Even before accession into the E.U. in May 2004, many UK and Ireland investors had been attracted to Cyprus, and the opportunities offered by a country with English as a second language, guaranteed sunshine for more than 300 days per year, beaches and mountains, driving on the left and property prices much less than in other Mediterranean well established markets. In the ensuing years, improved infrastructure, technological development, quality construction and m... [read more]

On the first of January 2008, the Republic of Cyprus adopted the Euro as the official currency, replacing the Cyprus Pound. The irrevocable rate of exchange was set at 1 Euro = 0.585274 Cyprus pounds, with Cyprus pounds ceasing to be legal tender on the 31st January 2008. The European Central Bank (ECB) is now responsible for all monetary matters affecting the Republic of Cyprus. There are 8 denominations of Euro coins; 1cent, 2cents, 5cents,10cents,20cents,50... [read more]

The first of May 2004 marked the official entry of the Republic of Cyprus into the European Union. Joining Cyprus on that date was the smaller Mediterranean island of Malta, and eight central and eastern European countries. They were to be followed by Bulgaria and Romania three years later to make a total of 27 countries by 2008. The gradual implementation of E.U. regulations in all walks of life was followed by the adoption of the Euro as the of... [read more]

(the information in this section is based on the Pricewaterhouse Coopers Global Tax report) A foreign investor can invest in properties in cyprus either directly or through a local entity. In the case of a direct investment, the tax treatment of the foreign investors depends on whether or not their activities constitute a permanent establishment. The definition of a permanent establishment under cyprusn law is very broad: the mere fact that a foreign company ... [read more]

Banking services in Cyprus compare very favourably to those anywhere in the world. Onshore and offshore businesses can have an external account whether resident or not. Within Europe and yet in the centre of the trading boundaries of the Middle East and Asia, Cyprus is in a perfect position to cater for business growth worldwide, and is a perfect choice for company operational centres. Cyprus has attracted a substantial number of international banks... [read more]