Capital: Nicosia (Lefkosia)
Population (Republic of Cyprus): 0.85 million (2017) / 0.2% of total EU population
GDP: $20.05 billion (2016)
GDP Growth: 3.9% (2017)
GPD per capita (PPP): $31,196 (2016)
Inflation (y.o.y.): 0.7% (2017)
Economic Sectors: Tourism - Services - Real Estate - Shipping - Industry
Main Trading Partners: UK, Greece, Germany, Italy, Russia, Israel, France, China
Corporate Tax Rate: 12.5%
Accounting Standard: IFRS
Ease of Doing Business (Rank): 53rd / 190 countries
Good Country Index (Rank): 15th / 163 countries
Safety Index: 64; category - High
Time Zone: Eastern European – Winter UTC+2; Summer UTC+3
Measures: Metric system
Official EU language: Greek (English widely spoken)
Political System: Presidential Republic (Government elected every five years)
Currency: Euro; Eurozone member since 2008
EU member since 1st May 2004; 6 seats in the EU Parliament
International memberships: European Union - United Nations - Council of Europe - Commonwealth - World Bank
Main Airports: Larnaca, Pafos
Area: 9,251 sq. m.
Coastline: 648 km
Sustainable Destinations: Global Top 100 - Cyprus’ famous beaches have been awarded with 57 Blue Flags ranking the island on the top of the EU for ten consecutive years:
- Most Blue Flags per capita in the world
- Most dense concentration of Blue Flag beaches
- Most Blue Flag beaches per coastline
- Totem Tourism and Green Destination titles bestowed to Limassol and Paphos in 2014.
Cyprus enjoys a Mediterranean climate of long periods of sunshine and clear sky throughout the year, with generally hot, dry summers and cool winters.
Winter temperatures range from 14°C to 18°C, reaching maximum lows of 10°C along the coastline and 0°C in the mountains. In the summer, temperatures range from 29°C to 38°C and beyond, with maximum lows of 22°C on the mountains. Humidity levels mediate around 30% to 60% throughout the year, and moreover reach up to 80% to 90% during the Summer period, which initiates as early as May.
Cost of Living
Cyprus enjoys a high standard of living whilst alike the cost of living is similar to other European countries and has remained low for expats from relatively stronger economies. For decades, such discrepancies have allowed European pensioners to move to Cyprus in order to further their purchasing power. Nicosia, being the capital, is regarded as the most expensive city on the island. Limassol ranks 87th out of the 230 cities studied in Mercer’s Cost of Living Survey. Costs of accommodation, communication, education and health care are fairly low and of sensibly good quality.
Cyprus offers an excellent variety of flavorsome local and introduced fish and meat. Especially in Limassol, and because of its mild climate, an abundance of fresh fruit and vegetables grows throughout the year. Large hypermarkets offer a wide selection of imported commodities. Do opt to sample some of the fine traditional cuisine on offer, which is a cosmopolitan blend of Greek, European and Middle Eastern gastronomy. Cyprus also offers an extensive assortment of international cuisines, with the most prominent being French, Italian, Chinese, Japanese, Mexican and Indian gastronomy.
Shopping in Cyprus is less hectic than in most European countries. Visiting the supermarket is a casual and relaxed experience enjoyed at your own pace. Recent years have seen the development of wide-ranging shopping malls across the island, such as the "MY MALL" of Limassol, while plentiful high-streets offer renowned brands at affordable prices.
Alcohol and Tobacco
Cyprus offers an excellent selection of local and imported wines and spirits, and at reasonable prices. Taxation on alcohol and tobacco products is more relaxed than in other EU countries and so consumers benefit from relatively lower costs.
Cyprus’ banking institutions are based on the British system. With numerous branches conveniently located throughout Cyprus, the banking system is modern and efficient by utility of current technology. Branches of all international banks are located across Cyprus whereby Visa, MasterCard and EuroPay credit cards are island-wide accepted. Local and external deposit accounts can straightforwardly be opened by foreigners who choose to retire or conduct business in Cyprus.
For non-Cypriots seeking real estate in Cyprus, most banks are able to provide finance up to 70% of the total selling price, in any currency. The standard requirement is up to 30% to 35% of personal contribution and approximately 15 to 25 years to repayment. Expect - Libor + 1.5% to 2% p.a. For a mortgage in Foreign Currency the maximum repayment period can be 15 years, and for a mortgage in Euros the maximum repayment period can be 25 years.
Cyprus gained its independence as an internationally recognised state in 1960, following decolonisation from the British Empire. The legal framework produced was largely articulated on the principles of common law and equity as evident in the British system, as well as Greek (European Continental) law.
The main difference between the Cypriot and English legal systems is that Cyprus has a written constitution, being the supreme law of the land (after EU law), whereas the UK has an unwritten constitution which can lead to civil right uncertainties. Land law is also based on the English system, but was gradually adapted to a significant extent, and even improved, for Cyprus’ purposes.
Following the 2004 accession of the Republic of Cyprus to the European Union, the Constitution was revised and tailored as such, so that European law has supremacy over national legislation.
A Contract of Property Sale is a private agreement between the client and P. Theocharous Property Developers. Contracts for sale are primarily in English, nonetheless, official translations in any required language can be provided. Non-Cypriot property buyers can proceed with confidence in knowing that they can obtain their Title Deeds through their lawyer, whereby legal costs are reasonable. Property advocate fees range between €1,200 to €3,400 and rest assured we can personally refer you to a number of respected and experienced professionals.
Education in Cyprus is overseen by the Ministry of Education and Culture. The education system is divided into pre-primary education (ages 3–6), primary education (ages 6–12), secondary education (ages 12–18) and higher education (ages 18+). Full-time education is compulsory for all children aged between 5 and 15. At present, public and private universities operate across Cyprus, featuring our prestigious University of Cyprus.
Cyprus offers many entertaining attractions and activities for both tourists and locals. In particular, Limassol’s festive nightlife can satisfy every need through its selection of vibrant and diverse choices in restaurants, cafés, pubs, beach bars and clubs.