Living in Cyprus

Versatile, international and ideally located, Cyprus offers the perfect package

More than
a sunny climate

Cyprus gives you the time and the freedom to enjoy life at a slower pace within a truly welcoming environment. Small enough to ensure that a new experience is always close by, but large enough to provide attractions for all ages and lifestyles, Cyprus offers every pleasure under the sun. You can even ski in the mountains for two to three months of the year!

From spectacular mountain peaks to beautiful beaches, Cyprus has it all. Whether you’re in search of complete tranquillity or exuberant nightlife, sporting pleasures or cultural riches, ancient history or cutting-edge technology, Cyprus is the perfect location for a second home, permanent residence or sound property investment…all at the crossroads of three continents.

Stretch out on the beach, swim in crystal-clear waters, try every water sport known to man, wander unspoiled nature trails, explore awe-inspiring ancient landmarks. Experience vibrant night life, whether in traditional tavernas, gourmet restaurants, cosmopolitan bars, five-star hotels or stylish clubs. Relax in exquisite health spas or tone up in state-of-the-art gymnasiums, play on world-class golf courses, or simply sit back and watch the world go by…

The fabled birthplace of Aphrodite and playground of the Gods, Cyprus has a history spanning some 11,000 years. The island’s colourful past, together with its strategic location at the crossroads of three continents, has created a country of unique character and tradition – and a people renowned both for their resilience and for their warm, spontaneous nature.

From independent travellers to honeymooners, nature lovers to archaeology aficionados, every visitor to Cyprus enters a world in which there are always new joys to discover.  And with a climate that guarantees more than 330 days of sunshine a year, magnificent scenery and a culture famous for its hospitality, a relaxed and rewarding lifestyle is a promise that Cyprus always keeps.

For property investors, the island’s many attractions are underpinned by a thriving, stable economy well equipped to serve the international community. An EU Member with the Euro as its official currency, Cyprus has a low cost of living and highly beneficial tax regime. This is supported by a first-class infrastructure with advanced communications, exceptional health care and an excellent education system featuring top-of-the-range international schools and universities. What’s more, the island has the lowest crime rate in Europe!

  • Climate

    The reliable climate, with more than 330 days of sunshine per year, ensures that plans are never compromised by the weather conditions.

  • Education

    Cyprus offers a range of reputable public and private schools, all providing excellent levels of education. The local Colleges and Universities are recognised internationally but for those wishing to further their education abroad, schools following the British Education System, or preparing candidates for entry into Universities in Europe or the United States, are also available.

  • Healthcare

    As an EU Member, Cyprus offers excellent healthcare services in public hospitals, at a cost lower than most other EU countries, as well as in private state-of-the-art clinics and hospitals with an average charge of €40 for a visit.

  • Safety

    The crime rate in Cyprus is extremely low in comparison to other European countries, making it one of the safest places to live.

  • Cost of living

    This is the one European country where the relatively ‘low cost of living’ paves the way for a ‘high standard of living’. You can relish in a lifestyle impossible to find elsewhere.

  • Strategic location

    The strategic location of Cyprus, at the crossroads of the three continents, makes it a favorable place for both business and pleasure. Being at the heart of busy shipping and air routes has not only made the island a major trading post, but also contributed significantly to its growth as a reputable international business and services centre.

    With over 30 direct scheduled and charter flights now operating to and from Cyprus, getting here is very easy. Connecting services are also available from terminals throughout Europe and the Middle East to the island’s two international airports in Larnaca and Pafos.

    Typical flight durations:
    Dubai 3.5 hrs
    Frankfurt 4.0 hrs
    Kiev 3.0 hrs
    Lebanon 45 mins
    London 4.5 hrs
    Moscow 3.5 hrs
    Paris 4.5 hrs
    Rome 3.2 hrs
    St Petersburg 4.0 hrs
    Tel Aviv 55 mins

  • Hospitality

    Cypriots are renowned for their warm hospitality and approachable nature. It takes no time at all to blend in and get the most out of the relaxing lifestyle. The locals are accustomed to mingling in an international community and will openly express their willingness to engage in friendly banter.

  • Communication

    Greek is the native language, but English is widely spoken. Bilingual signs, menus and official announcements are the norm. Furthermore, Russian is also widely used due to the growing Russian population and increasing number of Russian businesses.

  • Cuisine

    The local cuisine is admired and preferred by many cultures. There are plenty of tavernas serving delicious meze, as well as fish taverns by the sea. International cuisine is also offered across the island.

  • Beaches & nature

    The hundreds of miles of coastline in Cyprus provide plenty of choices for swimmers, with more than 50 with the exclusive eco-label Blue Flag award. The sun keeps the sea warm from early April until the end of October.

    There is plenty about the island that is unique, including some of its flora and fauna (also the Cyprus Mouflon and Caretta-Caretta turtles). Nature trails and action packed days to experience this are always at hand.

  • Activities, culture & nightlife

    In Cyprus there are plenty of activities for all ages and interests: archaeological exploring, hiking, cycling, climbing, kite surfing, horse riding, golfing…you name it!

    Cyprus offers a wide variety of museums showcasing cultural treasures. Furthermore, the island’s art scene is complemented by a number of top galleries. Performing arts are very popular, with festivals, concerts and theatrical productions taking place throughout the year. Film festivals, classical music and opera events as well as international fashion shows are also frequent on the cultural agenda.

    Cyprus is popular for its vibrant nightlife, with a wondrous variety of bars and clubs to meet everyone’s needs, regardless of the age or taste in music. Matching the buzz of popular resorts in the Mediterranean, international DJs, live music, jazz, piano and lounge bars are dotted around the island making it easy to enjoy a full night according to your mood.

  • History

    Steeped in myth, Cyprus’ 11,000-year cultural legacy is infused with influences from both East and West. As one of the world’s oldest civilisations, Cyprus boasts a stunning variety of ancient monuments, some of which still play a role in modern Cypriot life and many are protected and included on UNESCO’s World Heritage List.

  • Economy & taxation

    Cyprus has a healthy and robust economy, relying mostly on the services sector.
    The island has managed to sustain this stability despite the current economic crisis and world recession.

    Cyprus has the lowest corporate tax in Europe of 12.5%.

    Moreover, Cyprus has agreements with 40 countries for double taxation avoidance (Russia, United Kingdom, Ireland, Netherlands, Italy, France to name a few).

    Furthermore, for individuals, a very high level of income is taxed at zero rate, with extremely low taxation for anything exceeding that amount.

  • EU membership

    Joining the EU in May 2004 marked a turning point for Cyprus.  Complying with European rules and regulations prompted significant reforms and improvements.

  • Transport infrastructure & communications

    Two international airports, a modern road network and a range of port and marina facilities form the heart of Cyprus’ constantly improving infrastructure. Cyprus also has an excellent telecommunications system with state-owned company and a number of private telecommunications companies providing landlines, cellular services as well as internet connection. Many privately-owned TV and radio stations are operating on the island, as well as subscription TV channels and cable TV carriers.

Doing business in Cyprus

Cyprus has a healthy and robust economy, relying mostly on the services sector. The country has been relatively resilient to the current economic crisis and world recession. The strategic location of the island, the lowest corporate tax in the EU, a highly developed socioeconomic infrastructure, excellent telecommunications, a sophisticated and sound banking system, a wide range of high-quality professional services and a favourable economic and business environment, make Cyprus an ideal centre for business activities.

In addition to the above, the wide knowledge of the markets of the Middle East and Central Eastern Europe regions by Cypriot businesses, combined with the large number of International Business companies in Cyprus, constitute a substantial advantage to those who decide to use Cyprus as their base for penetrating markets in these areas.

The comparative advantages which Cyprus offers as an International Business Centre derive mainly from:

  • Being a Member State of the EU.
  • The adoption of the Euro as the official currency.
  • The strategic position of the island, at the crossroads of Africa, Middle East and Europe.
  • The high educational level of its workforce and versatility in the use of new technology.
  • The satisfactory and continuous upgrading of the level of infrastructure, in airports, ports, energy and telecommunications.
  • The high quality of consultancy services such as legal, accounting, auditing, etc
  • The modern and transparent legal, financial and accounting systems.
  • The favourable business climate.
  • A fully liberalized foreign investment regime.
  • The excellent living conditions for foreigners.
  • The close economic and political relations with the countries of the Middle East and of Central and Eastern Europe.

 

Review PWC’s Cyprus Tax Facts & Figures