Essential Cyprus Information
Cyprus, "a European country in the Middle East" as it
is often aptly referred to, offers inexpensive, civilised and safe
living. Being an island of Aphrodite, Cyprus is beautiful, attractive
and picturesque throughout the year. It combines wide sandy beaches
and sea resorts for the summer with snow covered mountains for the
winter.
There are a large number of hotels, restaurants, tavernas, pubs,
discos and night clubs which cater for a wide variety of tastes
at reasonable prices. A number of sport clubs provide leisure time
activities such as swimming, tennis. Squash, bowling, horse-riding,
skiing and wind surfing.
Geography, Climate and Population
Cyprus is situated in the eastern Mediterranean, lying at the
hub of three continents and close to the busy trade routes linking
Western Europe with the Arab World and the Far East. Cyprus total
area is 9.251 sq.kms and is comparable in size to Lebanon in the
Middle East or Connecticut in the United States. The island's time
zone is 7 hours ahead of New York and 7 hours behind Tokyo.
The island enjoys the best type of Mediterranean climate with about
300 days of sunshine per year. The bulk of the rain falls during
the period from November to March. The coldest month is January
with minimum and maximum mean temperatures of 6 C and 13 C, respectively,
while in August, the hottest month, the corresponding minimum and
maximum mean temperatures are 21 C and 36 C.
Cyprus' estimated population is 741,000 of which 85 percent belongs
to the Greek Cypriot community and 12 percent to the Turkish Cypriot
community, whilst the remaining 3 percent are foreign residents.
Greek and Turkish are the officials languages of the Republic but
English is widely spoken and understood, and is regularly used in
commerce and government. Apart from the capital, Nicosia, with an
estimated population of 193,000, all major cities are located on
the coast. Limassol is the second largest city and the island's
biggest port. Larnaca and Paphos, which are popular holiday resorts,
are the third and fourth largest cities, respectively.
Cost of Living in Cyprus
There are many benefits to living in Cyprus as the cost of living
is considerable lower than these are in UK and Europe! Here are
some examples:
· Electricity is charged as and when you use it with a minimal
standing charge of per two months.
· Although water is precious, it has a set standing charge
of CYP£3.80 per two months which allows you to use a set amount
of and after this amount you pay by the gallon which is at a very
minimal charge!
· Telephone calls are charged as you use it with a standing
charge of CYP: 1.35 p/m
· Sewerage and street lighting are paid yearly and on average
the payment for this is around CYP£ 45, depending on the Size
of the house.
Medicine and Health
Cyprus is an epidemic-free country with first class medical and
health care facilities. There are general hospitals in all towns
and also a good number of private clinics.
Life expectancy currently stands around 77 years for a woman and
73 for men. Infant mortality rates have been successfully reduced
to about 12 per 1,000 live births.
Government and Legal System
The structure of government is similar to that in other western democracies
where human rights, political pluralism and private property are safeguarded.
The legal system is based on the same principles as those of the United
Kingdom and all statutes regulating business matters and procedures
are based essentially on English law. Most laws are translated into
English.
The Economy
Cyprus has an open free market economy. The island is often aptly referred
to as a European country in the Middle East. Per capita GNP is approximately
US$14,000, one of the highest in the Mediterranean.
Considering other socioeconomic indicators such as the excellent housing
conditions, pollution free environment and low crime rate, one may conclude
that the quality of life is better than that reflected by per capita
income alone.
Furthermore, the cost of living is substantially lower than in most
countries offering a comparable standard and quality of life. Nicosia
ranks as seventh least expensive of the leading 56 international business
centers surveyed in Prices and Earnings Around the Globe published by
the Union Bank of Switzerland (UBS) in August 1997.
The economy is driven by thriving tourist and service sectors and a
growing export-oriented industry. In terms of their contribution to
GNP the most important sectors of the economy are; trade, restaurants
and hotels; community, social and government services; finance, insurance
and business services; and manufacturing. The performance of the economy
has been such that it has combined high real growth with low inflation
and low unemployment.
Banking and Finance
The legal tender is the Cyprus Pound. Its ultimate market maker is the
Central Bank which aims to keep it stable against the ECU (CY 1 ECU
1,7086).
Commercial banking arrangements and practices follow the British model.
Cypriots and foreigners residing on the island enjoy the benefits of
a well developed insurance industry with all types of risk accepted,
mainly through agents and brokers.
Human Resources
Cyprus maintains public elementary and secondary school systems of a
very high standard. In every city there exists a selection of good quality
private schools, which are addressed mainly to the needs of foreign
speaking pupils.
These schools offer tuition in English, French, Italian, Armenian and
Arabic at reasonable fees.
The island ranks among the leading countries of the world in terms of
the proportion of university graduates. The University of Cyprus, which
is located in Nicosia, opened its doors to the first 500 student intake
in 1992. It currently has four faculties: Humanities and Social Sciences;
Pure and Applied Sciences; Economics and Management; and Letters. During
its short existence, the University has produced over 900 research papers
in scientific and conference publications.
Cyprus has a well-trained and versatile work force. Qualified professional,
technical and clerical staff with wide experience and fluency in English
and other languages is available for employment at reasonable remuneration.
As a result of the high educational level of the population and due
to historic and economic links between Cyprus, Britain and other European
countries, legal, accounting, management, computer and other services
ore of the highest standard.
A large number of lawyers are graduates of British or European universities
or members of the English Inns of Court. Most accountants are British
trained and members of either the Institute of Chartered Accountants
or the Chartered Association of Certified Accountants. Professional
advise, therefore, is available from experts who can draw on both local
and international knowledge.
Transport and Telecommunications
There is a wide network of air-routes connecting Cyprus with Europe,
Africa and Asia. The island's two international airports are situated
near Larnaca and Paphos, some 50 and 150 kms, respectively, from Nicosia.
Seaborne traffic is served by a fully renewed port system comprising
the multi-purpose ports of Limassol and Larnaca, the industrial port
of Vassiliko and the 3 specialized oil terminals of Larnaca, Dhekelia
and Moni.
Cyprus recognizes the importance of telecommunications and has invested
heavily in the development of this sector. As a result, the island may
claim, in this respect, to be among the most developed countries in
the world.
Administrative Procedures
Since 1975 non-residents have established more than 2,000 companies
for the investment of capital locally, over 34,000 companies for the
management of their overseas affairs and more than 11,000 companies
for the registration of ships under the Cypriot flag.
As a reflection of the importance the authorities place on developing
the island as an international business centre, simple administrative
procedures have been implemented in order to expedite matters concerning
foreign entrepreneurs.
Since Cyprus has become a member of the European Union, many barriers
to entry have been lifted, and all British Citizens may now live and
work in Cyprus with no visa applications.
If you require any more information about living in Cyprus call our
office where one of a representatives will advice you accordingly.
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