2023-Cyprus-Country-Report
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CYPRUSCOUNTRY REPORT <strong>2023</strong><br />
COUNTRY OVERVIEW<br />
Small Island, Big Ambitions<br />
<strong>Cyprus</strong> continues to attract professional expats and<br />
foreign investors to its shores thanks to its relaxed<br />
lifestyle coupled with bourgeoning prospects in<br />
multiple sectors. The island nation has a long and rich<br />
history and is undergoing yet another transformation<br />
as it places strong focus on innovation, technology,<br />
and renewables to future proof its economy.<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 and with one of the highest educated<br />
populations in Europe, <strong>Cyprus</strong> has built a strong service-based economy. Its lowcost<br />
business environment with a wealth of support services, a sophisticated ICT<br />
infrastructure and investor-friendly tax regime – backed up by an extensive network<br />
of double taxation agreements with 68 countries – has developed <strong>Cyprus</strong> into an<br />
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