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Cyprus Business Report

General information
Source: The World Factbook - Central Intelligence Agency
1,237,088 (July 2018 est.)
$31.78 billion (2017 est.)

Services make 80% of GDP: tourism, finance, shipping, and real estate have traditionally been the most important services.

GDP growth rate
3.9% (2017 est.)

High. The rate of non-performing loans (NPLs) is still very high at around 49%, and growth would accelerate if Cypriot banks could increase the pace of resolution of the NPLs.

GDP (PPP) per capita
$37,200 (2017 est.)


Local currency
Euro (EUR)

Since 2008 Cyrpus is a member of the euro zone.

Financial stability (Public debt)
97.5% of GDP (2017 est.)

High but decreasing.

0.7% (2017 est.)


Greek (official) 80.9%, Turkish (official) 0.2%, English 4.1%

Proficiency in English is high. English features on road signs, public notices, and in advertisements, etc.

Corruption perception index (Source: Transparency International)

Medium level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
9% reduced rate applies to hospitality, transport services. 5% reduced rate applies to food, pharmaceuticals, books, among others.
Corporate Tax
Ship owners, charterers, and managers pay tonnage tax on the net tonnage of the ships they own, charter, or manage, instead of CIT.
Customs duties may be imposed upon the importation of goods into Cyprus. Whether customs duties are imposed depends on the nature of the goods and the respective customs duty codes.

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