Map of Cyprus

5 reasons to invest in Cyprus

About the people

Areas & Attractions

Government System of Cyprus

Cyprus is an independent sovereign republic with a presidential system of government. Its fully democratic, European system retains the respect of individual rights and permits unlimited scope for private initiative. Cyprus is a full member of the European Union since May 2004.

Legal System

The legal system in Cyprus was originally based on the British legal system. The House of Representatives approve all legislation, which is the supreme legislation body of Cyprus. Cyprus courts are totally independent to safeguard their impartiality.

Banking Standards

The banking system in Cyprus closely follows the British pattern. The banks have many convenient branches, which are efficient, modern and well equipped with the latest technology.

Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty. Many international banks have branches throughout the island.

Major credit cards, such as Visa, MasterCard and American Express networks, are widely used in Cyprus. Transactions and payments are simply made through your foreign deposit account.

Currency

The Cyprus currency system is based on the decimal system. One Cyprus Pound is divided into 100cents. Coins range in value from 1 to 50cents and four bank notes are in circulation: £1, £5, £10 and £20.

Health Care

The cost of medical treatment in government hospitals is very low, and EU citizens have the same privileges with Cypriots at First Aid. Those wishing to consult doctors privately will find a wide choice of competent doctors, specialists and surgeons practicing on the island. The minimum charge for a private consultation is CY£10.00.

The standard of medical treatment provided to citizens is high and continuously improving. Additionally, a number of companies offer medical insurance schemes that cover excellent and immediate medical care. Diverse schemes are tailored to individual needs and budgets and can cover hospitalization at the hospital or clinic of your choice, outpatient consultations and medications as well as home nursing.

Education

In addition to the public schools, private elementary and secondary schools for English, French, Russian and Italian speaking pupils are available. Tertiary education is provided at the University of Cyprus, as well as at a number of private English language collages that offer accredited undergraduate courses in various fields.

Population

Demography:

Population (de jure): 730,400 (End of 2003)

585,050 (80.1%): Greek Cypriots

79,610 (10.9%): Turkish Cypriots

65,740 (9%): Foreign residents

Population of Main Towns:

(End of 2003)

Lefkosia (Nicosia): 289,100

Ammochostos (Famagusta): 40,100

Lemesos (Limassol): 209,200

Larnaca: 121,900

Pafos (Paphos): 70,100

Capital city: Nicosia (Lefkosia / Lefkosa)

Languages: Greek, Turkish, English

Religions: Greek Orthodox (78%), Muslim (18%), Maronite, Armenian Apostolic, and other (4%)

Currency: Cyprus pound (C£=100 cents). (Turkish Lira in the north)

The northern part of the island refers to itself as the 'Turkish Republic of Northern Cyprus' ('TRNC'), but is not internationally recognised (except by Turkey).

Area: 9,250 sq km (3,572 sq mi).

GEOGRAPHY

Cyprus is the third largest island in the Mediterranean, situated 60 km south of Turkey and 300 km north of Egypt. It has two mountain ranges – the Pentadaktylos range (max height 1,042 m) along the north coast and the Troodos massif (Mt Olympus 1,953 m) in the central and south-western parts of the island. Between the two ranges lies the plain of Messaoria. Climate is Mediterranean – hot, dry summers and changeable winters.

The Sovereign Base Areas (SBAs) are sovereign British territory and cover 98 square miles of the island of Cyprus. The SBAs are purely military in nature. They are run by the SBA Administration and have their own legislation, police force and courts. They are very closely linked with the Republic of Cyprus with whom they are in a customs and currency union.

HISTORY

Recent History
Under the 1878 Convention of Defensive Alliance between Britain and Turkey, Britain took over the administration of Cyprus from Turkey, although Turkey retained formal sovereignty. In 1914, when Turkey entered the First World War on the side of the Central Powers, Britain annexed Cyprus. British sovereignty was recognised by Turkey under the terms of the 1923 Treaty of Lausanne and Cyprus became a Crown Colony in 1925.

Following independence in 1960, tension between the Greek and Turkish Cypriots increased and culminated in serious intercommunal fighting in December 1963. From then until 1974 there were occasional outbreaks of further violence and the Turkish Cypriot minority retreated into small enclaves. A UN force was established in 1964. In 1974 Turkish troops landed in northern Cyprus following a coup on the island by extremists against the elected President, which was backed by the military junta then in power in Greece. The island has been effectively partitioned ever since and approximately 36% of the territory of the Republic is not under the control of the Government.

A 'Green Line' – a buffer zone dividing the two parts from the coast north west of Morphou through Nicosia to Famagusta - is patrolled by United Nations troops. Successive UN Secretaries-General have made efforts to secure a settlement to the Cyprus dispute through intercommunal talks.

Basic Economic Facts

GDP: Cy£7.739,6 mn (2005 prov) at current prices - from Cy£7.254,9 mn in 2004
Annual growth: 3.8% (2005 prov) from 3.9 in 2004 and 1.9% in 2003
Inflation: 3.23% (Mar 05-Mar 06)
Major Industries: tourism, food, beverages, textiles, chemicals, metal products, wood products
Major Trading Partners: UK, US, Italy, Germany, Greece, Russia, Bulgaria
Exchange Rate: Cy£1.00=GBP1.20, GBP1.00=Cy£0.83, Cy1.00=€1.73 (April 2006)

Cyprus joined the Exchange Rate Mechanism II (ERM II) on 2 May 2005