Cyprus is an island strategically located south of Turkey and east of Syria between Europe, Asia and Africa. It is the third largest island in the Mediterranean Sea and it is a republic, a member of the European Union (EU) since 2004, with a per capita GDP well above the EU average, and probably the best tax environment in the EU (the lowest corporate tax (10%), no capital gains on shares and virtually no inheritance tax). Cyprus also has one of the lowest crime rates in Europe and a native population accustomed to co-existence with a variety of cultures. The island’s modern transportation network, the advanced telecommunications, and its multilingual workforce are important competitive advantages for those businesses that choose Cyprus as a corporate base. Nicosia is the capital of the island.
Cyprus has a very particular type of climate with mainly plentiful sunshine, long dry summers followed by increasingly mild winters. On some hot July and August days temperatures can reach 110 F while in the cold winter days temperatures by the coast can drop down to 40 F while on the mountains (2000 meters above sea level) can go well below 32 F and it snows.
The Building and Real Estate industry is one of the key factors of the economic activity in Cyprus. Due to the general world economic crisis and after a ten year explosive growth, the last three years the sector has experienced a dramatic fall. With all its advantages Cyprus has always been very popular among British expatriates and other international people who sought a place to invest in a holiday, a retirement or an investment home.
In late September 2011 Noble energy Inc after an agreement with the Cyprus Government began exploratory drilling for offshore oil and gas deposits.
With the financial exploitation of hydrocarbons the island’s economy is likely to boom once more.
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