Main Industries of Cyprus

Main Industries of Cyprus

Updated on Friday 27th October 2017

Rate this article

based on 2 reviews.

main-industries-of-cyprus.jpgCyprus has a reduced and adaptable free-market economy which presents positive projections in the long-term. The island is a business gateway for Europe, the Middle East, Asia and Africa and it has a highly educated population which speaks English. In this article, our lawyers in Cyprus present a few of the main Cypriot industries.

The tourism industry in Cyprus

Cyprus represents a beautiful island and numerous visitors from all over the world choose it as their summer holiday destination.
Furthermore, Cyprus is also a reputed hub for medical tourism, with this touristic sector developing rapidly. Foreign investors are extremely interested in this industry, just like in the entire hospitality sector in the island.
Cyprus is the country where in excess of two million visitors arrive every year, being ranked as the 40th most popular tourism destination in the entire world.
When it comes to the tourism infrastructure, the island is ranked as the first in the entire world. Our Cypriot lawyers can help you open a company in tourism.

The energy industry

Energy is predicted to become an important growth source in the island, after the discovery of the natural gas reserves in the EEZ (exclusive economic zone) of Cyprus.
The country ambitiously wants to become a regional energy center in the Eastern Mediterranean region and the extraction of the natural gas from its seas may enable it to export to Europe and the East-Asian markets. Our attorneys in Cyprus can advise you on the Energy Law.

The financial and banking industry in Cyprus

There are a lot of companies and international corporations in the country which deal with the financial and banking services.
The financial industry is comprised of local banks, international branches, insurance firms and so on, which can also provide intermediary financial services. Due to its attractive business taxation system, the island represents a competitive financial hub.
If you would like to know more about the most developed industries in Cyprus, or for legal assistance related to any business matter in the country, we invite you to contact our Cypriot law firm.