YIOLA STAVRAKI
L.L.C.
ADVOCATES

ABOUT CYPRUS

Geographical Position

Cyprus is the third largest island of the Mediterranean, situated in its eastern corner, at the crossroads of Europe, Africa and Asia.

Its invaluable geo-strategic position, the favourable tax regime in place, the wide range of services available, as well as Cyprus’ recent accession to the EU have undoubtedly contributed to the island’s rapid development into a strong financial centre.

Population

The population of Cyprus is around 800.000, 82% of whom are Greek-Cypriots, 11% Turkish Cypriots and 7% foreign residents and workers.

Main Cities and Transportation

The main cities of Cyprus are Nicosia, Limassol, Larnaka and Paphos. The capital is Nicosia, with an estimated population of 200,000. Limassol is the second biggest port, whilst the cities of Larnaca and Paphos both have international airports.

Government

The Republic of Cyprus was created in 1960, when Cyprus gained its independence from the British rule. It now has a presidential system of government.

Language

The official language of Cyprus is Greek, though English is widely spoken and predominantly used in business.

Cyprus and Europe

Cyprus acceded to the European Union on 1 May 2004.

On the 1st of January 2008, the island adopted the euro, together with Malta, following the European Commission’s ‘Convergence Report’ of 16 May 2007, which concluded that Cyprus and Malta met the convergence criteria to adopt the single currency, with the eurozone thus growing to 15 members – its second expansion since ten new Member States joined the EU in 2004.

Legal System and International Relations

Being a common law jurisdiction, Cyprus largely follows the English legal system and adopts English legislation, case-law and legal procedure.

Unlike England, however, Cyprus has a written constitution which is considered the supreme law of the country.

Our written constitution largely follows the European Convention on Human Rights, as well as implements European constitutional law principles.

It is also noteworthy that Cyprus is signatory to a great number of international treaties and conventions.