The Republic of Cyprus is a Presidential Democratic State, founded in 1960. Cyprus became a full member of the European Union on May 1, 2004. Accession to the EU was a natural choice for Cyprus, driven by its culture, civilization and history, as well as its unwavering commitment to the values of democracy, freedom and justice. With the dawn of 2008, Cyprus joined the European Monetary Union leveraging a robust economic performance marked by banner key indicators, thus adopting the Euro as its national currency. Being Europe’s Eastern outpost at the intersection of important transport and communications routes and at the crossroad of three continents, Cyprus provides a secure gateway for European enterprises into the Middle East, North Africa and Asia, while offering non-European businesses and entrepreneurs possibilities for investment into Europe.
Cyprus encourages Foreign Direct Investment in priority economic growth sectors, as highlighted in the country’s Strategic Development Plan 2014-2020, with the introduction of a number of measures, reform initiatives and investment opportunities. Cyprus has become a regional quality business and financial centre, and is also fast developing into an energy hub in the Eastern Mediterranean.
Cyprus lies at the crossroads of Europe, Africa and Asia acting as the hub of the busy shipping and air routes linking these three continents.
The population of Cyprus is about 865,000 (2019). The capital of Cyprus is Nicosia (Lefkosia), situated at the heart of the island with a population of approximately 335,000. The second largest city is Limassol (Lemesos) on the south coast with a population of approximately 240,000 and the island’s major port. Larnaca and Paphos are the third and fourth largest cities, each with a new airport, situated on the south east and south west coasts respectively.
Cyprus has a pleasant Mediterranean climate, enjoying year-round sunshine, with mild winters (mean daily minimum 5°C and maximum 13°C) and sunny, dry summers (mean daily minimum and maximum temperatures are 21°C and 36°C