Geographic Position
Cyprus is situated in the cross-roads of the three continents Europe, Asia and
Africa.
It is the third largest island in the Mediterranean with a total area of 9.251 sq kms.
The islands time zone is GMT +2 which means it is 7 hours ahead of New York and 7 hours
behind Tokyo.
The capital of Cyprus is Nicosia, being the only major city located in the inland of the
island.
The other three cities, situated along the south coast of the island are Limassol, the
second largest city with the islands biggest port, Larnaca and Paphos.
Population
The islands estimated population is 730.000. 77,1% Greek Cypriots, 18,4% Turkish
Cypriots and 4,5% other minorities
Language
The official languages on the island are Greek and Turkish. English can be called
the unofficial third language of the island in business as well as in private life. It is
spoken and understood by the majority of the Cypriots. Most of the official forms and
information are issued in English as well.
Government
The government is structured in accordance to other western democratic systems.
The President of the Republic is the head of state. He is elected for a five-year term.
The Council of Ministers is appointed by the President and constitutes the executive organ
of the Republic.
The legislative power is held by the house of Representatives whose members serve for a
five-year period.
Cyprus is a member of the United Nations and its specialised agencies,
the Council of Europe and the Commonwealth
European Union
Cyprus has applied for membership in the European Union and it is expected that
Cyprus will enter the EU in the year 2000 or 2001.
Legal System
The legal system of Cyprus is based on English law.
Currency
The local Currency is the Cyprus Pound. 1 Cyprus Pound consists of 100 Cents.
Bank Notes: 1, 5, 10, 20
Coins: 1, 2, 5, 10, 50 cents 
Exchange Rates
Exchange Control
Exchange control restrictions apply exclusively to residents. Offshore-Companies
and their expatriate personnel are considered non-residents and therefore excluded from
any exchange control.
Banking System
The banking system is highly developed and very well organised.
All commercial banks maintain extensive correspondent relationship and
are in the position to offer a wide range of services world-wide.
Personnel Potential
The standard of education on the island is extremely high. Cyprus is one of the leading
countries world-wide in terms of the proportion of university graduates.
Highly qualified and competent personnel in all fields of business are
available for employment while the wages and salaries are considerably low in comparison
to North European standards.
Transport
Cyprus has 2 international airports, one in Larnaka and one in Paphos where an
average of over 400 scheduled flights per week by 39 international airlines and additional
flights by 41 chartered airlines are handled.
The multi-purpose ports of Limassol and Larnaka offer the most up-to-date facitilities.
100 liner companies include Cyprus in their world-wide schedules.
Limassol's port offers facilities for container handling up to 300.000 TEUs and Larnaka's
port up to 150.000 TEUs
Telecommunication
The highly advanced telecommunication system offers a wide range of services such
as automatic telephone connections to almost anywhere in the world, telefax, telex,
telegraphy, packet switched data transmission, mobile telephony (GSM and NMT900),
voicemail, paging, private leased circuits, audiotex, videoconferencing and access to
Internet. Since 1996 further services have been introduced which include ISDN (Integrated
Services Digital Network), ERMES (Paneuropean Paging System), videotex and the message
handling system X.400.
Cyprus aims to develop to a telecommunication services centre for the
entire region.
Economical Facts and Figures
to see details click here
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Geographic
Position
