Financial environment
The island of Cyprus is situated in the eastern Mediterranean at the crossroad of three continents, linking Europe with the Middle East, Africa and Asia.
Economy
Cyprus has an open-market economy with the private sector comprising the backbone of economic activity. Private enterprise is greatly promoted and supported by decades of consistent government policy.
Legal Framework
The origin of Cypriot company law and other laws regulating business is the laws of the United Kingdom, updated for 21st century business practice and harmonised with EC Directives.
Banking & financial regulation
The banking system conforms to EC Directives, under the regulation of the constitutionally independent Central Bank of Cyprus, as integrated with the Eurosystem.
The Bank’s governance is compatible with the provisions of the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank.
The Cyprus Securities and Exchange Commission (CySEC) supervises and controls the operation of the Cyprus Stock Exchange and the issuers of securities listed on the Exchange.
It supervises and licences investment services companies, collective investment schemes, brokerage firms, investment consultants and mutual fund management companies.
Telecommunications
Cyprus has a highly advanced telecommunications infrastructure system with a number of companies providing modern telecommunication products and solutions.
Transport
The two international airports in Cyprus are currently served by over 40 international airlines.
There are daily flights to other European countries, Russia and the Middle East including major hubs for onward and long haul international destinations.
New terminals are to be completed at both airports during 2008-09 that will serve up to 10 million passengers per annum.
Human resources
Cyprus has a well-educated, experienced and flexible work force.
The island ranks among the leading countries in the world in respect of university graduates in proportion to its population. Although Greek is an official language, English is widely spoken and has become the accepted language of business.
Low operational costs - high standard of living Economic indicators place Cyprus amongst the few international financial centers with low operational costs. At the same time, the island offers a high standard of living with an enjoyable climate and a very low crime rate making it an ideal place to live and conduct business.
