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Cyprus

The ISO code of Cyprus is CY according to ISO 3166 standard. The local name of the country is Kibris, Kypros. Nicosia is the capital city of Cyprus. The official languages of Cyprus are Greek, Turkish. On 16 August 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 International dialing code for Cyprus is +357. People in Cyprus drive on the left side of the road. Total land area of Cyprus is 9251,00 km2. Cyprus is not a landlocked country.

Cyprus is located in the western part of 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 11 238 317 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 crowded. The ethnic diversity is almost uniform according to a fractionalization scale which for Cyprus is 0.0939. Cyprus has 207 313 million 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 main 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 Greek, 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 12 June 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 a small nation because of its total area. Its total land area is 9251,00 km2 (approx. 3,572 mi2). Cyprus is located in the western part of Asia. Its capital city is Nicosia. Total length of land borders of Cyprus is 152,00 kilometers (~94 miles).

The highest point of Cyprus is Mount Olympus with its official height being 1951 m (6401 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 European euro. The symbol used for this currency is €, and it is abbreviated as EUR. 15% of population in the country are unemployed. The total number of unemployed people in Cyprus is 1 696 985. 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 81% of the country's Gross Domestic Product (GDP), as assessed in 2012. 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 69%, and the ratio of consumer spending to the world consumer market is 0%. The corporate tax in Cyprus is set at 13%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. To read more click on economy of Cyprus.

Infrastructure of Cyprus

Infrastructure quality in Cyprus is rated to be at 2.87. In Cyprus, 100% of the population has access to electricity. There are 252 013 internet hosts in Cyprus. Cyprus has 15,00 airports nationwide. The logistics performance index of Cyprus is 3. Tracking possibilities for shipments are rated at 3. 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. The head of the government is Nicos Anastasiades.

According to the World Bank Group, the government effectiveness index of Cyprus is 1.14. 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. 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 1 May 2004, 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. 1740,00 km2 of Cyprus's territory is covered in forests, and forest land comprises 19% of all the land in the country. 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.