With a powerful culture comprised of two nationalities, Turkish and Cypriot
is an interesting and attractive investment location
. The local economy
is developing very fast and one of the main indicators in this sense is the fact that following its admission within the European Union’s (EU) area, in 2004, the country adopted the European currency four years later, in 2008. Foreign investors are advised to invest here, as the economic framework
provides positive results. In the first quarter of 2016, the economic growth in Cyprus
was set out at 2,6%; our team of Cypriot lawyers
can offer more details on the results of the main local industries.
Economic increase in Cyprus
Entrepreneurs who want to open a company in Cyprus
can invest on the local market, due to a solid economic increase
. In the first quarter of 2016 (the period from January to March) the local economy developed by 2,6%
, compared to the same period of 2015.
The Gross Domestic Product increased in Cyprus as an effect of the activity registered in several industries, as follows:
• hospitality sector;
• technical activities;
• professional activities;
• construction sector;
The Cypriot economy
The World Bank mentioned Cyprus
as being a high-income economy
. One of the main pillars of the local economy
is represented by tourism
represents a perfect location for small to medium-sized companies
and it is important to know that it provides, besides a strategic business location, an integrated system of transportation and logistics.
More than 80% of the Cypriot economy
is sustained by the tourism industry
, which employs more than 70% of the local workforce
. As such, any type of business which is related to tourism (such as a travel agency) can have real prospects for success here.
Cypriot economy is also based on agriculture, but also on the manufacturing of products such as: food, beverages, pharmaceutical products, mineral and chemical products.