Cyprus is an island situated in the northeastern basin of the Mediterranean Sea at the crossroads of Europe, Asia and Africa. It is 65 km south of Turkey, 96 km west of Syria, 385 km north of Egypt, 980 km southeast of Athens and 328 km west of Israel. It has an area of 9.251 sq. km making it the third largest island in the Mediterranean Sea after Sicily and Sardinia.

Cyprus enjoys long, sunny and dry summers and mild winters with about 340 warm and sunny days a year. Mean temperatures range from 9oC (47oF) in December to 35oC (96oF) in August.

Cyprus has an estimated population of about 750.000 of which 78% are Greek Cypriots, 18% are Turkish Cypriots and 4% of other ethnic origins. The capital of Cyprus is Nicosia, which is the main administrative, and business centre of the island. There are five other towns: Limassol, Paphos, Larnaca, Famagusta and Kyrenia. (Famagusta and Kyrenia are under Turkish occupation since the Turkish invasion in 1974)

Cyprus strategic position has resulted in the island being conquered by many great powers of the world throughout the ages including the Greeks, Egyptians, Romans, Byzantines, Francs, Venetians, Turks and British.

Cyprus became an independent sovereign Republic in August 1960 after 82 years of British rule on the island. In July 1974 the Turkish army invaded and occupied 37% of the island. Political stability was restored and efforts are being made to find a solution to the problem through negotiations.

Cyprus is a member of the United Nations, the British Commonwealth, the Council of Europe, the Non-Aligned Movement, the International Monetary Fund, and the World Bank and approved to join the European Union as a full member as from May 2004.

Cyprus, under its constitution, is an independent and sovereign Republic with a presidential system of government. The Head of State is the President of the Republic who is elected every five years. Executive power lies with the Council of Ministers, the members of which are appointed by the President. There are eleven Ministries: Agriculture and National Resources, Commerce and Industry, Communications and Works, Education and Culture, Defence, Finance, Foreign Affairs, Health, Interior, Labour and Social Insurance and Justice and Public Order. Legislative power lies in the hands of the House of Representatives, the members of which hold office for a period of four years, while the judicial power rests with the Judiciary, which is separate and independent.

The legal system in Cyprus is a mixture of legislative statutes and case law and has been based on English Common Law. Among those is the UK Companies Act of 1948, which forms the basis of the Cyprus Companies Law, Cap 113.

Two international airports serve Cyprus: one in Larnaca, which carries the bulk of the air-traffic and one in Paphos. These handle more than 400 schedule flights weekly by 39 international airlines which fly to most major European, Middle East, Gulf and North African cities. In addition there are a large number of chartered flights, and freight flights. The national airline of Cyprus is Cyprus Airways.

Cyprus’ main ports are situated in Limassol and Larnaca and carry cargo and passenger traffic. More than 100 shipping lines include Cyprus in their regular schedules around the globe. About 5.000 ships totalling 16 million net tons call at Cypriot ports every year. Both ports have been established as a major trans-shipment centre in the Eastern Mediterranean.

There is a modern road network throughout Cyprus with motorways connecting Nicosia, Limassol, Paphos and Larnaca and primary roads connecting all other towns. Driving is on the left side of the road.

There are no trains or trams. Adequate bus services exist within towns and coach services between towns and major villages. Taxis provide services between and within towns and villages at a very reasonable cost.

The telecommunication system of Cyprus is one of the most efficient in the world. It has automatic direct dialling facilities to almost every country in the world. It provides telex, telegraph, telefax, mobile telephony, voicemail, paging, audio text, videoconferencing, packet switched data transmission and access to the Internet over its telecommunication network. In addition to these it has satellite TV transmission and reception.

Cyprus has six public access television channels and one cable channel broadcasting in Greek, English and other languages. Foreign television programmes are usually broadcasted in their original soundtrack with subtitles in Greek. Satellite television reception includes CNN, BBC World Service, MTV etc.

The economy of Cyprus is based on the free enterprise system with the private sector forming the backbone. The per capita income of Greek Cypriots is over US$15.000, which compares favourably with most developed countries.

In recent years the economy has been growing at an average annual rate of over 6 per cent.

Cyprus has developed into a commercial, financial and maritime centre with a corresponding growth of related services such as banking, accounting, insurance, legal and other services.

Government incentives have helped the country to develop a thriving international business company centre with many multinationals maintaining their regional headquarters established in Cyprus.

Cyprus offers a high standard of living and is comparable to European levels. Combined with the low crime rate, the excellent climate, the attractive environment with the sandy beaches and the cypress forests on the mountains, Cypriots and expatriate employees enjoy an appealing way of life.

The Cyprus banking system, which is modelled on the British system, is well developed and highly organised. The system is controlled and structured around the Central Bank of Cyprus, which acts as the Government’s Banker and monitors the operations of commercial banks and other financial institutions.

Banks in Cyprus are linked to the SWIFT service system and have excellent international connections, which enhance their ability to provide banking services on an international level.

The following banks are operating in Cyprus:

• Bank of Cyprus Ltd
• The Cyprus Popular Bank Ltd
• National Bank of Greece (Cyprus) Ltd
• Hellenic Bank Ltd
• Pireaus Bank (Cyprus) Ltd
• Alpha Bank Ltd
• Commercial Bank of Greece Ltd
• Barclays Bank (IBU)
• Universal Bank Ltd