Cyprus, one of the most prosperous Mediterranean nations, attracts millions of tourists, expats and investors to its shores every year. And there’s plenty to like. Ranked 23rd in the world by the Quality of Life Index, the country boasts high standards of living thanks to the modern infrastructure, strong education system and advanced business support. And although not explicitly considered in the standards of living rankings, the weather is undeniably a powerful magnet that draws ambitious open-minded people from all over the globe to the island.

Being a full member of the European Union has benefits for both individuals, in terms of the freedom of movement and access to social provisions, and businesses. Enterprises enjoy access to the second largest market in the world, advanced financial and legal institutions, and an expansive pool of highly educated workforce. Not only this, but Cyprus stands its ground against the continental rivals with the second-lowest corporate tax in the Union of just 12.5%.

Being part of the Eurozone, Cyprus uses the Euro, one of the strongest and most reliable currencies in the world. This, in turn, gives foreign investors great confidence when channelling the capital into the country. Property is a major attraction and a popular route to residency and citizenship brining high net worth individuals to Cyprus from all over the world.

Key Facts

Location

Mediterranean

Population

1.17 million

Neighboring countries

Turkey

Average temperature (summer)

78°F (26°C)

Average temperature (winter)

55°F (13°C)

Languages

Greek, Turkish

Form of government

Constitutional Republic

Corporate tax rate

12.50%

Currency

Euro

GDP

$19.8 billion

GDP growth

3.90%

Inflation

0.10%

Unemployment rate

10.70%

Average salary

$19,350

Key industries

Manufacturing, Real Estate, Insurance

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