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Cyprus Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
1,237,088 (July 2018 est.)
GDP (PPP)
$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.)

High.

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.

Inflation
0.7% (2017 est.)

Low.

Language
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)
38/180

Medium level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
19%
9% reduced rate applies to hospitality, transport services. 5% reduced rate applies to food, pharmaceuticals, books, among others.
Corporate Tax
12.5%
Ship owners, charterers, and managers pay tonnage tax on the net tonnage of the ships they own, charter, or manage, instead of CIT.
Duties
N/A
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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