CYPRUS LAW, BUSINESS & LIVING
Internationally recognised as a prominent business, investment & legal hub in the European Union & EMEA region
Cyprus maintains all the essential ingredients to make it an ideal international investment and legal hub for corporate, commercial, trade and other professional business services. These advantages are reiterated throughout many sources, local and international, and for very good reason - indeed they are real and obvious, whilst also growing in prominence. The fundamentals involve a stable, globally recognised and influenced political and legal system, full membership in the European Union (the world's largest market economy), extremely business and investment friendly administration, logistically beneficial market location at the centre of the EMEA region, as well as a hard-working, self-driven, multilingual, highly skilled and educated workforce population that finds its origins and influences from Continental Europe, Mediterranean, British, and the Middle East.
Throughout history, Cyprus has been an extremely attractive and sought-after location, acting as a trade and logistical bridge between West and East, connecting Europe, Africa and the Middle East-Asia. As a European Union country that is geographically located in Asia, this continues to be the case, especially geared towards trade, maritime/shipping, financial services, professional services, real estate and tourism. Translating to key advantages such as easy accessibility (aviation and maritime) to neighbouring countries, suitable time zone for simultaneously conducting business with much of the world, appropriate legal structure, and marketing communication benefits. Note approximate flight times from Cyprus (in hours) to key destinations in the world:
| New York - 11 |
Moscow - 3.2 |
| Singapore - 10.4 |
Warsaw - 3.1 |
| Shanghai - 10 |
Rome - 3 |
| Mumbai - 5 |
Baku, Azerbaijan - 2.3 |
| London - 4.5 |
Athens - 1.3 |
| Paris - 4 |
Cairo - 1.1 |
| Madrid - 4.3 |
Bucharest - 1 |
| Berlin - 3.3 |
Tel Aviv - 0.9 |
| Dubai - 3.3 |
Beirut - 0.9 |
Cyprus has a sound legal and justice system. As a result of British rule, the UK legal system, common law and equity was introduced and still maintains practical and significant consideration in Cyprus, such as the adoption of the Criminal Code, Contract Law and Civil Wrongs Law, as well as closely following English case-law and statutes regulating both business and civil matters - Cyprus is also still a member of the British Commonwealth of Nations. This all transpires to political and international legal matters in Cyprus, as well as the local judiciary system. Meanwhile, the Supreme Court, which pronounces final judgment on administrative law matters follow the French Droit Administratif principles. Since 2004, Cyprus has been a full member of the European Union (EU), and as a result European Law supersedes Cyprus Law when there is any conflict. Cyprus is also a signatory to many international treaties and conventions.
Being part of such global institutions and organisations means Cyprus also enjoys many other benefits, such as in travel, culture, business and trade, access to funding and support, and future economic development campaigns. Above all, it ensures stability, trust and confidence in the legal system. Furthermore, Cyprus maintains excellent diplomatic and geopolitical relations with other countries around the world, including Russia and the CIS, Middle Eastern nations, the US, Canada, African countries, Latin America, India, China and other Asian countries, making it an ideal business and trade channel.
Cyprus has outstanding road/highway connections, two modern international airports, world-leading sea ports and marinas, an advance telecommunications network, excellent real estate options (residential commercial and industrial), abundant of commercial and retail trade, diverse agriculture, first-rate private and public medical facilities, as well as other ongoing new developments. Cyprus also has a superb educational system, including multilingual schools (mainly English, American and French), higher education colleges and universities, and training institutes. Overall, Cyprus is an ancient culture with many modern ways, making it both interesting and practical.
Cyprus is an ideal trade, business hub and gateway to Europe, Middle East and Africa (EMEA region), due to its geographical location, political and diplomatic ties, as well as being a member of the European Union (EU) market and Eurozone currency area. Cyprus maintains excellent corporate structures, with one of the most beneficial taxation regimes in the EU (one of the lowest tax rates together with an extensive global network of almost 50 double tax treaties), as well as other key corporate and business advantages. Cyprus has a highly educated and skilled workforce - in fact a large portion of the population continues to be educated at major institutions abroad such as in the UK, US, Australia and Europe, especially in areas such as law, accounting, business administration and marketing communications - multilingual (English is widely spoken, together with other major languages such as French, Russian, Arabic, Hindi, and now Mandarin, among other), low labour costs and barriers to entry, and an extremely entrepreneurial population. Finally, all Cypriot governments actively promote their position as being pro business and investment, always encouraging and regulating to accommodate.
Injecting life back into Cyprus' economy: like all cyclic industries, the macro-economical situation in Cyprus has experienced both high peaks and turbulences. Although surviving, and actually performing quite well (when compared to other EU countries) during the Global Financial Crisis in 2008, Cyprus later had to face some major challenges. This was provoked by a local real estate bubble, banking systemic issues, and especially exposure to Greek sovereign debt and economical woes. Major restructuring had to take place in order to downsize the banking sector, considered far too large for the national economy, as well as to fiscal policies. Action was in turn taken, as motivated and observed by Troika, and continues to be dealt with in order to bring about a more sustainable business and financial environment. This restructuring is cementing new foundations, and preparing Cyprus for the future. Considering the newly found vast natural resources in the energy sector - hydrocarbons - together with the existing positive impact of professional, corporate and legal services, as well as tourism, Cyprus' economy will no doubt prosper and begin to positively impact other economic sectors.
Cyprus living: world-leading lifestyle, community-base, cultural, and globally central
There are not too many places in the world that can compare to the lifestyle of Cyprus, with a long history of tradition balanced with an acceptance of modern ways. When considering some of the most important factors to reasonable living standards - although very much subjective - Cyprus certainly ranks as having one of the highest in the world, including:
- - Ideal Mediterranean climatic conditions: Cyprus has year-round sunshine and a taste of all seasons. This then stimulates other key areas, such as agricultural advantages, food/cuisine, activities and ability to constantly be outdoors and in nature, as well as other general motivational and inspirational psyche.
- - Community-base culture & living: Cyprus' population continues to grow in diversity and multiculturalism, has a variety of entertainment and attraction options, as well as significantly lower crime rates, making this island-country an ideal location to live for families and individuals alike. In fact, Cyprus has a long history of such living culture and diversity, dating back thousands of years and with multi international influences.
- - Ideal geography & geographical location, central to the EMEA region. This includes proximity within Cyprus for easily visiting places, such as other cities, villages, beaches/coastal areas, mountains/forests, sites and cultural attractions, as well as proximity to other major global locations, namely in Europe, the Middle East, Asia and Africa. Indeed, Cyprus can be very much considered globally central, within short travelling distances to much of the world, especially European, Mediterranean, Middle Eastern, central Asian, and African countries.
Indeed, it is well known that smaller communities and island-style living, such as in the Mediterranean region are naturally one of the healthiest and most fulfilling - considering climate, diet, activeness, community culture, and general approach on life - maintaining the highest average life expectancy.
Despite recent economic challenges, Cyprus has undertaken major structural reforms and is now poised to enjoy significant prosperity, no least to be directly and indirectly fuelled by its newly found energy sector - hydrocarbons in gas and petroleum. This will be backed by ongoing advancements in other key economic sectors, including professional services, tourism, maritime and shipping, real estate, and agriculture. Together, they will drive economic growth, employment and new developments, further enhancing quality-of-life. Overall, Cyprus' future is optimistic and bright, and will no doubt continue to improve, further cementing its position as one of the most liveable countries in the world.
FURTHER READING
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