The structure of the Cypriot government is democratic, with human rights and private properties safeguarded by law. The Head of State is the President, who is elected every five years.
A member of the European Union since 2004 and the Eurozone since 2008, Cyprus is one of the most advanced economies of the Southern Europe/MENA region. Over the last few decades, Cyprus has developed into an important hub for telecom, shipping, law and financial services.
After more than three decades of unbroken growth, the Cypriot economy contracted after 2009. This reflected the exposure of Cyprus to the global recession and the European sovereign debt crisis. From 2016, the Cyprus economy is returning to growth.
In recent years, Cyprus has also gained attention in the oil & gas industry, with gas fields located off the island’s southern coast. A joint venture by Noble and Delek discovered important resources and the major international firms of Total, ENI and Kogas have won important exploration contracts for Cyprus fields.