About Cyprus,

Cyprus is situated in the eastern corner of the Mediterranean Sea at the crossroads of Europe, Asia and Africa.  This location has been a major factor in its development as an international business and professional centre in recent years.

The capital of Cyprus is Nicosia and it is situated roughly in the centre of the island.  It is the main business centre of Cyprus.  The official languages of the island are Greek and Turkish.  English is widely used in business, commerce and administration.  Since 1 May 2004, Cyprus is a full member of the European Union.  It is also a member of the Council of Europe and other international organisations.

Cyprus has acceded the euro zone on 1 January 2008.

Legal System,

The Cyprus legal system is based on the English legal system.  Cyprus was a British colony until 1960, when it became independent.  English case law is a reference in many cases and most statutes regarding business and company law matters are based on English laws.  The laws applicable are hierarchically the European law, the Constitution, the laws retained in force by virtue of Article 188 of the Constitution, the principles of common law and Equity and the laws enacted by the House of Representatives.
 The administration of justice is exercised by the Supreme Court of the Republic, the assize courts and the district courts.  The Supreme Court is the final appellate court and has final authority in constitutional and administrative cases.  It deals with appeals from assize and district courts as well as from decisions by its own judges acting as a first instance court in certain matters.

Taxation and Exchange Control,

The Income Tax Law, which came into force on 1 January 2003 and other amending legislation changed the Cypriot taxation system and provided more transparency.  It is intended to provide economic and social stability and has eliminated discrimination and the distinction between local and international companies.
The Movement of Capital Law and other amending legislation abolished the restrictions on the movement of capital and payments between residents of Cyprus and residents of member states of the EU or third countries.