Doing Business in Cyprus (Saudi edition)

DOING BUSINESS C YPRUS
11
SAUDI ARABIA EDITION
stretches of golden sand, secluded bays and rocky coves, all surrounded by some of
the cleanest beaches and waters in the Mediterranean Sea. The landscape is dotted
with the fascinating remains of history, from Neolithic settlements and ancient citykingdoms
to exquisite Byzantine art and magnificent Venetian architecture. Add to
this the vibrant and cosmopolitan lifestyle where East meets West, Cyprus offers the
perfect balance between business and leisure.
PEOPLE & CULTURE
While the Republic of Cyprus is a
Greek-speaking nation, English
is almost universally spoken and is the
language of international business.
German, French and Russian speakers
are also easily found, thanks to the high
number of Cypriots with international
degrees, the country’s commercial ties
with the global business community,
and the island’s popularity as a tourist
destination. Cyprus is well known for its
hospitality, a fact reflected in the Greek
word, xenos, used for both stranger and
guest. Life is meant to be enjoyed in
Cyprus, which is renowned for its excellent quality of life. Cafe culture predominates,
with both business and social meetings taking place over a leisurely frappe (iced
coffee) in the numerous cafes in every town and city. As with most Mediterranean
cultures, food also plays a vital role in family and social life. The famous Cyprus meze
– a large selection of small, delectable dishes – is best enjoyed siga siga (slowly) and
al fresco.
Cyprus has a resilient economy that
has time and time again proven
its capacity to adjust to continuously
changing conditions and bounce
back from external shocks. Before its
independence from the UK in 1960, the
Cyprus economy was primarily based on
agriculture and the export of minerals.
However, in the last few decades the
country has established itself as a serious
international business and service centre
for shipping, financial services and
commerce, and is classified by the World
Bank as a high-income country. The
island’s accession to the EU in 2004 with
I
Offering a tax-efficient
EU company domicile, the
country is also emerging as
a compelling destination for
regional headquarters and
a base for tech companies,
as well as an increasingly
attractive location for fund
managers and promoters
RESILIENT EU ECONOMY
the subsequent adoption of the euro in 2008, was the catalyst for its transformation into
a competitive financial and business services hub. Following the country’s financial