Business in Cyprus

Official Name: Republic of Cyprus
Main Towns: Nicosia (capital), Limassol, Larnaka and Pafos
Geography: Cyprus is an island with an area of 9.251 sq kms. It is strategically situated at the eastern end of the Mediterranean Sea at the cross-roads of Europe, Asia and Africa and in close proximity to the busy trade routes linking Europe with the Middle East, Russia, Central Asia and the Far East. It lies 65 km south of Turkey, 96 km west of Syria, 385 km north of Egypt and some 980 km south-east of Athens. The climate is temperate with mild, wet winters and hot, dry summers.
Population: The population of Cyprus is approximately 850.000, 82% of whom are Greek Cypriots, 11% Turkish Cypriots and 7% foreign residents and workers.
Political System: Cyprus is a Republic with a presidential system of government. Under the 1960 Constitution, executive power is vested in the President of the Republic elected by universal suffrage for a five-year term of office. The President exercises executive power through the Council of Ministers. The legislative power of the Republic of Cyprus is exercised by the House of Representatives in all matters. The term of office of the House of Representatives is five years.
EU Member: Cyprus became a full member of the European Union on 1st May 2004.
Languages: The official languages of the Republic of Cyprus are Greek and Turkish. English is widely spoken and predominantly used in business, industry and administration. Other European languages are also spoken.
Currency: The official currency of Cyprus since 1 January 2008, is the Euro – the single European currency. Cyprus has now become one of a total of 15 European Union member states which have adopted the Euro. The conversion rate is set at 0,585274 Cyprus Pounds to the Euro, which corresponds to the current central rate within the Exchange Rate Mechanism II (ERM II).
Public Holidays: January 1 - New Year's Day
January 6 - Epiphany Day
March* - Green Monday (Monday of Lent) (50 Days before Greek Orthodox Easter)
March 25 - Greek National Day
April 1 - Greek Cypriot National Day
April* - Good Friday (Greek Orthodox Church)
April* - Easter Monday (Greek Orthodox Church
May 1 Labour Day
June* - Pentecost-Kataklysmos (Festival of the Flood)
August 15 - Assumption
October 1 - Cyprus Independence Day
October 28 - Greek National Day (Ochi Day)
December 24 - Christmas Eve
December 25 - Christmas Day
December 26 - Boxing Day

* Variable