Cyprus History and Economy

Cyprus is an island nation located in the Eastern mediterranean, south of Turkey and Greece. Greek mythology says it is the birthplace of the ancient Greek goddess of love Aphrodite, however Cyprus’s modern history has been dominated by tension between its Greek and Turkish inhabitants.

A major tourist destination in the Mediterranean, Cyprus has successfully diversified its traditionally agrarian economy, to both tourism and by becoming an important financial hub, especially for investors from Russia and Eastern Europe. Greek Cypriots comprised the majority of the population, with Turkish Cypriots next, and others making up the rest of the Cypriot population. There are also over 10,000 people of Russian origin living in Cyprus.

2021
March 15Green Monday
March 25Greek Independence Day
April 1Cyprus National Holiday
April 30Good Friday (Orthodox)
May 1Labour Day/May Day
May 3Easter Monday (Orthodox)
June 21Orthodox Pentecost Monday
August 15Assumption of the Virgin Mary
October 1Cyprus Independence Day
October 28Ochi Day
December 25Christmas Day
December 26Boxing Day
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 12.5%
  • Income Tax (Lowest Marginal Rate): 0%
  • Income Tax (Highest Marginal Rate): 35%
  • VAT/GST/Sales Tax: 19% (standard rate), 5% or 0% (reduced rates)
  • Alpha Bank Cyprus (State Bank)
  • Ancoria Bank (State Bank)
  • AstroBank (State Bank)
  • Bank of Cyprus (State Bank)
  • Cyprus Cooperative Bank (State Bank)
  • Cyprus Development Bank (State Bank)
  • Eurobank Cyprus (State Bank)
  • Hellenic Bank (State Bank)
  • Housing Finance Corporation (State Bank)
  • National Bank of Greece (Cyprus) (State Bank)
  • RCB Bank (State Bank)
  • Societe Generale Bank (Cyprus) (State Bank)
  • USB Bank (State Bank)
  • Arab Jordan Investment Bank (Foreign Bank)
  • Avtovazbank (Foreign Bank)
  • ABLV Bank (Foreign Bank)
  • Bank of Beirut (Foreign Bank)
  • BankMed (Foreign Bank)
  • Banque BEMO (Foreign Bank)
  • Banque SBA (Foreign Bank)
  • Barclays (Foreign Bank)
  • BBAC (Foreign Bank)
  • BLOM Bank (Foreign Bank)
  • Byblos Bank (Foreign Bank)
  • Central Cooperative Bank (Foreign Bank)
  • Credit Libanais (Foreign Bank)
  • EFG Bank (Luxembourg) (Foreign Bank)
  • Expobank (Foreign Bank)
  • FBME Bank (Foreign Bank)
  • First Investment Bank (Foreign Bank)
  • IBL Bank (Foreign Bank)
  • Jordan Ahli Bank (Foreign Bank)
  • Jordan Kuwait Bank (Foreign Bank)
  • Lebanon & Gulf Bank (Foreign Bank)
  • National Bank of Greece (Foreign Bank)
  • PrivatBank (Foreign Bank)
  • Promsvyazbank (Foreign Bank)
  • Saxo Bank (Foreign Bank)
  • Trasta Komercbanka (Foreign Bank)
  • Bank Of Cyprus (Private Bank)

Aadmi can support you with your expansion to Cyprus. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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