2022-2023 Cyprus Country Report
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CYPRUSCOUNTRY REPORT <strong>2022</strong><br />
COUNTRY OVERVIEW<br />
A Diversified Future<br />
Renowned since antiquity, <strong>Cyprus</strong> has reinvented itself<br />
multiple times and is going through another exciting<br />
transformation today. The island nation has big ambitions<br />
to diversify its economy by placing innovation at its core,<br />
while it continues to attract professional expats and<br />
foreign investors to its shores thanks to its relaxed lifestyle<br />
coupled with bourgeoning prospects in multiple sectors.<br />
Located in the eastern Mediterranean at the crossroads of Europe, the Middle East<br />
and Africa, <strong>Cyprus</strong>’ strategic position has always played a key role in shaping its<br />
10,000-year history and in developing the island into a convenient centre for trade<br />
and international business. Despite being a country of less than a million people,<br />
the Republic of <strong>Cyprus</strong> has steadily built itself into a thriving business centre over<br />
the decades. An EU and eurozone member for over a decade, and with one of the<br />
highest educated populations in Europe, <strong>Cyprus</strong> has built a strong service-based<br />
economy. Its low-cost business environment with a wealth of support services, a<br />
sophisticated ICT infrastructure and investor-friendly tax regime – backed up by an<br />
extensive network of double taxation agreements with 67 countries – has developed<br />
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