The island of Cyprus

About

Cyprus a small island, with an area of only 9,251 square km, is perfectly and strategically situated at the crossroads of three continents, Europe, Asia and Africa, very close to the busy trade routes linking Western Europe, the Arab world and the Far East. One could say that Cyprus is in the middle of the world, with time zones 7 hours ahead of New York City and 7 hours behind Tokyo.

Hospitality

The first word that comes to mind when asked to describe the Cypriot people is, without doubt, hospitable. They have an extraordinary knack for making visitors feel at home the minute they set foot on the island. They will go out of their way to attempt to solve any issue they come across and try to familiarize those new to the Cypriot environment.

Cypriots are genuine and sincere people who yearn to expose themselves to fresh, new experiences that are imported from newcomers settling in Cyprus. It is this attitude that helped Cypriots broaden their horizons and develop our economy at such a fast pace.

Climate & Demographics

As an island, Cyprus is very gifted. Our privileged Mediterranean climate means we have 300 days of sunshine a year. Sand erosion on such an ancient and historical landmass such as that of Cyprus means we have a selection of golden and darker colored beaches, with variations in sand grain size and texture as well. Cyprus is thus a major tourist attraction not only for its beaches and hotels, but also for its beautiful mountainous countryside and its rich history. The island's beauty and sunshine has also attracted many Northern European pensioners who have settled permanently on the island.

The Republic of Cyprus has a local population of 680,000 Greek Cypriots of which 400,000 reside in the country's sea-deprived capital, Nicosia. Our company owns most of its land and development sites in Limassol, the second largest city. Our official language is Greek, but English is widely spoken and understood, and is commonly used in commerce and government.

Standard of living

Cyprus's robust economy and macroeconomic stability has been praised with positive evaluations by the European Commission, the IMF and other international organizations. Growth over the past decade has averaged at 4.1%. More exceptional is the fact that this performance has been achieved in conditions of full employment, low inflation, a stable and strong currency and relatively low fiscal deficit.

The EU can only benefit the Cyprus real estate business because it will act as a window of introduction to new demand horizons. Our ultimate goal is not to confine our reputation to a sole Cypriot market but to expand our perimeter to an international range. Many developers have established themselves on the island. However, we are the leaders of the race through our widespread experience and outstanding reputation for excellent quality. Rest assured that through our vast land resources we will give you the benefit of choice and limitation of default.

Government & Legal system

The structure of the government is similar to all western democracies where human rights and private property are safeguarded. The Head of State is the president who is elected on a five- year basis and elects his council of ministers. Legislative power lies with the House of Representatives.

The legal system is based on the same principles as those applicable to the United Kingdom and all statutes regulating business matters and procedures are based essentially on English law. Most laws are translated into English.

Industries

Although the island's main source of revenue is tourism, Cyprus has become a major offshore base with its favorable tax rates and geographic location. Industries pursuing a base in Cyprus can benefit from the island's supreme financial services which have won renowned international financial services awards over the years. The country's high educational standards, as well as imported higher education from the best universities of the world ranks Cyprus globally, among the leading countries in terms of the proportion of university graduates. This well-trained and versatile workforce has been the core foundation of our island's success and provides a streamline of talent for our progressive service industries.

Utilities

Our island has two international airports outfitted with a very efficient national air carrier, Cyprus Airways, and two seaports equipped with technologically advanced incoming-freight facilities in all ports. Moreover, our road network between all major towns and cities is exceptional.

Our telecommunications rate ranks amongst the best in the world. Apart from conventional services such as fixed telephony and telefax, other services available include access to the Internet, mobile telephony, the Short Messaging Service (SMS), mobile portal, ISDN, ATM/Frame Relay, voicemail, paging, maritime, TV transmission/reception, private leased circuits, audiotex and videoconferencing. Furthermore, a DSL (Digital Subscriber Line) technology based service operates on a full commercial basis.

Tourist resort

Sandy beaches, a warm sea, an invariably reliable sunshine together with the archaeological sites from the thousands of years of civilizations that left ground on the island have led to Cyprus' top rank of a fine holiday destination.

Most of the property of the company is situated around Limassol which is the island's largest seaside resort and a major tourist centre. The city is renowned for its luxurious hotels built along its coastline, its amazing nightlife that suits people of variable tastes and for staging some of the island's best known festivals such as: the annual Wine Festival in September, where the various wineries offer free samples of their products for ten days; the ten day pre-Lenten Carnival that is comprised of masquarade parties, balls and grand parades; the Limassol Festival held each summer and the Ancient Drama Festival.

Limassol has become the shipping and financial centre of Cyprus after major international institutions established posts in the city to benefit from the various incentives provided by the government. A resident of Limassol can thus enjoy a life that is a balanced mixture of business and pleasure.