General information on Cyprus

Economy

• Over the years, Cyprus economy is depending (approx 75%) on tourist income, with a free enterprise system. Inflation, based on the Maastricht agreement, is running at the satisfactory level of 2.5% annually and the unemployment level is running at a 5.5%

Cost of living

• Relatively high standard of cost of living in Cyprus based on the international indicators which running approximately at the 73% of the average in European Union. The Cyprus income per capita is running at 500 CY pounds monthly and a yearly to 6000 CY pounds.

Banking and finance

• The currency of the Cyprus republic is the Cyprus pound. On 1 May 2004 (the date on which Cyprus joined the EU), one Cyprus pound is equal to EUR 1.70 (EUR 1 = £0.58) and as of January 1st 2008 it will replace the Cyprus Pound.

• The Central Bank of Cyprus is responsible for shaping and implementing the monetary and credit policies of the state. Further and above it manages the republic’s currency reserves, supervises the banks and acts as the government banker and financial representative. Also during the EU entrance of Cyprus the Central bank authorized banking system in Cyprus to allow the residential loan to (in any various currencies) foreigners that want to buy property and immigrate in Cyprus.

• Similar banking system as the Cyprus one can be found in the Great Britain.

Education system

• High standard of the Cyprus education system

• Various international private education systems are also listed in a high level rate. (English, Russian etc)

• Many private foreign and local schools
  

Health and Care

• Cyprus medical and health care, is equivalent ,if not better, with most European countries

• Hospitals and Clinics are equipped with the latest facilities and technology

• Hospital treatment in Cyprus (emergency) is free of charge even for tourists

• Pharmacies are located almost in every neighborhood with an easy access and normal prices

• Health insurance available on the island
  

Business in Cyprus

• Since became full member of EU, various business opportunities raised

• Low risk on investment

• Expansion of the real estate industry

• Strong currency that allows investment forecast

• Geographic position of the island

• Most companies in Cyprus could be found as: Partnerships, Branches, Sole Proprietorship and or Limited Liability
  
  

Leisure

• Golf Courts

• Mountain facilities for summer and winter sports and entertainment

• Horse riding

• Festivals and Fairs

• Water sports and beautiful beaches

  • Bunging Jumping
  • Glass Bottom boat trips
  • Submarine trips
  • Diving
  • Various water sports i.e. Speed Boats, Water Skiing, water scooters etc
  • Water parks

• Selection of International and local cuisine through 5 star hotels and A category restaurants

• Selective and excellent night life, especially in Ayia Napa, Limassol, Paphos,

Transportation

• Airports (Larnaca and Paphos)

• Ports ( Limassol, Larnaca )

• Busses

• Taxis

• Rent a Car agencies

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