Cyprus has always been a significant global trading and business centre, thanks to its strategic location at the crossroads of Europe, Africa and Asia. Having joined the European Union in 2004 and the Eurozone four years later, Cyprus is today the southeastern outpost of the Union, boasting a market economy, a modern infrastructure, a conducive business environment that includes a corporate tax rate of 12.5%, a liberal investment regime, a highly qualified, well-educated and bilingual labour force, and a pleasant climate and topography.
Cyprus has effectively developed into a bridge linking three continents and aims to constitute the main axis in the triangle European Union, Eastern European countries and the Middle East. It provides a perfect base for business activities and at the same time a gateway for expansion in other regions and countries.
The development of the business infrastructure in Cyprus is mainly attributed to the rapidly expanding role of the services sector in the economy. This reflects the island’s success in moving away from economic activities dependent on agriculture and traditional manufacturing onto a high-growth path based on the provision of services.
*Edited from the Cyprus Chamber of Commerce and Industry publication “Cyprus Means Business – A Service Centre to the World.”