About Cyprus
Cyprus is the third largest island in the Mediterranean Sea. It is strategically located in the Eastern Mediterranean at the crossroads of Europe, Asia and Africa. Its total population is estimated at approximately 800,000 people. Cyprus is an independent sovereign Republic with a presidential system of government. The island is known as the Jewel of Mediterranean and the legendary birthplace of Aphrodite, saturated by beautiful beaches and breath-taking landscapes, while it enjoys more than 340 days per year of sunshine.
On May 01, 2004 the Republic of Cyprus became a full member of the EU. Accession to the EU was a natural choice for Cyprus, dictated by its culture, civilization, history, its European outlook and adherence to the ideals of democracy, freedom and justice. EU accession has launched a new era of challenges, opportunities and responsibilities for Cyprus. Since accession, Cyprus has successfully faced the challenge of European integration, and has established itself as the natural portal for inward and outward investment between the EU and the rest of the world, particularly the rapidly growing economies of Russia, Eastern Europe, India and China. Cyprus is a member of the Commonwealth, the Council of Europe, the IMF, the UN, the World Bank and the WTO, and a founder member of the Organization for Security and Co-operation in Europe.
EDUCATION
In terms of education, the public schools in Cyprus are both Greek and English speaking while the private schools offer a fully English-speaking environment. Private schools in Limassol such as Heritage, Pascal, Foley’s etc. have established a high level of educational environment, in combination with preparing the students to have all the requirements for top universities worldwide. Higher education in Cyprus is formed by international Cypriot universities which are highly positioned in the world rankings (University of Cyprus, Cyprus University of Technology etc.). In addition, some private Universities based in the island offer degrees of highly acclaimed English Universities.
TAXATION
Cyprus has a long tradition of serving the international business community, by providing a stable legal and financial environment which international enterprises can operate effectively and efficiently. Despite the taxes not being negligible, they are very low by any standard, particularly for non-residence enterprise owners based in Cyprus. These low rates in combination with the large number of double tax treaties Cyprus has entered into, render the island a great location for establishing investment that can be routed in many countries around the worlds.
LEGAL SYSTEM
The modern legal system of Cyprus was also formed during the period of British colonial rule. And although many legislative and judicial institutions are almost indistinguishable from English ones, the country has its own case law. The law on real estate protects ownership from the time of purchase after registration in the Land Registry. Transactions involving persons who are not citizens of Cyprus are governed by general rules. However, for foreign persons there are special rules and restrictions that allow for the control of foreign investment.
The term «foreign person» includes:
- non-resident citizens of Cyprus;
- foreign wives of citizens of Cyprus;
- EU citizens permanently residing in Cyprus or companies registered in EU countries with headquarters in Cyprus.
