Serving Countries
Cyprus

 

Introduction

Cyprus is an island country in the Eastern Mediterranean Sea. The Republic of Cyprus has approximately 1.1 million people. The two big cities on Cyprus are Nicosia (400’000 residents) and Limassol (240’000 residents). The third biggest city is Larnaca (72’000 residents). Major tourist areas are Paphos in the west and Ayia Napa / Protaras in the east.

 

In 1974 a conflict between the Greek majority and a Turkish minority emerged. This resulted in an invasion of the Turkish army which occupied the northern part of the island. Since then the country is divided in the independent Republic of Cyprus in the south and the internationally not recognized Turkish Republic of Northern Cyprus in the north. The two states are separated by a buffer zone surveyed by the United Nations. However, there have not been any violent acts in the last 35 years. The following content will solely focus on the Republic of Cyprus in the South.

 

Cyprus is one of the most prosperous countries in the Mediterranean region. The Republic of Cyprus has joined the European Union in 2004 and in 2008 Cyprus began using the Euro as the official currency.

 

Cyprus has a GDP of about 24 billion Euro which is a GDP per capita of 30’000€. The service sector (including tourism) accounts for 80% of the GDP of Cyprus. The tourist resorts most visited during the summer typically lie in the east of Cyprus in the region of Larnaca. The resorts on the west coast of Cyprus are more diverse and can be visited the whole year. They are located around the city of Paphos, west of Limassol. Industry contributes almost one fifth to the GDP, whereas agriculture only is responsible for 2%.

 

Foundation of a Company

A Cypriot company can buy any property they want. There are two kinds of companies in Cyprus, similar to the ones in Switzerland. The LTD – limited liability company, which has no minimum capital requirement and can have up to 50 members and the PLC – public liability company.