The following Commercial practice note produced in partnership with Elias Neocleous of Elias Neocleous & Co LLC, Andrea Kallis Parparinou of Elias Neocleous & Co LLC and Elena Christodoulou of Elias Neocleous & Co LLC provides comprehensive and up to date legal information covering:
Updated in July 2020
Cyprus is strategically located in the Eastern Mediterranean at the crossroads of Europe, Asia and Africa. It is an independent, sovereign republic with a presidential system of government and a written constitution which safeguards the rule of law, political stability, human rights and the ownership of private property. Cyprus has been a member of the EU since 1 May 2004 and of the Eurozone since 1 January 2008. In preparation for EU membership, Cyprus made significant structural and economic reforms that transformed its economic landscape and created a modern, open and dynamic business environment. Since joining the EU, it has established itself as the natural portal for inward and outward investment between the EU and the rest of the world, particularly the rapidly-growing economies of Russia, Eastern Europe, India and China.
Cyprus is very well-placed as an international business and financial centre. Apart from its strategic geographical location, cosmopolitan environment and attractive climate, it offers an excellent commercial infrastructure, a highly educated English-speaking labour force, a business-friendly environment, particularly in the area of taxation, a high quality of life and a low rate of crime. The official languages are Greek and Turkish, but English is the lingua franca of business.
The island was invaded in 1974 by the Turkish army and about one-third of its territory remains under Turkish occupation.
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