The Republic of Cyprus, or Cyprus for short, is an island located at the junction of Europe and Asia, in the east of the Mediterranean, covering an area of 9251 square kilometers. Cyprus belongs to Asia geographically, but it is a part of Europe culturally and politically. Nicosia is the capital city, other famed cities include Limassol, Larnaca, Paphos, Famagusta, Kyrenia and Ayia Napa. Cyprus, a developed capitalist country, joined the European Union on May 1, 2004.
- The Republic of Cyprus
- Nicos Anastasiades
- Time zone
- UTC+2 (summer time UTC+3)
- Life expectancy
- Greek, Turk
- Limassol, Larnaca, Paphos, Ayia Napa, Famagusta, Kyrenia,etc.
- Mediterranean climate with average temperature of 23 ℃
- The Orthodox Eastern Church, Islam
- Total GDP
- USD 24.47 billion (2018)
- Territorial area
- 9251 square kilometer
- GDP per capita
- USD 28159 (2018)
- The National Day
- Otc. 1th
- National anthem
- International call code
- National code
- Driving habits
- Left drive
- The Mediterranean: 0m, Olympus: 1952m
- Official language
- Greek, Turkish, English
According to the national report of Cyprus, the financial, accounting, legal and other professional service industries in the island are highly welcomed by international investors. As a Mediterranean resort and a world-class holiday paradise, tourism of Cyprus has maintained a continuing growth for many years, and the real estate market has also shown remarkable performance.
Cyprus has 12 years of compulsory education. Greek and English are widely adopted for teaching. Students who attend private schools have to pay their own tuition regardless of nationality. Students hold a Cyprus passport are eligible to apply for Oxford, Cambridge and other famous British schools after finishing high school in Cyprus. Cyprus International School has students from 38 countries. Students studying here are exposed to multi-language environment, including English, Greek, French, Russian, Spanish, Italian. Some universities are jointly run by the UK and the USA, with a 2 + 2 school system. They can get their British and American degrees when graduate.
In addition, students with Cyprus passports have the opportunity to study in any country in the EU.
The most competitive tax system in the world makes Cyprus a well-known European offshore financial center. The taxation system fully meets the legal requirements of the EU and OECD. It has signed double taxation treaties with nearly 50 countries around the world. The characteristics of the tax system include:
● Corporate income tax is 12.5%, the lowest in Europe;
● Tax exemption for profits of foreign branches of Cyprus companies;
●Free disposal of capital gain tax, shares and treasury bonds, regardless of the period and proportion of shareholding;
● No withholding tax on real estate outside Cyprus;
● 80% tax exemption of income from intellectual property;
● Personal income is tax at 20-35% and foreign retirees who reside in Cyprus are taxed on their pensions at the rate of 5% per annum;
● No inheritance tax, no property holding tax.
At the end of February 2019, ExxonMobil discovered 5-8 trillion cubic feet of natural gas reserves in the exclusive economic zone of Cyprus, attracting oil giants from all countries to bid for a share. The EU has also regarded Cyprus as the future energy center. Cyprus will be the “Dubai in Europe” in the near future.
The government of Cyprus lays emphasis on the development of renewable energy and has formulated encouraging policies. Solar energy is widely used to heat water for people's livelihood in Cyprus. There are many investment opportunities for wind power generation, photovoltaic power generation, desalination treatment, etc.
The newly released National Health Service (NHS) Cyprus government medical service system will provide medical insurance support services based on the personal conditions of the applicant (work or past work experience, family status, income level). Based on these conditions, eligible applicants will be issued a medical card. If the applicant does not meet the qualification of receiving the medical card, the public medical facilities can be enjoyed by paying the government tax. If they need high amount of hospitalization treatment, the expenses can be reduced according to their income level.
Social insurance benefits cover the unemployed affiliated applicants and all citizens who meet the conditions, and they can enjoy free or subsidized medical and dental treatment. Foreigners who immigrate to Cyprus can enjoy the social security benefits of Cyprus within a certain period of time if they have paid social security expenses for two consecutive years in other EU countries before immigrating to Cyprus. Pensioners from EU member states are also entitled to free treatment.
“City of Dreams Mediterranean” will start operation in 2021 in Limassol. At that time, the casino, with more than 100 gambling tables and more than 1000 slot machines, will be the largest casino resort in Europe.
“City of Dreams Mediterranean” is built by Melco Crown Entertainment Limited, one of the largest casino facilities developers, owners and operators in Asia. At a press conference in Macau, CEO Lawrence Ho announced that the casino is expected to add 300,000 new tourists to Limassol every year, and tourism revenue is expected to account for 4% of Cyprus's GDP.
It is reported that the construction of the project is expected to cost 550 million euros, with more than 500 five-star rooms, suites and villas, 11 restaurants and bars, and 1200 square meters of commercial area. The resort will also replicate the street view of the old city of Nicosia. The resort is expected to add about 4000 new jobs during the construction period, and when fully put into operation, the casino will create about 4500 full-time jobs.
Cyprus has an average temperature of 23 ℃, a Mediterranean climate with warm sunshine. Its summer lasts from the middle of May to the middle of October, and winter from December to February, spring and autumn are relatively short.
With two international airports in Larnaca and Paphos, Cyprus has a modern and efficient road system that allows graceful and unrestrained travel between major cities (Nicosia, Limassol, Larnaca and Paphos) and many attractions.
The quality and safety of food and drinking water in Cyprus are subject to inspection and supervision by local health authorities. All local water authorities work with health authorities and laboratories to prevent any poisons and bacteria from infecting water sources. Tap water in hotels, restaurants and other public places can be safely drunk.
The number of tourists visiting Cyprus is increasing year after year. It is a small island, but praised as holiday paradise by holidaymakers. Sunny beaches, waves and mythical stories all exude its unique charm. There are many places of interest here, including ancient villages, towns, temples, theaters, sports fields, palaces, tombs, castles, stone columns and mosaic paintings. Known as the back garden of Europe, it is one of the ten safest places to travel in the world.
For more information please find Deputy Ministry of Tourism
Add: 19 Leoforos Lemesou, CY1390 Nicosia, P.O.BOX 24535
Tel: 357-22691100 Fax: 357-22331644
Tourism consultation in Larnaka Airport: 357-24008368
Tourism consultation in Paphos: Airport: 357-26007368