As an EU member state within the eurozone, Cyprus offers instant access to both the EU’s internal market of over 500 million people and the key markets of Russia and the former CIS countries, the Middle East and Asia, as well as the emerging markets of Africa and beyond. Following Cyprus’ accession to the European Union, Cypriot companies are able to establish their business or provide their services in any of the other EEA states through the European Single Passport. The island’s pivotal position as the eastern-most country of the EU means it is naturally placed as a gateway between East and West, and it is rapidly emerging as one of the most important business centres in the region. Cyprus also has a vast network of almost 60 double taxation treaties, which offers attractive tax planning opportunities for a number of markets. The country also lies in a convenient time zone for doing business across the world, two hours ahead of GMT, meaning office hours coincide with Asia in the morning, Europe throughout the day and the US in the afternoon. Cyprus’ ability to bridge the cultural and business divide between North Africa, the Middle East and Europe is helping to pave the way for the country’s future prosperity. The island has now become a key trading post for the EU in the Eastern Mediterranean, acting as the ideal hub for goods and services exchange between Europe, Africa and Asia. A growing transshipment centre, Cyprus has become a key distribution point for goods travelling into and out of the EU.
Updated: March 2017