FACTS AND FIGURES ABOUT CYPPRUS:
- Geographical Location: 3rd largest island in the Mediterranean Sea located in the eastern Mediterranean – Middle East (between Asia, Africa and Europe)
- Main Cities: Nicosia(capital), Limassol, Lamaca, Paphos, Famagusta, Kyrenia
- Official Languages: Greek and Turkish (English is widely spoken)
- Population (2014 est.): 1,172,458
- Currency: EURO, joined EUROZONE since January 2008
- Time Zone: 2+ GMT
- E.U: Full E.U Member since May 2004
- Legal System: Common Law primarily based on the English Legal System
- Airports: Larnaca and Paphos International Airport
- Drive: On the left side
CYPRUS AS AN INVESTMENT DESTINATION - AN ISLAND BETWEEN EUROPE, MIDDLE EAST AND AFRICA
Since ancient times the historical importance of Cyprus far exceeded its small size. Its geographic location, together with its agricultural, mineral and forest wealth, made Cyprus, a transit station and centre of trade and culture.
Nowadays, Cyprus strategic location is considered a blessing as it attracts powerful forces with economic and strategic motives from all over the world. It has become a land of opportunities for many foreign investors, especially after its accession to the European Union in 2004. By adopting the EURO currency in 2008, it facilitated with ease international commercial transactions and made the island a member of a huge, fast growing market. In addition, it has evolved into an international business hub as a result of the island’s friendly and modem legal and tax regime which motivates people to invest not only their wealth but also to expand and advance their business.
Cyprus is also a popular tourist destination that offers a multidimensional experience to everyone that visits the island. Here you will be exposed to more than 1000 years of history and cultural heritage, you will be welcomed by the Cypriot hospitality and enjoy the sunny weather with more than 300 days of blue skies a year. Cyprus is an island full of contrasts surrounded by sandy beaches and world class resorts, as well marinas that offer high standards which meet the needs both of leisure and work by offering professional services for conferences.
The recent discovery of oil and gas reservoirs found in the Exclusive Economic Zone (EEZ) are of a major importance not only for Cyprus to solve its own energy dependency but at the same time it would develop the region around Cyprus and make the island a new energy hub for the whole Europe.
Despite the recent global financial and economic crisis, Cyprus has managed to overcome the challenges through its innovative tactics/methods and modem business environment and has managed to adapt to the constantly changing environment in order to guarantee in every way the interests of the island.
One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus. Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country. Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the “Cyprus Investment Programme” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2017, with specific incentives, terms and conditions and control procedures in order to prevent abuse. On the basis of the Programme, a non-Cypriot citizen, who meets specific economic criteria may apply for the acquisition of the Cyprus citizenship through naturalization by exception.
MAIN ADVANTAGES OF CYPRUS
Cyprus is a democratic country with political stability and emphasis on full protection of human rights.
The English language is spoken by the vast majority of the population, which makes it easier for non Cypriots to live and prosper in the country. Russian is also spoken by a large percentage of people.
It enjoys a high standard of living and quality of life with a modern and highly developed infrastructure and excellent telecommunications, ranked as the fifth best place to relocate by Knight Frank Global Lifestyle Review.
A secure and safe environment for the whole family to enjoy a stress free lifestyle.
Cyprus has a very high standard of Education across all sectors. There are excellent private schools for both junior and secondary level foreign pupils. These schools are directly linked to the UK education system allowing graduates to easily obtain entry into the top UK Universities. Cyprus also has a wide selection of English speaking Universities which are directly related to UK and USA Universities.
Cyprus has the lowest corporate EU tax rate which is 12.5% and its evitable geographical position between Asia, Europe and Africa makes Cyprus the ideal place to invest as it is a gateway for many emerging nations such as China, Iran and India to expand further their business throughout Cyprus.
No inheritance tax applicable and no estate duty.
No taxation on foreign source income received in Cyprus.
Cyprus provides excellent health care at low cost. Each major town has its own Government Hospital, in addition to many private hospitals and clinics throughout the country.
VTTI Vasilikos Ltd – The Meditteranean’s New Energy Hub
A €300 million oil storage terminal, opened for business in November 2014, designed and constructed by VTTI Energy Partners LP. Its strategic location makes it the first terminal of its kind in the Eastern Mediterranean, connecting Europe and the Black Sea with markets in the Middle East and Asia. The asset currently comprises 28 tanks and capacity of 544,000m³, and offers access to a deep water marine jetty, as well as to road tanker loading facilities. A Phase 2 expansion is currently under evaluation and would create an additional 13 tanks and further capacity of 305,000m³, while the existing Larnaca oil storage facilities are relocated to Vasilikos as well.
ENERGY (Oil & Gas) SECTOR
The discovery of hydrocarbons in Cyprus’ Exclusive Economic Zone (EEZ) has created new and exciting prospects for Cyprus to become an energy hub in the Eastern Mediterranean. Exploration licenses have been granted for several offshore blocks within Cyprus’ EEZ. A consortium of Italy’s ENI and Korea’s KoGas are also exploring three offshore blocks while French oil major Total has exploration rights over one block in the Cyprus EEZ. US firm Noble Energy, operating block 12, the ‘Aphrodite’, and also developing Israeli Tamar and Leviathan gas fields, found an estimated 4.5 trillion cubic feet of natural gas, enough to meet Cyprus’ domestic gas demand for over 100 years. An initial development and production plan for ‘Aphrodite’ had been submitted in March 2015, while Cyprus is expected to make 70% of the profits from the liquefaction of natural gas. Investments of approximately €3 billion will be needed to build the exploitation structures of the field and the pipelines towards Egypt.
The 3rd licencing round was successfully completed with 6 offers from 8 companies for plots 6,8,10. Both existing and new companies such as ExxonMobil, Qatar Petroleum and Statoil, have placed their bids, showing the continuously increasing international interest for Cyprus’ new oil and gas realities.
MARINAS & GOLF
Major marina projects are being developed in the island’s coastal cities of Limassol, Ayia Napa and Larnaca, firmly placing Cyprus on the nautical yachting map. Limassol Marina already welcomed its first yachts in May 2013 and construction work continues across the entire project, with completion expected by the end of the year 2015. Limassol Marina is the first full service superyacht marina on the island boasting 650 berths. The €350 million marina project includes exclusive five-star residential units, each with its own mooring facilities, as well as commercial and retail space all within easy reach of the centre of Limassol. The development of more golf courses in Cyprus is gaining momentum with four major golf courses currently in operation and more planned.
By 2021, Cyprus’ first integrated casino resort will open its doors to the public, in an investment totaling €550m. The “City of Dreams – Mediterranean”, is set to attract 300,000 tourists per year and create around 11,000 jobs.