The third largest among the stunning islands of the Mediterranean is Cyprus. It is the third-most inhabited island in the Mediterranean, according to statistics up to January 2021, and it is ranked 158th in the globe. Cyprus has attracted expats from all around the world throughout the years, and it now has about 110,000 foreign permanent residents living there.
With almost 13,000 people moving to the island, the estimated population of Cyprus as of January 1st, 2022, is 1,229,262. This is an increase of 1.09%.
Greek mythology has played a significant role in Cyprus’ long and intriguing history. Aphrodite, the Greek goddess of love and beauty, was born in Cyprus, according to mythological records. The island has a long history dating back more than 11,000 years. The island gained its independence as a republic in 1960, and thanks to its advantageous geostrategic position in the northeastern Mediterranean, it can serve as a gateway to improve communication.
Cyprus has long been recognized as a crossroads of great civilizations, and the island has always been able to maintain a significant presence throughout history thanks to its geostrategic location. The island’s wonderful tropical atmosphere draws tourists and foreign residents. The sun shines brightly for about 300 days out of the year, with dry summers and warm winters. The rainy season lasts from November to March, with January being the coldest and August being the hottest month of the year.
Why choose Cyprus?
Both residential and business relocation are viable choices for Cyprus.
Cyprus is the best place to invest since it is situated at the intersection of three continents, Europe, Asia, and Africa, and serves as a portal connecting them. It is conveniently situated in the Mediterranean and has quick access to all of the main air and sea routes that are controlled by all three continents. Several nations, including Turkey, Greece, Syria, Israel, and Egypt, are close to Cyprus.
A healthy economy
Cyprus is one of the EU’s fastest-growing and most advanced economies. It enhances a favorable macroeconomic situation and provides a plethora of advantages to companies, gifted individuals, and investors.
Attractive tax exemptions
Both Cypriots and foreign residents benefit from several tax breaks and advantages. The capital gains from the sale of company shares are not taxed in Cyprus, and the corporate income tax rate is as low as 12.5%. The island has significant double tax treaty networks with more than 60 nations, and citizens have access to a wide range of EU legislation.
High living standards
Cyprus has greater living standards while maintaining remarkably cheap living expenses. Cypriots have quick access to a wealth of contemporary conveniences at surprisingly affordable prices. It has a high consumer spending power, a low cost of living, and high-quality healthcare, placing it as the 34th best country in the world on the life quality index.
Member of the European Union
Cyprus joined the Economic and Monetary Union and the European Union on May 1, 2004, respectively. The island entered the Eurozone in 2008, at which point the Euro became its official currency. Cyprus offers a wide range of competitive advantages to businesses and investors as the Eastern extension of the European Union due to its location at the confluence of important communication and transportation hubs that connect three continents. It provides a safe and useful gateway for accessing the entire region for European firms.
Talent acquisition pool
Cyprus enables companies to hire employees from a large pool of highly qualified and educated experts. With a commendable private and public education sector, it grows the youngest labor population in the EU. According to statistics from December 2020, 59.80% of Cypriot workers have a tertiary degree.
Efficient legal regulation
Cyprus has a solid legal system with a business-friendly environment that provides enhanced protection for investments and intellectual property. The English common law serves as the foundation for the island’s judicial system.