Cyprus is an island situated in the Mediterranean at the crossroads of three continents; Europe, Asia and Africa. It has an area of 9251 square km. The island’s time zone is 2 hours ahead of London, 7 hours ahead of New York, 2 hours behind Moscow and 7 hours behind Tokyo. The island's strategic location has contributed to Cyprus's development into an attractive centre through which to conduct international business. The island enjoys an excellent infrastructure, English based legal system, high quality of life, low cost of living and a highly skilled labour force.
Cyprus is now a full member of the European Union. The new economic environment offers an impressive number of additional economic advantages to investors and entrepreneurs who are interested in doing business worldwide utilising Cyprus as their business base.
The economy is based on a free enterprise system, with the private sector being the backbone of economic activity. The role of government is limited to safeguarding the system, regulation and planning.
The administration of Justice is exercised by the separate and independent judiciary. Following 82 years of British rule, the Legal system is based on the same principles as those of the United Kingdom.
Commercial banking follows the British mode! and is of a very high standard. All commercial banks have very strong correspondent networks throughout the world and are able to carry out any type of international financial transaction.
Cyprus has one of the most advanced telecommunication systems in the world with automatic telephone connections with almost the entire world and a variety of advanced telecommunication services which include private leased circuits, audiotex, videoconferencing and access to the internet.
The two airports of Larnaca and Paphos handle almost 1,100 scheduled flights weekly served by 36 international airlines. There are frequent direct connections with Central and Western European countries, Russia, North African and the Middle-Eastern countries.
Seaborne traffic is served by the multi-purpose ports of Limassol and Larnaca and the industrial port of Vassiliko. About 5.000 ships call at Cypriot ports each year.
Cyprus has a well-educated, experienced and versatile work force. The island ranks among the leading countries in the world in terms of the proportion of university graduates. Qualified professional, technical and clerical staff with wide experience and fluent in foreign languages are available for employment at reasonable remuneration.
Cyprus is placed amongst the few international financial centres with low operational costs.