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Is Cyprus right for you?
Cyprus is the third largest island in the Mediterranean after Sicily and Sardinia. Located in the north-eastern end of the Mediterranean Sea Cyprus is effectively a crossroads linking Europe, Asia and Africa. It covers an area of 9,251 sq km and lies 65 km south of Turkey, 96 km west of Syria, 385 km North of Egypt and some 980 km south-east of Athens. The capital is Nicosia. The principal topographical features of Cyprus are the two mountain ranges running along the centre and north-east of the Island, separated by a wide and fertile plain. Cyprus has a pleasant climate with dry, hot summers and mild winters.
Population
The population of Cyprus is about 802,500. Greek Cypriots form the largest ethnic community representing approximately 85%; Turkish Cypriots comprise the second largest community representing 12% and the remaining 3% representing other minorities.
Political Structure
The independent Republic of Cyprus is a democracy, with a President elected for terms of five years. Ministers appointed by the President exercise executive authority within the country. The House of Representatives is comprised of members elected for terms of four years. The Judiciary is independent of the other branches, and the legal system is based on the English Common Law model. Cyprus is a party to the Hague Convention on the authentication of foreign documents.
The legal system is based on that of the United Kingdom and all statutes regulating business matters and procedure are based on English Law. Most laws are officially translated in to English.
Infrastructure and Economy
Cyprus is readily accessible by air and sea. The major port facilities are those of Limassol and Larnaca, situated along the south coast of the Island.
The economy of Cyprus is based on a free enterprise system. The Government's role is limited to regulation, planning and the provision of public utilities. During the last fifteen years, the economy of Cyprus has demonstrated spectacular growth and its currency has enjoyed relative stability.
Language
Greek, English and Turkish are the official languages of Cyprus. English is widely spoken and understood, particularly in commercial and government sectors.
Currency
The official currency is the Cyprus Pound (C£)
Exchange Control
Yes, but does not apply to IBC companies.
Law
Civil code with many English Common Law influences.
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