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Cyprus

The ISO code of Cyprus is CY according to the ISO 3166 standard. The local name of the country is Kibris, Kypros. Cyprus capital city is Nicosia. People in Cyprus speak the Greek, and Turkish languages. On 16 August 1960, Cyprus emerged as a sovereign political entity. In the year 08/16/1960, Cyprus emerged as a sovereign political entity. The largest city in Cyprus is Nicosia.

Cyprus is located in the UTC +02:00 time zone, which is also called Eastern European Time or EET. The internet country code top-level domain (ccTLD) for Cyprus is .cy. Other domains assigned to Cyprus are .eu. The domain name .eu is available for use by organizations in and residents of European Union member-states. The International dialing code for Cyprus is 357. People in Cyprus drive on the left side of the road. Total land area of Cyprus is 9,251 km² (approx. 3,572 mi²). Cyprus is not a landlocked country. It means that is is bordered by at least one major body of water.

Cyprus is located in Asia. Cyprus is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Cyprus faces various issues, including water resource problems (no natural reservoir catchments, seasonal disparity in rainfall, sea water intrusion to island's largest aquifer, increased salination in the north), water pollution from sewage and industrial wastes, coastal degradation, loss of wildlife habitats from urbanization.

Doing business in Cyprus

We offer various corporate services in Cyprus jurisdiction. These services can serve both, people coming from Cyprus and foreigners. If you plan on doing business in Cyprus you might be interested in contacting us.

To find out about starting your business in Cyprus click on company formation in Cyprus.

To find out how to open a bank account in Cyprus and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Cyprus.

Choose preferred service below or continue reading to find out more about Cyprus.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Cyprus

The total population of Cyprus is 1,189,085 people. In Cyprus, the population density is 146 people per square kilometer (380 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is almost uniform according to a fractionalization scale which for Cyprus is 0.0939. Cyprus has approximately 207313 foreign immigrants. The median age is approximately 35.7 years. In Cyprus, 61 in every 100 people use internet. Cyprus has a Human Development Index (HDI) of 0.845.

The majority religion of Cyprus is Christianity, Cyprus is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Cyprus.

Culture of Cyprus

People in Cyprus speak the Greek, and Turkish languages. According to data on inbound tourists in Cyprus, 2,405,000 tourists arrive in the country each year. The first McDonalds in Cyprus was opened on 06/12/1996. One of the most popular national dishes of Cyprus is fasolada. To read more click on culture of Cyprus.

Geography of Cyprus

Cyprus is considered to be a large nation because of its total area. Its total land area is 9,251 km² (approx. 3,572 mi²). Cyprus is located in Asia. Its capital city is Nicosia. Total length of land borders of Cyprus is 156 kilometers (~60 miles).

The highest point of Cyprus is Mount Olympus, with its official height being 1951 m (6,401 ft). Including land mass and EEZ, the total area of Cyprus is approximately 107,958 km² (~41,683 mi²). The most notable natural resources found in Cyprus are copper, pyrites, asbestos, gypsum, timber, salt, marble, clay earth pigment.To read more click on geography of Cyprus.

Economy of Cyprus

The currency of the country is euro. The symbol used for this currency is €, and it is abbreviated as EUR. 9.8% of population in the country are unemployed. The total number of unemployed people in Cyprus is 116,530. Each year, Cyprus exports around $5.52 billion and imports roughly $9.9 billion. The Gini Index of the country is 32.4. Cyprus has a Human Development Index (HDI) of 0.845.The Global Peace Index (GPI) for Cyprus is 1.924. Cyprus has a government debt of 67.1% of the country's Gross Domestic Product (GDP), as assessed in 2013. Cyprus is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are tourism, food and beverage processing, cement and gypsum, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone and clay products.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Cyprus is $27,516 billion. Each year, consumers spend around $16,183 million. The ratio of consumer spending to GDP in Cyprus is 0%, and the ratio of consumer spending to the world consumer market is 0.0467. The corporate tax in Cyprus is set at 20%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Cyprus is 19%. To read more click on economy of Cyprus.

Infrastructure of Cyprus

Infrastructure quality in Cyprus is rated to be at 2.87. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Cyprus, 100% of the population has access to electricity. There are 252,013 internet hosts in Cyprus. Cyprus has 15 airports nationwide.

The logistics performance index of Cyprus is 3. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 3. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

The number of road motor vehicles per 1000 inhabitants in Cyprus is 485. To read more click on infrastructure of Cyprus.

Politics of Cyprus

Cyprus, is a unitary presidential constitutional republic. With regard to political and civil freedoms, Cyprus is 1. Citizens in Cyprus experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Nicos Anastasiades.

According to the World Bank Group, the government effectiveness index of Cyprus is 1.14. This indicates that the government of Cyprus is effective. Citizens enjoy well-organized public and civil services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment fostered by government legislation is favorable.In Cyprus, the legislative power is vested in a House of Representatives. The Global Peace Index (GPI) for Cyprus is 1.924. The strength of legal rights index for Cyprus is 7. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. Cyprus is a member of the United Nations (UN). On 20 September 1960, it joined the UN as a full member state. Cyprus is a member of the European Union (EU). On 20 September 1960, it joined the EU as a full member state. Cyprus is a member of the World Bank. To read more click on politics of Cyprus.

Environment of Cyprus

Cyprus emits 6.7 metric tons per capita of CO2. 1740 km² of Cyprus's territory is covered in forests. and forest land comprises 19% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Cyprus is 485. To read more click on environment of Cyprus.

Company formation in Cyprus

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Cyprus.

When establishing a company in Cyprus, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Cyprus that will affect the establishment and growth of one's business. Contact us or click on company formation in Cyprus to read additional information when setting up a business.

Bank account opening in Cyprus

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Cyprus. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Cyprus, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Cyprus or contact us.