The island’s strategic location has been a major factor in shaping its history throughout the centuries and, in recent years, its development into a centre for international business. Cyprus offers to entrepreneurs, investors and shipowners a unique basket of advantages for the conduct of their affairs worldwide. The island’s excellent infrastructure, British legal system, high quality of life and low cost of living, combined with its well educated labor force, good industrial relations and generous tax incentives create an ideal business environment.

Geography 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 736.000 of whom 87,7 percent belong to the Greek Cypriot community and 12,3 percent to the Turkish Cypriot community. Greek and Turkish are the official languages of the Republic but English is widely spoken and understood, and is regularly used in commerce and in government. Apart from the capital, Nicosia, with an estimated population of 191.000 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.