2022-2023 Cyprus Country Report

CYPRUSCOUNTRY REPORT 2022
Cyprus into an important European and regional financial and business services
hub. The country is also one of Europe’s favourite holiday destinations, enjoying
340 days of glorious sunshine a year and boasts a beautiful coastline teeming with
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.
RESILIENT EU ECONOMY
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 the subsequent adoption
of the euro in 2008, was the catalyst for
its transformation into a competitive
financial and business services hub. I
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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