ABOUT CYPRUS

The Republic of Cyprus is an island in the Eastern Mediterranean on the crossroads of Europe, Asia and Africa; it is a sovereign state with a presidential democracy system of government.

Since independence from Great Britain in 1960, Cyprus has developed into a stable and democratic country, where freedom of speech, respect of human rights and protection of private property are evident. Cyprus is a full member of the United Nations, the Council of Europe, the British Commonwealth and other international organizations. In 2004 it became a member of European Union.

The economy of Cyprus grows on average at 6 % per year. The sources of economic stability are tourism, sea transportation and the provision of financial services. The sector of services generates more than 70 % of GDP.

The strategic geographical location of the island has played a key role in its establishment as a modern financial center. Moreover, the existence of a highly qualified managerial, clerical and technical staff as well as a modern and efficient banking system had contributed significantly to its development as an international financial centre. More than 30 banks operate in Cyprus, most of them as branches or subsidiaries of major international banks.