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Home > Jurisdictions > Offshore Jurisdictions > Cyprus

  • Full Name:  Republic of Cyprus
  • Geographical Area: 9,251 sq. km. (3,572 sq. mi.); about the size of Connecticut, Middle East, island in the Mediterranean Sea, south of Turkey
  • Terrain and Climate:  Mediterranean with hot, dry summers and cool, wet winters, Central plain with mountain ranges to the north and south, temperate; Mediterranean with hot, dry summers and cool winters
  • Population: 792,604 (July 2008 est.)
  • Ethnicity:  (1960 census): Greek (77%), Turkish (18%), Armenian and other (4%).
  • Capital: Nicosia
  • Government:  Republic, based on English common law, with civil law modifications; accepts compulsory ICJ jurisdiction, with reservations. Executive--President elected to 5-yr. term. Legislative--unicameral House of Representatives, members elected to 5-yr. terms. Judicial--Supreme Court; six district courts,
    Administrative subdivisions: Six, note: from December 1963, the Turkish Cypriots no longer participated in the government; negotiations to create the basis for a new or revised constitution to govern the island and for better relations between Greek and Turkish Cypriots have been held intermittently, unicameral - area under government control: House of Representatives or Vouli Antiprosopon (80 seats, 56 assigned to the Greek Cypriots, 24 to Turkish Cypriots; note - only those assigned to Greek Cypriots are filled; members are elected by popular vote to serve five-year terms); area administered by Turkish Cypriots: Assembly of the Republic or Cumhuriyet Meclisi (50 seats; members are elected by popular vote to serve five-year terms)
  • Major Languages: Greek, Turkish, English
  • Major Religion:  Greek Orthodox, Muslim, Maronite, Roman Catholic, Armenian Orthodox
  • Life Expectancy: 78.15 years
  • Monetary Unit: Cypriot pound (CYP); euro (EUR) after 1 January 2008, New Turkish Lira (NTL)
  • Exchange Controls and Taxation:  Exchange Controls Abolished On 1 May 2004 ten European countries, including Cyprus, agreed as Member States of the European Union under the terms of the Treaty of Accession signed in Athens on 16 April 2003 to abolish Exchange Controls for foreigners. – Taxation – Yes in many instances
  • Stamp Tax:  Yes
  • Main Exports: Exports--$1,619 billion: citrus, grapes, wine, potatoes, pharmaceuticals, clothing, and footwear
  • Compulsory Education:  6 in elementary; 3 in high school.
  • GDP: Greek Cypriots (2006)--$23,672; Turkish Cypriots (2006)--$11,802, $27,400 (2007 est.)
  • Annual Growth Rate: .98%
  • Major Industry:  tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products
  • Communication:  Broad-spectrum evaluation: excellent in both area under government control and area administered by Turkish Cypriots
    domestic: open-wire, fiber-optic cable, and microwave radio relay
  • Internet: .cy
  • International dialing code:  Greek Cyprus 1 + 357 and Turkish 1 + 90
  • Known as “tax-haven” for qualified individuals
  • Number of Banks: 
  • Head of State:  chief of state: President Dimitris CHRISTOFIAS (since 28 February 2008); note - the president is both the chief of state and head of government; post of vice president is currently vacant; under the 1960 constitution, the post is reserved for a Turkish Cypriot
    head of government: President Dimitris CHRISTOFIAS (since 28 February 2008)
  • Radioarea under government control: AM 5, FM 76, shortwave 0
    area administered by Turkish Cypriots: AM 1, FM 20, shortwave 1 (2004)
  • Television:  area under government control: 8
    area administered by Turkish Cypriots: 2 (plus 4 relay) (2004)
  • Time Zone: Cyprus is in the Eastern European Time Zone - EET/EEST Daylight Saving Time or Summer Time in Cyprus begins on the last Sunday in March at 1:00 am UTC and ends on the last Sunday in October at 1:00 am UTC,
    Cyprus uses these time zone codes - EET = Eastern European Time = UTC (GMT) +2 hours, EEST = Eastern European Summer Time = UTC (GMT) + 3 hours
  • Airport:  13
  • Bank List – Divided into Categories

                                    Banks Listed on Cyprus Stock Exchange

                                    Bank of Cyprus Public Company LTD

                                    Hellenic Bank Public Company LTD

                                    Marfin Popular Bank Public Co LTD

                                    Universal Bank Public LTD

                                    Branches of Banks in the European Union

                                    Banca Transylvania SA

                                    Banque SBA SA

                                    Barclays Bank PLC

                                    Central Cooperative Bank PLC

                                    DEPFA Bank PLC

                                    Joint Stock Company Trasta Kornerbanka

                                    National Bank of Greece SA

                        Subsidiaries of Foreign Banks

                                    Αlpha Bank Cyprus LTD
                                    BNP Paribas Cyprus LTD
                                    Emporiki Bank – Cyprus Limited

                                    Eurobank EFG Cyprus LTD
                                    Kommunalkredit International Bank LTD
                                    National Bank of
Greece (Cyprus) LTD

                                    Piraeus Bank of Cyprus LTD
                                    Russian Commercial Bank (
Cyprus) LTD
                                    Societe Generale Cyprus LTD

                        Banks not members of European Union

                                    Arab Jordan Investment Bank SA

                                    Bank Med SAL

                                    Bank of Beirut SAL

                                    BBAC SA:

                                    BLOM SAL

                                    Byblos Bank SAL

                                    Credit Libanais SAL

                                    FBME Bank LTD

                                    Industrial Commercial Avto VAZ Bank

                                    Joint-Stock Commercial Bank Promsvyazbank

                                    Jordan Kuwait Bank PLC

                                    Jordan Ahli Bank PLC

                                    Lebanon and Gulf Bank SAL

                                    Lloyds TSB Offshore LTD

                                    Privatbank Commercial Bank

                        Branch Offices

                                    UBS AG

                                    HSBC Bank PLC

                        Other Bank Licenses

                                    Co-operative Central Bank LTD

                                    Euroinvestment & Finance Public Limited

                                    Housing Finance Corporation

                                    Mortgage Bank of Cyprus LTD

                                    The Cyprus Development Bank Public Company Limited

                                    Euroinvestment & Finance Public Limited

                                    Pancyprian Finance Public Company LTD

 

Cyprus

  • Full Name:  Republic of Cyprus
  • Geographical Area: 9,251 sq. km. (3,572 sq. mi.); about the size of Connecticut, Middle East, island in the Mediterranean Sea, south of Turkey
  • Terrain and Climate:  Mediterranean with hot, dry summers and cool, wet winters, Central plain with mountain ranges to the north and south, temperate; Mediterranean with hot, dry summers and cool winters
  • Population: 792,604 (July 2008 est.)
  • Ethnicity:  (1960 census): Greek (77%), Turkish (18%), Armenian and other (4%).
  • Capital: Nicosia
  • Government:  Republic, based on English common law, with civil law modifications; accepts compulsory ICJ jurisdiction, with reservations. Executive--President elected to 5-yr. term. Legislative--unicameral House of Representatives, members elected to 5-yr. terms. Judicial--Supreme Court; six district courts,
    Administrative subdivisions: Six, note: from December 1963, the Turkish Cypriots no longer participated in the government; negotiations to create the basis for a new or revised constitution to govern the island and for better relations between Greek and Turkish Cypriots have been held intermittently, unicameral - area under government control: House of Representatives or Vouli Antiprosopon (80 seats, 56 assigned to the Greek Cypriots, 24 to Turkish Cypriots; note - only those assigned to Greek Cypriots are filled; members are elected by popular vote to serve five-year terms); area administered by Turkish Cypriots: Assembly of the Republic or Cumhuriyet Meclisi (50 seats; members are elected by popular vote to serve five-year terms)
  • Major Languages: Greek, Turkish, English
  • Major Religion:  Greek Orthodox, Muslim, Maronite, Roman Catholic, Armenian Orthodox
  • Life Expectancy: 78.15 years
  • Monetary Unit: Cypriot pound (CYP); euro (EUR) after 1 January 2008, New Turkish Lira (NTL)
  • Exchange Controls and Taxation:  Exchange Controls Abolished On 1 May 2004 ten European countries, including Cyprus, agreed as Member States of the European Union under the terms of the Treaty of Accession signed in Athens on 16 April 2003 to abolish Exchange Controls for foreigners. – Taxation – Yes in many instances
  • Stamp Tax:  Yes
  • Main Exports: Exports--$1,619 billion: citrus, grapes, wine, potatoes, pharmaceuticals, clothing, and footwear
  • Compulsory Education:  6 in elementary; 3 in high school.
  • GDP: Greek Cypriots (2006)--$23,672; Turkish Cypriots (2006)--$11,802, $27,400 (2007 est.)
  • Annual Growth Rate: .98%
  • Major Industry:  tourism, food and beverage processing, cement and gypsum production, ship repair and refurbishment, textiles, light chemicals, metal products, wood, paper, stone, and clay products
  • Communication:  Broad-spectrum evaluation: excellent in both area under government control and area administered by Turkish Cypriots
    domestic: open-wire, fiber-optic cable, and microwave radio relay
  • Internet: .cy
  • International dialing code:  Greek Cyprus 1 + 357 and Turkish 1 + 90
  • Known as “tax-haven” for qualified individuals
  • Number of Banks: 
  • Head of State:  chief of state: President Dimitris CHRISTOFIAS (since 28 February 2008); note - the president is both the chief of state and head of government; post of vice president is currently vacant; under the 1960 constitution, the post is reserved for a Turkish Cypriot
    head of government: President Dimitris CHRISTOFIAS (since 28 February 2008)
  • Radioarea under government control: AM 5, FM 76, shortwave 0
    area administered by Turkish Cypriots: AM 1, FM 20, shortwave 1 (2004)
  • Television:  area under government control: 8
    area administered by Turkish Cypriots: 2 (plus 4 relay) (2004)
  • Time Zone: Cyprus is in the Eastern European Time Zone - EET/EEST Daylight Saving Time or Summer Time in Cyprus begins on the last Sunday in March at 1:00 am UTC and ends on the last Sunday in October at 1:00 am UTC,
    Cyprus uses these time zone codes - EET = Eastern European Time = UTC (GMT) +2 hours, EEST = Eastern European Summer Time = UTC (GMT) + 3 hours
  • Airport:  13
  • Bank List – Divided into Categories

                                    Banks Listed on Cyprus Stock Exchange

                                    Bank of Cyprus Public Company LTD

                                    Hellenic Bank Public Company LTD

                                    Marfin Popular Bank Public Co LTD

                                    Universal Bank Public LTD

                                    Branches of Banks in the European Union

                                    Banca Transylvania SA

                                    Banque SBA SA

                                    Barclays Bank PLC

                                    Central Cooperative Bank PLC

                                    DEPFA Bank PLC

                                    Joint Stock Company Trasta Kornerbanka

                                    National Bank of Greece SA

                        Subsidiaries of Foreign Banks

                                    Αlpha Bank Cyprus LTD
                                    BNP Paribas Cyprus LTD
                                    Emporiki Bank – Cyprus Limited

                                    Eurobank EFG Cyprus LTD
                                    Kommunalkredit International Bank LTD
                                    National Bank of
Greece (Cyprus) LTD

                                    Piraeus Bank of Cyprus LTD
                                    Russian Commercial Bank (
Cyprus) LTD
                                    Societe Generale Cyprus LTD

                        Banks not members of European Union

                                    Arab Jordan Investment Bank SA

                                    Bank Med SAL

                                    Bank of Beirut SAL

                                    BBAC SA:

                                    BLOM SAL

                                    Byblos Bank SAL

                                    Credit Libanais SAL

                                    FBME Bank LTD

                                    Industrial Commercial Avto VAZ Bank

                                    Joint-Stock Commercial Bank Promsvyazbank

                                    Jordan Kuwait Bank PLC

                                    Jordan Ahli Bank PLC

                                    Lebanon and Gulf Bank SAL

                                    Lloyds TSB Offshore LTD

                                    Privatbank Commercial Bank

                        Branch Offices

                                    UBS AG

                                    HSBC Bank PLC

                        Other Bank Licenses

                                    Co-operative Central Bank LTD

                                    Euroinvestment & Finance Public Limited

                                    Housing Finance Corporation

                                    Mortgage Bank of Cyprus LTD

                                    The Cyprus Development Bank Public Company Limited

                                    Euroinvestment & Finance Public Limited

                                    Pancyprian Finance Public Company LTD

 

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