The Republic of Cyprus became a full Member of the European Union (“E.U.“) on the 01st of May, 2004 (without the North part of Cyprus) and in 2008, joined the European Monetary Union, leveraging a robust economic performance and adopting the Euro as the national currency.
Being Europe’s eastern intersection of important transport/communications channels, Cyprus provides a secure gateway for European enterprises into the Middle East, Africa and Asia, while offering non-European businesses and entrepreneurs possibilities for investment in Europe.
The Republic of Cyprus is represented through diplomatic missions in over 40 countries and, also, is a member of the following international organizations:
- European Union and Eurozone;
- The World Trade Organization;
- The International Monetary Fund (“IMF”);
- The World Bank;
- The Commonwealth;
- The Council of Europe;
- The United Nations.
The Republic of Cyprus is the 5th safest country in the world, according to a Value Penguin 2015 survey, making it a great place for a family to reside in.
The official languages in Cyprus are Greek and Turkish. Greek is spoken predominantly in the South of Cyprus, while Turkish is spoken in the North. The Greek language which is spoken is a Cypriot dialect of Greek. English is spoken in almost all places, while Russian is quite frequent.
HEALTH AND WELFARE:
With world-class health professionals, the Republic of Cyprus is in a position to provide modernised health infrastructure. It promotes great co-operation in the international medical field, encouraging the establishment of private clinics/hospitals, while offering opportunities for foreign doctors to relocate and conduct operations in Cyprus.
In parallel, the island is known for being a wellness destination, providing luxury spa resorts and rural retreats, addressed to wellness orientated tourists. Investment in both medical and wellness tourism constitutes a serious opportunity for investors, as this sector has immense potential for development, with the recent growth in demand from tourists.
The Island is becoming an international education/research centre of excellence. The current educational system is comprised of:
- Pre-Primary education: Compulsory for all children between 4 – 5 years old;
- Primary Education: Compulsory for all children over the age of 5 and has a duration of 6 years;
- Secondary Education: Offers two cycles of education to pupils between the ages of 12 and 18:
– Gymnasium (Pre-High School); and
– Lyceum or Secondary Technical and Vocational Education (High School).
- Higher Education: State universities, private universities and colleges.
There are two multi-purpose deep sea ports located in the coastal cities of Limassol and Larnaca. The Limassol port handles both passenger and freight cargo, while offering logistics solutions through advanced facilities for cost-effective transport and processing. In addition, the port is a renowned cruise liner hub and a popular “stop-over” for international cruise ships. The Larnaca port on the other hand, deals with freight cargo only.
Two modern international airports in Larnaca and Paphos offer their services to approximately 10 million visitors per year, connecting the island to the most popular transit hubs throughout the world.
With its advanced technical infrastructure and skilled human resources, the Republic of Cyprus has become a major communications’ and transport centre, and is also fast developing into an energy hub in the Eastern Mediterranean.
This sector has shown strong performance over the last few years mainly due to the Cyprus Investment Program, which was introduced by the Government to attract Foreign Investors and Entrepreneurs. This upward trend in real estate sales has been steadily rising since 2014, with the volume of transactions skyrocketing since then. Being a historically key pillar of the island’s economy, the real estate and construction sectors have experienced remarkable growth recently. This growth is manifested in the increased demand, prestigious large-scale projects, incentives and an influx of foreign investment.