About Cyprus


Cyprus lies in a distinctive and unique location as a “bridge” between the three continents of Europe, Asia and Africa. It has a long and varied history. It is situated in the north-eastern corner of the Mediterranean Sea, 75km south of Turkey, 90km west of Syria and 380 km east of the Greek island of Rhodes. Due to its favourable location, Cyprus has developed into an appealing international business centre. Greek and Turkish are the official languages of the Republic. Internationally, Cyprus promoted its geographical position along with its educated English-speaking population, moderate local costs, good airline connections and telecommunications, an excellent climate and lifestyle, a developed legal, institutional and professional infrastructure. Cyprus is the third largest island in the Mediterranean after Sicily and Sardinia with an area of 9,251 sqkm.


It is in the mediterranean climate zone and it is characterized by its short mild winters and long dry and warm summers. On average the island enjoys more than 300 days of sunshine every year. Cyprus has turned into a major tourist resort because its visitors are attracted to its sandy beaches, stunning scenery, historic monuments, rich culture, excellent quality of accommodation, and because Cypriot hospitality is legendary!


TRANSPORT NETWORKThe island has an efficient and effective transport network with two main international airports, the biggest of which is in Larnaca and the other one in Paphos. Cyprus is also accessible by ship courtesy of two ports, the Limassol Port and the Larnaca Port. Limassol Port is by far the larger of the two, approximately 90% of all the passenger vessels arriving at and departing from Cyprus are handled here and it is the shipping and international business centre of the island. Cyprus has the tenth-largest ship registry worldwide and the third within the E.U. Cyprus is also the third largest ship management centre in the E.U.


The total population of Cyprus is around 800,000 with the capital, Lefkosia (Nicosia) being the largest town. Lefkosia is also the seat of the Government as well as the main business centre. The second biggest town of Lemesos (Limassol), which is where our firm offices are situated, is the main commercial port of Cyprus and also a popular tourist resort.
The costal town of Larnaca can be distinguished because the main International Airport is situated there and also because it has the second commercial port of the island. The town of Paphos is a fast developing tourist resort and home to the island’s second International Airport. Famagusta and Kyrenia are the other two towns of Cyprus, which are situated in the illegally occupied part of Cyprus since the Turkish invasion in 1974.
New Economic Era
With the accession of Cyprus into the European Union, as from the 1st of May 2004, it has been able to offer more attractive investment opportunities to entrepreneurs and advantages to investors. Cyprus has an open, free-market, service-based economy with some light manufacturing. The Tertiary sector is the largest contributor to the Cyprus economy. After its independence, Cyprus has enjoyed a thriving economic performance, reflected in rapid economic growth, full employment rates and external and internal stability. Cyprus is classified among the high-income countries. Its standard of living is even higher than some EU member-states and its economic performance compares favorably with that of most EU countries.



There are many factors that have contributed to making Cyprus a favourable environment for doing business.

The characteristics of the business environment in Cyprus reveal the advantages and flexibility Cyprus offers as an international business and financial centre:



  • Cyprus is considered to be a low tax country rather than a tax haven country;
  • The island has an extensive Double Tax Treaty Network
  • Friendly international relations;
  • Sophisticated infrastructure;
  • Excellent professional services with modern banking and
  • insurance networks;
  • Highly-educated and versatile workforce;
  • Low operational costs;
  • High standard of living;
  • High quality of primary, secondary and university education.
  • All these make Cyprus the perfect place for today’s investors and business people.




The legal system in Cyprus follows the English Legal structure and consequently all statutes relating to business matters and procedures are very similar to those of the English system. Most laws have been officially translated into English allowing foreign entrepreneurs to easily come to terms with the Cyprus legal system.







The banking industry is well developed and acts as an effective intermediate between savers and investors. Its system comprises three categories of credit institutions:


  • The domestic commercial credit institutions
  • The co-operatives
  • The international credit institutions.



The banking system in Cyprus follows the British model. All commercial banks are able to offer any kind of international financial transaction due to a well built correspondent network and are capable of adapting to an aggressive and competitive market. They are currently providing all the up-to-date electronic facilities that most international banks provide.




All accountants and auditors, providing services to the public, are approved by the Minister of Commerce. The approval is only given to qualified persons, members of recognized overseas accounting bodies.  The main accounting body in Cyprus is the Institute of Certified Public Accountants (ICPAC). The accounting profession is bound to follow the international accounting and auditing standards (IAAS).



Since its accession to full membership into the EU, Cyprus has been exposed to various economic advantages. Cyprus now participates and enjoys full access to the Union’s internal market allowing goods, services, workers and persons to move freely throughout Europe.


Citizens of the EU, as well as businessmen, are now experiencing the new business challenges and opportunities that this large economic market offers. Cyprus will certainly contribute in the future growth and development of the EU by offering investment opportunities and providing comparative economic advantages to potential investors and businessmen. Cyprus is undoubtedly the ideal gateway for EU inbound and outbound investment.


Cyprus joined the EMU (European Monetary Union) and adopted the euro since 1.1.08.




The Magic of Cyprus

Firm's Brochure

Our Brochure provides an overview of the services that our firm can deliver.


Our firm has cooperated with N. Pirilides and Associates LLC on a number of matters for years now. Regardless of  the complexity of issues and cases (whether it is either general commercial or corporate matter, or highly complex fraud or shareholders’ dispute, or various interim relief applications) our cooperation with the firm has proven to be successful time after time. 


Mr. Pirilides is a true heart and asset of the firm. He and each member of N. Pirilides and Associates’ team possesses both high level of professionalism and expertise as well as down-to-earth approach in handling our cases, all of which makes this firm extremely comfortable to cooperate with.


N. Pirilides and Associates is indeed the go-to law firm in Cyprus.

Andrey Astapov/Aleksandr Lugovskyi, Ukraine, Partners in Eterna Law