Are you thinking ...

Why Cyprus?

High sun & low tax

Cyprus offers one of the lowest corporate tax rates in the European Union (12.5%). Because of its favourable tax system, Cyprus is the gateway to the European & International markets, chosen by many EU & non-EU companies.

Cyprus has an effective and developed legal system with company legislation similar to that of the United Kingdom. Cyprus is a member of the European Union and companies registered in Cyprus, enjoy all the advantages of doing business in an EU country. In addition, the island has well educated, well trained and professional staff who speak fluent English.

Doing business in Cyprus

Cyprus has a service-oriented economy, which has shown remarkable growth over the years. The main pillars of the economy are tourism, shipping and professional services industry. While the country has continuously facilitated the improvement and modernisation of its traditional industries, it also strives to develop an ecosystem that encourages innovation, research & development and start-ups - which makes Cyprus the ideal place to incorporate for many expats.

About Cyprus

Cyprus is the third largest island in the Mediterranean, with an area of 9,251 km² and a population estimated 1,17 million people in 2018. The strategic location of the island has always played a big role in establishing Cyprus as a business hub and a popular tourist destination.

Cyprus joined the European Union in 2004 and has been a member of the Eurozone since 2008. The combination of educated people, infrastructure and availability of investment opportunities make it an ideal business hub in the region.

Living in Cyprus


Climate

Cyprus offers a reliable climate with more than 320 days of sunshine per year and ensures that the plans are rarely affected by weather conditions.

Healthcare

As an EU member, Cyprus offers excellent healthcare services in public hospitals, as well as in private, state-of-the-art clinics and hospitals with an average fee of €40 per visit.

Cost of living

Cyprus is a European country where the relatively "low cost of living" has paved the way for a "high standard of living". You can enjoy a lifestyle that you cannot find elsewhere.

Hospitality

The Cypriots are known for their warm hospitality and their open-mindedness. It doesn't take long to adapt and make the most of a relaxing lifestyle. The locals are used to fitting into an international community and will openly express their willingness to engage in friendly conversation.

Communication

Greek is the native language, but English is widely available. Bilingual signs, menus and official announcements are the standard. In addition, Russian is becoming common due to the growing Russian population and the increasing number of Russian companies.

Beaches & Nature

Cyprus' hundreds of miles of coastline offer swimmers a rich choice, more than 50 of which have been awarded the exclusive Blue Flag eco-label. The sun keeps the sea warm from early April to late October.

There is much that is unique to the island, including some of its flora and fauna (including the Cypriot mouflon and Caretta Caretta turtles). You will find lots of unique hiking trails and in general a great natural landscape.

History

The 11,000-year-old cultural heritage of Cyprus is permeated by influences from East and West. As one of the oldest civilisations in the world, Cyprus boasts a stunning variety of ancient monuments, some of which still play a role in modern Cypriot life, and many of which have been protected and included on the UNESCO World Heritage List.

EU Membership

The accession to the EU in May 2004 marked a turning point for Cyprus. Compliance with European rules and regulations led to significant reforms and improvements.

Transport Infrastructure & Communications

Two international airports, a modern road network and a number of ports and marina facilities are at the heart of Cyprus' ever-improving infrastructure. Cyprus also has an excellent telecommunications system, with a state-owned company and a number of private telecommunications companies providing fixed and mobile telephony services and Internet access.

Education

Cyprus offers a number of prestigious public and private schools, all of which provide an excellent level of education. The local colleges and universities are internationally recognised, but for those wishing to study abroad there are also schools that follow the British education system or prepare candidates for entry to universities in Europe or the United States.

Safety

The crime rate in Cyprus is extremely low compared to other European countries, making the country one of the safest places to live in Europe.

Strategic Location

Cyprus' strategic location, at the crossroads of the three continents, makes it a convenient place for both business and leisure activities. Its location at the heart of busy shipping and air routes has not only made the island an important trading post, but has also contributed significantly to its growth as a respected international business and service centre.

With over 30 direct scheduled and charter flights now operating to and from Cyprus, getting here is very easy. There are also connecting flights from terminals throughout Europe and the Middle East to the island's two international airports at Larnaca and Paphos.

Cuisine

The local cuisine is greatly appreciated and preferred by many cultures. There are numerous taverns where delicious meze is served, as well as fish taverns by the sea. International cuisine is also available all over the island.

Activities, Culture & Lifestyle

Cyprus offers a wide range of activities for all ages and interests: archaeological exploration, hiking, cycling, climbing, kite surfing, horse riding, golf... everything your heart desires!

Cyprus offers a wide variety of museums presenting cultural treasures. In addition, the island's art scene is complemented by a number of top galleries. The performing arts are very popular, with festivals, concerts and theatre performances taking place throughout the year. Film festivals, classical music and opera events and international fashion shows are also often on the cultural agenda.

Economy & Taxation

Cyprus has a healthy and robust economy based mainly on the services sector. The island has managed to maintain this stability despite the current economic crisis and global recession.

Cyprus has a very low corporate tax rate in Europe, which is 12.5%.

In addition, Cyprus has signed agreements with 58 countries to avoid double taxation.

Read more about the Cyprus tax system here.

Cyprus cuisine

Dining with a view

You can find some great food accompanied with a view in Cyprus
Cyprus for expat families

Family Life in Cyprus

International schools and a higher standard of living
Local produce in Cyprus

Local Produce in Cyprus

It all just tastes better when you have plenty of sun
EU life in Cyprus

Life in Cyprus

Modern accommodation and beautiful beaches
Cyprus nature and hiking

Nature in Cyprus

Mountains are great for sports and hiking trips
Paphos sunsets

Paphos Sunsets

Some of the best sunsets you have ever seen

Insurance in Cyprus


Having insurance could get you out of trouble especially when an unexpected event occurs. Property insurance could reduce your risks, whether you owning/renting a house/apartment or be able to continue your business operations when total or partial destruction of the building occurs.

This guide contains basic information for private health, car insurance and property insurance services intended to protect landlords and / or tenants. Take a look on the below summarized types of insurances:

General Healthcare System
This is the national healthcare system providing inpatient care in Cyprus and abroad subject to various criteria. Individuals that are entitled to register to GHS is those who are employed for work in Cyprus and pas social insurance contributions.
Private health insurance
Provides high level of inpatient care in Cyprus and abroad. The insurance plan varies for each insurance company. The private health insurance bears a cost depending on the level of coverage, however, it could offer a premium and fast health care service.
Car insurance
The car insurance is mandatory for anyone above the age of 18 years driving a car in Cyprus. Choose between the two policies insurances comprehensive cover or third party liability. In case where the claimant was leaving in left driving country, it is recommended to obtain a no claim certificate, in order to reduce the insurance premium.
Home structure insurance
Provides protection of your property (building), contents and third party liability. In case of rental the responsibility for insuring the home structural lies with the landlord.
Home content insurance
Provides protection of your contents and belongings or additions installed in the building by the tenant. In case of rental the responsibility for insuring the home content lies with the tenant.
Are you ready for this?

A partnership with us is about more than accounting services or legal advice. We want to know your business and help you exceed any way we can.

© 2021 Hugge Consult LTD

Social & contact

Tel: (+357 ) 99 256319