At the crossroads of 3 continents
Cyprus and its complete and sustainable recovery after the global financial crisis
Cyprus is a modern country with a strategic geographical position. It lies at the crossroads of three continents, Europe, Africa and Asia, and therefore offers unrivalled access and travel options. With its excellent flight connections and first-class airports, the island is perfectly placed for work and travel within and outside the European Union. Cyprus has a rich heritage and a varied culture, offers beautiful beaches with the cleanest bathing water in Europe, fresh air, a wonderful Mediterranean climate and cosmopolitan cities with an abundance of amenities. The island offers a low cost of living but a high standard of living and is a popular year-round destination for Europeans looking for a beach, golf or cultural holiday.
Cyprus has a modern free market with a service-based economy and is a favourite business destination because of the strong range of business and tax benefits that this island offers. Moreover, Cyprus is very safe and stable, making it an ideal location for families and students. Cyprus is recovering rapidly from the recent economic turmoil thanks to important activities in the shipping, tourism, financial and legal services sectors. Cyprus is an emerging regional energy hub, since the discovery of huge hydrocarbon reserves and therefore the island has experienced a sharp increase in foreign investment and real estate developments. Moreover, the residency and citizenship programs recently launched by the Cypriot government have proved very popular, creating strong demand in the real estate sector. In Cyprus, foreigners enjoy full property rights without having to pay inheritance tax.
The tourism industry in Cyprus has also remained on both feet during the financial crisis
The tourism industry in Cyprus is one of the largest economic motors of the island has experienced significant growth. It is not difficult to understand where the appeal of Cyprus is for the many holidaymakers: the weather is beautiful, the cost of living is relatively low and although Greek is the official language, English is widely spoken in Cyprus. But while many Mediterranean destinations focus the strategy for their tourism sector on 'sun and sea', the Cypriot government has quickly understood that focusing solely on sunny bays is causing a heavy seasonal nature of the tourism industry. And to ensure a more even distribution of the influx of tourism throughout the year is the basis of a sustainable build-up of the future of every tourist destination.
The high season for tourists in Cyprus is the six-month period from May to October. Of course, attracting tourists during the winter months remains a challenge. The government has extended the tourist season in Cyprus by two months to cover the shoulder months of December and March. As golf resorts have different seasonal patterns and golfers prefer the cooler winter, the government has introduced an incentive scheme that aims to speed up the construction of golf courses and associated resorts.
With tax benefits, Cyprus is also trying to attract more and more retired northern Europeans who want to stay here in the winter or even buy property to spend their winter in Cyprus, and have their property generate income on the rental market during the summer.
But sun, sea and beach will also attract the majority of holidaymakers to Cyprus in the future. The famous beaches of Cyprus have been awarded 53 blue flags, giving Cyprus the most blue flags per capita.
As a crossroads of several cultures over the centuries, Cyprus also has a lot to offer in terms of cultural, historical and archaeological heritage, and these sites are usually only a few kilometres away from the beautiful beaches and award-winning resorts of Cyprus.
The advantages of Cyprus at a glance
Full EU member since 2004
Excellent international education
Beautiful landscape and a very low crime
Strategic location offers easy access to Europe, Africa and Asia
An excellent climate all year round
No inheritance tax
Excellent healthcare system
Relatively low costs & high standard of living
English spoken a lot
Very clean air and the cleanest bathing water in Europe!
Efficient and transparent legal system
Cyprus allows double citizenship