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 Home > Market Coverage > Europe > Cyprus > Limassol
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Cyprus
Cyprus – the legendary home of Aphrodite - is located in the Eastern Mediterranean,
and is third largest island in the region (after Sicily and Sardinia). With a population
of close to 800,000, the island nation is comprised of a Greek Cypriot majority
(more than 80%), a Turkish Cypriot minority (about 12%), and foreign residents and
workers.
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Because of its wealth of leisure and business opportunities, Cyprus is as well known
as a holiday destination as it is for expat business people and retirees alike.
The country offers an incredibly broad array of sporting and social activities,
and a long list of business and investment incentives, attracting a very large high
net worth expat contingent.
The nation’s capital is Nicosia, where about a quarter of its populace lives. Limassol
is the second largest city, and the island’s principal port. Larnaca, which houses
the country’s largest airport, and Paphos are also major Cypriot cities.
Since 1974, following a Turkish invasion of the island, the country has been divided
into a mostly Turkish north and a Greek south. United Nations-brokered efforts to
reach a compromise failed in 2003, and Cyprus joined the European Union in May,
2004 (temporarily excluding the northern part of the island, pending a settlement).
The currency was previously the Cyprus Pound, but the adoption of the Euro as its
official currency took place in January 2008.
Past tensions between the north and south aside, the goal of the internationally
recognized Greek Cypriot government remains that of a reunified Cyprus. And, despite
those previous tensions, life in Cyprus features economic stability, a very low
crime rate, a reasonable cost of living and – directly related to all of this –
booming offshore and local business sectors.
For more than a decade, Cyprus has been an extremely popular location for international
investors, contractors and professionals. Due in part to very favourable tax incentives,
many expat retirees – with significant disposable income - also flock to this island
paradise.
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Doing Business in Cyprus
Cyprus’ actively growing business sectors have seen especially notable development
in the establishment and administration of offshore trading, holding and investment
companies. Investors and expat consultants are drawn to the locale for many reasons.
Among them:
Tax-Friendly Environment: The country holds double tax treaties with close to 40
nations worldwide. The treaties, which prevent taxes being levied twice on the same
income, profit, capital gain, inheritance and other items, makes life a lot easier
for expats living here. In addition, Cyprus maintains tax sparing provisions with
several countries. This means that if tax was ‘spared’ in Cyprus – i.e. exempted
- it can still be credited against the expat's tax liability in his home country.
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Strategic Location: Located centrally among Europe, Africa and Asia, Cyprus offers
a strategic geographical base from which to do business.
Superior Infrastructure and E-Commerce Systems: Among its many positive infrastructure
factors, the country boasts a telecommunications system that is second to none in
the region in terms of affordability and technical superiority.
Skilled Labour Force: Cyprus possesses a very well-educated, skilled workforce available
to local and international businesses at salary rates that are lower than those
in many other industrialised countries.
Access to Europe: The country’s accession to the EU in 2004 opened up further opportunities
for import/export opportunities within the European market.
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Cyprus boasts one of the highest per capita GDP levels in the Mediterranean (i.e.
close to US$20,000). That, combined with outstanding housing conditions, a very
low crime rate, and a virtually pollution-free environment, accounts considerably
toward the nation’s high ranking by many expats on ‘quality of living’ scales.
So, what’s there to do when you’re not working? Plenty!!!
Cyprus is a country that offers an ideal amalgamation of cultures, from modern to
ancient…and all points in between. The allure of beautiful beaches, picturesque
mountainsides and local villages are outdone only by the friendly and hospitable
local population.
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Climate
The country’s climate leaves meteorologists island-wide with much idle time indeed.
Between late April and early October, you can pretty much count on a weather forecast
that features ‘clear, blue skies, warm temperatures and loads of sunshine’.
The delightful climate translates to an over-abundance of activities, sea-bound
and otherwise. Swimming, sailing, golfing, water- and jet-skiing (and snow skiing
in the mountains during winter), wind surfing, cycling, snorkeling, scuba diving
and paragliding are but a few of the popular and plentiful leisure-time activities
available on this idyllic island.
Those more historically inclined will most certainly not be disappointed. Several
millennia of civilization contribute greatly to the island’s overwhelming attraction
as a cultural centre steeped in ancient works and traditions. Visit historic and
Byzantine periods in the country’s countless churches, museums, and glorious archaeological
sites.
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All-in-all, Cyprus offers a superlative blend of business and pleasure enticements:
a large and affluent expat population, a warm and welcoming local community, breathtaking
beauty, great and affordable pastimes, luscious food, historical wonders…and much,
much, much more.
What else could an IFA ask for?
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For further information about Cyprus we recommend that you visit
http://en.wikipedia.org/wiki/Cyprus where you will find many useful links
and informative articles to prepare you for your move.
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