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Business Environment
There are many elements that contribute to making Cyprus an attractive environment for doing business. These include the strategic location, the sophisticated infrastructure, the highly-educated workforce, the favourable tax system, and the modern banking and insurance networks. All these, coupled with the comparatively low operating costs, the high standard of living and the countless other lifestyle advantages on offer, make Cyprus the perfect place for today’s investors and businesspeople.
Operating costs
Cyprus enjoys relatively low operating costs, compared to the rest of the European Union and the neighbouring region. Indicatively:
Telecommunications costs are the lowest in the European Union
Labour costs are significantly lower in Cyprus when compared to the EU average
Cost of living: Cyprus city, Limassol was ranked as one of the least expensive cities globally, based on the ...
Human Development Index
Cyprus is ranked 28th in the world and 1st in the region of Southern Europe, according to the 2005 Human Development Report, with a Human Development Index value of 0,903.
The Human Development Index (HDI) focuses on three measurable dimensions of human development: living a long and healthy life, being educated and having a decent standard of living. Thus, it combines measures of life ...
Multinational presence
A significant number of multinational companies and international banking units are already operating in Cyprus, further enhancing the productive and positive nature of the national economy.
There are currently approximately 33 foreign banks and over 1200 International Business Companies (IBCs) with fully-fledged offices in Cyprus. The successful integration of the latest technology into the ...
Economic Freedom
Cyprus’s economic freedom score is 70.9, making its economy the 24th freest in the Heritage Foundation 2010 Index. Its overall score is almost unchanged from last year, with significant declines in property rights and labor freedom balanced by improvements in business freedom and freedom from corruption. Cyprus is ranked 13th out of 43 countries in the Europe region, and its overall score is ...
Professional services
Major international accounting companies and various local ones are represented by partners with in-depth knowledge of the local tax and accounting environment. Various law firms specialise in international work and assist foreign investors with both set-up and contractual formalities. For any business to succeed, it needs the support and assistance of local professionals.
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