, stable democratic political system, international relations as a member of the UN, Council of Europe and, since 1 May 2004  –  the European Union.

Cyprus is an attractive place for investment. In addition to favorable tax treatment, there is also a free zone. It which makes Cyprus an ideal place for producers, particularly for exporters in the North Africa and Middle East. In July 2003 the House of Representatives passed a new Law on Investment. Should notice, the official policy of the Government of Cyprus welcomes foreign investment, provided that they don’t bring negative effects on the environment.

Many people believe that money is deposited on the Cypriot soil. In fact, they are also actively invested in other states. It passes through a large part of Cyprus investment in the Russian Federation and the Commonwealth of Independent States. For example, according to Petrostat (regional office of the Federal State Statistics Service in Saint-Petersburg and Leningrad region, Russia, provides statistics on the state in St. Petersburg and Leningrad region), the amount of foreign investments into the economy of St. Petersburg was $ 6.1207 billion, of which 9.3% — investments from Cyprus. According to the State Statistics Service of Ukraine, foreign direct investment (equity) into Ukraine as of 01.10.2011 amounted to $12089.1 million (24.9% of the total was from Cyprus).

Of all of these reasons we can conclude that the investment policy of Cyprus is a fully liberal — allows 100% foreign participation in most sectors of the economy. This applies not only for citizens of EU member states, but also residents from all over world.

The Report Cyprus
EU Presidency

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Featured Special Report Collections: (Showing most recent)

Interview with Mr Neoklis Sylikiotis, Minister of Commerce, Industry and Tourism of the Republic of Cyprus

Our goal is for Cyprus to become an important regional energy center and the natural gas reserves discovered recently within our Exclusive Economic Zone, bring us a step closer towards this achievement. Currently, we are in the process of defining our long term…

Interview with Mr. Panayiotis Loizides, Secretary-General Cyprus Chamber of Commerce and Industry

We organize business forums and delegations all over the world. These are usually mixed events, conducted in cooperation with the Ministry of Trade, Industry and Tourism.

Interview with Mr Andreas Christou, Mayor of Limassol, Republic of Cyprus

First of all we have friendly taxation system. Taxes here are lower than in other countries. Before our accession to EU we had 5% of corporate tax for local and foreign companies.

Interview with Mr. Sotiris Sotiriou, Secretary of the Board and the Director General of the Cyprus Investment Promotion Agency

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Interview with Mr Andreas N. Louroutziatis, Mayor of Larnaca, Cyprus
Yes, Larnaca is the city with a great history. It has been continuously inhabited for the last 4000 years and it was a political and trade capital of the island. Most of our country’s commercial activities and embassies used to have their seats here.
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Interview with Mr. Iacovos Iacovou, Chairman of Iacovou Group
The Group is now almost 60 years old. It is a family business started by our father George Iacovou and we expanded it along with my two brothers. Our children have already joined the company, so the 3rd generation is currently on board now. We are active in all sectors of the construction industry.
Interview with Professor Constantinos Christofides, Rector of the University of Cyprus
I think that nowadays the University has gained a central role in Cyprus. It has become a cradle of new ideas, innovation and research. About 80 % of research performed in our country is at this University. It is a very dynamic facility. We participate in many European scientific projects and we can boast of approximately 1,200 students per school year
Interview with Professor Constantinos Christofides, Rector of the University of Cyprus
I think that nowadays the University has gained a central role in Cyprus. It has become a cradle of new ideas, innovation and research. About 80 % of research performed in our country is at this University. It is a very dynamic facility. his has been the case for Nicosia historically and is expected to be even more evident in the future, especially if we see increasing foreign investment in our colleges and universities that can further enhance the educational standards.

Leisure & Tourism Reports

Profile: Holiday Inn Nicosia City Centre, CyprusWith its fashionably attired staff, simplicity is the operative word to Holiday Inn Nicosia City Centre, manages to convey high-end comfort catering to business travelers. Holiday Inn Nicosia City Centre is the city’s most central hotel, and is located 50km from Larnaca International Airport.
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Interview with Mr. Lefkos Phylactides Acting Director General of the Cyprus Tourism Organisation
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